The Economic Impact of The Coca-Cola System on South Africa

Size: px
Start display at page:

Download "The Economic Impact of The Coca-Cola System on South Africa"

Transcription

1 The Economic Impact of The Coca-Cola System on South Africa SOUTH AFRICA Prepared by Division of Research March 2005

2 The Economic Impact of The Coca-Cola System on South Africa Executive Summary This executive summary presents the major findings of an in-depth study of the Coca-Cola system s economic impact on South Africa. Conducted during , the study represents a wide-ranging assessment of economic linkages, enterprise development, and employment. In the decade following the introduction of multiparty democracy, South Africa has seen tremendous economic progress. Yet serious challenges remain. The Coca-Cola system serves as an example of long-term commitment to the country. It has invested significantly in almost every year since 1994 and spread its business network into all segments of the South African market. The extent of the Coca-Cola system s participation in South African markets is evident throughout the country. The Coca-Cola Company and affiliated brands are prevalent in the shopping centers of major cities, the informal retail outlets of townships, and the small shops found in rural villages. As one of the world s most efficient business systems, the Coca-Cola system offers potentially expanding economic opportunity as South Africa s renewal moves forward in the decade ahead. In particular, entrepreneurial development and employment creation are key objectives of economic policy in South Africa. This study emphasizes that enterprise expansion and job creation result from thriving local business networks, or clusters. Accordingly, the Coca-Cola system in South Africa is seen as the core of a competitive cluster. This core encompasses the country office of The Coca-Cola Company and local bottlers and canners who make products under the Coca-Cola trademark. Moreover, a larger network of businesses is tied to this core system, including suppliers, distributors, wholesalers, and retailers spanning every region of South Africa. The Coca-Cola system employment network thus extends from plant managers to street hawkers. The study explores the nature of the Coca-Cola system beverage cluster, providing employment estimates and other economic impacts generated by its activities. In addition, the research team surveyed 760 informal retail outlets that sell Coca-Cola products throughout South Africa. This survey was designed to probe a business system that unites South Africa s formal and informal sectors. The small retail operations covered in the survey are considered important to South Africa s future since they form the commercial hub of their local economies and, indeed, the local communities. While the South African informal retail sector has developed largely without demanding scarce government resources, informal retail is often considered to be unstable or survivalist.

3 The survey results suggest, however, that participation in an advanced cluster may help these retailers to become stable businesses. Principal Findings The study presents a wealth of information on the economic linkages between the Coca-Cola system and the South African economy. In particular, the study shows the extent to which the Coca-Cola system provides employment and income for South African citizens as well as tax revenue for local and central governments. It can be seen that The Coca-Cola Company s bottling activities engender substantial direct and indirect effects, creating significant business and employment opportunities throughout the economy. Overall, this impact is measured by an economic multiplier that captures the ripple effects of the Coca-Cola system investment and ongoing operations. The main findings of this study are the following: The total economic impact of the Coca-Cola system s activities on gross domestic product (GDP) is valued at 17.5 billion rand (all rand figures in the study are expressed in 2003 prices). This represents about 1.4 percent of South Africa s total GDP for the year. The Coca-Cola bottling system directly employed 9,740 workers in Overall, it was estimated that 166,360 jobs were supported, directly and indirectly, by the Coca-Cola system in South Africa. This calculation is based on the complex interactions of the Coca-Cola system with the local economy through production and distribution. The calculation relies on the most reliable and detailed impact model available for South Africa. The Coca-Cola system s employment impact represented about 1.4 percent of total South African employment (formal and informal) in Thus, the direct employment multiplier (the ratio of total to direct employment in bottling) is approximately 17.1; that is, for every direct job created in the bottling system, an additional 16.1 jobs were supported through upstream and downstream linkages. Clearly, then, there is a considerable amount of employment activity associated with the system as a whole. In particular, the employment supported by the informal trade sector s activity contributes significantly to the total impact. Informal trade accounts for 70,000 jobs in South Africa. This is most likely a conservative estimate. A diverse range of sectors benefit from the production and distribution of Coca-Cola products, including plastic products, metal products, chemicals, iron & steel, motor vehicles, electricity, business services, trade, food, and agriculture. In particular, the sugar industry along with its important linkages to agriculture benefit from the large local purchases documented in this study. Total government income associated with the Coca-Cola system s impact is estimated to be approximately 5 billion rand for Economic Impact of The Coca-Cola System on South Africa, ii

4 Details for the summary points given above can be found in the full study. Moreover, the effects of the Coca-Cola system on micro enterprise development are presented in the study. The informal trading sector provides an alternative source of income and employment when the formal sector cannot absorb all those individuals seeking work. At the same time, many small retail operations stay in business and remain profitable for years. They develop into a stable segment and prominent features of many communities. Some expand from small home-based operations into larger distribution centers and even into soft drink production. The survey results presented in the study reveal that entrepreneurs who work closely with the Coca-Cola system can attain high turnover and high margins with Coca- Cola products. The interaction of the Coca-Cola system with the informal sector can provide help as entrepreneurial activities blossom into bona fide, sustainable businesses. Methods and Terms The primary research presented in this study entails an economy-wide analysis designed to measure the economic multiplier effect of the Coca-Cola system s capital investment and ongoing operations. Based on information taken from a survey of the Coca-Cola system s bottlers in South Africa, the researchers evaluated the cluster of business activities that developed indirectly around the bottling system. To introduce the informal retail sector into the framework, the research team surveyed 800 informal retail outlets (obtaining more than 760 completed surveys). The outlets were selected to reflect both South Africa s mix of retail channels and its geographical diversity the cities, townships, and rural areas. Owners and managers of informal retail trade outlets were asked to respond to a pre-tested, structured questionnaire, administered by trained interviewers. The survey instrument included requests for detailed business information, such as employment, turnover, and net income, as well as demographic characteristics of the small business owners and their employees. A high response rate ensures that this would be one of the most complete informal sector surveys ever undertaken in South Africa, or indeed anywhere. Primary data collection from the Coca-Cola system s bottlers, the informal retailers, and other sources of information provided the inputs needed to model the Coca-Cola system s total impact on South Africa s employment, GDP, and other economic variables. The research team used a Social Accounting Matrix (SAM) to calculate the extent of the linkages between the Coca-Cola system in South Africa and other local business. This model allowed for a detailed assessment of employment (and other impacts) related to both the informal and formal sectors. The scope of the study is to assess the economic impact of the Coca-Cola system in South Africa, its suppliers, and its distribution network. Throughout the study, the following points concerning terms and definitions should be kept in mind. The Coca-Cola system specifically refers to The Coca-Cola Company and its bottling partners in South Africa. The Coca-Cola Company in South Africa is represented by Coca-Cola Southern and East Africa (CCSEAD). Economic Impact of The Coca-Cola System on South Africa, iii

5 The distribution network refers the transportation of finished product from the plants (to the retailers, warehouses and distributors), distribution centers, and outlets/ retailers both formal and informal. Conclusion The Coca-Cola system encompassing the bottlers, suppliers, and the many vendors that sell Coca-Cola brands has a wide-ranging impact on the South African economy. This study goes beyond conventional economic and employment impact analysis to consider both upstream and downstream (including informal) linkages. Over 166,000 jobs are associated, directly or indirectly, with producing and distributing Coca- Cola products. This employment network comprises about 1.4 percent of South African total employment. This employment network spreads advanced marketing know-how and production expertise to many regions of the country. This is one of the most extensive multi-local business systems in the country. Consequently, the study s findings on employment and enterprise development should be of interest to policy analysts, economists, the media, government, and business leaders in South Africa. Economic Impact of The Coca-Cola System on South Africa, iv

6 Preface This study explores the relationship between multinational enterprise and entrepreneurial development in African economies. There are few effective studies of international business committing to the future of South Africa. Given its business presence throughout South Africa s diverse communities, the Coca-Cola system has a potentially significant influence on the economy. Research on the impact of the Coca-Cola system in South Africa began in The final study was completed in November The study was funded through a grant to the University South Carolina, based on a proposal submitted to The Coca-Cola Company. We thank numerous executives, managers and staff of The Coca-Cola Company for their cooperation. The results are wholly based on field research by independent academic institutions and widely accepted economic modeling techniques. Three research/ academic institutions collaborated to produce the study, setting the research agenda, defining the methodology, collecting the data, analyzing the results, and preparing the final report. The Division of Research at the Moore School of Business, the University of South Carolina (USC) conceptualized the project, coordinated the research, and produced the final report. The responsibility for the study, including the initial design and the final narration given in the pages that follow this preface, falls on the Division of Research in the Moore School of Business. The study is part of an ongoing effort led by faculty to explore the interaction between international business and local entrepreneurs. The School s international business programs have consistently been ranked highly by U.S News & World Report. The impact analysis draws on the proficient economic modeling work performed by Ernest (Dirk) van Seventer. In addition, we thank the Bureau of Market Research, University of South Africa, especially Professors A.A. Ligthelm and J.H. Martins, for superb survey work. As for the contributors from University of South Carolina, the lead researchers were Dr. Douglas Woodward and Dr. Robert Rolfe. It is also important to recognize Dr. Sandra Teel, associate director of the Division of Research, who prepared the study in excellent fashion for final publication. Jan Collins, senior editor for the Division of Research, deserves credit for expert copy editing. Patrick Warren, research associate with the Division, merits special thanks for playing an invaluable role in the research. Also on the Division staff, Cissy George helped in the wide variety of important tasks involved in preparing manuscript. Finally, it should be recognized that this study, and the research that underlies it, represents the effort and cooperation of many more people than recognized here. Economic Impact of The Coca-Cola System on South Africa, v

