J.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway
|
|
- Horace Thomas
- 6 years ago
- Views:
Transcription
1 J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Norway
2 Introduction Norway's GDP growth was hit significantly after the fall in oil prices in the second part of Since then, GDP has rebounded to close to 2.5% quarter on quarter annual revenue. 1 Going forward, growth is expected to remain strong, which should contribute to further lowering the unemployment rate, and as a result, lift inflation. The Norges Bank has become more hawkish in recent months, signalling that the policy rate, which currently stands at 0.5%, 2 could be hiked in Q1, This information is based on projected figures and is subject to change at any time [ 2 ]
3 Norway: At a glance Population 5.23m Average age GDP B2C ecommerce market value 39.1 years 370.6bn 9.44bn Internet penetration 98% Smartphone penetration 68% Card penetration per capita 2.83 (debit & credit) Source: Edgar, Dunn and Company via World Bank 2016, CIA 2016, World Bank 2018, GlobalData, Virke.no & ecommerce Foundation 2016, Internet Live Stats 2016 Norway: Consumer spending 360, ,000 Norwegians made up just 1% of the population of Europe in 2016, 4 the smallest country by population in our study. Nevertheless, Norway is a mature and dynamic ecommerce market; buying goods online has become ingrained in the dayto-day shopping habits of the majority of Norwegians. This familiarity with online spending has propelled Norway's ecommerce market to double-digit growth in recent years. Norway's B2C ecommerce value was 9.44bn in 2016, up 16.4% on 2015 ( 8.11bn) and 32.2% on 2014 ( 7.14bn). 5 This growth is expected to continue. Fuelled by a population that is very comfortable with ecommerce, the country has a forecasted B2C market value in 2020 of 14.74bn, 6 representing a compound annual growth rate (CAGR) of 11.8%. 7 Youthful opportunity Norway is youthful and affluent. People aged 24 or under make up 30.6% of the population. The average age in Norway in 2016 was 39.1 years, making it the youngest nation included in our study the European average age is 42.7 years. 8 This bodes well for ecommerce, as a large cohort of digital natives continues to mature. Norwegians already spend large amounts online; the average annual online spend per consumer in 2016 was 2,467, 9 making Norway the second-highest spending country in our study July July 2016 Source: Trading Economics, National Statistics Institute 2017 July , , , ,000 NOK Millions Norwegians are also using the internet to better inform instore purchases. The tendency for consumers to carry out research online before going out to purchase the products in person is a rising trend across the Nordics. 33% of Norwegian shoppers engage in this activity for clothing and footwear purchases. 10 And significantly, this habit has not harmed online sales for the category, with clothing among the most popular categories purchased online. 11 Retailers must be aware of such trends and cater to this demand by presenting their brands via multiple channels. [ 3 ]
4 ecommerce: % of total sales by segment used way to pay by value, at 21%, while e-wallets took a 19% share. Cash accounted for just 4% of sales % Digital Goods 60% Online travel agents (OTAs)/ Tour Operators 39% Public Transit (metro/rail/bus) 13% Consumer Electronics 5% Department Stores Source: J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Edgar, Dunn and Company, % Airlines 56% Accommodation/ Hotels 19% Fashion/ Apparel 5% Mass Merchandise 4% Grocery/ Supermarkets ecommerce penetration (%) This reflects the Nordics negative attitude in general towards cash as a payment method, and Norway s own efforts to cut down on the use of notes and coins. Norway s biggest bank, state-backed DNB, has eliminated cash from its branches, and physical banking is also in major decline in Norway; DNB closed half its branches in Consequently, the value of cash transactions fell 15% between 2015 and 2016, to 340m. 16 Bank transfers and app innovation As the use of cash diminishes in Norway, the value of transactions made by other methods is rising. The value of card transactions rose 14.8% between 2015 and 2016, to reach 3.48bn. 17 E-wallets also rose by 18.3% to 1.81bn. 18 The biggest rise, however, was in bank transfers, which jumped 134% from 0.83bn worth of transactions in 2015 to 1.95bn in As bank transfers become more convenient and efficient, we expect them to continue to take market share from cards, although they still pose issues with reconciliation. One interesting development is Bank Axess, which is a connected payment system covering much of the banking sector in the country; its customers can make secure transfers by using a Bank ID number. Consumers eye international options, while digital banking dominates In Norway, two-thirds of the population shopped online during an average month in Some 40% of these transactions were made on foreign websites, with Chinese, UK, US, and Swedish businesses all popular. 13 Perhaps because of this high number of orders from abroad, Norwegian shoppers expectations concerning speed of delivery are quite low. Just 14% of online shoppers in Norway expect to receive their delivery within two days; around 20% expect delivery times of more than six days. Slow delivery times may also be a function of the country's logistically challenging geography and non-eu import rules. 14 Cards were the dominant payment method in Norway in 2016, used for 37% of sales by value. Bank transfers were the second-most Card penetration per capita Metric indicator DEBIT CREDIT TOTAL Debit card per capita (ecommerce enabled) Credit card per capita (ecommerce enabled) Total cards per capita (ecommerce enabled) Total Source: J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData & Lafferty, 2016 [ 4 ]
