CURRENCY RISK OUTLOOK REPORT 2017

Size: px
Start display at page:

Download "CURRENCY RISK OUTLOOK REPORT 2017"

Transcription

1 CURRENCY RISK OUTLOOK REPORT 2017 March 2017

2 2 Currency Risk Outlook Report 2017 Uncertain times No one will forget 2016 in a hurry. The rise of populism that was seen to underpin the Brexit vote in the UK and the election of President Trump in the U.S. made sure of that. Political uncertainty has led to volatility in international currency markets, which was most profoundly seen in the fall in the value of sterling following the UK s June 2016 referendum on EU membership, as well as a growing circumspection about the future of tariff-free trade and globalization s unhalted decades-long march. Providing global payment and currency risk management solutions for more than 35,000 clients worldwide, AFEX is uniquely positioned to understand the challenges of international commerce. At the same time, we work continuously to ensure we have the clearest view of issues and opportunities affecting the businesses we work with. Now in its third year, the Currency Risk Outlook is part of that work. We questioned more than 650 of our SME client base worldwide, to explore their experiences and attitudes towards global trade, and their approaches towards managing currency risk. The responses offer fascinating insight into the concerns and expectations for growing businesses trading beyond their domestic borders. While this report highlights mounting uncertainty, particularly in regions that have witnessed at first hand political upheavals that are perceived in part as a backlash against globalization, it also reveals a business community that will continue to take advantage of the opportunities presented by global trade. In many ways, international trade has never been easier, nor the prizes greater, thanks in part to technology. The rise of online commerce platforms, such as Amazon, ebay and Etsy, coupled with advancements in payments technologies are making it easier for firms to buy and sell on the global stage. At the same time, whole new markets are being created through the financial inclusion enabled by online and mobile technologies, presenting ever more opportunities for those trading internationally. We hope you find the results valuable and, of course, welcome any questions they may prompt with regard to your own business. Jan Vlietstra Chief Executive Officer, AFEX

3 3 Currency Risk Outlook Report Contents Executive summary 4 Exposure to currency risk & volatility expectations 5 Challenges to managing FX risk 7 Use of hedging tools 10 Drivers of hedging strategies 12 Attitudes to international trade 13 Challenges to international trade 15 Appendix 16

4 4 Currency Risk Outlook Report 2017 Executive summary The third annual Currency Risk Outlook reveals that businesses trading internationally have been buffeted by currency volatility over the last 12 months and are anticipating more to come this year. Such anticipation is acutely felt by the UK contingent of respondents that had to contend with a steep decline in the value of Sterling following the EU referendum in June 2016 and where international trade policy is now being redefined. However, this political earthquake, followed by the election of President Trump in the US at the end of 2016 seem to have had a dramatic impact on how many businesses look at international trade. Many firms have taken a hard look at their currency risks and international strategies, becoming more conservative about growth expectations and factoring in increased uncertainty. For example, currency hedging tools were more regularly used in 2016 than they were in This trend looks set to continue in 2017 and is most pronounced in the UK. The increased use of currency hedging tools is not surprising since firms here have witnessed at first hand a large fall in the value of currency but across all markets, this is being driven by increased uncertainty about international markets and global economic policy. 56% of surveyed firms are expecting greater volatility in 2017 than last year 15% of surveyed firms in UK say they have 100% of their revenues exposed to currency risks

5 5 Currency Risk Outlook Report 2017 Exposure to currency risk & volatility expectations Overall, firms exposure to currency risks has increased this year, with the average proportion of total revenue exposed increasing from 38% to 47%. This is highest in the UK where firms have over half (56%) of their revenue exposed. Indeed, 15% of UK firms have 100% of their revenues exposed to currency risks. While U.S. firms typically have a lower proportion of their revenue exposed than other regions (39%) this has increased by 10 percentage points since the survey was last conducted. The majority of respondents (56%) are expecting greater volatility in 2017 than last year. This is the highest proportion since the started (2015=42%; 2014=37%), perhaps reflecting widespread uncertainty about the future of globalization and global trade and a growing recognition of the influence of political factors on currency movements. Firms in Australia are particularly expectant of volatility with 62% anticipating more, compared to just 4% saying they expect less. What percentage of your revenue is exposed to currency risk? % 44% 40% 46% Australia Canada 37% 56% 29% 39% UK USA 35% 43% 38% 47% North America Total

6 6 Currency Risk Outlook Report 2017 Percentage of respondents expecting greater currency volatility in 2017 than (previous year s answers in dark orange) 58% 62% 39% 42% Australia Canada 44% 52% 33% 53% UK USA 36% 56% 42% 56% North America Total

7 7 Currency Risk Outlook Report 2017 Challenges to managing FX risk Global events have had a significant effect on respondents currency risk mitigation strategies over the last 12 months. Although these vary from country to country, by far and away the biggest single factor affecting any country is the Brexit decision for the UK, with 71% saying it has had an impact. UK monetary policy comes a distant second to that with one in five (22%) citing it as having an impact. In the US the biggest event has been US monetary policy (cited by 40%), which is perhaps not surprising given the Federal Reserve announced the first interest rate rise in over 10 years and signaled more to come in Secondary issues here were Brexit (26%), the US presidential election (24%) and EU monetary policy (23%). Events in the US were also dominant for firms in Canada and Australia. In Australia, US monetary policy (40%) and the US presidential election (33%) impacted currency risk mitigation strategies more than domestic monetary policy (30%). In Canada, the oil price was also a significant factor influencing currency risk mitigation strategies, cited by 29%. Overall, volatility remains the biggest challenge to mitigating currency risk in 2017 with 59% of respondents saying that. This has increased dramatically in the UK from 55% in 2015 to 71% now. Conversely, this has decreased as a concern for US companies (2015=63%; 2017=45%) and Canadian companies (2015=66%; 2017=53%). For US companies, the biggest challenge to managing currency risk in 2017 is anticipated to be an uncertain global economic policy environment (56% compared to 33% in 2015). This is the first time this has been the biggest concern for US firms. 71% of surveyed firms in UK say that the Brexit decision had an impact 40% of surveyed firms in US say the biggest event has been US monetary policy 33% of surveyed firms in Australia say the US presidential election impacted currency risk mitigation strategies - this is more than domestic monetary policy (30%)

8 8 Currency Risk Outlook Report 2017 Which global events have most affected your company s currency risk mitigation strategy in the last 12 months? (Please choose all that apply) Australia UK Canada United States Total European Union monetary policy 13% 18% 12% 15% 23% UK monetary policy 4% 7% 12% 15% 22% China monetary policy 3% 3% 5% 1% 10% U.S. monetary policy 12% 30% 33% 40% 40% Japan monetary policy 1% 1% 0% 1% 1% Australian monetary policy 1% 0% 5% 8% 30% U.S. presidential election 15% 24% 25% 33% 31% EU referendum in the UK ( Brexit ) 10% 19% 26% 34% 71% Issues in the Eurozone 6% 12% 14% 16% 12% Drop in price of oil 5% 6% 29% 7% 11% None of these 1% 6% 6% 8% 9% We do not have a currency risk mitigation strategy in place 13% 21% 25% 27% 25%