7 The Economic Impact of The Coca-Cola System on South Africa Table of Contents EXECUTIVE SUMMARY...i Main Findings... ii Methods... iii Conclusion... iv PREFACE... v TABLE OF CONTENTS... vi CHAPTER 1: INTRODUCTION: GOALS AND OBJECTIVES OF THE STUDY... 1 CHAPTER 2: COCA-COLA SOUTH AFRICA: COMPETITIVENESS AND CLUSTERING... 4 Macroeconomic Conditions... 4 Table 1. Macroeconomic Summary... 5 Table 2. Employment by Sector... 6 The Coca-Cola System s Upstream and Downstream Network... 6 The Upstream Network... 6 Figure 1. Coca-Cola Production and Distribution... 7 The Downstream Network... 7 The Beverage Cluster... 7 Meeting Demand... 9 Resource Development Competitive Dynamics Economic Impact of The Coca-Cola System on South Africa, vi

8 Related and Supporting Industries Supporting Institutions Summary CHAPTER 3: THE ECONOMIC IMPACT OF THE COCA-COLA SYSTEM Introduction Impact Analysis Methodology Direct Economic Effects Direct Bottler Impact Export and Division Office Direct Impact Table 1. Current and Capital Expenditures by Coca-Cola Bottlers in South Africa (2003 current R 000) Table 2. Labour at and Employment Skill Distribution by Coca-Cola Bottlers South Africa Direct Formal and Informal Trade Impacts Direct Formal Trade Impact...20 Table 3. Current and Capital Expenditures by Coca-Cola Related Activities in South Africa (2003 current R 000) Direct Informal Trade Impact...20 Total Direct Impacts Overall Economic Impact Table 4. Sizing the Annual Market for Coca-Cola Products Trade in the Informal Sector (winter sales, 365 days per annum) Table 5. Sizing the Informal Market for Coca-Cola Products Table 6. Employment in Informal Sector Trading of Coca-Cola Products Table 7. Consolidated Expenditures Associated with the Coca-Cola System s Activities in South Africa (2003 R 000) Current Expenditure Table 8. Consolidated Impact of the Coca-Cola System in South Africa (2003 current R 000) Capital Expenditure...28 Impacts from Exports...28 Coca-Cola Southern Africa Division Office Formal Trade Impacts Informal Trade Impacts Economic Impact of The Coca-Cola System on South Africa, vii

9 Conclusions...30 References Endnotes CHAPTER 4: RESULTS OF THE SURVEY Introduction Characteristics of Business Owners Job Prior to Starting the Business Table 1(A). Job Before Starting This Business by Type of Business Table 1(B). Job Before Starting This Business by Urbanisation Career Orientation Table 2(A). Acceptance of a Job in the Formal Sector If Offered Today by Type of Business Table 2(B). Acceptance of a Job in the Formal Sector If Offered Today by Urbanisation Household Size...34 Table 3(A). Average Household Size by Type of Business Table 3(B). Average Household Size by Urbanisation Household Income, Other Sources than from the Business Table 4(A). Household Members (Including Owner/Manager) Earning an Income Outside This Business by Type of Business Table 4(B). Household Members (Including Owner/Manager) Earning an Income Outside This Business by Urbanisation Table 5(A). Distribution of Respondents by Income Group for Income Earned From All Sources Outside This Business by Type of Business Table 5(B). Distribution of Respondents by Income Group for Income Earned From All Sources Outside This Business by Urbanisation Reason for Starting Business Level of Education Table 6(A). Reason for Starting Business by Type of Business Table 6(B). Reason for Starting Business by Urbanisation Table 7(A). Level of Education by Type of Business...38 Table 7(B). Level of Education by Urbanisation...38 Characteristics of Businesses...38 Legal Status of Businesses...38 Years in Operation...38 Table 8(A). Legal Status of Business by Type of Business Table 8(B). Legal Status of Business by Urbanisation Economic Impact of The Coca-Cola System on South Africa, viii

10 Table 9(A). Distribution of Business by Time in Operation and Type of Business Table 9(B). Distribution of Business by Time in Operation and Urbanisation...40 Type of Products Sold...40 Table 10(A). Categories of Products Sold by Type of Business...40 Table 10(B). Categories of Products Sold by Urbanisation Table 11. Ranking of Product Sales in Order of Contribution to the Turnover of Spazas/Tuckshops Table 12. Ranking of Product Sales in Order of Contribution to the Turnover of Shebeens Table 13. Ranking of Product Sales in Order of Contribution to the Turnover of Hawkers Table 14. Ranking of Product Sales in Order of Contribution to the Turnover of Other Businesses Business Hours...43 Table 15. Distribution of Businesses by Weekday and Number of Hours Open Table 16. Highest Percentage for Trading Hours by Weekday and Type of Business Table 17. Highest Percentage for Trading Hours by Weekday and Urbanisation Role of The Coca-Cola Company Affordability Table 17(A). Coca-Cola Products Are Affordable by Type of Business Table 17(B). Coca-Cola Products Are Affordable by Urbanisation Coca-Cola Products Attract Customers Table 18(A). Coca-Cola Products Attract People to Store by Type of Business Table 18(B). Coca-Cola Products Attract People to Store by Urbanisation Table 19(A). When Buyers Purchase Coca-Cola Products, They Also Buy Other Goods by Type of Business Table 19(B). When Buyers Purchase Coca-Cola Products, They Also Buy Other Goods by Urbanisation Frequency of Purchases Table 20(A). Frequency of Purchase of Coca-Cola Products by Type of Business...48 Table 20(B). Frequency of Purchase of Coca-Cola Products by Urbanisation...48 Frequency of Coca-Cola Truck Deliveries...48 Table 21(A). Frequency of The Coca-Cola Company s Truck Deliveries by Type of Business Table 21(B). Frequency of The Coca-Cola Company s Truck Deliveries by Urbanisation Frequency of Deliveries by Wholesalers Economic Impact of The Coca-Cola System on South Africa, ix

11 Table 22(A). Frequency of Deliveries by Wholesaler and Type of Business...50 Table 22(B). Frequency of Deliveries by Wholesaler and Urbanisation Frequency of Fetching from Wholesaler Table 23(A). Frequency of Fetching From a Wholesaler by Type of Business Table 23(B). Frequency of Fetching From a Wholesaler by Urbanisation Frequency of Fetching from Retailer Table 24(A). Frequency of Fetching from a Retailer by Type of Business Table 24(B). Frequency of Fetching from a Retailer by Urbanisation Restocking of Coca-Cola products Table 25(A). Wait for Next Delivery When Running Out of Stock by Type of Business Table 25(B). Wait for Next Delivery When Running Out of Stock by Urbanisation Table 26(A). Fetch Stocks from the Wholesaler/Retailer When Running Out of Stock by Type of Business Table 26(B). Fetch Stocks from the Wholesaler/Retailer When Running Out of Stock by Urbanisation Table 27(A). Average Number of Cases Fetched When Run Out of Stock by Type of Business Table 27(B). Average Number of Cases Fetched When Run Out of Stock by Urbanisation Table 28(A). Method of Transport for Fetching of Coca-Cola Products by Type of Business Table 28(B). Method of Transport for Fetching of Coca-Cola Products by Urbanisation Temporary Closure of Business Due to The Coca-Cola Company Stock Shortages Table 29(A). Temporary Closure of Business Because Coca-Cola Products Were Not Available by Type of Business Table 29(B). Temporary Closure of Business Because Coca-Cola Products Were Not Available by Urbanisation Consumption of Coca-Cola Products: Location of Consumption Table 30(A). Location of Consumption of Coca-Cola Products by Type of Business Table 30(B). Location of Consumption of Coca-Cola Products by Urbanisation Physical Characteristics of Business Location of Business Equipment Installed in Business Table 31(A). Location of Business by Type of Business Table 31(B). Location of Business by Urbanisation Economic Impact of The Coca-Cola System on South Africa, x

