World Bank and Its Associates
|
|
- Jean Sanders
- 7 years ago
- Views:
Transcription
1 THE ECONOMIC WEEKLY World Bank and Its Associates Review of Operations, September 22, 1962 The World Bank can took back on its performance in with considerable satisfaction, Developmentassistance extended by it during the year was the highest for any year since its inception. Its bonds commanded a firm and widening market. And the increase in sales of loans extended by it. gave proof of its ability to further reduce its own holding of the loans committed by it. The International Development Association's operations in the first full year of its working might not have been all that one might have desired, yet it appears likely that by the end of all Us initial resources would have been committed. This raises the problem of finding addditional resources which will riot be an easy one to solve. For, in view of the special terms on which it makes its loans, neither of the two methods adopted by the World Bank issue of bonds or sale of loans unit be available to the I D A to replenish its resources, One solution is for the industrialised member countries to raise their contribution to the I D A's capital. The countries of Western Europe particularly should increase their share of the Association's capital to a level more in keeping with their capacity, Strengthened by the amendment to its Articles of Agreement enabling it to invest in the share capital of companies and to underwrite capital issues, the International Finance Corporation substantially increased its assistance to private enterprise in However, the existence of unutilised resources indicates the Corporation's capacity to further expand its operations. THE year , which was the sixteenth year of the World Bank's operations, saw the Bank's lending touch the highest figure for any year so far. Loans during the year amounted to $382 million (see Table 1) which was substantially higher than the previous highest total of $711 million in It has to be borne in mind, however, that the record achievement of followed a relatively poor performance in the previous year. In the Bank lent only $610 million compared with $669 million tn and $ 703 million in The Bank's Annual Report for explained that one of the reasons for the lower level of lending during the year was the postponement of a number of pending loans beyound the end of the fiscal year for purely procedural reasons. Thus a part, how large a part is not known, of the loans showed to have been made in was really made in and would have been included in the total of loans made in that year but for procedural delays. A comparison of the average 'or the two years with the average for the preceding two years is likely to give a better idea of the growth of the Bank's lending. The Bank's loans averaged $746 million during compared with $681 million in and $ 549 million in , The loans made in brought the total of all assistance by the Bank from its inception to June 30, 1962 to $ 6,544 million. Of this, development assistance amounted to $ 6,047 million, the remaining $ 497 million being reconstruction assistance extended to Europe after the War, Table 2 gives the total assistance extended by the World Bank up to June 30, classified by purpose and area, Disbursements on loans amounted to $485 million in compared with $398 million in The cumulative total of disbursements at 1519 June 30, 1962 was $4,805 million or about 73 per cent of all loans made till that date compared with $4,320 million or 76 per cent tat June 30, More Imports from Europe The utilisation pattern of World Bank loans for imports from particular countries is interesting. Thus, of the total of 4,805 million dollars disbursed up to June 30, 1962, $1,752.2 million (36 per cent) had been used for imports from the
2 September 22, 1962 THE ECONOMIC WEEKLY United States, $550.6 million (11 per cent) from the U K, and $413 million (9 per cent) from West Germany. Imports from Europe against World Bank loans have increased markedly in recent years. Imports from Germany, France and Italy taken together ($111.5 million) exceeded imports from the United States ($102.6 million) in A striking feature of the Bank's lending in was that almost half the amount of total loans were made to South America. Of the total of $882 million, as much as $412 million, or 48 per cent, went to South America. This is in contrast to the previous year when only $148 million out of a total of $610 million went to South America. The largest single loan made during the year was to Mexico, amounting to $130 million. Mexico was also the largest beneficiary of World Bank loans in , receiving. $160.5 million or 18 per cent of ail loans. New loans to Asia and the Middle-East totalled $253 million (28 per cent), to Australia $100 million (11 per cent), to Europe $32 million (4 per cent), and to Africa $85.3 million (10 per cent). The principal limitation on the Bank's rate of lending, it has often been pointed out, has been the limited number of projects or programmes presented to it which were ready for financing and execution. This may have been the reason for the low level of the Bank's assistance to Africa but for the almost threefold increase over the previous year in the Bank's assistance to South America, there is no explanation in the Bank's Annual Report. The increase in