9 9 Currency Risk Outlook Report 2017 What do you anticipate to be the biggest challenges to mitigating currency risk in 2017? (Please select all that apply) Australia UK Canada United States Total Accuracy/access to timely market data 12% 11% 13% 15% 13% Global economic policy uncertainty 34% 46% 48% 48% 56% Difficulty assessing currency exposure 12% 14% 15% 12% 13% Lack of currency expertise 20% 17% 19% 19% 18% Costs associated with hedging 2% 8% 6% 6% 10% Inadequate platform/ automated process 1% 1% 3% 0% 1% Currency volatilty 45% 53% 58% 59% 71%

10 10 Currency Risk Outlook Report 2017 Use of hedging tools The proportion of firms utilizing hedging tools has increased from 32% to 37% in This ranges from over half (53%) of firms in the UK to one in four (24%) in North America. In the UK, this represents a 22 percentage point increase since 2015 and reflects an increased focus on hedging following the devaluation of Sterling following the EU referendum. One in three (33%) companies plan to utilize hedging strategies more this year than they did last year. Only 5% of companies intend to use hedging tools less frequently this year than in Does your company utilise hedging tools to mitigate currency risk? 49% Yes, regularly Yes, but infrequently No Not sure 18% 26% Australia 7% Total UK 30% 23% 45% 3% 56% 7% 18% 20% 66% North America 9% 15% 10%

11 11 Currency Risk Outlook Report 2017 In 2017, do you expect to utilize strategies to mitigate currency risk: 37% 60% More than in 2016 Same as 2016 Less than in 2016 Australia 3% Total 37% 57% 5% 33% UK 6% 63% 66% 29% North America 5%

12 12 Currency Risk Outlook Report 2017 Drivers of hedging strategies Increased uncertainty remains the primary driver for firms looking to extend their use of hedging strategies this year with 41% of respondents saying this (up from 32% in 2015). The biggest leap was in the US where the proportion citing increased market uncertainty went from 8% in 2015 to 37% this year. This has been largely at the expense of the pursuit of overseas business growth as a reason, which went from 50% to 32% for US companies, perhaps suggesting a circumspect outlook on the international trading environment. There was also a pronounced increase in the UK, from 30% in 2015 to 51%. Why do you expect to utilize strategies to mitigate currency risk more than in 2016? (Please select main reason) Australia UK Canada United States Total Increased uncertainty in the markets 32% 39% 37% 41% 51% My company is more educated about hedging strategies 2% 11% 14% 18% 28% Overseas business growth 15% 19% 21% 24% 32% Anticipating currency volatility in the regions we conduct business 18% 21% 21% 24% 32% Increasing uncertainty regarding central banks 2% 0% 2% 0% 1%

13 13 Currency Risk Outlook Report 2017 Attitudes to international trade The respondent sample is fairly optimistic about their prospects for international trade. Half (50%) of respondents say they expect international trade levels to remain the same in 2017 and 37% expect it to increase. This is, however, slightly less than the 44% that were looking to grow internationally in Australian firms are particularly bullish about their international growth prospects with 52% saying they expect an increase this year. Conversely, in the UK expectations are being reined in and only 29% expect international trade levels to increase in 2017, compared to 46% in The US is identified as the market that looks set to benefit most from any growth, with 49% for firms looking to increase activity there. It is followed by Western Europe (39%) and China (24%). The proportion of UK companies looking to increase exposure to China has doubled from 14% in 2015 to 30%. For US companies APAC is an increasing area of interest with Asia (exc. China, India & Japan) and Australasia expected to account for more activity than in 2015 (23% and 20% respectively, compared to 10% and 13% in 2015). How do you expect your levels of international trade to change in 2017? (Please consider any exchange of raw materials, goods, services, etc.) They will decrease They will stay the same They will increase % 31% 29% 35% 33% 37% 42% 40% 46% 48% 43% 44% % 54% 57% 55% 50% 37% 45% 42% 41% 43% 41% 39% 0 9% Australia 15% 17% 8% 12% Canada United Kingdom United States North America 13% Total 0 Australia 21% 15% 12% Canada United Kingdom United States 11% 14% North America 16% Total

14 14 Currency Risk Outlook Report 2017 In which markets are you expecting more activity? (Please cite non-domestic markets) Australia Canada United Kingdom United States North America Total % United States 48.6% 69.2% 34.1% 60.0% 65.2% 49.3% Canada 4.2% 46.2% 15.9% 26.7% 37.7% 18.4% South America (excluding Brazil) 5.6% 2.6% 4.5% 6.7% 4.3% 5.5% Brazil 0.0% 0.0% 4.5% 13.3% 5.8% 3.0% China 36.1% 12.8% 29.5% 10.0% 11.6% 24.4% India 5.6% 7.7% 6.8% 10.0% 8.7% 7.0% Japan 2.8% 5.1% 0.0% 0.0% 2.9% 2.0% Asia (excluding China, India & 20.8% 2.6% 9.1% 23.3% 11.6% 14.4% Japan) Australasia 23.6% 2.6% 20.5% 20.0% 10.1% 16.9% Africa 6.9% 2.6% 6.8% 10.0% 5.8% 6.0% Western Europe 30.6% 17.9% 54.5% 43.3% 29.0% 39.3% Eastern Europe 11.1% 10.3% 15.9% 13.3% 11.6% 12.9% Russia 1.4% 0.0% 2.3% 6.7% 2.9% 2.0% Other (please specify) 13.9% 7.7% 6.8% 6.7% 7.2% 9.5%

15 15 Currency Risk Outlook Report 2017 Challenges to international trade Currency risk remains the most commonly cited challenge in conducting international business and is identified by 43% of companies as the most significant challenge they face. This has increased dramatically for UK companies with 54% citing it this year, compared to 32% in The reverse is true for US firms where 28% cited it as the biggest challenge, down from 40% in Please rank the following challenges in conducting international business from most significant to least significant percentage ranking challenge as most significant factor. Australia UK Canada United States Total Currency risk 28% 35% 43% 46% 55% Making/receiving payments 5% 10% 35% 13% 28% Due dilligence 4% 8% 7% 11% 10% Language barriers 4% 9% 7% 5% 7% Legal/regulatory differences 4% 8% 7% 6% 9% Finding the right suppliers/customers 14% 17% 18% 19% 22% Logistical challenges (shipping, etc.) 4% 4% 4% 5% 8% Tax 4% 5% 3% 4% 7%