12 Table 32(A). Percentage of Respondents With Equipment Installed by Type of Equipment and Business Table 32(B). Percentage of Respondents With Equipment Installed by Type of Equipment and Urbanisation Table 33(A). Percentage of Equipment Owned by The Coca-Cola Company by Type of Equipment and Business Table 33(B). Percentage of Equipment Owned by The Coca-Cola Company by Type of Equipment and Urbanisation Impact of Refrigerated Drinks on Turnover Table 34(A). Having a Fridge Help Selling More Coca-Cola Products by Type of Business Table 34(B). Having a Fridge Help Selling More Coca-Cola Products by Urbanisation Type of Business Accommodation of Business Table 35(A). Type of Business Accommodation by Type of Business...60 Table 35(B). Type of Business Accommodation by Urbanisation...60 Direct Access to Electricity and Tap Water Table 36(A). Direct Access to Electricity by Type of Business Table 36(B). Direct Access to Electricity by Urbanisation Employment Total Employment Table 37(A). Direct Access to Tap Water by Type of Business Table 37(B). Direct Access to Tap Water by Urbanisation Table 38. Employment of Spazas by Race, Gender and Full- and Part-time Table 39. Employment of Shebeens by Race, Gender and Full- and Part-time Table 40. Employment of Hawkers by Race, Gender and Full- and Part-time Table 41. Employment of Other Businesses by Race, Gender and Full- and Part-time Table 42. Employment in Metropolitan Areas by Race, Gender and Full- and Part-time Table 43. Employment in Urban Areas by Race, Gender and Full- and Part-time Table 44. Employment in Rural Areas by Race, Gender and Full- and Part-time Table 45. Employment by All Respondents Included in the Study by Gender and Full- and Part-time Features of Ownership and Management Status of Owner Gender of Owner Economic Impact of The Coca-Cola System on South Africa, xi

13 Table 46(A). Full- or Part-time Engagement of Owner in the Business by Type of Business Table 46(B). Full- or Part-time Engagement of Owner in the Business by Urbanisation Table 47(A). Gender of Owner by Type of Business...68 Table 47(B). Gender of Owner by Urbanisation...68 Race of Owner...68 Nationality of Owner...68 Table 48(A). Race of Owner by Type of Business Table 48(B). Race of Owner by Urbanisation Table 49(A). Nationality of Owner by Type of Business Table 49(B). Nationality of Owner by Urbanisation Work done by Owner Table 50(A). Type of Work Done by Owner by Type of Business Table 50(B). Type of Work Done by Owner by Urbanisation Table 51(A). Running of Business by Type of Business Management...70 Table 51(B). Running of Business by Urbanisation Table 52(A). Owners With Business Training by Type of Business Table 52(B). Owners With Business Training by Urbanisation Business Training Table 53(A). Owners Who Said They Need Business Training by Type of Business Table 53(B). Owners Who Said They Need Business Training by Urbanisation Financing of Business Start-up Capital...72 Table 54(A). Training Needs of Owners in Order of Importance by Type of Business Table 54(B). Training Needs of Owners in Order of Importance by Degree of Urbanisation Time Required to Mobilise Sufficient Start-up Capital Sources of Finances Table 55. Start-up Capital by Type of Business And Urbanisation Table 56(A). Time Required to Mobilise Start-up Capital by Type of Business Table 56(B). Time Required to Mobilise Start-up Capital by Urbanisation Table 57(A). Sources of Finance by Type of Business Table 57(B). Sources of Finance by Urbanisation Government Incentives Expansion and Growth Plans Business Expansion in Terms of Turnover Economic Impact of The Coca-Cola System on South Africa, xii

14 Table 58(A). Government Business Development Incentive by Type of Business Table 58(B). Government Business Development Incentive by Urbanisation Table 59(A). Business Performance in Terms of Overall Turnover by Type of Business Table 59(B). Business Performance in Terms of Overall Turnover by Urbanisation Funding of Expansion Table 60(A). Business Performance in Terms of Coca-Cola Products by Type of Business Table 60(B). Business Performance in Terms of Coca-Cola Products by Urbanisation Table 61. Average Additional Amount for Expansion by Type of Business and Urbanisation Table 62(A). Source of Funding of Expansion by Type of Business Table 62(B). Source of Funding of Expansion by Urbanisation Plans or Intentions for Future Development Table 63(A). Most Important Plan or Intention for the Development by Type of Business Table 63(B). Most Important Plan or Intention for the Development by Urbanisation Financial Performance Monthly Turnover Table 64. Average Monthly Turnover of Sales by Type of Business and Urbanisation Operating cost Table 65(A). Average Monthly Operating Cost by Type of Cost and Business...82 Table 65(B). Average Monthly Operating Cost by Type of Cost and Urbanisation.82 Coca-Cola Products...83 Support by The Coca-Cola Company...83 Table 66(A). Support by The Coca-Cola Company by Type of Business...83 Table 66(B). Support by The Coca-Cola Company by Urbanisation...84 Average sales per day of Coca-Cola products...84 Mark-up on Coca-Cola products...84 Table 67(A). Average Number of Products Sold During Winter by Type of Product and Business Table 67(B). Average Number of Products Sold During Winter by Type of Product and Urbanisation Economic Impact of The Coca-Cola System on South Africa, xiii

15 Table 68(A). Average Number of Products Sold During Summer by Type of Product and Business...86 Table 68(B). Average Number of Products Sold During Summer by Type of Product and Urbanisation...86 Table 69(A). Cost Price, Selling Price And Mark-up of Coca-Cola Products by Type of Business Table 69(B). Cost Price, Selling Price And Mark-up of Coca-Cola Products by Urbanisation...89 Marketing and Advertising Table 70(A). Marketing/Advertising Methods of Promotion by Type of Business. 91 Table 70(B). Marketing/Advertising Methods of Promotion by Urbanisation Table 71(A). Assistance by The Coca-Cola Company in Marketing/Advertising by Type of Business Table 71(B). Assistance by The Coca-Cola Company in Marketing/Advertising by Urbanisation Business Problems Table 72(A). Problems Experienced by Type of Business Table 72(B). Problems Experienced by Urbanisation Crime Table 73(A). Victim of Crime During the Past Twelve Months by Type of Business Table 73(B). Victim of Crime During the Past Twelve Months by Urbanisation Environmental Issues Customers Number of Customers Table 74(A). Type of Crime Experienced by Type of Business Table 74(B). Type of Crime Experienced by Urbanisation Table 75(A). Usage of Coca-Cola Products After Consumption by Type of Business Table 75(B). Usage of Coca-Cola Products After Consumption by Urbanisation Table 76(A). Recycling Depot or Centre in Vicinity by Type of Business Table 76(B). Recycling Depot or Centre in Vicinity by Urbanisation Table 77(A). Distribution of Businesses by Number of Customers and Type of Business Table 77(B). Distribution of Businesses by Number of Customers and Urbanisation Economic Impact of The Coca-Cola System on South Africa, xiv

16 Table 78(A). Distribution of Businesses by Customer Spending and Type of Business Table 78(B). Distribution of Businesses by Number of Customers and Urbanisation Customer Spending Customer Profile...98 Table 79(A). Customer Profile by Type of Business...98 Table 79(B). Customer Profile by Urbanisation Table 80(A). Frequency of Settlement of Accounts by Type of Business Table 80(B). Frequency of Settlement of Accounts by Type of Urbanisation Table 81(A). National Lottery s Effect On Sales by Type of Business Table 81(B). National Lottery s Effect On Sales by Urbanisation National Lottery Influence on Business Table 82(A). Sale of Lottery Tickets by Type of Business Table 82(B). Sale of Lottery Tickets by Urbanisation Influence of AIDS on Businesses Table 83(A). Reduction in Turnover As A Result of AIDS by Type of Business Table 83(B). Reduction in Turnover As A Result of AIDS by Urbanisation Appendix A: Disaggregation of a 2000 SAM for South Africa Appendix B: Bottler Survey Appendix C: Informal Sector Survey Economic Impact of The Coca-Cola System on South Africa, xv

17 The Economic Impact of The Coca-Cola System on South Africa Chapter 1 Introduction: Goals and Objectives of the Study No doubt the most significant economic challenge facing South Africa is to alleviate poverty. Increasing incomes will necessitate meeting the empowerment goals set by the country s leaders. It will also require creating thousands of jobs annually and channelling entrepreneurial dynamism into viable local businesses. The expertise and knowledge embodied in investments by the world s leading companies will be crucial in moving the South African economy forward. To employ South African labour productively, new capital needs to spring from many sources, both internal and external. In turn, the African employment base will expand only to the extent that private investors will make substantial, long-term commitments. The Coca-Cola enterprise system represents Africa s largest employer, with products sold in all segments of the continent s diverse markets. It is a major employer in South Africa as well. For over a decade, The Coca-Cola Company has been dedicated to a large-scale private investment expansion program in the country. Investments in production and the distribution infrastructure have extended The Coca-Cola Company s linkages deep into the country s market structure. Understanding The Coca-Cola Company s competitive character, its employment network, and its business linkages may offer some clues to solving some of South Africa s current poverty, employment, and other economic problems. Potentially, the Coca-Cola system brings competence and globally competitive standards of production, marketing, and management to local economies. Yet how does this significant actor in the South African economy spread benefits throughout the country? What are the real contributions of the Coca-Cola system to the economic and business climate? Building on previous work conducted by the research team in the late 1990s, this study looks at the economic impact of the Coca-Cola system in South Africa in As before, the research undertaken for this project is far-reaching. University and other researchers from South Africa and the United States looked at many ramifications of The Coca-Cola Company as an enterprise system and its effects on the economy. Specifically, the researchers intent has been to assess how manufacturing soft drinks spreads employment across different, seemingly unrelated industries. Trading activities are given special attention, in large part because the economic implications of trade are poorly understood. Thus, a central purpose of this research is to investigate how micro enterprise in the trade sector fits within a larger framework of business linkages in South Africa. Informal trading may serve as a safety net for the unemployed? Does it provide a

