THE BRAZILIAN ECONOMY AND THE AGENDA FOR REFORMS
|
|
|
- Elmer Stone
- 6 years ago
- Views:
Transcription
1
2 THE BRAZILIAN ECONOMY AND THE AGENDA FOR REFORMS XX Joint of Japan Brazil Economic Cooperation Committee José Augusto Coelho Fernandes Policy and Strategy Director Curitiba, August 28th, 2017
3 FROM TOKYO TO CURITIBA: What changed in the Brazilian economy? 3
4 THE QUESTIONS WHAT THE ECONOMIC INDICATORS SAY ABOUT THE RECOVERY? WHAT WAS THE EVOLUTION OF THE REFORMS? 4
5 FROM TOKYO TO CURITIBA RECOVERY SLOWER THAN EXPECTED MORE REFORMS THAN EXPECTED NEW INVESTIGATIONS, NEW UNCERTAINTIES 5
6 Economic scenario How is the economy going? 6
7 BUSINESS CONFIDENCE: HOLDING VIRTUALLY STEADY BUSINESS CONFIDENCE INDEX ICEI* TOKYO CURITIBA Confidence 52,3 52,6 Lack of confidence Aug-12 ago/12 ago/13 ago/14 ago/15 ago/16 ago/17 Aug-13 Aug-14 Aug-15 Oct-16 Aug-17 *The ICEI varies in the interval. Figures above 50 points indicate that entrepreneurs are confident. Source: ICEI Business confidence index. 7
8 INDUSTRIAL PRODUCTION HAS STOPPED FALLING INDUSTRIAL PRODUCTION CURITIBA TOKYO 86,5 83,6 jun/14 Jun-14 dez/14 Dec-14 jun/15 Jun-15 dez/15 Dec-15 jun/16 Jun-16 Oct-16 dez/16 jun/17 Jun-17 Source: IBGE 8
9 INFLATION: BETTER THAN EXPECTED IPCA INDEX 12,0 10,5 TOKYO 7,87 12-month inflation 9,0 7,5 CURITIBA Inflation target 6,0 4,5 2,71 Forecast 3,0 1,5 0,0 Source: IBGE Forecast: CNI 9
10 CDS: A LOWER RISK 10 Source: Bloomberg CREDIT DEFAULT SWAPS jan/10 abr/10 jul/10 out/10 jan/11 abr/11 jul/11 out/11 jan/12 abr/12 jul/12 out/12 jan/13 abr/13 jul/13 out/13 jan/14 abr/14 jul/14 out/14 jan/15 abr/15 jul/15 out/15 jan/16 abr/16 jul/16 out/16 jan/17 abr/17 jul/17 Jan-10 Jul-17 Oct-16 TOKYO 214,1 273,9 CURITIBA Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Oct-14 Jul-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Jan-17 Apr-17
11 INVESTMENTS: A SLOW RECOVERY INVESTMENT INTENTIONS INDEX CURITIBA TOKYO 47,9 43,5 Aug-15 Dec-15 Apr-16 Aug-16 Oct-16 Dec-16 Apr-17 ago/15 dez/15 abr/16 ago/16 dez/16 abr/17 ago/17 Aug-17 *The index range from The higher the index, the more likely industry is to invest Source: CNI 11
12 Nov-Dec-Jan nov-dez-jan Dec-Jan-Feb dez-jan-fev Jan-Feb-Mar jan-fev-mar Feb-Mar-Apr fev-mar-abr Mar-Apr-May mar-abr-mai Apr-May-Jun abr-mai-jun May-Jun-Jul mai-jun-jul Jun-Jul-Aug jun-jul-ago Jul-Aug-Sep jul-ago-set Aug-Sep-Oct ago-set-out Sep-Oct-Nov set-out-nov Oct-Nov-Dec out-nov-dez Nov-Dec-Jan nov-dez-jan Dec-Jan-Feb dez-jan-fev Jan-Feb-Mar jan-fev-mar Feb-Mar-Apr fev-mar-abr Mar-Apr-May mar-abr-mai Apr-May-Jun abr-mai-jun May-Jun-Jul mai-jun-jul Jun-Jul-Aug jun-jul-ago Jul-Aug-Sep jul-ago-set Aug-Sep-Oct ago-set-out Sep-Oct-Nov set-out-nov Oct-Nov-Dec out-nov-dez Nov-Dec-Jan nov-dez-jan Dec-Jan-Feb dez-jan-fev Jan-Feb-Mar jan-fev-mar Feb-Mar-Apr fev-mar-abr Mar-Apr-May mar-abr-mai Apr-May-Jun abr-mai-jun May-Jun-Jul mai-jun-jul Jun-Jul-Aug jun-jul-ago Jul-Aug-Sep jul-ago-set Aug-Sep-Oct ago-set-out Sep-Oct-Nov set-out-nov out-nov-dez Oct-Nov-Dec Nov-Dec-Jan nov-dez-jan Dec-Jan-Feb dez-jan-fev Jan-Feb-Mar jan-fev-mar Feb-Mar-Apr fev-mar-abr Mar-Apr-May mar-abr-mai Apr-May-Jun abr-mai-jun UNEMPLOYMENT KEPT INCREASING BUT NOW IS IN A TURNING POINT AS A PERCENTAGE OF THE LABOR FORCE (%) TOKYO 11,8 CURITIBA 13, Source: Continuous PNAD/IBGE 12
