LONDON REAL ESTATE INVESTMENT CLIMATE OVERVIEW

Size: px
Start display at page:

Download "LONDON REAL ESTATE INVESTMENT CLIMATE OVERVIEW"

Transcription

1 LONDON REAL ESTATE INVESTMENT CLIMATE OVERVIEW Published September 1, 2014

2 ABOUT US TROBOR Capital LLP is a United Kingdom-based investment company that specializes in prime real estate locations throughout London. We have a number of years of experience in the real estate market in London. Our experts provide professional results that minimize risks and provide a maximum return on your investment. The clearest indicator of the reliability and quality of the services we provide are the longterm contracts that we have established with our clients, many of whom reinvest with us annually and recommend our services to other investors. Whether you are a private investor or a corporation, we can provide you with a professional and effective solution to your investment goals.

3 OUR TEAM At TROBOR Capital, we understand that the success of our firm is based on the culmination of all of our experts, which is why we have carefully selected a team of experts within their fields to develop options for their clients that will be the most profitable and best suited to the individual needs of their clients. Our decisions are based on investment projects that are formed after extensive analysis of the real estate market which includes not only our own market studies, but also comparative sales analysis from other firms.

4 MAINSTREAM MARKET ANALYSIS It has been estimated that the total value of all the real estate in the world is about $180 trillion (US Dollars). Around 17% of this real estate is commercial property, and the rest is mostly residential. Of the owned residential properties, approximately 72% of them are occupied by the owner. The amount of investible commercial properties is about $20 trillion (US Dollars). About half of this is owned either indirectly or directly by individuals, and the other half is owned by corporate organizations. The center of the privately-owned properties are the properties that are privately held as opposed to real estate that is held through different investment structures. These private holdings have rarely, if ever, been compared to commercial real estate holdings. Most of the property owned by the approximately 200,000 ultra-high-net-worth individuals throughout the world is residential. These individuals tend to hold commercial propertied indirectly through investment agencies. These ultra-high-net-worth individuals only make up about 0.003% of the global population, but they collectively hold about 3% of the total value of the world s real estate value at an estimated $5 trillion (US Dollars). This means that these individuals are becoming more important to the real estate industry.

5 WORLD REAL ESTATE $ Residential $150 trillion Commercial $30 trillion $5.2 TRN $0. 1 TRN $10 TRN $20 TRN $50 TRN $100 TRN $50TRN Non Investable Investable Directly owned by UHNWIS Non Investable Investable Privately-owned Investable real estate

6 MAINSTREAM MARKET ANALYSIS There has been a significant increase in the numbers of ultra-high-net-worth individuals in recent years, totaling nearly 200,000 in They have a combined wealth of $27.8 trillion (US Dollars), but it is expected that this total will surpass $40 trillion (US Dollars) by The following map shows the wealth s global distribution as well as the amount of that wealth that is in properties. As you can see, Europe, the Middle East, and Africa all have the greatest portions of their wealth in private real estate. On the other hand, North America and the United States in particular hold smaller percentages of their wealth in properties. This is because many Americans prefer financial instruments.

7 TOTAL UHNWI WEALTH HELD AS REAL ESTATE BY GLOBAL REGION 0% $0.63 TRN $2.39TRN 0 $0.23 TRN 0 $1.80 TRN 0 $0.04 TRN 0 $0.16 TRN 0 $0.08 TRN

8 MAINSTREAM MARKET ANALYSIS Since 2009, private wealth has almost tripled which makes it much more important when considering significant real estate deals being made worldwide. In this case, these private investment deals refer to real estate companies that are privately funded as well as Real Estate Investment Trusts. Most of these transactions occur in commercial properties and are not typically related with an investment of passion. This trend is an important one because it displays the commercial edge that private wealth has, which is being utilized in more than half of the largest property transactions throughout the world. Each of these transactions involved properties worth at least $10 million (US Dollars).

9 MAINSTREAM MARKET ANALYSIS More often, private wealth is seen in local deals as opposed to international ones. There is a much smaller number of these international transactions that are seen in regards to use of private wealth as opposed to local transactions. Even so, approximately 30% of the big international transactions that occurred in 2012 involved private wealth. It is estimated that this trend will continue and private wealth will become increasingly important in the real estate market. Previously, in 2007 and 2008, private wealth made up about 45% of the large deals made throughout the world. This contribution has since tripled in absolute terms and by about one fourth proportionally.

10 MAINSTREAM MARKET ANALYSIS In 2009, the amount of large transactions ($10 million US Dollars or more) was at a low point with around 7,400 deals made for a total of about $400 billion (US Dollars). By 2012, the numbers were back up and 10% higher than they were in There were an estimated 18,000 real estate transactions that took place totaling $900 billion (US Dollars). One of the most significant contributing factors to this increase was the addition of private investors. It has been estimated that the total contributions of these private investors to the real estate market increased the numbers in 2012 by 6,200 transactions and $190 billion (US Dollars). This calculates out to a difference of about 35% and helps prove that private investors are an important part and that the real estate market shouldn t continue to rely solely on corporate investors. It has been estimated that the total contributions of these private investors to the real estate market increased the numbers in 2012 by 6,200 transactions and $190 billion (US Dollars). This calculates out to a difference of about 35% and helps prove that private investors are an important part and that the real estate market shouldn t continue to rely solely on corporate investors.