the share of South America is striking when compared not only to that in but also to that in all developmental assistance extended by the Bank up to June 30, 1962, Thus of total development loans up to the end of June 1961, amounting to $6,047.6 million, loans to South America amounted to $1,613.2 million (27 per cent) compared with $2,184.9 million (35 per cent) to Asia and Middle East, $946.7 million (16 per cent) to Europe, $885.1 million (15 per cent) to Africa and $417.7 million (7 per cent) to Australia. Over 80 Per Cent Assistance for Power and Transport Classified by purpose, loans for power development accounted for $493.5 million in , well over half of the total lent, while loans for development of transport totalled $241 million. This is a reversal of the position in when loans for transport accounted for $311 million or more than half of all loans, while loans for power amounted to $125 million. However, taken together, power and transport remain the two principal spheres of World Bank assistance, accounting for about 83 per cent of loans by the Bank in and 71 per cent of all development assistance up to the end of Loans for industrial development amounted to $134.5 million in compared to $48 million in India received five loans totalling $ million dollars or about 17 per cent of all Bank loans during the year compared to two loans amounting to $90 million or about 15 per cent of total assistance in Details of all loans made by the World Bank to India up to June 30, 1962 are given in Table 3, 1520 Broadening Sources of Funds The World Bank's sources of funds for Its operations are : payments by members of their capital subscriptions, loans raised in the capital markets, and net earnings. Sales to investors of loans made by the Bank and repayments of loans to the Bank, while they represent only a recovery of funds originally derived from one of the above sources, have the same effect as accrual of funds in that they reduce the volume of additional funds the Bank would have to obtain to sustain a given volume of fresh lending, A significant feature of the World Bank's operations in recent years has been the broadening of the sources from which the Bank draws funds for its operations. In the immediate post-war years the Bank had to depend on the United States for almost all its funds. Thus the U S capital subscription of $635 million was the first to be made freely available to the Bank for lending. Similarly, the Bank's first
3 THE ECONOMIC WEEKLY borrowing was the sale in 1947 of $ 250 million of bonds In the United States, But the economic recovery of other countries, particularly the counts of Western Europe, has led to the broadening of international support for the Bank's operations. Countries other than the U S have increasingly made their capital subscriptions available for lending, mostly on a convertible basis. By 1962 the capital contributions made available to the Punk for lending by members other than the United States had risen to $1,021 million, Non-U S Market for Bonds At the same time, the market for bonds issued by the Bank has also widened. In the Bank floated five new loans, all of them except one outside the United States. One loan for $24 million was floated in the Italian market and two for a total of $46.5 million in Switzerland. The fourth loan outside the United States was a $ 100 million Issue of U S dollar bonds placed with 53 Institutional investors in as many as 32 countries. The only loan floated in the United States was for $100 million in January this year. This was the first public Issue of World Bank bonds in the U S since January The total value of the five loans floated in was $270.5 million. In addition, the Bank received $ 130 million in dollars and the equivalent of $62.5 million in Deutsche marks from borrowings arranged in previous years. The gross increase in the Bank's funded debt during was $463 million. After taking into account redemptions, sinking fund purchases and other repayments of past borrowings, the net increase in the Bank's funded debt during amounted to $292.3 million, against $ million in At the end of June 1962 the Bank's total outstanding funded debt amounted to $ 2,521 million, of which about 56 per cent was held September 22, 1962 by non-u S investors. Compared with this, the outstanding debt at June 30, 1961 was $2,228 million, of which 53 per cent was held by non-u S investors. The proportion of Bank loans held by non-u S investors thus increased further in Sales of the World Bank's loans, all made without the Bank's guarantee, also showed a sizeable increase in , totalling $319 million compared to $202 million in Of the cumulative total of Bank loans, net of cancellations and refundings, at the end of June 1962 amounting to $6,544 million; loans of the value of $ 1,325 million, or about 20 per cent, had been sold to other investors. At the end of June 1961 the total of Bank loans amounted to $5,669 million, of which $ 998 million, or about 18 per cent, had been sold to other investors. The proportion of Bank loans sold to other investors thus increased in The tonal of Bank 1521