13 EXCHANGE RATE: UNCERTAINTIES AND RESILIENCE DAILY EXCHANGE RATE (PTAX CLOSING RATE*) IN R$ PER US$ 3,8 3,7 3,6 3,5 3,4 3,3 3,2 3,1 3 2,9 TOKYO 3,18 CURITIBA 3,12 2,8 Oct-16 ago/16 Aug-16 Sep-16 set/16 out/16 Nov-16 nov/16 dez/16 Dec-16 jan/17 Jan-16 fev/17 Feb-17 mar/17 Mar-17 abr/17 Apr-17 mai/17 May-17 Jun-17 jun/17 Jul-17 jul/17 Aug-17 Source: Central Bank of Brazil * The Closing Ptax rate is the arithmetic average of bid and offer rates published in daily bulletins. 13
14 SUMMARY TOKYO CURITIBA BUSINESS CONFIDENCE 52,3 52,6 INDUSTRIAL PRODUCTION 83,6 86,5 INFLATION 7,87 2,71 RISK 273,9 214,1 INVESTMENT INTENTIONS 43,5 47,9 UNEMPLOYMENT 11,8 13,0 EXCHANGE RATE 3,18 3,12 14
15 TOWARD A CYCLICAL RECOVERY TREASURY INTEREST RATE SELIC (%) HOUSEHOLD DEBT (%) LEVERAGE (DEBT/EQUITY) ,25 9, ,4 41,5 1,0 0,9 0,8 0,7 0,6 0,5 0,61 0,65 0,71 0,69 0,76 0,93 0,85 0 jun/13 Jun-13 abr/14 Apr-14 fev/15 Feb-15 dez/15 Dec-15 Oct-16 out/16 ago/17 Aug ,4 May-11 mai/11 May-12 mai/12 May-13 mai/13 mai/14 May-14 mai/15 May-15 mai/16 May-16 mai/17 May Q 1T Source: Central Bank of Brazil. Source: Central Bank of Brazil. Source: CEMEC-IBMEC. 15
16 IT HAS BEEN TIME OF REFORMS IN BRAZIL CONSTITUTIONAL REFORMS REGULATORY REFORMS ORDINARY LAW REFORMS 16
17 ONE YEAR AFTER 36 6 COMPLETED 23 IN PROGRESS PROPOSALS 7 HAVE STALLED CNI
18 REFORMS ACCOMPLISHED: MAIN HIGHLIGHTS FISCAL Limit on Public Expenses EDUCATION High School reform GOVERNANCE Regulatory Agencies Public Sector Companies LABOR Outsourcing Labor reform Excluding commuting accidents from the FAP (Accident Prevention Factor) calculation SECTORIAL Petroleum & Gas (sharing regime review) Charging the CDE (Energy Development Bill) proportionally Modernizing concessions for exploiting natural gas onshore TRADE Trade facilitation Trade negotiations IN PROGRESS 18
19 THE NEW LABOR LAW: A LANDMARK 54 AMENDED CONSOLIDATED LABOR LAW ( CLT ) 922 articles 43 NEW ONES 09 REVOKED 19
20 THE NEW LABOR LAW: A LANDMARK PREVALENCE OF NEGOTIATION OVER LEGISLATION NEW CONTRACTS MODELS MORE FLEXIBILITY RESPECT TO FUNDAMENTAL RIGHTS LEGAL CERTAINTY COOPERATION 20
21 WHAT CANNOT BE NEGOTIATED Health and security rules 13th salary (compulsory Christmas bonus) Right to free unionization Right to strike Right to free and spontaneous collective bargaining 21
22 WHAT CANNOT BE NEGOTIATED Additional pay for extraordinary working hours Protection against discrimination Maternity and paternity leave Annual vacation Protection for female workers 22
23 WHAT CAN BE NEGOTIATED + NEW REGULATIONS Representation of workers in the workplace Working hours, subjected to the constitutional limits Flexible working hours and an annual working hours bank Exclusion of commuting hours from working hours (rule) 23
24 WHAT CAN BE NEGOTIATED + NEW REGULATIONS Rest and meal break of at least 30 minutes Home office and intermittent work Modality of recording working hours Possibility of switching holidays falling in the middle of the week 24
25 WHAT CAN BE NEGOTIATED + NEW REGULATIONS Career and wages plan and corporate regulation Compensation for productivity and individual performance Incentive bonuses in goods and services Participation in profits and results 25
26 REFORMS: WHAT IS ON THE PIPELINE Land Regulation for foreigners Environment Licensing Social Security Reform Penalties against counterfeit products 26