11 MAINSTREAM MARKET ANALYSIS Every year, the additional amount of capital that is invested throughout the world is approximately $10 million (US Dollars), and a surprising amount of this comes from the private sector as opposed to corporate organizations. The numbers for corporate investments in real estate haven t changed much since 2007, where as the numbers of private and individual investments have increased by one third. Currently, it is only in the international transactions that the corporations have dominance. Much of the private investment increases come from Asia, whose private transaction numbers are more than triple of what they were in Taking a closer look at the flow details of these transactions will show how they are different from other traders in the market. Properties throughout Europe tends to attract international private funds which means that real estate capital is typically flowing into European countries. Asia, however, tends to have capital flowing out as they purchase real estate in other countries. Right now, Asia is buying more cross-border properties than other countries are buying properties in Asian countries. This direction of capital is completely opposite of what it was in 2007 when European and Middle Eastern countries were exporting capital while Asia was receiving it. Part of this reversal is due to the Forex trade rates of European and Middle Eastern countries falling while Asia currency grew stronger. A weakening of local investment organizations in Europe and the Middle East also helped pave the way for private Asian investors to get involved differently in the international real estate market.

12 MAINSTREAM MARKET ANALYSIS This shift in the Asian market, however, was primarily in the private sector, and European nations are actually still importing capital in the corporate sectors. This clearly shows that private wealth acts differently than corporate wealth, and that it is becoming increasingly significant to the real estate investment market. By understanding the geographical and other movements of this private investment capital, we can gain a better understanding of how ultra-high-net-worth individuals invest in both real estate and other sectors.

13 THE FLOW OF WEALTH

14 MAINSTREAM MARKET ANALYSIS The above map demonstrates the favorite locations of the ultra-high-net-worth individuals that are purchasing residential properties internationally. Not only does this map show where they prefer to live, but it also demonstrates where they are likely to make other investments and have other types of real estate holdings. As you can see by the map, many of these ultra-high-net-worth individuals do invest in international real estate, but they also prefer to remain close to what they consider home. North Americans in the United States in particular are fond of remaining in their own country. Similarly, Latin Americans prefer their own countries, but can be seen buying cross-border properties throughout the Americas and the Caribbean. Middle Easterners, Africans, and Asians usually stay closer to home, but spread further than most North and Latin Americans.

15 MAINSTREAM MARKET ANALYSIS Europeans tend to be the exception to this rule as they are the most dispersed of the wealthy individuals buying international real estate. Many of these individuals own residential properties throughout the world, as far-reaching as the Far East, the Caribbean, and North America. They also tend to travel with more frequency and distance than some of these other people groups. London is the city that is the obvious exception to this rule, attracting international residents from the United States, Asia, the Middle East, and other global regions. This trend is important in both the residential real estate market, as well as others, as the phenomenon of London s international attractions is not limited only to residential properties. The following table shows clearly that London was the number one city across the globe for international investment over the last year through June London has had approximately $42 billion (US Dollars) invested in office realty, with nearly $30 billion (US Dollars) of that coming from international investors. Only Paris and Sydney have similar trends of the majority of office investment coming from cross-border sources. However, the total amount of cross-border investors in both Paris and Sydney were significantly lower than London. New York, a close second to London in total office investment, has most of their $37 billion (US Dollars) coming from domestic sources.

16 Investment volume (billions) TOP CITIES FOR OFFICE INVESTMENT YEAR TO JUNE London Metro NYC Metro Tokyo Paris LA Metro SF Metro Domestic Cross-border By taking a look at other investment types throughout London, it is easy to see where these investments are coming from. Nearly 93% of the mainstream residential real estate throughout 2013 and 2014 was purchased by domestic investors. However, only 68% of prime real estate in residential sectors was purchased by domestic investors, leaving 32% for international investors. Across the board, there were similar percentages of foreign investments seen, the exception being in the area of the infrastructure and utilities of the United Kingdom. Source: RCA (London metro area)

17 INTERNATIONAL OWNERSHIP CROSS-BORDER INVESTMENT BY ASSET CLASS London prime London mainstream London office London retail London hotel UK quoted shares UK infrastructure & residential residential utilities 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 32 % 68 % 7% 93 % 57 % 43 % 43 % sales sales 2013 investment 2013 investment 2013 investment 2012 ownership 2010 ownership 57 % 54 % 46 % 53 % 47 % 38 % 62 % Domestic Cross-border

18 INTERNATIONAL OWNERSHIP CROSS-BORDER INVESTMENT BY ASSET CLASS

19 INTERNATIONAL OWNERSHIP CROSS-BORDER INVESTMENT BY ASSET CLASS The following table takes those percentages of international investments in all of these areas and shows the actual dollar amounts for these sectors. As you can see, the highest percentages of investment in these areas were in offices and hotels at 57% and 54% respectively. Upon closer examination, there are obvious differences that can be seen with the actual amount of capital being invested in these areas. International investment in offices is around $11.7 billion (US Dollars) whereas international investments in hotels only reached an estimated $0.8 billion (US Dollars).

20 INVESTMENT INTO LONDON S MAJOR COMMERCIAL ASSET CLASSES, 2013 % Cross-border All investment ($ billions) Cross-border investment ($ billions) Office 57% Retail 43% Hotel 54% Apartment 38% Industrial 17% Source: RCA (London metro area)

21 INVESTMENT INTO LONDON S MAJOR COMMERCIAL ASSET CLASSES, 2013 There are a number of reasons that international buyers have provided when asked for their reasons for coming to London. The primary reason is business, as more than 85% of the homebuyers also work in London. The secondary reason that many people come to London is that they are looking to gain a foothold in the city, about 95% claiming to have a business interest in the United Kingdom. The biggest cultural advantages many people see in picking London above any of the other cities in the world is the English language. When surveyed, some of the other reasons people gave is that London is open for business, politically stable, globally connected, and has security of tenure.