4 September 29, 1962 THE ECONOMIC WEEKLY loans repaid by the borrowers or sold to other investors at the end of June 1962 amounted to $1,867 million and the total of effective loans held by the Bank was $4,434 million. At the end of June 1961 against the cumulative total of Bank loans amounting to $5,669 million, the effective loans held by the Bank, after excluding repayments and sales of loans, amounted to $3,996 million. The percentage of effective loans held by the Bank to total loans committed declined to 69 per cent in from 71 per cent in The corresponding percentage was 72 in and 77 in Thus the Bank has been able to gradually reduce its own holding of the loans committed by It. Coordination of Aid Efforts The increase in the capital contributions made available to the Bank by members other than the United States, the expanding market for the Bank's bonds and the Bank's success in selling its loans to other investors all these reflect the growing number of countries who are today in a position to offer increasingly large amounts of development aid. At the same time, however, more and more under-developed countries are formulating national development plans, thereby crystallising the demand tor assistance. The situation calls for intensification of international effort to mobilise the potentially available resources and to direct it where it is most needed and can be used most productively for developmem. A number of techniques are being experimented with to achieve this end. There is, first, the informal exchange of information on the part of the aid-giving countries and institutions; the next sage is the co-ordination of external assistance by means of the so-called 'consultative groups"; and then there are, finally, the international aid consortia. The World Bank has played an active part in these efforts to mobilise and co-ordinate development finance, It assists the recipient countries in the preparation of their plans or development projects and advises the aid-giving countries on the quality of the development programmes and projects for which their assistance has been sought. "Consultative groups" were formed in for Nigeria and Tunisia. Under these arrangements, co-ordination of assistance to these countries was discussed by groups of interested aid-giving countries meeting under the chairmanship of the Bank. Iran, Columbia and China have also asked the Bank to organise "consultative groups" for them. The work of the consortia for aid to India and Pakistan is, of course, too well known to need description here. IDA'S First Year The year was the first full year of the International Development Association's operations. The IDA which came into existence in September 1960 is designed to finance economic development with credits bearing less heavily than conventional loans on the balance of payments of underdeveloped countries. Up to the end of June 1961 the IDA had extended credits totalling $ 101 million to four countries : India. $60 million; Honduras, $19 million; Sudan, $13 million; and Chile, $9 million Compared to the total of loans made in the first nine months of its working, the IDA's performance in its first full year may appear somewhat disappointing. In the IDA extended 18 new loans totalling $ 154 million, bringing IDA's total commitments so far to $235 million. The rate of disbursement of IDA loans has so far been slow, disbursements amounting to no more than $ 12 million. It may be expected, however, that the rate of disbursement of loans will rise as projects financed by the IDA come under construction, All-IDA loans so far have been made on identical terms; repayable over 50 years, interest-free but bearing a service charge of 0.75 per cent per annum. India was once again the chief beneficiary of IDA assistance in , getting six of the 18 loans and $ 60 million of the total of $ 134 million (See Table 4). Agriculture, surprisingly, received the bulk of IDA assistance in Thus a total of $66.2 million, or about 50 per cent of all loans, was for agricultural development, mainly in India and Pakistan. The long maturity of IDA loans and the nil interest on them make IDA assistance particularly attractive to the developing countries. Equally important from the point of view of these countries is the fact that unlike World Bank loans or assistance from the aid-giving countries, IDA assistance Is not necessarily limited to the foreign exchange component of the cost of the project financed. If, therefore, IDA aid is secured for projects with nil or very small foreign exchange components, the country's free foreign exchange resources are increased io the maximum amount of the loans. Thus it is estimated that of the first IDA credit of $ 60 million to India for highway development, over $55 million will become available