27 ISSUES TO MONITOR MENTIONED IN THE TOKYO MEETING + ELECTIONS 2018 CONGRESS REACTION TO REFORMS PUBLIC OPINION REACTION EVOLUTION OF CORRUPTION INVESTIGATIONS SPEED OF ECONOMIC RECOVERY ELECTIONS
28 The climbing continues 28
29 To a better scenario (an integrated one) Cherry Blossoms Ueno Park,Tokyo 29 Ipê-roxo Ipê Festival, Brasilia
30 National Confederation of Industry - Brazil
THE BRAZILIAN ECONOMY AND THE AGENDA FOR REFORMS
THE BRAZILIAN ECONOMY AND THE AGENDA FOR REFORMS VIII CNI DIPLOMATIC BRIEFING José Augusto Coelho Fernandes Policy and Strategy Director Brasilia, November 21st, 2017 FROM JUNE TO NOVEMBER WHAT CHANGED
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
Challenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
XML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
Central Banking in Emerging Markets
Central Banking in Emerging Markets International Center for Monetary and Banking Studies () Governor of the Central Bank of Brazil Ilan Goldfajn January 15, 2019 Monetary policy is challenging in Emerging
Spheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
Financial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
INTERNATIONAL CRISIS AND POLICY RESPONSES IN BRAZIL. Secretariat of Economic Policy January 2010
INTERNATIONAL CRISIS AND POLICY RESPONSES IN BRAZIL January 2010 1 CONDITIONS TO FACE THE CRISIS 2 CONDITIONS TO FACE THE CRISIS International Reserves and Low External Vulnerability Fiscal Responsibility
Exchange Rate, Inflation, Growth and Development in Brazil
Exchange Rate, Inflation, Growth and Development in Brazil Nelson Barbosa Presented at the Conference Financial Governance After the Crisis Cosponsored by the Levy Economics Institute of Bard College and
Factor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
BRAZILIAN HIGH-TECH LITIGATION: Law, Business & Policy
BRAZILIAN HIGH-TECH LITIGATION: Law, Business & Policy Thursday, May 12 Washington, DC Scan to download this presentation or to receive link via e-mail Introduction Susan L. Karamanian Associate Dean B
The Market Expectations System: An Important Tool for Policy Support and Forecasting
The Market Expectations System: An Important Tool for Policy Support and Forecasting Renato Jansson Rosek October 2013 I. Historical Background II. Main Features of the System III. Reports IV. Use in Policy
THE RECOVERY OF THE BRAZILIAN ECONOMY WALTER BAÈRE FILHO
THE RECOVERY OF THE BRAZILIAN ECONOMY WALTER BAÈRE FILHO Deputy Executive Secretary of Planning, Development and Management THE ECONOMY REFLECTS THE ADJUSTED POLICIES BOOMING CAPITAL MARKET 85,032 pts
Development of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd \ mil ( )ratio of OR Mar-13 Mar-14 Securities Finance Bussiness 14,093 16,363 Margin Loan Business 6,625 9,240 (37.5%) (47.2%) Interest on Loans 1,760 4,012 Interest
HCSC Employees Pension Plan Cash Balance Participants
HCSC Employees Pension Plan Cash Balance Participants Prudential s HCSC Pension Calculator will use this information to calculate your estimated pension benefit assuming your service continues uninterrupted
Please scroll to find the 2018 and 2019 global fund holiday calendars.
Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
GDP Ranking on the 1st quarter How did Brazil reach such a situation?