16 APPENDIX FULL LIST OF RESULTS

17 17 Currency Risk Outlook Report 2017 Full list of results Which of the following best characterizes your company s revenue? Australia United Kingdom North America Total % Less than $2 million 52.2% 49.4% 47.6% 48.0% $2-10 milion 35.2% 38.5% 36.9% 37.2% $11-50 million 10.7% 9.8% 10.0% 10.6% $ million 1.3% 1.1% 2.2% 2.0% $ million 0.6% 1.1% 2.2% 1.7% $501 million-1 billion 0.0% 0.0% 0.4% 0.2% More than $1 billion 0.0% 0.0% 0.7% 0.5% In which country is your company headquartered? Total % Australia 24.0% Canada 24.2% China 0.9% France 0.6% Ireland 2.1% Italy 0.5% Jersey 0.3% New Zealand 1.5% Spain 0.3% Sweden 0.0% Switzerland 0.0% United Kingdom 26.3% United States 16.8% Other 2.6%

18 18 Currency Risk Outlook Report 2017 Full list of results cont d Do any of the following apply to you as a direct result of the devaluation of sterling following the EU referendum ( Brexit ) vote in June? United Kingdom We will be raising the prices of our goods/services in the next 1-3 months 17.1% We will be raising the prices of our goods/services in the next 4-6 months 6.5% We will be raising the prices of our goods/services in the next 6-9 months 4.7% We will be raising the prices of our goods/services in the next 9-12 months 2.4% We have increased the prices of our goods/services 35.3% None of these 34.1% In which country/ies does your company conduct most of its business? (Select all that apply) Australia United Kingdom North America Total % Australia 49.5% 3.8% 4.3% 29.1% Canada 1.1% 2.4% 27.3% 24.7% China 10.0% 4.3% 4.9% 11.8% France 3.6% 8.1% 4.0% 11.2% Ireland 0.4% 5.4% 1.8% 6.3% Italy 3.6% 7.3% 4.7% 10.6% Jersey 0.0% 0.8% 0.2% 0.8% New Zealand 7.9% 1.4% 2.2% 7.6% Spain 1.4% 5.1% 2.8% 6.6% Sweden 0.7% 4.1% 1.6% 3.9% Switzerland 0.4% 2.7% 1.0% 2.5% United Kingdom 5.4% 37.1% 6.3% 32.0% United States 10.8% 7.9% 30.8% 35.6% Other 5.4% 9.5% 8.1% 15.6%

19 19 Currency Risk Outlook Report 2017 Full list of results cont d In which sector does your business operate? Australia United Kingdom North America Total % Agriculture, forestry, fishing & hunting 6% 7% 5% 5.4% Mining, quarrying and oil & gas extraction 3% 2% 1% 1.7% Utilities 1% 0% 0% 0.5% Construction 5% 6% 2% 3.9% Manufacturing 13% 16% 17% 16.5% Wholesale Trade 28% 22% 21% 22.7% Retail Trade 17% 8% 8% 10.9% Transportation and warehousing 5% 5% 4% 4.4% Information 3% 1% 1% 1.7% Finance & insurance 1% 2% 0% 1.1% Real estate and rental & leasing 2% 1% 3% 2.2% Professional, scientific and technical 1% 3% 5% 3.5% services Management of companies & enterprises 0% 0% 1% 0.5% Administrative and support and waste 0% 0% 0% 0.0% management and remediation services Educational services 1% 1% 2% 0.9% Healthcare and social assistance 3% 1% 2% 1.7% Arts, entertainment and recreation 1% 0% 4% 2.0% Accommodation and food services 0% 2% 1% 1.3% Other services (exc. public administration) 0% 0% 2% 0.6% Public administration 0% 1% 0% 0.5% Other (please specify) 10% 23% 20% 18.0%

20 20 Currency Risk Outlook Report 2017 Full list of results cont d What percentage of your revenue is exposed to currency risk? Australia United Kingdom North America Total % 1-25% 43.2% 26.8% 45.5% 39.5% 26-50% 17.6% 20.7% 15.6% 17.6% 51-75% 14.2% 13.4% 16.0% 15.3% 76-99% 14.2% 23.8% 12.3% 16.0% 100% 10.8% 15.2% 10.7% 11.7% Average 44% 56% 43% 47% Does your company utilize hedging tools to mitigate currency risk? Australia United Kingdom North America Total % Yes, regularly 18.2% 29.9% 9.0% 17.9% Yes, but infrequently 26.4% 23.2% 15.2% 19.7% No 48.6% 44.5% 66.0% 55.6% Not sure 6.8% 2.4% 9.8% 6.7% What strategies do you plan to employ in 2017 to mitigate currency risk? (Please choose all that apply) Australia United Kingdom North America Total % Forward contracts 50.0% 54.9% 23.4% 39.5% Swaps 0.7% 0.6% 0.8% 0.7% Natural hedging via geography 3.4% 7.3% 3.7% 4.8% Futures 0.0% 1.8% 1.2% 1.3% Options 5.4% 8.5% 3.3% 5.3% Pass on currency risk to suppliers/ 20.9% 26.2% 21.7% 23.5% customers Not sure 18.2% 15.9% 29.9% 23.2% Nothing 16.9% 12.8% 26.6% 19.9% Other (please specify) 4.1% 4.9% 3.3% 3.6%

21 21 Currency Risk Outlook Report 2017 Full list of results cont d In 2017, do you expect to utilize strategies to mitigate currency risk: Australia United Kingdom North America Total % More than in % 37.2% 28.8% 32.7% Same as in % 57.3% 65.8% 62.7% Less than in % 5.5% 5.4% 4.7% Why do you expect to utilize strategies to mitigate currency risk more than in 2016? (Please select main reason) Australia United Kingdom North America Total % Increased uncertainty in the markets 31.5% 50.8% 38.5% 40.5% My company is more educated about 27.8% 1.7% 15.4% 13.7% hedging strategies Overseas business growth 18.5% 15.3% 26.2% 21.1% Anticipating currency volatility in the regions we conduct business Increasing uncertainty regarding central banks 20.4% 32.2% 18.5% 23.7% 1.9% 0.0% 1.5% 1.1% Why do you expect to utilize strategies to mitigate currency risk more than in 2016? (Please select main reason) Australia United Kingdom North America Total % Accuracy/access to timely market data 12.2% 10.8% 13.6% 12.5% Global economic policy uncertainty 47.5% 33.8% 51.1% 45.7% Difficulty assessing currency exposure 12.2% 14.0% 14.0% 13.0% Lack of currency expertise 20.1% 17.2% 19.0% 18.4% Costs associated with hedging 10.1% 1.9% 6.8% 6.3% Inadequate platform/automated process 1.4% 1.3% 1.8% 1.4% Currency volatilty 57.6% 71.3% 49.8% 58.9%