5 THE ECONOMIC WEEKLY September 22, 1962 as free foreign exchange to the country. After agriculture, transport received the largest IDA assistance in , $38 million. Of this, $31 million was for projects in Latin America. In most cases, these credits were also expected to directly benefit agriculture by opening up new areas for farming and by creating facilities for transport of agricultural produce to the markets. Of the remaining credits, one of $ 18.5 million was to India to assist in financing the expansion of the power generating capacity of the D V C by the addition of a 130 mw generating unit at the Durgapur thermal power station. The only IDA credit for industry was of $5 million to Taiwan. The IDA'.s Annual Report for points to the growing number of sound projects for which assistance is being sought by mem ber countries and to the fact that IDA's own preparatory processing work on a number of projects is nearing completion. As a result, it expects that the amount of IDA assistance will increase rapidly, posing the problem of finding fresh resources. By the end of June 1962 the $ 235 million, out of the $ 757 million of freely convertible resources available from subscriptions to capital had been already committed. Another $ 250 million of IDA funds would be needed by the end of the current financial year to meet the IDA's share of the commitments made by the aid Indira and Pakistan consortia. Requirements for operations in other countries are also expected to increase fast. Most or all of IDA's initial resources may then be committed by mid Raising additional resources for the IDA will not be easy since neither of the methods adopted by the World Bank to augment its resources issue of bonds and sale of loans made by it to other investors will be available to the IDA in view of the special terms governing its lending operations. One solution may be for the industrialised member countries of the IDA to make supplementary contributions to the IDA's capital in addition to their initial subscriptions. Sweden has already announced a supplementary contribution equivalent to $5.83 million. Other European countries like Germany, France and Italy, which have been playing an Increasingly important role in financing the operations of the World Bank, may be expected to follow Sweden's lead, particularly since the share of these countries in the IDA's initial capital is disproportionately small. The share of Germany and France Is no more than 5.77 per cent each and that of Italy only 1.98 per cent. This is to be compared with the large U S and British contributions which come to per cent and per cent, respectively. Wider Canvas for I F C In contrast to the pressure on the IDA's resources, the International Finance Corporation continues to have substantial uncommitted resources. In the I F C made nine investment commitments totalling $ 18.4 million and one underwriting commitment of $ 2.9 million to finance private enterprise in seven countries, This brings the cumulative total of investment commitments (net of cancellations! by the IFC, set up in July 1956 to assist private enterprise in the under-developed countries without any Government guarantee, to $ 62.5 million plus the $ 2.9 million underwriting commitment. Against this, IFC's total resources at the end of June 1962 amounted to $ 1207 million. An important development for IFC in was the amendment of its Articles of Agreement to enable it. for the first time, to invest in equity capital and to participate in underwriting of common shares. This amendment had a substantial impact on the IFC's operation as is reflected in the increase in the assistance extended by it from $ 6.2 million in to $1.3.4 million, besides the 2.9 million in underwriting commitment, in The IFC's assistance in went to private enterprises in Argentina, Colombia, Greece, Mexico. Pakistan, Peru and Spain. In Mexico the IFC formed a syndicate to underwrite an issue of capital shares in the country's leading private steel company and also purchased a block of shares in the company outright. The IFC's com mitment for both came to about $4 million. In Colombia the IFC made two investments of $ 2 million each in two development finance corporations, parts of which were subsequently converted into capital stock. In Argentina, the IFC participated to the extent of $3 million in a new petrochemical project. In Peru a cement company received an IFC investment of $2.4 million to finance its expansion. In Pakistan the IFC invested $ 4 million in a new cement plant in association with the Pakistan Industrial Credit and Investment Corporation. The IFC made its first investment commitments in Spain and Greece in In Spain the IFC extended $ 3 million for the expansion of a private company manufacturing electrical components for automobiles, part of it as a loan and part as investment in the company's shares. In Greece the IFC made a loan of $600,000 to a new fertiliser company. Scope for Expanding Operations The IFC's role in international assistance is basically different from that of the World Bank or the IDA. The World Bank and the IDA have funds which are sufficient in themselves to make a substantial impact upon the economies of the countries where aided projects are located. By contrast, the IFC's role in promoting development is that of a catalyst using its funds in conjunction with private business and investment capital available from other sources to promote private industries. The quantum of assistance extended by the IFC is not, therefore, comparable with that extended by the World Bank or the IDA. Even so. the substantial unutilised resources available with the IFC indicates the scope that exists for expanding the Corporation's operations. Besides, since the IFC conducts its operations on conventional commercial tines. unlike the IDA, it should be possible for the Corporation, should the need arise, to expand its resources by raising loans in the capital markets or by selling its investments. So far, of course, the need has not arisen for the Corporation to float a loan but it has been able to sell $ 10.1 million of its investments up to June 30, 1962.