GDP Ranking on the 1st quarter 2016 How did Brazil reach such a situation? It is politics, s... The elected President had a bellow 10% approval rate for more than one year The country went out the election
THE OECD SELECTION. Construction, sales, trade and transport. Economic activity in foreign countries Business and consumer
THE OECD SELECTION Subject Indicator % Brazil % OECD Production, stocks and orders Crude steel production 11.1 7.7 Construction, sales, trade and transport...... 10.9 Labour force...... 1.9 Prices, costs
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
ECONOMIC FACT SHEET 2 ND QTR., 2013
1 ECONOMIC FACT SHEET 2 ND QTR., 2013 Data and consensus expectations 2013 2013* GDP growth - 2013 forecast - 2.5 %* Unemployment - (may) 5.8 % - Public debt/gdp (apr.) 35. - Inflation (IPCA p.a.) - jun.
TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,
Isle Of Wight half year business confidence report
half year business confidence report half year report contents new company registrations closed companies (dissolved) net company growth uk company share director age director gender naming trends sic
P R O J E T A THE ECONOMIST
SCENARIOS OF THE BRAZILIAN ECONOMY Carlos Geraldo Langoni PricewaterhouseCoopers September / 2010 THE ECONOMIST STRUCTURAL CHANGES WORLD LEVEL: MULTIPOLARITY; DOMESTICALLY: MACRO CONSENSUS. MULTIPOLAR
BRAZIL MACROECONOMIC OUTLOOK January, 2018 Economic Research Department
BRAZIL MACROECONOMIC OUTLOOK January, 2018 Economic Research Department PRIMARY SURPLUS % of GDP 3.5% 2.5% 1.5% 2.4% 2.0% 2.1% 2.8% 1.2% 2.8% 2.1% 1.6% 1.4% 0.5% -0.5% -1.5% -0.3% -1.0% -2.5% -3.5% -1.9%
Cost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
Brazil Review March 1, 2018
Brazil Review March 1, 2018 Central Bank near the end of the easing cycle The Brazilian economy in February 2018 The Central Bank reduced the benchmark Selic interest rate by 25 bps to 6.75% and signaled
Regional overview Gisborne
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area District 1 2 3 4+ TOTAL 3 35 5 7 total 3 35 5 7 7 8 9 1 11 Purchasing intentions - change within the
SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
Otaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank
Otaviano Canuto Vice President & Head of Network Poverty Reduction and Economic Management The World Bank The 11th International Academic Conference on Economic and Social Development April 6-8, 2010 Moscow
Macro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
Brazil s political and economic scenario and O&G sectorial trends. Ricardo Sennes
Brazil s political and economic scenario and O&G sectorial trends Ricardo Sennes PRESENTING PROSPECTIVA 2/20 MIAMI AREAS OF OPERATION Strategic consulting for public policies Intelligence & Analysis Market-oriented
Regional overview Hawke's Bay
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area Hastings Central 1 2 3 4+ TOTAL 5 5 25 125 3 3 1 7 total 8 8 35 195 7 8 9 1 11 Purchasing intentions
PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
Executive Board meeting
Executive Board meeting September 7 Growth forecasts Consensus Forecasts GDP. Percentage change on previous year 9 7 Forecasts August Forecasts September World North Western Japan America Europe 7 Asia
Revenue Estimating Conference Tobacco Tax and Surcharge Executive Summary