18 catalyst to legitimate enterprise when linked to an advanced business cluster? The study was designed to answer these and many other questions. While covering many issues, the study has the following central objectives: To explain the cluster of business activities directly and indirectly tied to The Coca-Cola Company s system of production and distribution. To assess the economic multiplier effect of the Coca-Cola system, with a special focus on employment impacts. To explore the relationship between the Coca-Cola system and the informal micro enterprise sector of South Africa. Above all, an exhaustive effort was undertaken to calculate the economic multiplier effect of the Coca-Cola system. The research team examined the entire value chain of goods and services involved in the production and distribution of soft drink products by the Coca-Cola system across the country. Primary data used for the analysis (and reported in the study) are based on surveys sent to all affiliated bottling and canning manufacturers. Economic impacts of production and investment were analysed through the most reliable economic model available, known as the South African social accounting matrix (SAM). The South African SAM estimates the impacts on production activities from agriculture to manufacturing industries and services, labour, household income distribution, and government revenue. Most economic impact analyses focus exclusively on upstream linkages captured by a similar SAM (or input-output) model; that is, impact analysis typically means tracing the supplier relations and other indirect effects stemming from production activities. A unique aspect of this analysis is a novel extension of existing economic methods to capture the specific nature of the downstream linkages, including informal trade, in South Africa. A few caveats should be given at the outset of the report. First, the methodology is oriented toward examining the current structure of the Coca-Cola system, based on the available data for its operations and capital expenditure. Yet, it should be stressed that every model requires complete data and rests on many assumptions. The appropriate assumptions are explained in subsequent chapters. No model can ever completely account for all the complex economic effects of international business and local economic activity. It should also be noted that the results represent a snapshot in time as modeled during As the South African economy continues to develop and restructure, the relationships underlying this analysis will change as well. To obtain credible results, the most complete data and best modeling techniques were employed. In addition to calculating multiplier effects through the South African social accounting matrix, this study examined other important aspects of the Coca-Cola system s complex connections with the local economy. Notably, we present the results of a large survey, probing the special role the Coca-Cola system plays in the informal trade sector of the South African economy. Economic and political opportunities denied the population during apartheid gave birth to many informal retail businesses the ubiquitous spaza shops, shebeens, and tuck shops. Many survive today, and others have Economic Impact of The Coca-Cola System on South Africa, 2

19 started. To gain more insight into the informal sector and its interaction with the Coca- Cola system in South Africa, the research team obtained 760 detailed surveys. The micro businesses canvassed were selected to reflect both the South Africa s mix of retail channels and geographical diversity the county s cities, townships, and rural areas. Owners and managers of informal retail trade outlets were asked to respond to a pretested, structured questionnaire, administered by trained interviewers. The survey instrument included requests for precise business information, such as employment, turnover, and net income, as well as demographic characteristics of the small business owners and their employees. A high response rate ensured that this would be one of the most complete informal sector surveys ever undertaken in South Africa, or indeed anywhere. This primary data collection provided essential information on the extent of the linkages between the multinational enterprise and local business. A primary objective is to discern whether these micro enterprises offer sustainable livelihoods and thus help to alleviate poverty and spread economic benefits. In sum, this study examines the structure and impact of The Coca-Cola Company as an important business system the hub of a beverage cluster. Accordingly, this cluster may serve to exemplify South Africa s potential for expanding job and business opportunitys, even in otherwise impoverished settings. Expanding employment and enhancing small-business development will be crucial as the South African economy continues its transformation in the 21 st century. The rest of this study is divided into the following three chapters. Chapter 2 explains the Coca-Cola enterprise system, or beverage cluster, in detail. Chapter 3 presents the methods, findings of the multiplier, and social accounting matrix analysis. Chapter 4 presents the findings of the informal trade sector survey. Economic Impact of The Coca-Cola System on South Africa, 3

20 The Economic Impact of The Coca-Cola System on South Africa Chapter 2 Coca-Cola South Africa: Competitiveness and Clustering This chapter sets the stage for the study s findings by providing background on the current macro and microeconomic challenges shaping the business climate in South Africa. At the macroeconomic level, the country must elevate growth, control inflation, stabilize the currency, and instill investor confidence. If this were not enough, the most significant challenge is to stimulate employment. However, in many respects, creating and sustaining employment is a microeconomic issue it will require boosting the country s competitive advantages from the bottom-up raising firm competitiveness and productivity. Indeed, according to the widely embraced theory of economic development put forth by Harvard University Professor Michael Porter, a country like South Africa should focus its strategy on firm competitiveness and build business linkages through clustering. These serious economic challenges and the position of the Coca-Cola system in the competitive structure of the economy are key themes explored in this chapter. The next section begins with a brief overview of the major macroeconomic issues confronting South Africa. This is followed by a look at South African employment, both in the formal and the informal sectors. We then turn to understanding the Coca-Cola system s role in building a competitive cluster in the beverage industry of South Africa. The Coca-Cola system interacts extensively with the formal and informal sectors of the economy, with particularly deep linkages in the trade sector. The nature of these linkages is covered in the last section of the chapter. Macroeconomic Conditions A principal goal for South Africa is to spur aggregate economic growth. In many respects, South Africa has the necessary conditions for macroeconomic expansion. The country s resources, market size, and superior infrastructure make it a prime candidate for domestic and international investment. It is well known that South Africa s manufacturers, financial institutions, business services, and commercial enterprises comprise sub-saharan Africa s most advanced and diversified economic base. Many financial Economic Impact of The Coca-Cola System on South Africa, 4

21 institutions, mining multinationals, and manufacturers including those in beverages and its supplier industries are competitive with businesses in developed economies. South Africa has charted an ambitious course for the economy, embraced in the government s Growth, Employment and Redistribution (GEAR) program. There have been successes in stabilizing the macroeconomic environment. Government spending has been generally conservative under President Mbeki, bringing the budget deficit to a sustainable level. This may set the stage for a loosening of fiscal policy that would spur economic growth. South Africa also has a good reputation for sound monetary policy, setting inflation targets and a commitment to getting the fundamentals right. Risks to meeting macroeconomic targets are always present, however. Potential macroeconomic shocks include sharply rising oil prices and the threat of currency instability. Nevertheless, as seen in Table 1, the overall macroeconomic trends since the recession of the early 2000s have been largely favorable. South Africa has had notable success in maintaining moderate growth in real (inflation-adjusted) gross domestic product (GDP). Manufacturing has increased production every year since 2001, and agriculture has shown improvement as well. Table 1 shows positive effects in controlling inflation (the rate of change in consumer prices), along with moderation in interest rates. As the economy has grown, the government fiscal balance has turned negative, but as a percentage of GDP it has remained relatively low. Fueling economic growth, exports have risen and outstripped imports. Table 1. Macroeconomic Summary (%, unless otherwise indicated) Real GDP Growth Manufacturing Production Growth Gross Agricultural Production Growth Consumer Price Inflation (average) Short-term interbank rate Government Balance (% of GDP) Export of goods fob (US$ billion) Import of good (US$ billion) Sources: World Bank, Economist Intelligence Unit (EIU) Estimates, South African Reserve Bank (SARB). a There is a discrepancy between SARB and World Bank figures. EIU estimates are used for some years. Along with creating the macroeconomic conditions for stability, South Africa, like all countries, must expand business opportunities and foster job creation across the country. Sluggish formal sector employment growth and widespread informal employment pose particular burdens on South Africa. Stepped-up economic growth is obviously needed to reduce the persistently high unemployment, reaching nearly one-third of the workforce. At the same time, the growth sectors of the economy, including informal sector businesses, must become more competitive if employment gains are to last. Table 2 shows the breakdown of formal and informal sector employment. It can be seen that the trade sector, where the Coca-Cola system has extensive interactions, is an especially large part of the employment structure. The formal trade sector accounts for more than 17 percent of employment. For informal trade, the trade sector dominates Economic Impact of The Coca-Cola System on South Africa, 5

22 with 36 percent of total employment. The nature of these informal trade businesses the spazas, shebeens, and other points of sales along with their business relationship with The Coca-Cola Company is documented in the survey results presented in Chapter 4. Achieving macroeconomic stability can be an arduous, never-ending task for South Africa s policy makers, as is true elsewhere. At the same time, the macroeconomic fundamentals (including low inflation, a stable currency, and the government budget balance) represent only certain necessary, but not sufficient, conditions for South Africa to Table 2. Employment by Sector (% of Total) Formal Informal Total Agriculture Mining Manufacturing Electricity Construction Trade Transport Business Services Community Services Private Households Unspecified Total Source: Statistics South Africa: Department of Trade and Industry. Data for September achieve its economic goals. In addition, microeconomic (firm-level) conditions must be present in the economy, creating a competitive climate that supports productive firms, and, more importantly, deeply rooted clusters of businesses in the local economy. The Coca-Cola System s Upstream and Downstream Network In this section, we explore the beverage cluster. To understand how the Coca-Cola system can contribute to the competitiveness and growth of South Africa, it is necessary to understand its linkages with the economy. Hence this section begins with an explanation of the business linkages upstream and downstream between the Coca-Cola system and the South African economy. This serves as a prelude to a more detailed examination of the Coca-Cola system and the beverage cluster in South Africa. Figure 1 shows the Coca-Cola bottling system (including support of the country and regional headquarters) in the middle of the value stream, with a surrounding network of upstream and downstream businesses. Overall, the Coca-Cola business network spans agriculture to retail, from sugar production facilities to vendors with street pushcarts. Almost all of the value-creating activities from manufacturing through distribution are locally based. The Upstream Network The actual soft drink production process is capital intensive, with highly automated production lines. The upstream supplier network directly supplies inputs and services to the bottling production system. Further upstream suppliers then feed the first tier suppliers (increasing the economic multiplier effect explained in the next chapter). Thus, to make the final product, the lines draw on numerous inputs supplied upstream by companies, from agriculture to manufacturing to services. Some of the main local inputs include: sugar, CO 2, beverage ingredients, and packaging (paper, PET, glass, closures, and crowns). Moreover, equipment input suppliers contribute to the value chains, such manufacturers of bottling line machinery, trucks, and lifting machinery. Economic Impact of The Coca-Cola System on South Africa, 6