2015 Growth in data center employment continues but the workforce is changing
Published in Conjunction with MARKET BRIEFING GLOBAL DATA CENTER EMPLOYMENT 2015 2015 Growth in data center employment continues but the workforce is changing Globally, the number of people working in
More informationExecutive summary. Global Wage Report 2014 / 15 Wages and income inequality
Executive summary Global Wage Report 2014 / 15 Wages and income inequality Global Wage Report 2014/15 Wages and income inequality Executive summary INTERNATIONAL LABOUR OFFICE GENEVA Copyright International
More informationEXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationThe Rise in Debt Between Stocks and Treasury
Distribution of the national debt: March 1968 At 31st March 1968, about two thirds of the national debt consisted of government and government guaranteed stocks, and the rest Treasury bills and non-marketable
More informationGLOBAL DATA CENTER INVESTMENT 2013
2013 CENSUS REPORT: Global Data Center Investment 2013 GLOBAL DATA CENTER INVESTMENT 2013 2013 - Healthy Growth in Data Center Investment Globally Globally, the data center industry has continued to maintain
More informationINTERNATIONAL FACTORING
INTERNATIONAL FACTORING November 3, 2011 1 L. Gabriel Segura President and founding officer of CVCredit Inc, a Miami-based company which focuses in USA-domestic and international factoring services. Nine
More informationFEDERAL 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 informationMEDIA RELEASE SIKA WITH STRONG GROWTH IN EMERGING MARKETS
DATUM 1 / 6 Zugerstrasse 50 6341 Baar, Switzerland www.sika.com CONTACT TELEPHONE E MAIL Dominik Slappnig Corporate Communications & Investor Relations +41 58 436 68 21 slappnig.dominik@ch.sika.com SIKA
More informationInternational Financial Reporting Standards
International Financial Reporting Standards Of Growing Importance for U.S. Companies Assurance Services there is no longer a choice Three factors may influence your need to consider IFRS. First, many organizations
More informationCROSS RELEASE PXUPA ASX RELEASE
CROSS RELEASE PXUPA ASX RELEASE 19 August 2010 PaperlinX Limited ABN 70 005 146 350 307 Ferntree Gully Road Mt Waverley Victoria 3149 Australia Tel: +61 3 8540 2211 Fax: +61 3 8540 2255 PAPERLINX 2010
More informationPerformance 2015: Global Stock Markets
Performance 21: Global Stock Markets November 12, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of
More informationIV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION
World Population Ageing 195-25 IV. DEMOGRAPHIC PROFILE OF THE OLDER POPULATION A. AGE COMPOSITION Older populations themselves are ageing A notable aspect of the global ageing process is the progressive
More informationJosé González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025
Santander BanCorp Press release For more information contact: Puerto Rico New York José González de Castejón (787) 759-9094 Ana Calvo de Luis (212) 350-3903 Margie Alvarez (787) 250-3025 SANTANDER BANCORP
More information52 ARTICLE The relationship between the repo rate and interest rates for households and companies
ARTICLE The relationship between the repo rate and interest rates for households and companies Figure A. Rates for new mortgage agreements for households and the repo rate 8 9 Average mortgage rate Short
More informationPerformance 2013: Global Stock Markets
Performance 213: Global Stock Markets January 4, 214 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of
More informationCAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor
CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS Introduction Bryan Taylor The recent devaluations in Asia have drawn attention to the risk investors face
More informationIOOF QuantPlus. International Equities Portfolio NZD. Quarterly update
IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure
More informationAppendix. Debt Position and Debt Management
Appendix Debt Position and Debt Management BUDGET '97 BUILDING ALBERTA TOGETHER Table of Contents Debt Position and Debt Management... 349 The Consolidated Balance Sheet and Net Debt... 350 Liabilities...
More informationGlobal 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 informationPerformance 2016: Global Stock Markets
Performance 216: Global Stock Markets July 22, 216 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
More information2. UK Government debt and borrowing
2. UK Government debt and borrowing How well do you understand the current UK debt position and the options open to Government to reduce the deficit? This leaflet gives you a general background to the
More informationContact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935
For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com CLOUD
More informationWhat Is the Total Public Spending on Education?
What Is the Total Public Spending on Education? Indicator On average, OECD countries devote 12.9% of total public expenditure to, but values for individual countries range from less than 10% in the Czech
More informationHow To Divide Life Insurance Assets Into Two Accounts
2ASSETS Assets held by life insurers back the companies life, annuity, and health liabilities. Accumulating these assets via the collection of premiums from policyholders and earnings on investments provides
More informationSTATEMENT ON FINANCIAL POSITION
STATEMENT ON FINANCIAL POSITION DESCRIPTION NOTE DAY 30.06.2013 31.12.2012 Fixed assets 218 532 221 493 214 682 Intangibles 3 583 3 057 3 033 Tangible fixed assets 2 69 812 69 272 63 027 Investment properties
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationForeign Grants and Credits of the United States Government in 1953 IXCREASED transfers of military supplies and services
April fry E. S. Kerber Foreign Grants and Credits of the United States Government in IXCREASED transfers of military supplies and services brought net deliveries on grants and credits by the United States
More informationHow the Foreign Financial Institutions Play a Role in China s Insurance QDII Business
Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC
More informationThird Quarterly Report 2006.