Revenue Estimating Conference Tobacco Tax and Surcharge Executive Summary February 12, 2014 The Revenue Estimating Conference reviewed Tobacco Tax and Surcharge revenues on February 12, 2014. The forecasts
INDUSTRIAL SURVEY. Capacity utilization begins 2016 at remarkably low levels Capacity utilization - average percentage (%)
CNI Indicators INDUSTRIAL SURVEY More than a third of industry are at a standstill Capacity utilization in industry began in its lowest recorded level. The indicator stood at a weak 62% in January, remaining
1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility
Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
London Borough of Barnet Pension Fund. Communication Strategy (2018)
London Borough of Barnet Pension Fund Communication Strategy (2018) Background This document sets out the communication strategy for the London Borough of Barnet Pension Fund. The London Borough of Barnet
Executive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
Illinois Job Index. Growth Rate %
Illinois Job Index Release Data Issue 03/14/2011 Jan 1990 / Jan 2011 2011.02 www.real.illinois.edu For January Illinois Job Index, the Nation, RMW and the state all had positive job growth. The monthly
Recent developments in the Mexican Peso market. March 2009
Recent developments in the Mexican Peso market March 2009 1 Index 1. The FX market before the financial turmoil 2. What we got right what we missed 3. Structural change in the FX market 4. Final remarks
Brazil: FX and Capital Markets Highlights of the Week
Brazil: FX and Capital Markets Highlights of the Week Monday, April 7, 1 Currency flow remains positive Brazilian currency maintained the good performance of the previous weeks. The real kept last week
Global Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
Key IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
Investing for now and the future. Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010
Investing for now and the future Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010 Outline Saving vs Investing Key Considerations before starting Stages of life and investing Set
HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
1Q15 Results Conference Call
1Q15 Results Conference Call May/2015 Economic-Financial Office and Investor Relations Office Notice This presentation may contain forward-looking statements referring to SABESP s business outlook. operating
Conference Call 2Q17
Conference Call 2Q17 1 Highlights 2Q17 Net Revenue of R$57.7 million in 6M17. Net Income of R$1.6 million in 6M17. Adjusted EBITDA of R$1.9 million in 6M17. Supply of 869.5 thousand tons of sugarcane in
Illinois Job Index Note: BLS revised its estimates for the number of jobs and seasonal adjustment method at the beginning of 2010.
Illinois Job Index Release Data Issue 4/21/2010 Jan 1990 / Mar 2010 Note: BLS revised its estimates for the number of jobs and seasonal adjustment method at the beginning of 2010. For April Illinois Job
How Long Will Wage Restraint Persist?
How Long Will Wage Restraint Persist? Prospects For Wage Inflation in Advanced Economies Jacob Funk Kirkegaard Senior Fellow 4/4/2018 Peterson Institute for International Economics 1750 Massachusetts Ave.,
Capturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
Localiza Rent a Car S.A.