22 WHY LONDON? STRUCTURAL & CULTURAL ADVANTAGES English language Culture & heritage Open for business Advantageous timezone Diverse neighbourhoods Secure & safe Financial centre Low interest rates Education Lack of bureaucracy Politically stable Tax regime Security of tenure Globally connected Restaurants Flexible labour market Entertainment Prestigious Wealth cluster Large & mature real estate market Innovative Cosmopolitan ICT centre Historic ties& relationships Creative centre Structural advantages Cultural advantages

23 WHY LONDON? London has global influences that shape its culture, and the economies of countries around the world will produce subtle but important impacts of the real estate market of London. In just five years, London could be influenced by an entirely new group of people. Based on a growing trend for new and emerging economies to create investors who are eager to grow their personal capital by keeping it in safe haven assets, there is a potential change in the type of international real estate in London and throughout the rest of the world.

24 WHY LONDON? These ultra-high-net-worth individuals frequently choose the purchasing of residential real estate as a way to create a safe haven for their capital. They become landlords in some of what are considered to be old world cities throughout the world, of which London is one. We are expecting that this growth in the number of landlords will continue, but these individuals will also become more motivated by income returns than simple capital growth, which means they will look for higher-yielding, second-tier cities and multiple locations in the Greater London area more than in previous years. The prime real estate assets in many of the cities around the world in which people are heavily invested have become fully-valued and this fact is becoming increasingly clear to investors. That means that these areas have less potential for capital growth. Additionally, the investors who already have investments in these other areas have begun looking for other areas in which they can invest.

25 WHY LONDON? Often times, these other areas are prime real estate in alternative global cities where there is an expectation of capital growth. Included in these opportunities are many of the second-tier cities and rural areas of the United Kingdom which means there is a slightly lower emphasis on London. The good news for London newcomers is that a great deal of wealth that is generated around the globe will continue to increase which means the interest in London won t completely disappear. Finding out how the economy is performing internationally can give a good indication of which countries will begin to invest outwardly into other countries. When the economy is strong in a nation, there is a greater amount of wealth that can be spread out to other nations. For London, a stronger economy may mean that more people stay in London to reap the benefits of this growth. Also, weaker economies in other countries may drive people to London to find better business opportunities. We anticipate that London real estate in both the mainstream and the prime markets will continue to be in demand because there is a continuing movement of people toward London from within the United Kingdom as well as internationally. Although we also expect that the amount of prime and ultra-prime real estate sold will begin to slow down as prices level out, we do believe this will open up more opportunities for real estate investments outside of London.

26 WHY LONDON? The table below demonstrates forecasts of economic growth in various countries throughout the next five years. Some of these countries will also have an increased chance of investing in international real estate. For example, Brazil is currently lacking in diverse global real estate investment and primarily invests in the United States almost exclusively. They are, however, expected to begin investing in other regions in the future, which may include London. Other countries, on the other hand, like Singapore and Hong Kong, may soon have a lesser interest in London. More activity has already been witnessed around mainland China as well as Malaysia. Some of the countries that are beginning to make a showing are the Philippines, Indonesia, and Nigeria. Keep in mind that for many of these countries, the preference to invest in new companies and land may be stronger than their desire to invest in residential properties. If this proves to be true, then there might be an increase in developmental funding and other organizations in the corporate market as opposed to prime real estate purchases.

27 GDP growth forecasts MAJOR MARKETS Very high growth ( 5% in 2019) High growth (3% to 4.9% in 2019) Moderate growth (2% to 2.9% in 2019) Low growth (1% to 1.9% in 2019) India Thailand Greece France Nigeria Saudi Arabia Russia Portugal China Hong Kong Ireland Switzerland Philippines Singapore United Kingdom Austria Indonesia Mexico Sweden Germany Vietnam Turkey United States Spain Malaysia Brazil Norway Japan Pakistan Australia Canada Italy Change from 2013, forecast growh in 2009

28 GDP growth forecasts MAJOR MARKETS

29 GDP growth forecasts MAJOR MARKETS Because the increase of the supply of prime property in central London is growing more rapidly than the actual demand, buyers may become cautious when looking to purchase residential property. The following figure displays the annual price growths throughout central London s prime real estate regions. As you can see, the greatest increase was in Marylebone at 14.9% since last year, with Islington and City and Fringe close behind at 14.4% and 14.3% respectively. On the other hand, the lowest increases were seen in Chelsea and Belgravia at 1.4% and 0.8% respectively.

30 ANNUAL PRICE GROWTH IN PRIME CENTRAL LONDON BY AREA A closer examination of the international buyers in the residential areas throughout the world revealed the most prevalent buyers of newly-built residential properties. In the following table, they are ranked from the most important buyers on down, along with the type of properties they prefer.

31 ANNUAL PRICE GROWTH IN PRIME CENTRAL LONDON BY AREA Country Preferred Cities Number of Bedrooms Average Purchase Price ( in US Dollars) Indonesia Singapore, Kuala Lumpur, and Sydney Singapore, Kuala Lumpur, and Sydney 2-3 bedrooms $3,300,000 Russia London, New York, and Monaco 2-3 bedrooms $3,010,100 China Hong Kong, New York, and London 2-3 bedrooms $2,800,700 India London, Dubai, and New York 3-4 bedrooms $2,600,000 United Arab Emirates London, Paris, and Geneva 2-3 bedrooms $2,500,100 Singapore London, Malaysia and Tokyo 2-3 bedrooms $2,300,700 Italy Geneva, Monaco, and London 2-3 bedrooms $2,260,600 Hong Kong Sydney, London, and Tokyo 3-4 bedrooms $2,100,700 The United States London, Paris, and Bahamas 2-3 bedrooms $2,050,300 The United Kingdom Cote d Azur, Italy, and New York 2-3 bedrooms $1,100,700

32 ANNUAL PRICE GROWTH IN PRIME CENTRAL LONDON BY AREA As is evidenced by the number of these countries that have London as one of their most preferred cities to buy residences in, it is clear that these international buyers play an important role in the international real estate market of London, particularly in newlybuild residences. It has been predicted that this interest in the London housing market will continue to grow and international demand will spread throughout the capital.