Third Quarterly Report 2006. KFW BANKENGRUPPE. Development of operations. In the first three quarters of 2006 the total financing volume of KfW Bankengruppe rose to EUR 51.8 billion, up by more than a
More informationFinancial Results for the First Quarter Ended June 30, 2014
July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji
More informationBANK INTEREST RATE MARGINS
Reserve Bank of Australia Bulletin May BANK INTEREST RATE MARGINS Bank interest rate margins the difference between what interest rates banks borrow at and what they lend at have been the subject of much
More informationThe Bundesbank's credit register for loans of 3 million Deutsche Mark or more
The 's credit register for loans of 3 million Deutsche Mark or more Changes in the reporting procedure The credit register maintained by the Deutsche records all loans of three million Deutsche Mark or
More informationGlobal Education Office University of New Mexico MSC06 3850, Mesa Vista Hall, Rm. 2120 Tel. 505 277 4032, Fax 505 277 1867, geo@unm.
Global Education Office University of New Mexico MSC06 3850, Mesa Vista Hall, Rm. 220 Tel. 505 277 4032, Fax 505 277 867, geo@unm.edu Report on International Students, Scholars and Study Abroad Programs
More informationHow does a venture capitalist appraise investment opportunities?
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of January 31, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, February 26, 2013 - AllianceBernstein
More informationQuarterly Report. For the three month period ended. April 30, 2015
Quarterly Report For the three month period ended April 30, 2015 The attached unaudited interim condensed consolidated financial statements have been prepared by Management of International Datacasting
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationEconomic and Social Council
United Nations Economic and Social Council Distr.: General 27 February 2014 ECE/CES/2014/43 Original: English Economic Commission for Europe Conference of European Statisticians Sixty-second plenary session
More informationFinancial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014
Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business
More informationEmerging Markets Value Stock Fund
SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market
More informationRecent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013
Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for
More informationThe benefits of private equity investment
The benefits of private equity investment David Wilton, Chief Investment Officer, International Finance Corporation (IFC), looks at how private equity can be beneficial; the different investment strategies
More informationGlobal Education Office MSC06 3850, 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-4032, FAX: (505) 277-1867
Global Education Office MSC06 3850, 1 University of New Mexico Albuquerque, NM 87131-0001 Phone: (505) 277-4032, FAX: (505) 277-1867 NEW INTERNATIONAL STUDENT ENROLLMENT FALL 2014 The following charts
More informationStatement of Financial Condition
Financial Report for the 14th Business Year 5-1, Marunouchi 1-Chome, Chiyoda-ku, Tokyo Citigroup Global Markets Japan Inc. Rodrigo Zorrilla, Representative Director, President and CEO Statement of Financial
More informationTertiary Education Report: Budget 2014 Suspending the student loan repayment threshold
This document has been released under the Official Information Act 1982 (the Act). Some information has been withheld under section 9(2)(a) - to protect the privacy of natural persons, including deceased
More informationGlobal Dynamism Index (GDI) 2013 summary report. Model developed by the Economist Intelligence Unit (EIU)
Global Dynamism Index (GDI) 2013 summary report Model developed by the Economist Intelligence Unit (EIU) What is the Global Dynamism Index (GDI)? the GDI assesses the dynamism of 60 of the world's largest
More informationI. 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 informationTHE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics
THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics The current financial crisis in the capital markets combined with recession
More informationALLEGATO 1. (previsto dall articolo 2, comma 13, lettera a) )
ALLEGATO 1 (previsto dall articolo 2, comma 13, lettera a) ) - Accordo Banca d Italia Fondo Monetario Internazionale INTERNATIONAL MONETARY FUND Borrowing Agreement with Banca d Italia Prepared by the
More informationPress Release. FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive
Press Release 7 May 2013 FY 2012/13 Alstom achieves a solid commercial and operational performance and free cash flow turns positive Between 1 April 2012 and 31 March 2013, Alstom booked 23.8 billion of