Localiza Rent a Car S.A. Confins airport branch Belo Horizonte 24h reservation 0800 979 2000 www.localiza.com 1 Integrated business platform 28,080 cars 172 agencies 1.2 million clients 16,600 cars 405
HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
2014 Results. March Economic - Financial Office and Investor Relations Office
2014 Results March 2015- Economic - Financial Office and Investor Relations Office Disclaimer This presentation may contain forward-looking statements referring to SABESP s business outlook, operating
Business & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
Banco do Brasil. 2Q10 Conference Call
Banco do Brasil 2Q10 Conference Call 1 Disclaimer This presentation may include references and statements, planned synergies, increasing estimates, projections of results and future strategy for Banco
QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
Peru s fundamentals and economic outlook Julio Velarde Governor Central Bank of Peru. March 2015
Peru s fundamentals and economic outlook Julio Velarde Governor Central Bank of Peru March 2015 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments and prospects 3.
Brazil. Results January 30 th, 2014
Brazil Results 2013 January 30 th, 2014 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private
THE B E A CH TO WN S O F P ALM B EA CH
THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,
Economic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
Government Bond Market Development in Myanmar
Government Bond Market Development in Myanmar Daw Si Si Pyone Deputy Director General Treasury Department 11-8-2017 Ministry of Planning and Finance 1 Outlines I. Key Milestones in Development of Treasury
BNDES: The Financial Support for IT and Innovation Projects. December 2010
BNDES: The Financial Support for IT and Innovation Projects December 2010 Demand Drivers for IT in Brazil Domestic demandis supporting growth: increasing employment rates and salaries; reducing social
Key West Cruise Ship Data - Passenger Counts Number of Passenger Arrivals
Key West Cruise Ship Data - Passenger Counts Number of Passenger Arrivals (Source: City of Key West Port Operations Office) Month 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Consumer confidence and economic climate indicators continue to increase
%/3mma Business and Consumer Surveys July 2017 28 July 2017 Consumer confidence and economic climate indicators continue to increase The Consumer confidence indicator increased in July, resuming the positive
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
Six months of FY ending December 31, (0.4) (1.9) 22.5 (0.4) (0.3) (0.4) (0.1) (0.4) (0.7) (2.0) 0.9 (1.
November 11, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, September 30, ) I. Consolidated business results for the six months ended September 30, (Billions of
Economic and Revenue Update
Economic and Revenue Update A Briefing for the Money Committees Aubrey L. Layne, Jr. Secretary of Finance Commonwealth of Virginia www.finance.virginia.gov January 2018 Topics for Discussion National and
ECONOMIC REPORT. Cost reduction and investment are key to resume economic growth. Brazilian economy in the third quarter of 2012
ECONOMIC REPORT Newsletter of the National Confederation of Industry Year 28 Number 03 July/September 2012 www.cni.org.br Cost reduction and investment are key to resume economic growth Brazilian economy
Figure 1: Change in LEI-N August 2018
Nebraska Monthly Economic Indicators: September 26, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic
(Internet version) Financial & Statistical Report November 2018
(Internet version) Financial & Statistical Report November 2018 12/17/2018 Statement of Operations For the Period Ended November 30, 2018 (in millions) Current Month Year-to-Date Operating Revenue $ 31.4
Regional overview Auckland
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area North West Central South 1 2 3 4+ TOTAL 8 4 5 125 16 2 9 7 52 25 185 8 3 545 2 28 13 1 71 total 69 75
Consumer confidence and economic climate indicators increase