33 ANNUAL PRICE GROWTH IN PRIME CENTRAL LONDON BY AREA Currently about 51% of the real estate purchasers in prime central London are from the United Kingdom. Of the 49% of international buyers, 16.5% of them are from other European countries. The next largest percentage of international buyers is Russia and the Commonwealth of Independent States at about 9.1%. After that is the Middle East with approximately 7.5% of the international residential real estate purchases in London. However, not all of these purchases indicate residence. The actual amount of foreigners who reside in London is about 28% of the total residents. Research done by the Knight Frank Residential Research has shown that about 69% of the purchases of newly-built homes in London are international in nature, leaving just 31% for natives of the United Kingdom.

34 TOTAL VALUE OF UK HOUSING SOME STOCK ANSWER Trillion 5.2 GBP 186 GBP 344 GBP 306 GBP The total value of housing stock in the UK with London and the South East accounting for 42% The increase in the value of housing stock in the past year, of which 106 billion came from London The additional value of UK housing stock in 2007 The total value of housing stock in Scotland Billion 200 GBP 8 GBP 1.7 GBP 5 GBP The total value of housing stock in boroughs of Westminster and Kensington & Chelsea, 15% more than the whole of Wales The increase in the value of housing stock in Wandsworth in 2013, the highest figure outside of London The increase in the value of housing stock in Aberdeen in 2013, the highest figure outside of London The increase in the value of housing stock in Brighton & Hove over five years, the highest figure outside of London

35 TOTAL VALUE OF UK HOUSING The following graph indicates that there has been a slight increase over the last year in both annual mortgages and cash housing transactions. Despite this, the number of mortgages are still about 52% lower than they were when they peaked in May of Since December 2010, there has been an increase in cash transactions by 38%.

36 HOUSING TRANSACTIONS RECENT INCREASES IN FIRST TIME AND CASH BUYERS 65% fall in mortgaged home mover between March 07 & May 09 Mortgage home mover transactions remain 52% below their May 07 peak 38% increase in cash transactions since December 2010 Mortgage- First time buyer Mortgage- Home mover Mortgage- Buy-to-let Cash

37 HOUSING TRANSACTIONS RECENT INCREASES IN FIRST TIME AND CASH BUYERS There are currently over 8 million residents of London, which is a 14% increase since There are over 3.2 million households in Greater London, which is an 8.3% increase since Current projections predict that London s population will reach 9 million by 2021 and 10 million by 20%, which would be the most rapid growth rate ever. It would also mean that London may soon be more populous than New York City. There are several factors that go into this rapid population growth, including increased longevity, more live births within the capital particularly to immigrants. This huge population increase indicates that London is a desirable location for living, working, studying, and investing.

38 LONDON S CHANGING POPULATION Inner London Outer London Greater London The pattern of dominant investors in the European investment market is being changed by an increase in the international investors an decrease in the amount of investing of the typical European investors would be doing. These new international buyers want the high returns they can get in a low-interest rate environment. The following table provides details on the various types of investors and the specific strategies that they use in the global market.

39 MAIN INVESTOR TYPES AND THEIR INVESTMENT STRATEGY Type Source markets Destination markets Asset/ risk strategy Average deal size SWFs Middle East, AsiaPac UK,FR SPA, IT, BE Low risk, core assets; like JV with major local partners Private equity USA, GER, AT Pan- European Opportunistic; value add and secondary; like portfolios > 200m 150m Private/ family office GER, BE, SPA Domestic, UK Landmark assets 100m Insurance international FR, GER FR,IT,NL, PL, SPA Core to core plus; all asset types 80m German open-ended funds GER Pan- European Core; core plus in core markets; all asset types REITs UK, BE, CAN, MEX Domestic, GER, SPA Core to opportunistic 80m Property companies GER,SWE, USA,FR,AT PL,NL,SWE, GER High share of portfolios; prefer offices and industrial, retail in secondary locations 100m 180

40 TROBOR Capital 2013/2014 BLENDED PERFORMANCE DATA BY PRODUCT 114%* Investment Management (IMS) 21%* Distressed Asset(DAS) 17%* Development (DS) *- actual achieved/ projected net annual return on investment to investor

41 TROBOR CAPITAL LLP Berkeley Square House, Berkeley Square, London, W1J 6BD Phone: +44(0) Fax: +44(0) Market analytics provided by TROBOR Capital LLP. Analytics are based upon data from the open sources.