23 Figure 1. Coca-Cola Production and Distribution Further Upstream Linkages Beverage Ingredient Suppliers Packaging Suppliers Transport & Other Equipment Suppliers Advertising & Other Business Services Production Coca-Cola Bottlers System Wholesalers Retailers Final Consumers Construction Other Points of Sale Upstream Network Downstream Network Local business services include financial institutions, advertising agencies, sign makers, design firms, business consultants, accounting firms, law offices, repair services, and hotel and travel companies. On the downstream side, transportation of the product to bottlers also represents a significant economic activity. Finally, construction firms are major partners during expansion programs. The Downstream Network On the upstream side, we have seen that most of the inputs shown Figure 1 represent South African production activities. Local inputs account for the vast majority of the final product. That is certainly true of the downstream side (also shown in Figure 1). The Coca-Cola system has extensive ties through its sophisticated local network an infrastructure that reaches across all South African provinces. Arguably, it is the international business system with the greatest commitment to the diverse population of South Africa. Although Coca-Cola is the most recognized brand in the country, reaching consumers requires a complex network of distribution channels. The downstream network is responsible for delivering the product of all bottlers to meet demand. The bottling system distributes some Coca-Cola products directly through retailers. South African retail outlets run the gamut from large stores to small-scale, privately-owned enterprises, convenience stores, restaurants and small individual pointsof-sale. The distribution network includes informal outlets spaza shops, tuck shops, shebeens, and hawkers. In addition, wholesalers distribute products to local retailers and other outlets. Besides bottling plants, the Coca-Cola system includes warehouses and sales depots. Chapter 4 will present a comprehensive survey of the informal distribution network. The Beverage Cluster How can Coca-Cola s extensive business system contribute to South Africa s competitiveness? To answer this question, it useful to place beverage activities in the Economic Impact of The Coca-Cola System on South Africa, 7

24 context of cluster theory. Modern cluster analysis has its origins in Harvard Business School Professor Michael Porter s work, first published in The Competitive Advantage of Nations. 1 In this book and subsequent articles, Porter introduced a model of competitive dynamics that now forms the basis for microeconomic strategy from Singapore to Spain. In contrast with traditional economic models, Porter argues that it is not what a country produces, but how productively and efficiently. In theory, a country like South Africa can develop competitive businesses in any sector by upgrading productivity. Porter s approach suggests that upgrading firm competitiveness can best take place through clusters. A cluster is a group of interconnected companies and associated institutions in a particular economic field, linked by mutual interests and complementarities. Clustering differs from the traditional industry approach to understanding economic development. With a cluster, there is synergy across industries, tying core firms, suppliers of specialized inputs, components, machinery, services, financial institutions, and service companies. A beverage cluster would certainly include the upstream and downstream activities already discussed but also producers of complementary products; specialized infrastructure providers; government and other institutions providing training, education, information, research, and technical support; along with standards-setting agencies. To identify a cluster, Porter recommends first starting with a key firm or group of firms. No doubt The Coca-Cola Company acts as a key firm in the South African beverage cluster. As a major producer of non-alcoholic beverages in South Africa, Coca-Cola s name is synonymous with soft drinks. The core presence of The Coca-Cola Company in the South African economy is Coca-Cola Southern and East Africa Division (CCSEAD), a wholly owned subsidiary. Based in Johannesburg, CCSEAD acts as a liaison between bottlers throughout southern Africa, East Africa, and the African Islands and the U.S. multinational company, providing technical, marketing, and managerial support, while promoting quality assurance, distribution efficiency, and human resources development. It strives to ensure that local bottlers realize continuous growth and profitability, which spurs higher concentrate sales that benefit the multinational company. In addition, The Coca-Cola Company has a significant interest in two canning/ bottling companies in South Africa. It owns a share in Coca-Cola Fortune (approximately 21 percent sales volume contribution), and a share in Coca-Cola Canners of Southern Africa (CCCSA), operator of the largest canning facility in the Southern Hemisphere. Along with CCSEAD, the core businesses in the South African cluster are franchise bottlers. In addition to Coca-Cola Fortune, licensed/franchise bottlers are Amalgamated Beverage Industries (ABI) (approximately 60 percent of sales volume), Cook (approximately six percent of sales volume), and Peninsula Beverages Forbes (approximately 13 percent of sales volume). Coca-Cola Canners of Southern Africa produces canned products mainly and these are distributed via the bottlers network. As stipulated in the Bottlers agreement, for bottlers to participate in the cluster, the critical competency is a mastery of the actual bottling process, for no bottler without a advanced level of technical expertise could become a Coca-Cola licensee. In turn, the South African bottlers join (or are part of) a network of the most experienced bottlers in the world. This network has established best practices for production quality and efficiency, practices which new affiliates are then able to adopt, adapted to their needs. Essentially, CCSEAD serves as a nexus in the alliance with the South African bottlers, Economic Impact of The Coca-Cola System on South Africa, 8

McKinsey Global Institute. June 2010. Growth and competitiveness in the United States: The role of its multinational companies

McKinsey Global Institute. June 2010. Growth and competitiveness in the United States: The role of its multinational companies June 2010 Growth and competitiveness in the United States: The role of its multinational companies US multinational companies as a percentage of all US companies

More information

THE MANUFACTURING VALUE CHAIN Is Much Bigger Than You Think!

THE MANUFACTURING VALUE CHAIN Is Much Bigger Than You Think! THE MANUFACTURING VALUE CHAIN Is Much Bigger Than You Think! Coal mined for making domestic steel Sheet steel manufactured for auto production Electricity, water, and gas used by manufacturing and distribution

More information

Industry Clusters in New York s Economy: A Statewide and Regional Analysis

Industry Clusters in New York s Economy: A Statewide and Regional Analysis Industry Clusters in New York s Economy: A Statewide and Regional Analysis October 2012 New York State Department of Labor Division of Research and Statistics Bureau of Labor Market Information Peter M.

More information

Factors Affecting the Competitiveness of the Agribusiness Sector in Swaziland

Factors Affecting the Competitiveness of the Agribusiness Sector in Swaziland Factors Affecting the Competitiveness of the Agribusiness Sector in Swaziland Bongiwe P. Dlamini P. O. Box 7689, Mbabane, H100, Swaziland Johann F. Kirsten Department of Agricultural Economics, Extension

More information

Industry Clusters in New York s Economy: A Statewide and Regional Analysis

Industry Clusters in New York s Economy: A Statewide and Regional Analysis Industry Clusters in New York s Economy: A Statewide and Regional Analysis December 2011 New York State Department of Labor Division of Research and Statistics Bureau of Labor Market Information Colleen

More information

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario

The Economic Impacts of Reducing. Natural Gas and Electricity Use in Ontario The Economic Impacts of Reducing Natural Gas and Electricity Use in Ontario Prepared for Blue Green Canada July 2013 Table of Contents Executive Summary... i Key Findings... i Introduction...1 Secondary

More information

West Piedmont Workforce Investment Network (WIA) And Career Training

West Piedmont Workforce Investment Network (WIA) And Career Training The Regional Economic Impact of the West Piedmont Workforce Investment Network January 2009 Mangum Economic Consulting, LLC is a Richmond, Virginia based firm that specializes in producing objective economic,

More information

Swire Beverages - A Strategic Perspective

Swire Beverages - A Strategic Perspective Beverages Division Delivering Refreshing Soft Drinks Swire Beverages manufactures, markets and distributes refreshing soft drinks to consumers in Hong Kong, Taiwan, Mainland China, and the. 56 OVERVIEW

More information

End of foreign exchange restrictions in South Africa is everything hunky-dory?