More informationAppendix 5B. Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10. Quarter ended ( current quarter )
Mining exploration entity ly report Appendix 5B Rule 5.3 Mining exploration entity ly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity
More informationThe investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationREVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING. Second half
+ REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING 2016 2013 Q1 REVIEW OF THE SURVEY OF ENTERPRISES ON BUSINESS FINANCING Second half ISSN 2424-4791 (ONLINE) REVIEW OF THE SURVEY OF ENTERPRISES
More informationUnderstanding A Firm s Financial Statements
CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,
More informationThe Determinants of Global Factoring By Leora Klapper
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as
More informationList 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 informationadidas Group records stellar financial performance in Q3 2015 and raises full year guidance
FOR IMMEDIATE RELEASE Herzogenaurach, November 5, 2015 Nine Months 2015 Results: adidas Group records stellar financial performance in Q3 2015 and raises full year guidance Major developments in Q3 2015
More informationInstitutional Investors and Austrian Stocks in 2012
Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 In addition to domestic investors, the top investors in the ATX prime remain international institutional
More informationDevelopment aid in 2015 continues to grow despite costs for in-donor refugees
OECD Paris, 13 April 2016 Development aid in 2015 continues to grow despite costs for in-donor refugees 2015 Preliminary ODA Figures In 2015, net official development assistance (ODA) flows from member
More informationDow Jones Titans Indices Methodology
Dow Jones Titans Indices Methodology March 2014 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Highlights and Index Family 4 Eligibility Criteria and Index Construction 7 Dow
More informationAnnex 5A Trends in international carbon dioxide emissions
Annex 5A Trends in international carbon dioxide emissions 5A.1 A global effort will be needed to reduce greenhouse gas emissions and to arrest climate change. The Intergovernmental Panel on Climate Change
More informationPS GROUP HOLDINGS LTD.
Financial Statements and Dividend Announcement For Financial Year Ended 31 December ("FY") 2015 This announcement has been prepared by PS Group Holdings Ltd. ("Company" and, together with its subsidiaries,
More informationTower International Posts Third Quarter 2010 Adjusted EBITDA of $39.1 million
For Immediate Release Derek Fiebig Director, Investor & External Relations (248) 675-6457 fiebig.derek@towerautomotive.com Tower International Posts Third Quarter 2010 of $39.1 million LIVONIA, Mich.,
More informationAppendix 5B. Mining exploration entity quarterly report. Quarter ended ( current quarter ) 85 003 257 556 30 September 2013
Appendix 5B Rule 5.3 Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity MILLENNIUM MINERALS LIMITED ABN Quarter ended ( current ) 85 003 257 556 30 September
More informationTRENDS 2015 IN PHOTOVOLTAIC APPLICATIONS EXECUTIVE SUMMARY
TRENDS 2015 IN PHOTOVOLTAIC APPLICATIONS EXECUTIVE SUMMARY Report IEA-PVPS T1-27:2015 FOREWORD.... The IEA PVPS Programme is proud to provide you with its 20 th edition of the international survey report
More informationINCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I OF THE INCOME TAX ACT, 1962 (the Act)
REPUBLIC OF SOUTH AFRICA SOUTH AFRICAN REVENUE SERVICE PRACTICE NOTE : NO. 4 DATE : 8 MARCH 1999 INCOME TAX : THE TREATMENT OF GAINS AND LOSSES ON FOREIGN EXCHANGE TRANSACTIONS IN TERMS OF SECTION 24I
More informationUK Television Exports FY 2014/2015
UK Television Exports FY 2014/2015 Page 1 of 5 The annual UK Television Exports Survey highlights the popularity of UK programming abroad by collecting revenue figures relating to the international activity
More informationGlobal Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
More informationWhy a Floating Exchange Rate Regime Makes Sense for Canada
Remarks by Gordon Thiessen Governor of the Bank of Canada to the Chambre de commerce du Montréal métropolitain Montreal, Quebec 4 December 2000 Why a Floating Exchange Rate Regime Makes Sense for Canada
More informationTo refer to the key figures as you read, please fold out the next page.
Semi-Annual Report 2006 KFW BANKENGRUPPE. Development of operations. In the first half of 2006 the volume of financing commitments made by KfW Bankengruppe was, at EUR 33.3 billion, 45 % higher than in
More informationSocial security: Iceland
Social security: Iceland Abstract The ageing of many societies around the world, both among the rich and the poor, challenges governments to design social security programs that do not break the bank.