Development Updates and Trends : Opportunities and Risks Local Details Operating for a Global Strategy

Development Updates and Trends : Opportunities and Risks Local Details Operating for a Global Strategy Development s and Trends : Opportunities and Risks Local Details Operating for a Global Strategy Claro dg. Cordero, Jr. Head Research, Consulting & Valuation Services 19 October 2012 1 Discussion agenda

More information

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Nihal Bayraktar Pennsylvania State University Harrisburg June 27, 2011 Introduction FDI has been seen as

More information

Knight Frank launches The Wealth Report 2017 (11 th edition)

Knight Frank launches The Wealth Report 2017 (11 th edition) Knight Frank launches The Wealth Report 2017 (11 th edition) Global ultra-wealthy population grows in 2016, despite political and economic uncertainty Sydney and Melbourne see highest net inflows of HNWIs

More information

!!!1!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The Association of Real Estate Funds & Property Funds Research

!!!1!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The Association of Real Estate Funds & Property Funds Research 1 The Association of Real Estate Funds & Property Funds Research Global Real Estate Funds Review H1 216 Contents CONTENTS 2 EXECUTIVE SUMMARY 3 UNLISTED FUND UNIVERSE: OVERVIEW (EX FOF) 6 UNLISTED FUNDS

More information

GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 2011 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED HIGHLIGHTS

GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 2011 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED HIGHLIGHTS GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 211 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED No. 9 12 April 212 ADVANCE UNEDITED COPY HIGHLIGHTS Global foreign direct investment (FDI)

More information

International Travel & Tourism Study (Published March 2005)

International Travel & Tourism Study (Published March 2005) International Travel & Tourism Study (Published March 2005) Roy Morgan International conducts surveys in the US,, Australia, New Zealand and Indonesia on a continuous basis. Respondents are asked about

More information

International Debt Collection: the 2018 edition of collection complexity

International Debt Collection: the 2018 edition of collection complexity Economic Insight International Debt Collection: the 2018 edition of collection complexity February 1, 2018 Authors: Maxime Lemerle +33 1 84 11 54 01 maxime.lemerle@eulerhermes.com Executive Summary The

More information

HSBC Trade Connections: Trade Forecast Quarterly Update October 2011

HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow

More information

Swedish portfolio holdings. Foreign equity securities and debt securities

Swedish portfolio holdings. Foreign equity securities and debt securities Swedish portfolio holdings Foreign equity securities and debt securities 2007 Swedish portfolio holdings Foreign equity securities and debt securities 2007 Statistiska centralbyrån 2008 Swedish portfolio

More information

No October 2013

No October 2013 DEVELOPING AND TRANSITION ECONOMIES ABSORBED MORE THAN 60 PER CENT OF GLOBAL FDI INFLOWS A RECORD SHARE IN THE FIRST HALF OF 2013 EMBARGO The content of this Monitor must not be quoted or summarized in

More information

Global Consumer Confidence

Global Consumer Confidence Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and

More information

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009

More information

Global Business Barometer April 2008

Global Business Barometer April 2008 Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of

More information

Challenges for Today s Short-Term Assignments

Challenges for Today s Short-Term Assignments Point of view Challenges for Today s Short-Term Assignments Consulting. Outsourcing. Investments. Why is there an increasing trend for short-term assignments? What are the current challenges? How do companies

More information

UK Trade in Numbers. February 2019

UK Trade in Numbers. February 2019 UK Trade in Numbers February 2019 Disclaimer The figures used in this pocketbook are the latest at the time of publication. We include figures from monthly and quarterly publications, such as ONS Balance

More information

PMITM. The world s leading economic indicator

PMITM. The world s leading economic indicator PMITM The world s leading economic indicator The Purchasing Managers IndexTM (PMITM) is based on monthly surveys of carefully selected companies representing major and developing economies worldwide. KEY

More information

Exchange Traded Funds (ETFs): The New Packaged Product of Choice

Exchange Traded Funds (ETFs): The New Packaged Product of Choice Financial Institutions Profiles Series Exchange Traded Funds (ETFs): The New Packaged Product of Choice (Table of Contents) April 20, 2017 TABLE OF CONTENTS Evolution of the Exchange Traded Funds (ETFs)

More information

Methodology Calculating the insurance gap

Methodology Calculating the insurance gap Methodology Calculating the insurance gap Insurance penetration Methodology 3 Insurance Insurance Penetration Rank Rank Rank penetration penetration difference 2018 2012 change 2018 report 2012 report

More information

Invesco Indexing Investable Universe Methodology October 2017

Invesco Indexing Investable Universe Methodology October 2017 Invesco Indexing Investable Universe Methodology October 2017 1 Invesco Indexing Investable Universe Methodology Table of Contents Introduction 3 General Approach 3 Country Selection 4 Region Classification

More information

2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary

2018 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive summary 2018 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive summary Executive summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com

IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY. msci.com IT ONLY TAKES ONE INDEX TO CAPTURE THE WORLD THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI ACWI Index, MSCI s flagship global equity benchmark, is designed to represent

More information

Brexit Paper 2: International Arbitration

Brexit Paper 2: International Arbitration 1 Brexit Paper 2: International Arbitration Summary For decades, London has been the seat of choice for parties seeking to resolve international commercial disputes through arbitration. But the capital

More information

Sovereign Development Funds and the Shifting Wealth of Nations

Sovereign Development Funds and the Shifting Wealth of Nations Sovereign Development Funds and the Shifting Wealth of Nations Salzburg Global Seminar Javier Santiso Director and Chief Economist 27 September Salzburg, Austria A fundamental shift Emerging economies

More information

Quarterly Investment Update First Quarter 2018

Quarterly Investment Update First Quarter 2018 Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market

More information

2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary

2013 Global Survey of Accounting Assumptions. for Defined Benefit Plans. Executive Summary 2013 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

An FSE Listings Inc Article FSE Listings Inc- Frankfurt Stock Exchange Listings

An FSE Listings Inc Article FSE Listings Inc- Frankfurt Stock Exchange Listings FSE Listings How To Prepare Yourself For Listing On The Frankfurt Stock Exchange Author: Mark Bragg An FSE Listings Inc Article FSE Listings Inc- Frankfurt Stock Exchange Listings List your firm fast with