22 22 Currency Risk Outlook Report 2017 Full list of results cont d Which global events have most affected your company s currency risk mitigation strategy in the last 12 months? (Please choose all that apply) Australia United Kingdom North America Total % European Union monetary policy 12.9% 17.8% 16.3% 15.4% UK monetary policy 6.5% 22.3% 8.1% 12.3% China monetary policy 10.1% 2.5% 2.3% 5.0% U.S. monetary policy 39.6% 12.1% 36.2% 29.6% Japan monetary policy 0.7% 0.6% 0.5% 0.5% Australian monetary policy 29.5% 1.3% 1.8% 8.4% U.S. presidential election 33.1% 14.6% 28.1% 25.2% EU referendum in the UK ('Brexit') 19.4% 71.3% 16.3% 34.1% Issues in the Eurozone 11.5% 14.0% 10.0% 12.1% Drop in price of oil 5.0% 5.7% 19.9% 11.3% None of these 5.8% 0.6% 8.6% 5.7% We do not have a currency risk mitigation strategy in place 24.5% 12.7% 25.8% 21.3% Did currency volatility cause you to do any of the following in 2016? (Choose all that apply) Australia United Kingdom North America Total % Open an office 0.7% 0.0% 0.5% 0.4% Close an office 0.7% 0.6% 0.0% 0.7% Reduce the size of your business 6.5% 8.9% 3.6% 5.9% Increase the size of your business 4.3% 3.8% 3.6% 3.6% Enter a geographic market 2.2% 1.3% 1.8% 2.0% Exit a geographic market 0.0% 1.3% 0.9% 1.1% Hire more people 2.9% 2.5% 2.3% 2.5% Reduce number of employees 5.8% 6.4% 3.2% 4.6% Impose pay restrictions 0.7% 6.4% 1.8% 2.7% Off shore growth 1.4% 1.3% 0.9% 1.3% Postpone or cancel growth plans 8.6% 12.7% 5.9% 8.4% Accelerate growth plans 5.0% 9.6% 4.5% 6.3% None of these 74.8% 66.2% 78.7% 74.1%

23 23 Currency Risk Outlook Report 2017 Full list of results cont d In regards to market conditions in 2017, do you expect currency volatility to be? Australia Canada United Kingdom United States North America Total % Less than % 5% 15% 13% 8% 9.3% Same as % 37% 34% 34% 36% 34.6% More than % 58% 52% 53% 56% 56.0% How do you expect your levels of international trade to change in 2017? (Please consider any exchange of raw materials, goods, services, etc.) Australia Canada United Kingdom United States North America Total % They will decrease 8.7% 15.3% 16.6% 8.0% 12.3% 12.6% They will stay the same 39.1% 54.2% 54.1% 56.8% 55.3% 50.4% They will increase 52.2% 30.5% 29.3% 35.2% 32.4% 37.0% In which markets are you expecting more activity? (Please cite non-domestic markets) Australia United Kingdom North America Total % United States 48.6% 34.1% 65.2% 49.3% Canada 4.2% 15.9% 37.7% 18.4% South America (excluding Brazil) 5.6% 4.5% 4.3% 5.5% Brazil 0.0% 4.5% 5.8% 3.0% China 36.1% 29.5% 11.6% 24.4% India 5.6% 6.8% 8.7% 7.0% Japan 2.8% 0.0% 2.9% 2.0% Asia (Excluding China, India & Japan) 20.8% 9.1% 11.6% 14.4% Australasia 23.6% 20.5% 10.1% 16.9% Africa 6.9% 6.8% 5.8% 6.0% Western Europe 30.6% 54.5% 29.0% 39.3% Eastern Europe 11.1% 15.9% 11.6% 12.9% Russia 1.4% 2.3% 2.9% 2.0% Other (please specify) 13.9% 6.8% 7.2% 9.5%

24 24 Currency Risk Outlook Report 2017 Full list of results cont d Please rank the following challenges in conducting international business from most significant to least significant. Australia Canada United Kingdom United States Total % Currency risk 45.45% 34.86% 54.41% 28.21% 42.50% Making/receiving payments 13.22% 11.01% 4.41% 15.38% 9.79% Due dilligence 7.44% 11.01% 3.68% 10.26% 7.29% Language barriers 4.13% 6.42% 8.82% 5.13% 7.08% Legal/regulatory differences 7.44% 7.34% 3.68% 8.97% 6.46% Finding the right suppliers/customers 14.05% 19.27% 16.91% 21.79% 17.92% Logistical challenges (shipping, etc.) 4.13% 3.67% 3.68% 7.69% 4.79% Tax 4.13% 6.42% 4.41% 2.56% 4.17%

25 25 Currency Risk Outlook Report 2017 Currency Risk Outlook Report AFEX polled clients based in the United States, Canada, the United Kingdom and Australia, and across a wide range of industries, to determine their perspectives on currency risk and what strategies they employ to mitigate that risk. The survey was conducted from January 17 th, through February 2 nd 2017, with 662 respondents in total. About AFEX Established in 1979, AFEX is a leading global payment and risk management solutions provider that specializes in cross-border transactions and provides market expertise and unrivalled customer service for businesses and private clients. With a client base of over 35,000 active commercial customers worldwide, AFEX prides itself on tailoring its payment and foreign exchange services to meet its clients needs. AFEX s online payment platform - AFEXDirect provides clients with one consolidated overview of their currency exposure and makes it easy for companies to manage international invoices. AFEX maintains offices across the Americas, EMEA and Asia Pacific. To find out more, please visit www. AFEX is the marketing trading name for the International Payment Solutions and Risk Management Solutions provided by several subsidiaries of Associated Foreign Exchange Holdings, Inc. Services in Australia are provided by Associated Foreign Exchange Australia Pty Ltd; in Canada by Associated Foreign Exchange, ULC; in Switzerland by Associated Foreign Exchange (Schweiz) AG; in Indonesia by PT. AFEX Indonesia; in the UK and the European Economic Area (EEA) on a cross-border basis by Associated Foreign Exchange Ltd; in the Channel Islands by AFEX Offshore Ltd; and in the U.S. by Associated Foreign Exchange, Inc. (collectively referred to as AFEX or Associated Foreign Exchange ). For more information, visit The AFEX name, logo and related trademarks and service marks, owned by Associated Foreign Exchange, Inc., are registered and/or used in the United States and many foreign countries. All other trademarks, service marks, and trade names referenced in this brochure are the property of their respective owners. Associated Foreign Exchange Australia Pty Limited ABN and AFSL , authorised and regulated by the Australian Securities and Investments Commission, Citigroup Centre, 2 Park Street, Suite D 38th Floor, Sydney NSW Registered Office: Grant Thornton Australia, Level Kent Street, Sydney NSW Associated Foreign Exchange, ULC, 200 Front Street, Suite 2203, Toronto, ON M5V 3K2, registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada and with the Autorité des marchés financiers ( AMF ). PT. AFEX Indonesia is a private limited company incorporated in Indonesia with its head office located at 45th floor, Menara BCA, Grand Indonesia, Jl. MH Thamrin No. 1, Jakarta Pusat PT AFEX Indonesia is licensed by the Bank of Indonesia as a Fund Transfer Operator (License Number: 17/158/DKSP/61). Associated Foreign Exchange (Schweiz) AG, Reg. No. CHE , with a registered place of business at Stampfenbachstrasse 5, 8001 Zurich. Associated Foreign Exchange Ltd (registered in England and Wales, Company Number , Registered Office Address: 4th Floor, 40 Strand, London WC2N 5RW), authorised by the Financial Conduct Authority under the Payment Services Regulations 2009 (Register Reference: ) for the provision of payment services and is registered as an MSB with HM Revenue & Customs (Registered No: ). Associated Foreign Exchange Ltd, Italian Branch. Registered office: Piazza Pio XI 1, Milan, Italy. Tax code and VAT number: Registration number at the Chamber of Commerce of Milan: Authorised by the Bank of Italy to provide payment services in Italy and registered to the list of payment institutions established number Associated Foreign Exchange Ltd, Branch in Spain. Spanish registered office: Paseo de la Castellana nº 18, PL. 7º, Madrid, Spain (Bank of Spain code number: 6873). Tax code and VAT number: W B. Authorised by the Bank of Spain to provide payment services in Spain as a branch of Associated Foreign Exchange Ltd. AFEX Offshore Limited is authorised and regulated by the Jersey Financial Services Commission for Investment Business and Money Service Business under the Financial Services (Jersey) Law Registered in Jersey (registered no ). Associated Foreign Exchange, Inc., Califa Street, Woodland Hills, CA 91367, licensed and regulated by multiple State departments including the California Department of Business Oversight, New York State Department of Financial Services, Illinois Division of Financial Institutions, and Texas Department of Banking. For a complete listing of U.S. State licensing, visit This report in whole or in part may not be duplicated, reproduced, stored in a retrieval system or retransmitted without prior written permission of AFEX. AFEX has based the opinions expressed herein on information generally available to the public. AFEX makes no warranty concerning the accuracy of this information and specifically disclaims any liability whatsoever for any loss arising from trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject AFEX or its affiliates to any registration or licensing requirement within such jurisdiction. All material presented herein, unless specifically indicated otherwise, is under copyright to AFEX.