5 Payment method split by value (%) Penetration of alternative payment methods (%) 37% 21% 20% 19% 4% Bank Transfer Card Other E Wallet Cash Source: J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, 2016 Vipps 3-5% Klarna 5-7% PayPal 11-13% Source: J.P. Morgan Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company Two important components of this rapidly growing bank transferled payment culture is both high smartphone penetration and a strong internet infrastructure. At 68%, Norway has the second-highest smartphone use in our study (Sweden, at 70%, is highest). 20 Norway also has the highest internet penetration rate across Europe, with 98% of the population having access to the internet, in comparison to the European average of 80.1%. 21 Elsewhere in the alternative payments space, PayPal holds around 11%-13% of the market in terms of value, and Klarna has 5%-7%. 22 But what is clear is that Norwegians are willing to accept new technological innovation in certain segments. Companies hoping to profit in the alternative payments space or indeed the wider ecommerce industry can learn much from Norway. Despite its diminutive market size compared to its European siblings, Norway represents an example of a highly advanced digital payments economy, underpinned by shoppers willing and able to spend high sums online. [ 5 ]
6 * J.P. Morgan's The Changing Dynamics of Alternative Payments in Europe study includes the following countries: UK, the Netherlands, Germany, France, Italy, Spain, Norway, Denmark, Sweden, Switzerland, Finland. References [1] J.P. Morgan Western Europe economic research, Dec [2] Norges Bank, December 2017 Key policy rate unchanged at 0.5%. Accessed March [3] J.P. Morgan Western Europe economic research, Dec [4] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via World Bank, [5] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [6] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData (2016), emarketer (2016), E-Commerce Foundation (2016), EDC Estimate (2017). [7] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [8] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via CIA, [9] J.P Morgan s Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via E-commerce Foundation, Global B2C E-commerce Report [10] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Postnord, 2017, E-Commerce in the Nordics 2017, [11] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Postnord, 2017, E-Commerce in the Nordics 2017, [12] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Postnord, E-Commerce in the Nordics 2017, [13] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Postnord, E-Commerce in the Nordics 2017, [14] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Postnord, E-commerce in the Nordics. [15] J.P. Morgan s Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [16] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [17] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [18] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [19] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, Virke.no & E-commerce Foundation, [20] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData, [21] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via Internet Live Stats & Eurostat, [22] J.P. Morgan's Country Insights: The Changing Dynamic of Payments in Europe: Data has been provided to J.P. Morgan Merchant Services by Edgar, Dunn and Company via GlobalData (2016), EDC Research & Analysis. For more information please contact: Your Relationship Manager or visit Information contained in this document has been prepared by third parties or obtained from sources which are believed to be reliable; but neither Chase Paymentech Europe Limited nor any of its affiliates warrant the completeness or accuracy of the information contained herein. Chase Paymentech Europe Limited and any of its affiliates shall have no liability to the user or to third parties, for the quality, accuracy, timeliness, or for any special, indirect, incidental or consequential damages which may be experienced because of the use of or reliance on the data or statements made available herein. Third party trademarks, brand names, products and services are only referential and Chase Paymentech Europe Limited and its affiliates disclaims any sponsorship, affiliation or endorsement of or by any such third party. Chase Paymentech Europe Limited, trading as J.P. Morgan, is regulated by the Central Bank of Ireland. Registered Office: JP Morgan House, 1 George's Dock, I.F.S.C., Dublin 1, D01 W213, Ireland. Registered in Ireland with the CRO under the Registration No Directors: Catherine Moore (UK), Carin Bryans, Michael Passilla (US), Dara Quinn, Steven Beasty (US) Copyright 2018 [ 6 ]
J.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Finland
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Finland Introduction Finland s GDP growth is expected to remain above the EU average in 2018 and 2019, at 2.7% and 2.4% respectively.