More information

July 2012 Decoding Global Investment Attitudes

July 2012 Decoding Global Investment Attitudes July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

More information

An Overview of World Goods and Services Trade

An Overview of World Goods and Services Trade Appendix IV An Overview of World Goods and Services Trade An overview of the size and composition of U.S. and world trade is useful to provide perspective for the large U.S. trade and current account deficits

More information

Quarterly Investment Update First Quarter 2017

Quarterly Investment Update First Quarter 2017 Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

A short history of debt

A short history of debt A short history of debt In the words of the late Charles Kindleberger, debt/financial crises are a hardy perennial we have been here many times before. Over the past decade and a half the ratio of global

More information

FTSE Global Equity Index Series

FTSE Global Equity Index Series Methodology overview FTSE Global Equity Index Series Built for the demands of global investors Indexes for a global market The FTSE Global Equity Index Series (FTSE GEIS) includes objective, rules-based

More information

Air travel markets over the next two decades

Air travel markets over the next two decades Air travel markets over the next two decades October 2016 Brian Pearce Chief Economist, IATA We ve enjoyed a long period of above-trend air travel growth 30% Growth in worldwide RPKs 25% 20% 15% 7 years

More information

IMF-BAFT Trade Finance Survey

IMF-BAFT Trade Finance Survey IMF-BAFT Trade Finance Survey A Survey Among Banks Assessing the Current Trade Finance Environment Study Overview & Methodology There is general agreement that the ongoing global financial crisis has produced

More information

DIVERSIFICATION. Diversification

DIVERSIFICATION. Diversification Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out

More information

2017 Global Family Business Tax Monitor

2017 Global Family Business Tax Monitor 2017 Global Family Business Tax Monitor Preserve your legacy: a global study on inheritance tax for family business Peter Englisch EY Global Family Business Leader Alongside his extensive experience as

More information

Marine. Global Programmes. cunninghamlindsey.com. A Cunningham Lindsey service

Marine. Global Programmes. cunninghamlindsey.com. A Cunningham Lindsey service Marine Global Programmes A Cunningham Lindsey service Marine global presence Marine Global Programmes Cunningham Lindsey approach Managing your needs With 160 marine surveyors and claims managers in 36

More information

Financial wealth of private households worldwide

Financial wealth of private households worldwide Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate

More information

Investment Theme 3Q18. Ageing Population. Source: AFP Photo

Investment Theme 3Q18. Ageing Population. Source: AFP Photo Investment Theme 3Q18 Ageing Population Source: AFP Photo 91 Investment Theme III: Ageing Population Jason Low, CFA Strategist The global population is growing older and people are living longer. Demographics

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

GRANT THORNTON INTERNATIONAL BUSINESS REPORT Cross-border mergers and acquisitions: building momentum

GRANT THORNTON INTERNATIONAL BUSINESS REPORT Cross-border mergers and acquisitions: building momentum GRANT THORNTON INTERNATIONAL BUSINESS REPORT 2012 Cross-border mergers and acquisitions: building momentum Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL

More information

UK ECONOMY SITUATION & PROSPECTS

UK ECONOMY SITUATION & PROSPECTS UK ECONOMY SITUATION & PROSPECTS 26 November 2013 Hermione Gough Counsellor Europe and Global Issues British Embassy Paris UNCLASSIFIED 1 The pace of recovery picked up further in Q3, with UK GDP expanding

More information

Segmental reviews. Transaction Advisory

Segmental reviews. Transaction Advisory The Savills Group advises on commercial, rural, residential and leisure property. We also provide corporate finance advice, investment management and a range of property related financial services. Operations

More information

OVER 3 BILLION OF FOREIGN CAPITAL FUELS THE UK PROPERTY MARKET EACH YEAR

OVER 3 BILLION OF FOREIGN CAPITAL FUELS THE UK PROPERTY MARKET EACH YEAR Strictly under print embargo until 00:01 Saturday 11 th June Strictly under online embargo until 12:00 Friday 10 th June Date issued: 10 June 2011 OVER 3 BILLION OF FOREIGN CAPITAL FUELS THE UK PROPERTY

More information

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index

More information

Global Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017

Global Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017 Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction

More information

Emerging market equities

Emerging market equities November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider

More information

The Capital Requirements (Country-by-Country Reporting) Regulations December 2017

The Capital Requirements (Country-by-Country Reporting) Regulations December 2017 HSBC Holdings plc The Capital Requirements (Country-by-Country Reporting) Regulations 2013 31 December 2017 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to

More information

ManpowerGroup Employment Outlook Survey UK

ManpowerGroup Employment Outlook Survey UK ManpowerGroup Employment Outlook Survey UK 218 United Kingdom Employment Outlook The ManpowerGroup Employment Outlook Survey for the fourth quarter 218 was conducted by interviewing a representative sample

More information

Review of the Economy. E.1 Global trends. January 2014

Review of the Economy. E.1 Global trends. January 2014 Export performance was robust during the third quarter, partly on account of the sharp depreciation in the exchange rate of the rupee and partly on account of a modest recovery in major advanced economies.