26

Survey Results. Global Payment and Risk Management Solutions. March 2014

Survey Results. Global Payment and Risk Management Solutions. March 2014 Survey Results March 2014 Unrelenting currency volatility and increasing international trade drive need to mitigate risk AFEX, one of the world s largest non-bank providers of global payment and risk management

More information

Santander Trade Barometer. September 2017

Santander Trade Barometer. September 2017 Santander Trade Barometer September 2017 Foreword John Carroll, MD Products & International Business, Santander The diversity, connectivity and innovation which underpins the UK economy has helped it regain

More information

373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS

373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS THE SIZE OF THE ASSET MANAGEMENT INDUSTRY IN THE UK >> Total assets under management grew significantly during 206, ending the year at a record

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

First ever quarter with over 200m Gross Profit

First ever quarter with over 200m Gross Profit 11 July 2018 and H1 2018 Trading Update Steve Ingham Kelvin Stagg Chief Executive Officer Chief Financial Officer First ever quarter with over 200m Gross Profit LSE: PAGE.L Website: http://www.page.com/investors

More information

NEUBERGER BERMAN Environmental, Social and Governance Policy

NEUBERGER BERMAN Environmental, Social and Governance Policy NEUBERGER BERMAN Environmental, Social and Governance Policy SEPTEMBER 2017 OUR FIRM Founded in 1939, Neuberger Berman is a private, 100% independent, employee-owned investment manager. From offices in

More information

Changing Places The growing opportunities for financial centres in Europe

Changing Places The growing opportunities for financial centres in Europe Changing Places Introduction The last decade and the one that lies ahead may well be remembered for seeing one of the most significant transformations in Europe s financial services industry. The global

More information

Results Fall Atradius Payment Practices Barometer. International survey of B2B payment behaviour Core results overall survey

Results Fall Atradius Payment Practices Barometer. International survey of B2B payment behaviour Core results overall survey Results Fall 2011 Atradius Payment Practices Barometer International survey of B2B payment Core results overall survey 2 Copyright by Atradius N.V. October 2011 Published by Atradius Corporate Communications

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

Inward investment after Brexit

Inward investment after Brexit EY s UK Attractiveness Survey Inward investment after Brexit March 2018 Contents Executive summary 1 Investor perspectives on FDI 2 Methodology 11 About EY s Attractiveness Program 12 Executive summary

More information

Global Expansion Meets Domestic and International Challenges

Global Expansion Meets Domestic and International Challenges Global Expansion Meets Domestic and International Challenges Global Expansion Meets Domestic and International Challenges To understand the relative confidence around international expansion among U.S.

More information

2017 Global Trends in Investor Relations

2017 Global Trends in Investor Relations 0 2017 Global Trends in Investor Relations Primacy of Geopolitical Risk Geopolitical risk is still the number one concern for companies globally. Concern is increasing regarding the impact of emerging

More information

ManpowerGroup Employment Outlook Survey Netherlands

ManpowerGroup Employment Outlook Survey Netherlands ManpowerGroup Employment Outlook Survey Netherlands 4 218 The ManpowerGroup Employment Outlook Survey for the fourth quarter 218 was conducted by interviewing a representative sample of 75 employers in

More information

WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH

WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH moving money for better INTERNATIONAL PAYMENTS FOREIGN EXCHANGE GLOBALIZATION HAS CHANGED THE FACE OF BUSINESS Western Union pioneered the idea of moving money

More information

Global Rates Forecast

Global Rates Forecast 2019 Global Cash Outlook Innovations in Cash Global Rates Forecast We review our expectations for euro, sterling and dollar performance in 2019. We expect the European Central Bank to wind down its asset

More information

First Quarter Interim Management Statement. 11 April 2011

First Quarter Interim Management Statement. 11 April 2011 First Quarter Interim Management Statement 11 April 211 Michael Page International First Quarter Interim Management Statement 2 Group Gross profit +29% with growth in every geography Growth Rates Group

More information

Auscap Long Short Australian Equities Fund Newsletter June 2018

Auscap Long Short Australian Equities Fund Newsletter June 2018 Auscap Long Short Australian Equities Fund Auscap Asset Management Limited Disclaimer: This newsletter contains performance figures and information in relation to the Auscap Long Short Australian Equities

More information

ManpowerGroup Employment Outlook Survey Global

ManpowerGroup Employment Outlook Survey Global ManpowerGroup Employment Outlook Survey Global 1 19 ManpowerGroup interviewed over 6, employers across 44 countries and territories to forecast labor market activity* in January-March 19. All participants

More information

ManpowerGroup Employment Outlook Survey Finland

ManpowerGroup Employment Outlook Survey Finland ManpowerGroup Employment Outlook Survey Finland 4 18 The ManpowerGroup Employment Outlook Survey for the fourth quarter 18 was conducted by interviewing a representative sample of 625 employers in Finland.