End of foreign exchange restrictions in South Africa is everything hunky-dory? Economic Research Allianz Group Dresdner Bank Working Paper No. 29, 3 January 2005 Author: Dr. Ingrid Angermann End of foreign exchange restrictions in South Africa is everything hunky-dory? South Africa

More information

Industry Clusters in New York s Economy: A Statewide and Regional Analysis June 2014

Industry Clusters in New York s Economy: A Statewide and Regional Analysis June 2014 Industry Clusters in New York s Economy: A Statewide and Regional Analysis June 2014 New York State Department of Labor Division of Research and Statistics Bureau of Labor Market Information Peter M. Rivera,

More information

Ireland and the EU 1973-2003 Economic and Social Change

Ireland and the EU 1973-2003 Economic and Social Change Ireland and the EU 1973-2003 Economic and Social Change Table 1 Population, 1971-2002 viii Table 2 Population of the provinces ix Table 3 Births, deaths and life expectancy ix Table 4 Numbers in education

More information

ENGINEERING LABOUR MARKET

ENGINEERING LABOUR MARKET ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers

More information

NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY

NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY FACULTY OF COMMERCE GENERAL MASTERS IN BUSINESS ADMINISTRATION MANAGERIAL ACCOUNTING GMB 562 FINAL EXAMINATION 11 DECEMBER 2003 TIME ALLOWED: 3 HOURS + 30

More information

Table of Contents. A. Aggregate Jobs Effects...3. B. Jobs Effects of the Components of the Recovery Package...5. C. The Timing of Job Creation...

Table of Contents. A. Aggregate Jobs Effects...3. B. Jobs Effects of the Components of the Recovery Package...5. C. The Timing of Job Creation... 1 Table of Contents A. Aggregate Jobs Effects...3 B. Jobs Effects of the Components of the Recovery Package...5 C. The Timing of Job Creation...7 D. Breakdown by Industry...7 E. Effects on Different Demographic

More information

The Business Credit Index

The Business Credit Index The Business Credit Index April 8 Published by the Credit Management Research Centre, Leeds University Business School April 8 1 April 8 THE BUSINESS CREDIT INDEX During the last ten years the Credit Management

More information

Monetary and Financial Trends First Quarter 2011. Table of Contents

Monetary and Financial Trends First Quarter 2011. Table of Contents Financial Stability Directorate Monetary and Financial Trends First Quarter 2011 Table of Contents Highlights... 1 1. Monetary Aggregates... 3 2. Credit Developments... 4 3. Interest Rates... 7 4. Domestic

More information

HW 2 Macroeconomics 102 Due on 06/12

HW 2 Macroeconomics 102 Due on 06/12 HW 2 Macroeconomics 102 Due on 06/12 1.What are the three important macroeconomic goals about which most economists, and society at large, agree? a. economic growth, full employment, and low interest rates

More information

INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA) Contribution to the 2015 United Nations Economic and Social Council (ECOSOC) Integration Segment

INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA) Contribution to the 2015 United Nations Economic and Social Council (ECOSOC) Integration Segment INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA) Contribution to the 2015 United Nations Economic and Social Council (ECOSOC) Integration Segment INTRODUCTION The socio-economic benefits renewable energy

More information

Marketing Business Case

Marketing Business Case Running head: Coca-Cola Company NEW MEXICO HIGHLANDS UNIVERSITY Marketing Business Case Coca-Cola Company Molina, Ines The Coca-Cola Company has an intensive distribution and bottlers systems that its

More information

DISTRIBUTIVE TRADE AND SERVICE INDUSTRIES STATISTICS

DISTRIBUTIVE TRADE AND SERVICE INDUSTRIES STATISTICS DISTRIBUTIVE TRADE AND SERVICE INDUSTRIES STATISTICS 1. Introduction Distributive trade and service industries [DTSI] account for a substantial proportion of economic activities in every country, whether

More information

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today.

Adjusting to a Changing Economic World. Good afternoon, ladies and gentlemen. It s a pleasure to be with you here in Montréal today. Remarks by David Dodge Governor of the Bank of Canada to the Board of Trade of Metropolitan Montreal Montréal, Quebec 11 February 2004 Adjusting to a Changing Economic World Good afternoon, ladies and

More information

The Economic Impact of The Support Center s Small Business Revolving Loan Fund

The Economic Impact of The Support Center s Small Business Revolving Loan Fund Creating economic opportunity for all people. The Economic Impact of The Support Center s Small Business Revolving Loan Fund January 2014 3120 Highwoods Blvd, Suite 350 Raleigh, NC 27604 919.803.1437 phone

More information

Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016

Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016 Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016 Market Intelligence Report Reference code: IS0055MR Published: September 2012 www.timetric.com Timetric John Carpenter

More information

Macroeconomic. impact of the Wind Energy Sector in Belgium

Macroeconomic. impact of the Wind Energy Sector in Belgium Macroeconomic impact of the Wind Energy Sector in Belgium Report December 2012 For further information please visit www.deloitte.es Deloitte provides audit, tax and legal advisory, consulting and corporate

More information

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield

Summary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield The State of the Economy: Kern County, California Summary Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield Kern County households follow national trends. They turned less

More information

Growth promotion through industrial strategies in Zambia

Growth promotion through industrial strategies in Zambia Growth promotion through industrial strategies in Zambia 1. Introduction and summary This brief provides a summary of the findings of a study investigating the current and potential opportunities for growth

More information

IHS Study on the Economic Impact of Proposed Restrictions on Tax Exempt Bonds for Nonprofit Organizations

IHS Study on the Economic Impact of Proposed Restrictions on Tax Exempt Bonds for Nonprofit Organizations IHS Study on the Economic Impact of Proposed Restrictions on Tax Exempt Bonds for Nonprofit Organizations Prepared For: Submitted By: IHS Global Inc. 15 Inverness Way East Englewood, CO 80112 October 2013

More information

Coca-Cola Case Analyses. <Student Name> <Name and Section # of course> <Instructor Name> <Date>

Coca-Cola Case Analyses. <Student Name> <Name and Section # of course> <Instructor Name> <Date> Running Head: COCA-COLA CASE Coca-Cola Case Analyses Coca-Cola Case 2 Coca-Cola Case Analyses This paper is about the company Coca-Cola

More information

Pay Later: The Cost of Inaction

Pay Later: The Cost of Inaction FACTS NEVADA A M E R I C A N S E C U R I T Y P R O J E C T Pay Now, Pay Later: Nevada Two million people in Nevada depend on Lake Mead for daily water consumption. There is a 50% chance that it will be

More information

An Economic Impact Analysis.

An Economic Impact Analysis. Briefing August 2013 Making Dollars and Sense of Canada s Mutual Fund Industry An Economic Impact Analysis. At a Glance Canada s mutual fund industry directly created $5.8 billion in real GDP in 2012 on

More information

Eli Lilly. and Company. in Indiana

Eli Lilly. and Company. in Indiana Economic Eli Lilly Impact of and Company in Indiana The Economic Impact of Eli Lilly and Company on the State of Indiana and the Indianapolis-Carmel Metropolitan Statistical Area June 2009 Prepared by

More information

Economic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011

Economic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011 Economic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011 Economic Planning in China Gregory C. Chow This paper provides an up-to-date study of economic planning

More information

AUSTRALIA S BROKEN HOUSING SYSTEM

AUSTRALIA S BROKEN HOUSING SYSTEM Cost of living The cost of housing is the single biggest cost of living issue in Australia today. Compared to other expenditure items, housing costs comprise the biggest share of household budgets accounting

More information

Subject CT7 Business Economics Core Technical Syllabus

Subject CT7 Business Economics Core Technical Syllabus Subject CT7 Business Economics Core Technical Syllabus for the 2016 exams 1 June 2015 Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these

More information

August 2014. Industry Report: SolarBusinessServices. Solar Businesses in Australia. Prepared for: Rec Agents Association

August 2014. Industry Report: SolarBusinessServices. Solar Businesses in Australia. Prepared for: Rec Agents Association August 2014 Prepared by: Industry Report: SolarBusinessServices Prepared for: Solar Businesses in Australia Rec Agents Association P a g e 1 RAA Industry Report Solar Businesses in Australia Final 2014

More information

Section 2 Evaluation of current account balance fluctuations

Section 2 Evaluation of current account balance fluctuations Section 2 Evaluation of current account balance fluctuations Key points 1. The Japanese economy and IS balance trends From a macroeconomic perspective, the current account balance weighs the Japanese economy

More information

Segmentation. Stages in Segmentation Analysis

Segmentation. Stages in Segmentation Analysis Segmentation Conventionally, industries are defined broadly; the automobile industry, the computer software industry, the shipping industry. But competition tends to occur at more localised levels - within

More information

The impact on the UK economy of a reduction in fuel duty

The impact on the UK economy of a reduction in fuel duty The impact on the UK economy of a reduction in fuel duty Report for Fair Fuel UK March 2012 Centre for Economics and Business Research Ltd. Unit 1, 4 Bath Street, London EC1V 9DX t: 020 7324 2850 f: 020

More information

an economic impact and future growth study of Ontario s high-value insurance sector

an economic impact and future growth study of Ontario s high-value insurance sector an economic impact and future growth study of Ontario s high-value insurance sector over 300 firms firms with less than 10% employment growth projected over next 3 years firms with more than 10% employment

More information

Industry Sector Analysis

Industry Sector Analysis Industry Sector Analysis Growth, Core, and Competitive-Advantage Industries Southeast Michigan Macomb, Monroe, Oakland, St. Clair and Wayne Counties A Regional Profile Prepared by: Michigan Department

More information

EAST AFRICA DAIRY DEVELOPMENT EADD II PROGRAM, TANZANIA Terms of Reference for Tanzania Dairy Consumer Study