%/3mma Business and Consumer Surveys March 2017 March, 30 th 2017 Consumer confidence and economic climate indicators increase The Consumer confidence indicator increased between September and March, resuming
Brazil. Results 1H13. July 30 th, 2013
Brazil Results 1H13 July 30 th, 2013 Important information Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities
CFD PRODUCT GUIDE. Registered in the Commercial Register of Bulgaria under UIN
Registered in the Commercial Register of Bulgaria under UIN 123560824 CONTENTS Notice...3 Risk Warning...3 1. Trading Hours...4 2. Contract Size \ Contract value...4 3. Tick size \Tick value\spread value...5
Ohlone Community College District
Ohlone Community College District General Obligation Bond Refinancing Overview June 8, 2016 Outstanding General Obligation Bonds Issue Date Issue Amount Description Call Date Maturity Outstanding 6/19/2002
LACEA/LAMES 2007 BRAZIL" 05/10/2007
LACEA/LAMES 2007 Policy Responses to Sudden Stops in BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia Introduction (1/2) Brazil suffered in 2002 a sudden stop. Capital flows fell by some USD 24
Economic Outlook. Macroeconomic Research Itaú Unibanco
Economic Outlook Macroeconomic Research Itaú Unibanco March 2015 Overview International Global growth on the rise. U.S. interest rates will soon follow U.S. economic fundamentals remain solid. Rates are
LACEA/LAMES Implications for Latin America: BRAZIL" 05/10/2007
LACEA/LAMES 2007 Global Financial Markets Turmoil and Implications for Latin America: BRAZIL" 05/10/2007 Márcio Garcia www.econ.puc-rio/mgarcia I. Inflation, Output Growth and Unemployment GDP Growth and
(Internet version) Financial & Statistical Report September 2017
(Internet version) Financial & Statistical Report September 2017 10/23/2017 Statement of Operations For the Period Ended September 30, 2017 (in millions) Current Month Year-to-Date Operating Revenue &
Record first quarter earnings
Record first quarter earnings DBS Group Holdings 2015 financial results April 27, 2015 Disclaimer: The information contained in this document is intended only for use during the presentation and should
(Internet version) Financial & Statistical Report December 2017
(Internet version) Financial & Statistical Report December 2017 01/22/2018 Statement of Operations For the Period Ended December 31, 2017 (in millions) Current Month Year-to-Date Operating Revenue & Patronage
(Internet version) Financial & Statistical Report December 2016
(Internet version) Financial & Statistical Report December 2016 1/23/2017 Statement of Operations For the Period Ended December 31, 2016 (in millions) Current Month Year-to-Date Operating Revenue & Patronage
Theviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and
Theviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and thepresenceofthem,oroflinkstothem,ontheimfwebsitedoesnotimplythattheimf,its ExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpresedinthepapersor
Key IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
MARCH M T W T F S S
0 0 JANUARY 0 0 0 FEBRUARY 0 0 MARCH 0 0 0 JANUARY 0 0 0 FEBRUARY 0 0 MARCH 0 0 0 APRIL 0 0 0 JULY 0 0 0 MAY 0 0 0 AUGUST 0 0 0 JUNE 0 0 0 SEPTEMBER 0 0 0 APRIL 0 0 0 JULY 0 0 0 MAY 0 0 0 AUGUST 0 0 0
Contents. HSBC Group in the world. HSBC in Brazil. New Economic Scenario / Macroeconomic Forecasts
HSBC GLOBAL & LOCAL STRATEGY IN A NEW ECONOMIC SCENARIO Conrado Engel CEO & President of HSBC Bank Brasil 26 March 2010 The British Chamber of Commerce and Industry in Brazil - São Paulo 0 Contents HSBC
Inflation Report. July September 2012
July September 1 November 7, 1 1 Outline 1 External Conditions Economic Activity in Mexico 3 Monetary Policy and Inflation Determinants Forecasts and Balance of Risks External Conditions The growth rate
Three-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
Algo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
ACA Reporting E-File Errors, Penalties & Exchange Notices
ACA Reporting E-File Errors, Penalties & Exchange Notices Agenda 1). Who is ACA Reporting Service? (quickly) 2). Setting the ACA Reporting Stage 3). The Process Leading up to E-Filing 4). E-Filing through