More information

O P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E

O P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E O P E R A T I O N A L A N D C O S T E F F I C I E N C I E S F O R A C O M P E T I T I V E E D G E I n v e s t m e n t O p e r a t i o n s O u t s o u r c i n g F O C U S O N Y O U R C O R E S T R E N

More information

Reference Point May 2015

Reference Point May 2015 T. Rowe Price Defined Contribution Plan Data As of December 31, Insights It s evident participants are taking advantage of the loan feature in 401(k) plans. Currently, one-fourth of participants who can

More information

GOAL 6 FIRMS PARTICIPATING IN FOREIGN EXPORT TRADE

GOAL 6 FIRMS PARTICIPATING IN FOREIGN EXPORT TRADE GOAL 6 FIRMS PARTICIPATING IN FOREIGN EXPORT TRADE By 2028, New Brunswick will have at least 1,080 firms participating in foreign export trade. Status: NOT PROGRESSING Current Situation As outlined in

More information

Northern Ireland Quarterly Sectoral Forecasts

Northern Ireland Quarterly Sectoral Forecasts Economic Analysis Northern Ireland Quarterly Sectoral Forecasts 2018 Quarter 1 Northern Ireland Quarterly Sectoral Forecasts Forecast summary For the Northern Ireland economy, the first part of 2018 has

More information

Brexit Monitor The impact of Brexit on (global) trade

Brexit Monitor The impact of Brexit on (global) trade Brexit Monitor The impact of Brexit on (global) trade The impact of Brexit on (global) trade The outcome of the UK s EU referendum and looming exit negotiations, are already affecting trade flows between

More information

WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH

WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH WORKING TOGETHER TO EXPAND YOUR GLOBAL REACH moving money for better INTERNATIONAL PAYMENTS FOREIGN EXCHANGE GLOBALIZATION HAS CHANGED THE FACE OF BUSINESS Western Union pioneered the idea of moving money

More information

FTSE Global RIC Capped Indexes

FTSE Global RIC Capped Indexes Methodology overview FTSE Global RIC Capped Indexes Helping investors meet US regulatory requirements Building blocks for investable global portfolios The FTSE Global RIC Capped Indexes are market capitalization

More information

Balanced Plus Select Portfolio Pn

Balanced Plus Select Portfolio Pn Factsheet as at : August 25, 2018 Balanced Plus Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 10-12% over

More information

FINANCIAL RATIOS OF CANADIAN COMPANIES July 26, 2012 Alberto Calva // Acus Consulting Ltd

FINANCIAL RATIOS OF CANADIAN COMPANIES July 26, 2012 Alberto Calva // Acus Consulting Ltd FINANCIAL RATIOS OF CANADIAN COMPANIES July 26, 2012 Alberto Calva // Acus Consulting Ltd In this paper we are presenting some financial ratios of Canadian companies. Specifically, we are presenting the

More information

Another quarter of double digit growth

Another quarter of double digit growth 11 April 2018 2018 Trading Update Steve Ingham Kelvin Stagg Chief Executive Officer Chief Financial Officer Another quarter of double digit growth LSE: PAGE.L Website: http://www.page.com/investors Headline

More information

European Union Investment in Australia

European Union Investment in Australia Delegation of the European Commission to Australia and New Zealand www.ec.europa.eu SUMMARY Foreign investment is becoming increasingly important in a globalised world and brings with it significant benefits

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Balanced Select Portfolio Pn

Balanced Select Portfolio Pn Factsheet as at : September 22, 2018 Balanced Select Portfolio Pn Fund objective This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8-10% over a

More information

2017 Investor Pulse. Switzerland MKTG0817E

2017 Investor Pulse. Switzerland MKTG0817E 2017 Investor Pulse Switzerland What s on the mind of Switzerland s wealthy investors? Welcome to the latest edition of Investor Pulse, the world s most extensive survey of behaviour among investors. In

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

Manpower Employment Outlook Survey South Africa

Manpower Employment Outlook Survey South Africa Manpower Employment Outlook Survey South Africa 3 216 South Africa Employment Outlook The Manpower Employment Outlook Survey for the third quarter 216 was conducted by interviewing a representative sample

More information

G20 public trust in tax. A pulse check on public trust and people s views on taxation throughout G20 countries

G20 public trust in tax. A pulse check on public trust and people s views on taxation throughout G20 countries G20 public trust in tax A pulse check on public trust and people s views on taxation throughout G20 countries About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates

Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.

More information

Health Care Reform UBA EMPLOYER OPINION SURVEY SPECIAL SUPPLEMENT

Health Care Reform UBA EMPLOYER OPINION SURVEY SPECIAL SUPPLEMENT Health Care Reform A summary of employer opinions on future costs, plan designs and impact of Health Care Reform provisions About the Survey United Benefit Advisors, located in Indianapolis, has completed

More information

Invesco Wholesale Global Targeted Returns Fund Class A Monthly Report

Invesco Wholesale Global Targeted Returns Fund Class A Monthly Report Invesco Wholesale Global Targeted Returns Fund Class A Monthly Report 31 March 2018 FUND MANAGER OF THE YEAR 2017 WINNER Alternative Investments Fund performance analysis (periods to 31 March 2018) s Net

More information

Dr. Andreas Höfert, UBS Chief Economist. Swiss American Chamber of Commerce Zurich, October 30, 2009

Dr. Andreas Höfert, UBS Chief Economist. Swiss American Chamber of Commerce Zurich, October 30, 2009 UBS compensation survey Outlook 2010 Dr. Andreas Höfert, UBS Chief Economist Swiss American Chamber of Commerce Zurich, October 30, 2009 US equity markets: Havoc after Lehman Brothers collapse Index Percent

More information

GLOBAL BREXIT BAROMETER 2018

GLOBAL BREXIT BAROMETER 2018 GLOBAL BREXIT BAROMETER 2018 Tuesday 20 March 2018 Gary Baker, CFA, Managing Director EMEA and Industry and Policy Research, CFA Institute Rhodri Preece, CFA, Head of Industry Research, CFA Institute Will

More information

Agenda. The Role of Real Estate. Myths that drive the UK real estate market. Potential investment strategies risks & opportunities

Agenda. The Role of Real Estate. Myths that drive the UK real estate market. Potential investment strategies risks & opportunities Agenda The Role of Real Estate Myths that drive the UK real estate market Potential investment strategies risks & opportunities 1 The Role of Real Estate Real Estate as an investment asset class Roles

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

Direct Investment Between Canada and the World: 2011

Direct Investment Between Canada and the World: 2011 Direct Investment Between Canada and the World: 2011 Publication No. 2012-43-E 30 July 2012 Alexandre Gauthier Katie Meredith International Affairs, Trade and Finance Division Parliamentary Information