EAST AFRICA DAIRY DEVELOPMENT EADD II PROGRAM, TANZANIA Terms of Reference for Tanzania Dairy Consumer Study EAST AFRICA DAIRY DEVELOPMENT EADD II PROGRAM, TANZANIA Terms of Reference for Tanzania Dairy Consumer Study 1. BACKGROUND The East Africa Dairy Development Project (EADD) is a regional industry development

More information

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS BUSINESS ANALYSIS INTRODUCTION To determine a proper price for a firm s stock, security analyst must forecast the dividend & earnings that can be expected

More information

National Heavy Duty Truck Transportation Efficiency Macroeconomic Impact Analysis

National Heavy Duty Truck Transportation Efficiency Macroeconomic Impact Analysis National Heavy Duty Truck Transportation Efficiency Macroeconomic Impact Analysis Prepared for the: Union of Concerned Scientists 2397 Shattuck Ave., Suite 203 Berkeley, CA 94704 Prepared by: Marshall

More information

WITH-PROFIT ANNUITIES

WITH-PROFIT ANNUITIES WITH-PROFIT ANNUITIES BONUS DECLARATION 2014 Contents 1. INTRODUCTION 3 2. SUMMARY OF BONUS DECLARATION 3 3. ECONOMIC OVERVIEW 5 4. WITH-PROFIT ANNUITY OVERVIEW 7 5. INVESTMENTS 9 6. EXPECTED LONG-TERM

More information

The economic impact of the University of West London

The economic impact of the University of West London The economic impact of the University of West London Contents Executive Summary 2 1 Introduction 4 1.1 Purpose of report 1.2 Acknowledgements 2 Measuring the economic impact of the University 6 2.1 How

More information

Jobs and Growth Effects of Tax Rate Reductions in Ohio

Jobs and Growth Effects of Tax Rate Reductions in Ohio Jobs and Growth Effects of Tax Rate Reductions in Ohio BY ALEX BRILL May 2014 This report was sponsored by American Freedom Builders, Inc., a 501(c)4 organization. The author is solely responsible for

More information

Regional Economic Impact Analysis

Regional Economic Impact Analysis Section III: Applying Knowledge Regional Economic Impact Analysis Summary In this activity, teachers present a lecture related to assessing regional economic impacts and students use this knowledge to

More information

HR TRENDS AND INSIGHTS: FALLING OIL PRICES AND DECREASED INDUSTRY SPENDING - EMPLOYMENT IMPACTS

HR TRENDS AND INSIGHTS: FALLING OIL PRICES AND DECREASED INDUSTRY SPENDING - EMPLOYMENT IMPACTS HR TRENDS AND INSIGHTS: FALLING OIL PRICES AND DECREASED INDUSTRY SPENDING - EMPLOYMENT IMPACTS This project is funded by Government Canada s Sectoral Initiatives Program FOREWORD Over Over last two last

More information

THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING

THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING The Central Bank of Sudan commenced business in 1960. Its role, like that of other central banks, is set to include the achievement of monetary

More information

LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS

LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS APRIL 2014 LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS Most economists talk about where the economy is headed it s what they do. Paying attention to economic indicators can give you an idea of

More information

Accenture NewsPage Sales Force Automation: Empower your people

Accenture NewsPage Sales Force Automation: Empower your people Accenture NewsPage Sales Force Automation: Empower your people 2 Understanding the market Your people are your most important business asset. But, with hundreds of staff, serving thousands of small retailers,

More information

THE ECONOMIC IMPACTS OF THE PORTS OF LOUISIANA AND THE MARITIME INDUSTRY

THE ECONOMIC IMPACTS OF THE PORTS OF LOUISIANA AND THE MARITIME INDUSTRY THE ECONOMIC IMPACTS OF THE PORTS OF LOUISIANA AND THE MARITIME INDUSTRY Prepared by: TIMOTHY P. RYAN UNIVERSITY OF NEW ORLEANS February, 2001 EXECUTIVE SUMMARY The ports of Louisiana and the maritime

More information

The Business Case for Sustainability

The Business Case for Sustainability The Business Case for Sustainability The Business Case for Sustainability Whether managing downside risk, creating business value by incorporating sustainable solutions, or identifying innovative ways

More information

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles) FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated

More information

INDUSTRY METRICS. Members of the food supply chain have. Eye on Economics: Do the Math. Private labels add up ROBERTA COOK, PH.D. Sharing Information

INDUSTRY METRICS. Members of the food supply chain have. Eye on Economics: Do the Math. Private labels add up ROBERTA COOK, PH.D. Sharing Information BY ROBERTA COOK, PH.D. Eye on Economics: Private labels add up Members of the food supply chain have competed in one of the toughest economic downturns in decades. Restaurants lost sales as did many fast

More information

Ralph Lauren. Shelby Gray Group #2 BUS 440.02 11:30

Ralph Lauren. Shelby Gray Group #2 BUS 440.02 11:30 Ralph Lauren Shelby Gray Group #2 BUS 440.02 11:30 0 COMPANY OVERVIEW Polo Ralph Lauren is a company specializing in the production of lifestyle products. Ralph Lauren began forty years ago with simply

More information

How To Sell Wine In The Uk

How To Sell Wine In The Uk CBI Market channels and s for wine in the United kingdom Your trade route through the European market Wine trade in the United Kingdom (UK) is dominated by supermarkets, which increasingly sell private

More information

The Changing Shape of UK Manufacturing

The Changing Shape of UK Manufacturing The Changing Shape of UK Manufacturing Author Name(s): Michael Hardie and Andrew Banks Abstract The contribution of the manufacturing industry to the UK economy has changed markedly over the last 60 years.

More information

Methodologies for assessing Green Jobs Policy Brief

Methodologies for assessing Green Jobs Policy Brief Methodologies for assessing Green Jobs Policy Brief Introduction By pioneering sustainable economic activities, both developed and developing countries stand to generate new jobs and strengthen their economies,

More information

Economic Contributions of Pacific Gas and Electric Company

Economic Contributions of Pacific Gas and Electric Company Economic Contributions of Pacific Gas and Electric Company February 2014 Prepared for: Pacific Gas and Electric Company 77 Beale Street San Francisco, CA 94105 www.pge.com Prepared by: 400 Capitol Mall,

More information

A Decomposition of the Increased Stability of GDP Growth

A Decomposition of the Increased Stability of GDP Growth FEDERAL RESERVE BANK OF NEW YORK IN ECONOMICS AND FINANCE September 1999 Volume 5 Number 13 A Decomposition of the Increased Stability of GDP Growth Margaret M. McConnell, Patricia C. Mosser, and Gabriel

More information

How will the Statistical Adjustment on Manufacturing Services on Physical Inputs Owned by Others Affect China s Balance of Payments Statistics?

How will the Statistical Adjustment on Manufacturing Services on Physical Inputs Owned by Others Affect China s Balance of Payments Statistics? BOPCOM 12/07 Twenty-Fifth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., USA January 14 16, 2013 (Rescheduled from October 29 31, 2012) How will the Statistical Adjustment

More information

growing your recyclable stream

growing your recyclable stream 74 arkets growing your recyclable stream So let s say you ve committed yourself to increase your educational efforts, using social marketing concepts and the new RE3 campaign. You are also thinking about

More information

The Size and Health of the UK Space Industry

The Size and Health of the UK Space Industry The Size and Health of the UK Space Industry A Report for the UK Space Agency Executive Summary Front cover image: Living Planet Program Credit: ESA - P Carril Artist s impression of HYLAS Credit: Avanti

More information

FY2015 Financial Results

FY2015 Financial Results FY2015 Financial Results MIRAI Toyota Motor Corporation May 8, 2015 Cautionary Statement with Respect to Forward-Looking Statements This presentation contains forward-looking statements that reflect Toyota

More information

TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA

TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA TAXATION AND AID FOR DOMESTIC RESOURCE MOBILIZATION (D.R.M.) AID: HELPING OR HARMING DOMESTIC RESOURCE MOBILIZATION IN AFRICA My presentation deals with i. Definition and Importance of Domestic Resource

More information

Some micro- and macro-economics of offshore wind*

Some micro- and macro-economics of offshore wind* Some micro- and macro-economics of offshore wind* EPSRC SUPERGEN Wind Energy Hub University of Strathclyde May 2016 Fraser of Allander Institute Energy Modelling Team Fraser of Allander Institute Department

More information

BUILDING ENTREPRENEURSHIP DEVELOPMENT SYSTEMS IN NORTHERN IOWA 1

BUILDING ENTREPRENEURSHIP DEVELOPMENT SYSTEMS IN NORTHERN IOWA 1 BUILDING ENTREPRENEURSHIP DEVELOPMENT SYSTEMS IN NORTHERN IOWA 1 COMMON ROOTS, DIFFERENT APPROACHES BACKGROUND ON THE JOHN PAPPAJOHN ENTREPRENEURIAL CENTERS (JPEC) IN IOWA John Pappajohn s roots are in

More information

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond

Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond 4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to

More information

The Economic Benefits of Oil and Natural Gas Production: An Analysis of Effects on the United States and Major Energy Producing States

The Economic Benefits of Oil and Natural Gas Production: An Analysis of Effects on the United States and Major Energy Producing States August 2014 The Economic Benefits of Oil and Natural Gas Production: An Analysis of Effects on the United States and Major Energy Producing States THE PERRYMAN GROUP 510 N. Valley Mills Dr. Suite 300 Waco,