More informationContributed by the Municipal Finance Authority of British Columbia
Capital Financing Contributed by the Municipal Finance Authority of British Columbia Responsibility The Municipal Finance Authority of British Columbia (MFA) was established in 1970 by the Municipal Finance
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of April 30, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, May 28, 2013 - AllianceBernstein
More informationCurrent account deficit -10. Private sector Other public* Official reserve assets
Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationCombating Tax Evasion through Transparency and Exchange of Information
Combating Tax Evasion through Transparency and Exchange of Information BSEC 23 November 2012 Simon Knott Global Forum Secretariat OECD What s at stake NO LEVEL PLAYING FIELD tax fraud and evasion lack
More informationSupported Payment Methods
Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not
More informationImmigration in the Long Run:
Immigration in the Long Run: The education and earnings mobility of second generation Canadians Miles Corak Graduate School of Public and International Affairs Two questions to motivate the presentation
More information2012 Country RepTrak Topline Report
2012 Country RepTrak Topline Report The World s View on Countries: An Online Study of the Reputation of 50 Countries RepTrak is a registered trademark of Reputation Institute. Global Reputation Knowledge
More informationGeneral 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 informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of June 30, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, July 30, 2013 - AllianceBernstein
More informationSoftware Tax Characterization Helpdesk Quarterly April 2012
Software Tax Characterization Helpdesk Quarterly April 2012 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around the
More informationPRICING SUPPLEMENT CONTRACTUAL TERMS
PRICING SUPPLEMENT 16 December 2010 European Bank for Reconstruction and Development USD 230,000,000 Callable Zero Coupon Notes due 20 December 2040 issued pursuant to a Global Medium Term Note Programme
More informationFEDERAL RESERVE BANK OF NEW YORK 169. by non-united States investors.
FEDERAL RESERVE BANK OF NEW YORK 169 Euro-Bonds: An Emerging International Capital Markets Throughout most of the postwar period, and indeed as late as 1963, virtually all bond issues floated by foreign
More informationIII. CHANGING BALANCE BETWEEN AGE GROUPS
Population Ageing 195-25 III. CHANGING BALANCE BETWEEN AGE GROUPS A. BROAD AGE GROUPS The young-old balance is shifting throughout the world The increasing proportions of aged persons have been accompanied,
More informationChapter URL: http://www.nber.org/chapters/c5003
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Industrial Banking Companies and Their Credit Practices Volume Author/Editor: Raymond J.
More informationChapter 11. International Economics II: International Finance
Chapter 11 International Economics II: International Finance The other major branch of international economics is international monetary economics, also known as international finance. Issues in international
More informationTHE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA
PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,
More informationAN INTERNATIONAL COMPARISON OF INSOLVENCY LAWS. Meeting held on 27-28 April 2006
AN INTERNATIONAL COMPARISON OF INSOLVENCY LAWS by Wang Huaiyu Meeting held on 27-28 April 2006 This document reproduces a report by Mr. Wang Huaiyu written after the Fifth Forum for Asian Insolvency Reform
More informationRecent Developments in Interest Rates on Bank Lending
Recent Developments in Interest Rates on Bank Lending Introduction Graph 1 Variable Interest Rates In implementing monetary policy, the Bank uses changes in the overnight interest rate on money market
More informationDevelopment aid stable in 2014 but flows to poorest countries still falling. Detailed summary
OECD - Paris, 8 April 2015 Development aid stable in 2014 but flows to poorest countries still falling Key aid totals in 2014 Detailed summary In 2014, net official development assistance (ODA) flows from
More informationWorking 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 information360 o View of. Global Immigration
360 o View of Global Immigration In a fast moving global economy, remaining compliant with immigration laws, being informed and in control is more challenging than ever before. We are a globally linked
More informationThe 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 informationWorld Population to reach 10 billion by 2100 if Fertility in all Countries Converges to Replacement Level
UNITED NATIONS PRESS RELEASE EMBARGOED UNTIL 3 MAY 2011, 11:00 A.M., NEW YORK TIME World Population to reach 10 billion by if Fertility in all Countries Converges to Replacement Level UNITED NATIONS, 3
More informationInquiry into Access of Small Business to Finance
Inquiry into Access of Small Business to Finance Reference http://www.aph.gov.au/senate/committee/economics_ctte/small_business_10/ index.htm The current structure of the financial system means that large
More informationThe Borderless Workforce 2011. Australia and New Zealand Research Results
The Borderless Workforce 2011 Australia and New Zealand Research Results Introduction Given the fact that neither Australia or New Zealand are facing problems, like high unemployment rates during the labour
More informationGLOBAL DATA CENTER SPACE 2013
2013 CENSUS REPORT: Global Data Center Space 2013 GLOBAL DATA CENTER SPACE 2013 Top 3 data center markets account for almost half of all global data center space. In spite of a slowdown in the amount of
More information