More information

ManpowerGroup Employment Outlook Survey Netherlands

ManpowerGroup Employment Outlook Survey Netherlands ManpowerGroup Employment Outlook Survey Netherlands 1 218 The ManpowerGroup Employment Outlook Survey for the first quarter 218 was conducted by interviewing a representative sample of 754 employers in

More information

DESTINATION INSIGHTS Destination Market: Caribbean

DESTINATION INSIGHTS Destination Market: Caribbean Prepared for: MASTERCARD ADVISORS DESTINATION INSIGHTS Destination Market: Caribbean May 2018 Report Specifications and Summary 2 Report is based on MasterCard s anonymized cardholder data Client Name:

More information

Corporate Governance and Investment Performance: An International Comparison. B. Burçin Yurtoglu University of Vienna Department of Economics

Corporate Governance and Investment Performance: An International Comparison. B. Burçin Yurtoglu University of Vienna Department of Economics Corporate Governance and Investment Performance: An International Comparison B. Burçin Yurtoglu University of Vienna Department of Economics 1 Joint Research with Klaus Gugler and Dennis Mueller http://homepage.univie.ac.at/besim.yurtoglu/unece/unece.htm

More information

Focus on: Hong Kong. International Business Report 2011 Economy focus series

Focus on: Hong Kong. International Business Report 2011 Economy focus series Focus on: Hong Kong International Business Report 11 Economy focus series The recovery The economy rebounded strongly in, posting growth of 6.8 per cent as recovering global demand boosted exports. Prospects

More information

2009 Half Year Results. August 25, 2009

2009 Half Year Results. August 25, 2009 1 2009 Half Year Results August 25, 2009 2 Caution statement This presentation may contain forward looking statements, which are subject to risk and uncertainty. A variety of factors could cause our actual

More information

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author

More information

Where did the Wealth go? - After twenty years of WTO: only 26 countries are beneficiaries of globalization

Where did the Wealth go? - After twenty years of WTO: only 26 countries are beneficiaries of globalization Where did the Wealth go? - After twenty years of WTO: only 26 countries are beneficiaries of globalization Basel, Switzerland April 2015 www.commons.ch 1 Only 26 out of 173 countries benefit 173 Countries

More information

Addressing International Transactions

Addressing International Transactions With the economic society becoming increasingly borderless, corporations and individuals conduct a variety of cross-border economic activities, which make tax administration more challenging than ever.

More information

2018 Global Medical Trends Survey Report

2018 Global Medical Trends Survey Report 2018 Global Medical Trends Survey Report Executive summary The cost of medical care continues to rise across the globe. Insurers responding to the 2018 Willis Towers Watson Global Medical Trends Pulse

More information

PATA TRAVEL MART 2018 Seller Registration Form

PATA TRAVEL MART 2018 Seller Registration Form PATA TRAVEL MART 2018 Seller Registration Form September 12-14, 2018 Mahsuri International Exhibition Centre (MIEC), Langkawi, Malaysia Please fill in the form in print and return this signed agreement.

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

Best Treasury & Cash Management Providers 2017

Best Treasury & Cash Management Providers 2017 Page 1 of 5 In March 2017, Global Finance will publish its selections for the Seventeenth Annual World s Best Treasury & Cash Management Providers. Global Finance will select the best overall global cash

More information

2012 Canazei Winter Workshop on Inequality

2012 Canazei Winter Workshop on Inequality 2012 Canazei Winter Workshop on Inequality Measuring the Global Distribution of Wealth Jim Davies 11 January 2012 Collaborators Susanna Sandström, Tony Shorrocks, Ed Wolff The world distribution of household

More information

Clinical Trials Insurance

Clinical Trials Insurance Allianz Global Corporate & Specialty Clinical Trials Insurance Global solutions for clinical trials liability Specialist cover for clinical research The challenges of international clinical research are

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Wells Fargo Target Date Funds

Wells Fargo Target Date Funds All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:

More information

H S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013

H S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013 HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to

More information

Argus Butadiene Annual 2017

Argus Butadiene Annual 2017 Argus Butadiene Annual 2017 Market Reporting Petrochemicals Consulting Events Argus Butadiene Annual 2017 Summary Three major developments have shaped the global butadiene (BD) markets over the past decade.

More information

ManpowerGroup Employment Outlook Survey Finland

ManpowerGroup Employment Outlook Survey Finland ManpowerGroup Employment Outlook Survey Finland 4 217 The ManpowerGroup Employment Outlook Survey for the fourth quarter 217 was conducted by interviewing a representative sample of 625 employers in Finland.

More information

COUNTRY COST INDEX JUNE 2013

COUNTRY COST INDEX JUNE 2013 COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive

More information

EXAMINING REIT JURISDICTIONS, STRUCTURES AND INVESTOR APPETITE ACROSS ASIA PACIFIC MARKETS

EXAMINING REIT JURISDICTIONS, STRUCTURES AND INVESTOR APPETITE ACROSS ASIA PACIFIC MARKETS PERPETUAL CORPORATE TRUST EXAMINING REIT JURISDICTIONS, STRUCTURES AND INVESTOR APPETITE ACROSS ASIA PACIFIC MARKETS GLEN DOGAN, SENIOR SALES & RELATIONSHIP MANAGER PERPETUAL: 128 YEARS OF HISTORY We are

More information

Tax Newsflash January 31, 2014

Tax Newsflash January 31, 2014 Tax Newsflash January 31, 2014 Luxembourg s New Double Tax Treaties As of 1 January 2014, Luxembourg further enlarged its double tax treaty network with the entry into force of the new double tax treaties

More information

Two tales of development

Two tales of development Two tales of development BRAZIL-INDIA 17 Liliana Lavoratti, Rio de Janeiro India is still almost unknown to Brazilians in general. Given the distance not only geographically as well as quite different