More information

Seasoned International Tax Professionals

Seasoned International Tax Professionals International Tax INTERNATIONAL TAX Seasoned International Tax Professionals RYAN S TEAM OF SEASONED INTERNATIONAL TAX PROFESSIONALS PROVIDES IN-DEPTH EXPERTISE IN ALL AREAS OF INCOME TAX, TRANSFER PRICING,

More information

Brexit Deal or No Deal. Mark Zandi, Chief Economist Barbara Teixeira Araujo, U.K. and Europe Economist October 2018

Brexit Deal or No Deal. Mark Zandi, Chief Economist Barbara Teixeira Araujo, U.K. and Europe Economist October 2018 Brexit Deal or No Deal Mark Zandi, Chief Economist Barbara Teixeira Araujo, U.K. and Europe Economist October 2018 1 Fallout From Brexit Vote Europe Weathers Brexit Storm Well Business Cycle Status, Oct

More information

Deal Stats Transaction Survey

Deal Stats Transaction Survey July 2012 December 2012 Summary Report Prepared by Jason M. Bolt, CFA, ASA Columbia Financial Advisors, Inc. K. Perry Campbell, Ph.D., CM&AA ACT Capital Advisors, LLC April 2013 A Publication of the AM&AA

More information

The Role of Governance and Management in Assessing Municipal Credit Quality

The Role of Governance and Management in Assessing Municipal Credit Quality The Role of Governance and Management in Assessing Municipal Credit Quality Daniel Mazibuko, Associate Lead Analyst, Sub-sovereign Group October, 2018 Agenda 1. Moody s Sub-Sovereign Group 2. Moody s

More information

Western Union Business Solutions GlobalPay for Students platform. business.westernunion.com.au

Western Union Business Solutions GlobalPay for Students platform. business.westernunion.com.au Western Union Business Solutions GlobalPay for Students platform User Guide Through experience, University of Western Sydney knows that making international payments can be a long, costly and complicated

More information

Mid-Year Survey of Hedge Fund Investor Sentiment. Summer Capital Services. Credit Suisse

Mid-Year Survey of Hedge Fund Investor Sentiment. Summer Capital Services. Credit Suisse Credit Suisse Capital Services Mid-Year Survey of Hedge Fund Investor Sentiment Summer 2017 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the

More information

Manpower Employment Outlook Survey Global

Manpower Employment Outlook Survey Global Manpower Employment Outlook Survey Global 3 216 Global Employment Outlook ManpowerGroup interviewed nearly 59, employers across 43 countries and territories to forecast labor market activity in Quarter

More information

INTERIM MANAGEMENT STATEMENT QUARTER ENDED 31 MARCH 2012

INTERIM MANAGEMENT STATEMENT QUARTER ENDED 31 MARCH 2012 INTERIM MANAGEMENT STATEMENT QUARTER ENDED 31 MARCH 2012 12 April 2012 Financial summary Growth in net fees for the quarter ended 31 March 2012 (Q3) (versus the same period last year) Actual Growth LFL*

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

A GUIDE TO OPTIONS. moving money for better. Manage FX risk and expand your business on an international scale. RISK MANAGEMENT

A GUIDE TO OPTIONS. moving money for better. Manage FX risk and expand your business on an international scale. RISK MANAGEMENT A GUIDE TO OPTIONS Manage FX risk and expand your business on an international scale. moving money for better RISK MANAGEMENT Protect your profit margins from volatile currencies. Take advantage of favourable

More information

Global Select International Select International Select Hedged Emerging Market Select

Global Select International Select International Select Hedged Emerging Market Select International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country

More information

The Power of Protection Confidence in the future. Global Report

The Power of Protection Confidence in the future. Global Report The Power of Protection Confidence in the future Global Report Contents 4 Foreword 6 Key findings 8 A positive outlook 10 Planning for the future 14 Sufficiently prepared? 18 Taking responsibility 22 Practical

More information

FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA

FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA FOREIGN DIRECT INVESTMENT S. Flower Street, 7th Floor, CA 97 www.laedc.org June The LAEDC Kyser Center

More information

Insurance data sources and data needs: Private-sector perspectives. Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur

Insurance data sources and data needs: Private-sector perspectives. Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur Insurance data sources and data needs: Private-sector perspectives Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur Agenda About Swiss Re's sigma Applications of insurance

More information

Insolvency forecasts. Economic Research August 2017

Insolvency forecasts. Economic Research August 2017 Insolvency forecasts Economic Research August 2017 Summary We present our new insolvency forecasting model which offers a broader scope of macroeconomic developments to better predict insolvency developments.

More information

SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT

SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT REPORT PREPARED BY: RESEARCH AND ANALYSIS UNIT ECONOMIC DIVISION MINISTRY OF FOREIGN AFFAIRS AND TRADE FEBRUARY 2016

More information

Good (But Risky) Times

Good (But Risky) Times Good (But Risky) Times Mark Zandi, Chief Economist, Moody s Analytics January, 2018 The Job Market Is Tight U6 underemployed per open job position 12 9 6 3 0 00 02 04 06 08 10 12 14 16 Sources: BLS, Moody

More information

2012 Global Investor Sentiment Survey Findings

2012 Global Investor Sentiment Survey Findings The global economy is complex and ever evolving, which can be a source of optimism and anxiety for investors. The Franklin Templeton 2012 Global Investor Sentiment Survey has revealed that in the near

More information

Manpower Employment Outlook Survey New Zealand

Manpower Employment Outlook Survey New Zealand Manpower Employment Outlook Survey New Zealand 3 216 New Zealand Employment Outlook The Manpower Employment Outlook Survey for the third quarter 216 was conducted by interviewing a representative sample

More information

HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com

HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY. msci.com HOW DO YOU DEFINE YOUR BORDERS? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI EAFE Index is designed to represent the performance of large- and mid-cap securities

More information

CEOs Less Optimistic about Global Economy for 2015

CEOs Less Optimistic about Global Economy for 2015 Press Release Date 22 January 2014 Contact Vu Thi Thu Nguyet Tel: (04) 3946 2246, Ext. 4690; Mobile: 0947 093 998 E-mail: vu.thi.thu.nguyet@vn.pwc.com Pages 6 CEOs Less Optimistic about Global Economy

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 14, 2012 FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Key Findings Foreign Direct Investment in the United

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

1st Quarter Revenue. April 22, 2010

1st Quarter Revenue. April 22, 2010 1st Quarter Revenue April 22, 2010 Disclaimer This presentation contains forward looking statements. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)"

More information

Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty Company presentation January 2012 Allianz An Introduction Allianz Group is one of the world s leading insurers and financial services providers Founded in 1890 in Berlin,

More information

Third quarter Vestas Wind Systems A/S. Copenhagen, 7 November 2018

Third quarter Vestas Wind Systems A/S. Copenhagen, 7 November 2018 Third quarter Vestas Wind Systems A/S Copenhagen, 7 November Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition, results of operations

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

ManpowerGroup Employment Outlook Survey Australia

ManpowerGroup Employment Outlook Survey Australia ManpowerGroup Employment Outlook Survey Australia 1 19 The ManpowerGroup Employment Outlook Survey for the first quarter 19 was conducted by interviewing a representative sample of 1,5 employers in Australia.