More information

The UNIDROIT/FAO/IFAD Legal Guide on Contract Farming

The UNIDROIT/FAO/IFAD Legal Guide on Contract Farming The UNIDROIT/FAO/IFAD Legal Guide on Contract Farming An Overview What is Contract Farming? The Importance of the Legal Framework The UNIDROIT/FAO/IFAD Legal Guide on Contract Farming Purpose of the Guide

More information

Short-Term Forecasting in Retail Energy Markets

Short-Term Forecasting in Retail Energy Markets Itron White Paper Energy Forecasting Short-Term Forecasting in Retail Energy Markets Frank A. Monforte, Ph.D Director, Itron Forecasting 2006, Itron Inc. All rights reserved. 1 Introduction 4 Forecasting

More information

CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS

CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS CHAPTER VII SUMMARY OF MAJOR FINDINGS AND RECOMMENDATIONS 395 7.1 Findings Related to Secondary Data In the initial phase the analysis of secondary indicates that CRM is emerging as a strategic factor

More information

TRADE DYNAMICS IN ZIMBABWE: 1980-2012

TRADE DYNAMICS IN ZIMBABWE: 1980-2012 TRADE DYNAMICS IN ZIMBABWE: 1980-2012 Talknice Saungweme Great Zimbabwe University Box 1235 Masvingo, Zimbabwe E-mail: talknice2009@gmail.com ABSTRACT Zimbabwe in 1980, when it became independent from

More information

Economic Contribution of Telecommunication Companies Serving Greater Minnesota

Economic Contribution of Telecommunication Companies Serving Greater Minnesota EXTENSION CENTER FOR COMMUNITY VITALITY Economic Contribution of Telecommunication Companies Serving Greater Minnesota A REPORT OF THE ECONOMIC IMPACT ANALYSIS PROGRAM UNIVERSITY OF MINNESOTA EXTENSION

More information

The ALSOK Group is developing services that accurately respond to social needs with the aim of contributing to the safety and security of society.

The ALSOK Group is developing services that accurately respond to social needs with the aim of contributing to the safety and security of society. The ALSOK Group is developing services that accurately respond to social needs with the aim of contributing to the safety and security of society. SOHGO SECURITY SERVICES CO., LTD. (ALSOK), was established

More information

The following reports were prepared independent of the

The following reports were prepared independent of the september 2012 173 APPENDIX H Independent Analysis of Economic Forecasts and Sales Tax Revenue The following reports were prepared independent of the Wake County Transit Plan, but are included here for

More information

FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BULLETIN FEDERAL RESERVE BULLETIN VOLUME 38 May 1952 NUMBER 5 Business expenditures for new plant and equipment and for inventory reached a new record level in 1951 together, they exceeded the previous year's total

More information

SUMMARY OF ECONOMIC IMPACT ANALYSIS AND IMPACT REVIEW

SUMMARY OF ECONOMIC IMPACT ANALYSIS AND IMPACT REVIEW SUMMARY OF ECONOMIC IMPACT ANALYSIS AND IMPACT REVIEW The Governor s Office of Economic Development ( GOED ) uses IMPLAN for economic modeling of new and expanding businesses applying for incentives administered

More information

Brazil. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Brazil GDP Impact by Industry. Brazil GDP Impact by Industry

Brazil. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Brazil GDP Impact by Industry. Brazil GDP Impact by Industry Brazil The Sugarloaf Mountain in Rio de Janeiro Agriculture Automotive Manufacturing Banking Chemicals Manufacturing Communications ducation Financial Services Higher ducation Mining Other Service xports

More information

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Voluntary - Public Date: 5/6/2015 GAIN Report Number:

More information

The Employment Crisis in Spain 1

The Employment Crisis in Spain 1 The Employment Crisis in Spain 1 Juan F Jimeno (Research Division, Banco de España) May 2011 1 Paper prepared for presentation at the United Nations Expert Meeting The Challenge of Building Employment

More information

I am pleased to represent the World Bank Group on this important and critical occasion.

I am pleased to represent the World Bank Group on this important and critical occasion. Burundi Development Partners Conference October 29-30 Geneva, Switzerland Session: Interventions by the Sponsors of the Conference Remarks by Philippe Dongier Country Director: Burundi, Tanzania, Uganda

More information

On March 11, 2010, President Barack

On March 11, 2010, President Barack U.S. Department of Commerce International Trade Administration Introduction Exports Support American Jobs Updated measure will quantify progress as global economy recovers. On March 11, 21, President Barack

More information

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder,

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder, 2014 Investment Shareholders Update Dear Shareholder, As we look back on the first half of 2014, I m happy to report that Meridian s continued focus on serving and meeting the needs of our Members while

More information

International Business Strategy

International Business Strategy International Business Strategy Executive Summary The Canadian automotive industry, and in particular the automotive component parts industry is part of the broader global industry. Canadian suppliers

More information

03104 Management and Business Economics. Certificate in Accounting and Business I Examination March 2014

03104 Management and Business Economics. Certificate in Accounting and Business I Examination March 2014 SUGGESTED SOLUTIONS 03104 Management and Business Economics Certificate in Accounting and Business I Examination March 2014 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA All Rights Reserved PAPER

More information

The Economic Impact of Texas State University

The Economic Impact of Texas State University The Economic Impact of Texas State University James P. LeSage 1 Fields Endowed Chair for Urban and Regional Economics McCoy College of Business Administration Department of Finance and Economics Texas

More information

Understanding Financial Consolidation

Understanding Financial Consolidation Keynote Address Roger W. Ferguson, Jr. Understanding Financial Consolidation I t is my pleasure to speak with you today, and I thank Bill McDonough and the Federal Reserve Bank of New York for inviting

More information

STUDY OF EQUIPMENT IN THE U.S. SCRAP RECYCLING INDUSTRY

STUDY OF EQUIPMENT IN THE U.S. SCRAP RECYCLING INDUSTRY STUDY OF EQUIPMENT IN THE U.S. SCRAP RECYCLING INDUSTRY Table of Contents Executive Summary... 2 Project Methodology... 3 Study Results... 4 Current Investment Equipment... 4 Capacity Utilization... 4

More information

Evaluating the Economic Impact of Film Production Incentives in South Carolina

Evaluating the Economic Impact of Film Production Incentives in South Carolina Evaluating the Economic Impact of Film Production Incentives in South Carolina Prepared by Division of Research Douglas Woodward, Ph.D. Director, Division of Research Professor of Economics Paulo Guimaraes,

More information

A Look at the Contribution and Future of IT in Customer Service for the Tokyo Waterworks

A Look at the Contribution and Future of IT in Customer Service for the Tokyo Waterworks A Look at the Contribution and Future of IT in Customer Service for the Tokyo Waterworks Toshitake Amano Tama Collection System Department,Waterworks Business System Division, Public Utility Services Center

More information

Response to the Energy White Paper Issues Paper PREPARED BY EMC ENGINEERING FOR THE AUSTRALIAN GOVERNMENT DEPARTMENT OF INDUSTRY

Response to the Energy White Paper Issues Paper PREPARED BY EMC ENGINEERING FOR THE AUSTRALIAN GOVERNMENT DEPARTMENT OF INDUSTRY Response to the Energy White Paper Issues Paper PREPARED BY EMC ENGINEERING FOR THE AUSTRALIAN GOVERNMENT DEPARTMENT OF INDUSTRY i P a g e www.energym adeclean.com CONTENTS

More information

Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014

Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014 Ministry of Finance Chief Economist - Research, State Revenue and International Affairs June 2013 Forecasts of Macroeconomic Developments, State Revenues from Taxes and Revenue from Other Sources, 2013-2014

More information

Global Agenda Councils. White Paper on Business Sustainability: What it is and why it matters

Global Agenda Councils. White Paper on Business Sustainability: What it is and why it matters Councils White Paper on Business Sustainability: What it is and why it matters Welcome Welcome Introductory remark Foreword In the 21st century, business sustainability needs to be understood in terms

More information

Economic Impact Study

Economic Impact Study Economic Impact Study U.S.- Based Scrap Recycling Industry 2015 Prepared for the Institute for Scrap Recycling Industries, Inc. Executive Summary Scrap recycling is a major U.S.-based industry dedicated

More information

Medium-term Business Plan

Medium-term Business Plan Mitsubishi UFJ Financial Group, Inc. Medium-term Business Plan Tokyo, May 15, 2015 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) announced today that it has formulated its medium-term business plan for

More information

How To Select A Channel Partner For Aircel

How To Select A Channel Partner For Aircel THE STUDY ON NEW MARKET DEVELOPMENT& DISTRIBUTION CHANNEL MANAGEMENT FOR AIRCEL LIMITED, MANGALORE S. Saravanan Assistant Professor, Justice K S Hegde Institute of Management, Nitte, India Email: saravanansnr@gmail.com

More information

Increasing farm debt amid decreasing interest rates: An explanation

Increasing farm debt amid decreasing interest rates: An explanation Increasing farm debt amid decreasing interest rates: An explanation Compiled by Economic Research Division DIRECTORATE: ECONOMIC SERVICES December 2010 agriculture, forestry & fisheries Department: Agriculture,

More information