More information

UP OR DOWN? 2015 Q3 NIELSEN GLOBAL SURVEY OF CONSUMER CONFIDENCE AND SPENDING INTENTIONS

UP OR DOWN? 2015 Q3 NIELSEN GLOBAL SURVEY OF CONSUMER CONFIDENCE AND SPENDING INTENTIONS UP OR DOWN? 2015 Q3 NIELSEN GLOBAL SURVEY OF CONSUMER CONFIDENCE AND SPENDING INTENTIONS Among the world s largest economies, U.S. consumer confidence jumped 18 index points in the third quarter to a score

More information

Wells Fargo Target Date CITs E3

Wells Fargo Target Date CITs E3 All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:

More information

ManpowerGroup Employment Outlook Survey New Zealand

ManpowerGroup Employment Outlook Survey New Zealand ManpowerGroup Employment Outlook Survey New Zealand 1 218 New Zealand Employment Outlook The ManpowerGroup Employment Outlook Survey for the first quarter 218 was conducted by interviewing a representative

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

EQUITY REPORTING & WITHHOLDING. Updated May 2016

EQUITY REPORTING & WITHHOLDING. Updated May 2016 EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the

More information

Vietnam. HSBC Global Connections Report. October 2013

Vietnam. HSBC Global Connections Report. October 2013 HSBC Global Connections Report October 2013 Vietnam The pick-up in GDP growth will be modest this year, with weak domestic demand and exports still dampening industrial confidence. A stronger recovery

More information

CHINESE GLOBAL PROPERTY INVESTMENT REPORT JULY 2017

CHINESE GLOBAL PROPERTY INVESTMENT REPORT JULY 2017 CHINESE GLOBAL PROPERTY INVESTMENT REPORT JULY 2017 CHINESE GLOBAL PROPERTY INVESTMENT REPORT 3 SUMMARY In calendar-year 2016, for the first time ever, mainland Chinese outbound property investments surpassed

More information

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono

Summary 715 SUMMARY. Minimum Legal Fee Schedule. Loser Pays Statute. Prohibition Against Legal Advertising / Soliciting of Pro bono Summary Country Fee Aid Angola No No No Argentina No, with No No No Armenia, with No No No No, however the foreign Attorneys need to be registered at the Chamber of Advocates to be able to practice attorney

More information

Funding. Context. Who Funds OHCHR?

Funding. Context. Who Funds OHCHR? Funding Context OHCHR s global funding needs are covered by the United Nations regular budget at a rate of approximately 40 per cent, with the remainder coming from voluntary contributions from Member

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

A Bird s Eye View of Global Real Estate Markets: 2011 Update. Executive Summary. Real Estate Investment Universe

A Bird s Eye View of Global Real Estate Markets: 2011 Update. Executive Summary. Real Estate Investment Universe PREI A Bird s Eye View of Global Real Estate Markets: 2011 Update March 2011 Research Manidipa Kapas Director US Office Tel. 973.683.1674 manidipa.kapas@prudential.com Youguo Liang, PhD, CFA Managing Director

More information

Air Passenger Forecasts

Air Passenger Forecasts www.iata.org/pax-forecast Example report: numbers are for illustration purposes only Global report Page Table of Contents 1 Top Markets 2 Top Domestic Markets 3 Top International Country Pairs 4 Largest

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Global FDI Inflows. Global foreign direct investment (FDI) flows fell by 23 % to $1.43 trillion.

Global FDI Inflows. Global foreign direct investment (FDI) flows fell by 23 % to $1.43 trillion. Global FDI Inflows Distribution of Global FDI Inflows 1,92 1,87 -%23 Global foreign direct investment (FDI) flows fell by 23 % to $1.43 trillion. 1,18 1,37 1,57 1,57 1,43 1,34 1,43 This is in contrast

More information

Economic Development. Business Plan to restated. Accountability Statement

Economic Development. Business Plan to restated. Accountability Statement Economic Development Business Plan 1999-2000 to 2001-02 - restated Accountability Statement As a result of government re-organization announced on May 25, 1999, the Ministry Business Plans included in

More information

Current Issues in International Tax Policy

Current Issues in International Tax Policy Current Issues in International Tax Policy Shigeto HIKI Director, International Tax Policy Division, Tax Bureau, Ministry of Finance, Japan The Fourth IMF-Japan High-Level Tax Conference For Asian Countries

More information

FOREIGN ACTIVITY REPORT

FOREIGN ACTIVITY REPORT FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in

More information

Division on Investment and Enterprise

Division on Investment and Enterprise Division on Investment and Enterprise Readers are encouraged to use the data in this publication for non-commercial purposes, provided acknowledgement is explicitly given to UNCTAD, together with the reference

More information

Freedom Quarterly Market Commentary // 2Q 2018

Freedom Quarterly Market Commentary // 2Q 2018 ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange

More information

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

Franklin Templeton Investments Our Global Perspective

Franklin Templeton Investments Our Global Perspective Greg Johnson Chief Executive Officer Franklin Resources, Inc. Franklin Templeton Investments Our Global Perspective Dealer Use Only / Not for Distribution to the Public World-Class Investment Management

More information

Manpower Employment Outlook Survey

Manpower Employment Outlook Survey Manpower Employment Outlook Survey Global 4 215 Global Employment Outlook Nearly 59, employers across 42 countries and territories have been interviewed to measure anticipated labor market activity between

More information

Irish Exporters Association Half Year 2013 Review -Export contraction impacting differing sectors -

Irish Exporters Association Half Year 2013 Review -Export contraction impacting differing sectors - Irish Exporters Association Half Year 2013 Review -Export contraction impacting differing sectors - -------------------------------- Published August 2013 0 Contents 1. Executive Summary - January to June

More information