More information

As close as you need, as far as you go

As close as you need, as far as you go As close as you need, as far as you go BBVA, a global group For more than 150 years our clients have been the centre of our business. Now as a highly solvent international financial group we offer clients

More information

THE ENTREPRENEURIAL JOURNEY AND ITS IMPACT ON PRIVATE WEALTH

THE ENTREPRENEURIAL JOURNEY AND ITS IMPACT ON PRIVATE WEALTH 09 / BNP PARIBAS ENTREPRENEUR REPORT AT A GLANCE PART II THE ENTREPRENEURIAL JOURNEY AND ITS IMPACT ON PRIVATE WEALTH Based on the voices of, Elite entrepreneurs handling a total net worth of USD billion,

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 16, 2011 FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Key Findings Foreign Direct Investment in the United

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

To us there are no foreign markets. Managed Portfolio Service. Dynamic solutions in an ever changing world

To us there are no foreign markets. Managed Portfolio Service. Dynamic solutions in an ever changing world To us there are no foreign markets. Managed Portfolio Service Dynamic solutions in an ever changing world N38º41 58 W109º42 9 INVESTMENT OUTCOME NEW BEGINNINGS, USA Your world isn t confined to a single

More information

EUROPEAN PAYMENT INDUSTRY WHITE PAPER

EUROPEAN PAYMENT INDUSTRY WHITE PAPER EUROPEAN PAYMENT INDUSTRY WHITE PAPER 2 EPR Industry White Paper 2 European Payment Industry White Paper 2 Content Executive Summary 3 Pan-European sectoral analysis 9 Key findings Agriculture, forestry

More information

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual

More information

Q sales. April 21, 2010

Q sales. April 21, 2010 2010 sales April 21, 2010 Disclaimer All forward-looking statements are Schneider Electric management s present expectations of future events and are subject to a number of factors and uncertainties that

More information

The Kangaroo Island (DC) Region. Workforce Wizard Region Report

The Kangaroo Island (DC) Region. Workforce Wizard Region Report Workforce Wizard Region Report Table of Contents Executive Summary 3 Population and Social Characteristics 4 Current Population 4 Age Groups 4 Key Populations 5 Aboriginal Australians 6 Disability and

More information

Tuvalu. Key Indicators for Asia and the Pacific Item

Tuvalu. Key Indicators for Asia and the Pacific Item Key Indicators for Asia and the Pacific 2016 1 POPULATION Total population a thousand; as of 1 July 9.5 9.6 9.6 9.7 10.0 10.3 10.4 11.1 11.0 11.1 11.1 10.6 10.8 10.8 10.8 10.8 Population density persons

More information

Title. Deal insights for Ireland. Title. M&A Outlook

Title. Deal insights for Ireland. Title. M&A Outlook Title Title M&A Outlook 2017 Deal insights for Ireland M&A Outlook 2017 1 2 M&A Outlook 2017 Foreword We are delighted to present the findings from our survey on the outlook for Irish M&A activity in 2017.

More information

FTSE Global Equity Index Series

FTSE Global Equity Index Series FTSE Global Equity Index Series THE FTSE GLOBAL EQUITY INDEX SERIES With an unparalleled record of flexibility, transparency, consistent accuracy and the ability to meet any mandate, FTSE indices are already

More information

Global ex US PE / VC Benchmark Commentary

Global ex US PE / VC Benchmark Commentary Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2014 Overview During the third quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital

More information

MERCER SMARTDB TM A SMARTER APPROACH TO MANAGING LONGEVITY RISK

MERCER SMARTDB TM A SMARTER APPROACH TO MANAGING LONGEVITY RISK MERCER SMARTDB TM A SMARTER APPROACH TO MANAGING LONGEVITY RISK www.uk.mercer.com/smartdb MERCER SMARTDB TM A SMARTER APPROACH TO MANAGING LONGEVITY RISK Mercer SmartDB TM is a groundbreaking new solution

More information

Tuvalu. Key Indicators for Asia and the Pacific Item

Tuvalu. Key Indicators for Asia and the Pacific Item 1 POPULATION Total population thousand; as of 1 July 9.5 9.6 9.6 9.7 10.0 10.3 10.4 11.1 11.0 11.1 11.1 10.6 10.8 10.9 11.0 11.2 11.3 Population density persons per square kilometer 372 374 373 378 389

More information

Contents. 1. Working with Barclays 2. Bespoke client solutions 3. Your Barclays team 4. Appendix 5. Client case studies. 2 Offshore Corporate

Contents. 1. Working with Barclays 2. Bespoke client solutions 3. Your Barclays team 4. Appendix 5. Client case studies. 2 Offshore Corporate Offshore Corporate Contents 1. Working with Barclays 2. Bespoke client solutions 3. Your Barclays team 4. Appendix 5. Client case studies 2 Offshore Corporate Working with Barclays 3 Offshore Corporate

More information

ManpowerGroup Employment Outlook Survey Czech Republic

ManpowerGroup Employment Outlook Survey Czech Republic ManpowerGroup Employment Outlook Survey Czech Republic 3 217 Czech Republic Employment Outlook The ManpowerGroup Employment Outlook Survey for the third quarter 217 was conducted by interviewing a representative

More information

Global Property & REIT Quantitative Analysis

Global Property & REIT Quantitative Analysis Global Property & REIT Quantitative Analysis 4th Quarter 2012 2n S&P Dow Jones Indices Quantitative Analysis Global Property & REIT Page 1 Contents S&P Global Property & REIT 3 S&P Developed Property &

More information

HALF-YEARLY FINANCIAL RESULTS 2018 ROBERT WALTERS PLC

HALF-YEARLY FINANCIAL RESULTS 2018 ROBERT WALTERS PLC HALF-YEARLY FINANCIAL RESULTS ROBERT WALTERS PLC INTRODUCTION PEOPLE ARE THE MOST IMPORTANT COMPONENTS OF OUR BUSINESS. FROM THE JOB SEEKER, TO THE HIRING MANAGER, TO THOSE WHO BRING THEM TOGETHER. SO

More information

Copyright 2014 HomeAway Inc.

Copyright 2014 HomeAway Inc. Copyright 2014 HomeAway Inc. Safe harbor statement This presentation contains "forward-looking" statements, subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995,

More information

Congress continues to consider moving to

Congress continues to consider moving to Who Will Benefit from a Territorial Tax? Characteristics of Multinational Firms Jennifer Gravelle, Congressional Budget Office* INTRODUCTION Congress continues to consider moving to a territorial tax system

More information

Performance 2017: Global Stock Markets

Performance 2017: Global Stock Markets Performance 217: Global Stock Markets January 2, 218 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 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