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Italy
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Italy Introduction Italy's GDP growth trajectory is predicted to take a slight downward turn, decelerating to 1.5% in 2018 and then
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE The Netherlands Introduction The Dutch economy is performing well, driven by the positive performance of the Eurozone, as well as
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Germany
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Germany Introduction Germany is expected to post solid growth in 2018: strong activity in the Eurozone is helping support Germany's
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Spain Introduction Beset by political unrest in Catalonia in 2017, Spain's economic growth is predicted to slow slightly but remain
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE United Kingdom
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE United Kingdom Introduction Three dominant forces have acted on the UK economy recently. On the demand side was the impact of Brexit-related
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE France
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE France Introduction Economic growth in France is expected to be solid in 2018, with GDP forecast to expand by 1.75%. 1 Low interest
More informationJ.P. Morgan Country Insights. THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Overview
J.P. Morgan Country Insights THE CHANGING DYNAMIC OF PAYMENTS IN EUROPE Overview Foreword Dear Readers, J.P. Morgan has produced eleven reports on European ecommerce payment trends in order to give you
More informationStrong platform in Norway. Untapped opportunities for profitable growth
Strong platform in Norway Untapped opportunities for profitable growth 2 Strong market shares Well positioned in home market product areas and customer segments Retail market Lending Deposits Policyholders
More informationTHE FUTURE OF CASH AND PAYMENTS
THE FUTURE OF CASH AND PAYMENTS Retail Banking Research January 2010 CONFIDENTIALITY AND COPYRIGHT This report is published by Retail Banking Research Ltd (RBR). The information and data within this report
More informationSecond estimate for the third quarter of 2008 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in services
STAT/09/12 22 January 2009 Second estimate for the third quarter of 20 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in According to the latest revisions1, the EU272 external
More informationSecond estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in services
109/2010-22 July 2010 Second estimate for the first quarter of 2010 EU27 current account deficit 34.8 bn euro 10.8 bn euro surplus on trade in According to the latest revisions 1, the EU27 2 external current
More informationGlobal Private Label Card Market: Trends & Opportunities ( ) April 2016
Global Private Label Card Market: Trends & Opportunities (2016-2020) April 2016 Global Private Label Card Market Report Scope of the Report The report titled Global Private Label Card Market: Trends &
More informationTHE ECONOMIC OUTLOOK FOR THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN, 8 MAY 2015
THE ECONOMIC OUTLOOK FOR THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN, 8 MAY 5 Flexible inflation targeting Low and stable inflation Key policy rate in MPR /5 and MPR /,5% Stable developments in output
More informationPayments and E-commerce Report Eastern Europe & the Commonwealth of Independent States EE/CIS
s and E-commerce Report Eastern Europe & the Commonwealth of Independent States Dear reader, Welcome to the PPRO Regional s and E-commerce report for Eastern Europe and the CIS (Commonwealth of Independent
More informationJuly 2012 Decoding Global Investment Attitudes
July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments
More informationCopenhagen Winter Seminar
Copenhagen Winter Seminar Tonny Thierry Andersen Executive Board member Global Head of Personal Banking 2 December 2015 Well on track to deliver on all of our ambitions for 2015 Target Status after Q3
More informationIntroduction to NORWAY
Introduction to NORWAY As a result of North Sea oil and gas, Norway has become one of the richest countries in Europe in terms of income per capita. The revenues from the petroleum industry have allowed
More informationCan the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight
Can the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight Eurozone Growth Robust in First Half 4 (Percent change, q/q, real GDP) 3 2 1 0-1 GDP Dom Demand Cons Inv Govt.
More informationRetail banking. Section 4.2
Retail banking Section 4.2 Retail banking: CheBanca! profile CheBanca! KPIs Strong funding arm: 13.3bn direct deposits plus 1bn indirect deposits Best Italian online bank in 2012* Scalable and efficient
More informationTrends and opportunities within Nordic Life and Pension
Trends and opportunities within Nordic Life and Pension 2 September 2010 UBS Nordic Financial Services Conference Storebrand Odd Arild Grefstad Group CFO Important Notice This document may contain forward-looking
More informationHigh quality growth in Nordic Life and Pensions
High quality growth in Nordic Life and Pensions 2 December 2010 Berenberg European Conference 2010 Storebrand Odd Arild Grefstad Group CFO Important information: This document may contain forward-looking
More informationThe European Internet Industry 2016 Funding Market Insights LONDON PARIS HAMBURG
The European Internet Industry 216 Funding Market Insights INTERNET FINANCING HAS CONTINUED TO PROGRESS BY DEAL VOLUME 6, VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET (214 216) 2 5, Total
More informationThe Impact of Demographic Change on the. of Managers and
The Impact of Demographic Change on the Future Availability of Managers and Professionals in Europe Printed with the financial support of the European Union The Impact of Demographic Change on the Future
More informationHow the World Pays: Our Most Popular Research is Back with New Data. John O Brien, VP Business Development, Worldpay
How the World Pays: Our Most Popular Research is Back with New Data John O Brien, VP Business Development, Worldpay Raising the bar on what we call insight QBRs worldpay.com/global/insights Case studies
More informationFinland's Balance of Payments. Annual Review 2007
Finland's Balance of Payments Annual Review 27 Direct investment, stock 1998 27 9 8 7 6 5 4 3 2 1 1998 1999 2 21 22 23 24 25 26 27 In Finland (LHS) Abroad (LHS) In Finland, of GDP (RHS) Abroad, of GDP
More informationVenture Capital s Contribution to the Israeli Economy. Summary
Venture Capital s Contribution to the Israeli Economy Summary June 15, 2005 Introduction We are pleased to present to the annual IVA conference this analysis prepared for the IVA by Economic Models headed
More informationCONSOLIDATED FINANCIAL STATEMENTS
88 2.2 Report on Economic Position European internet retailing and online fashion sales once again grow considerably more strongly than the economy as a whole Zalando closes a successful fiscal year and
More informationEuropean Corporate Governance Policy Updates
European Corporate Governance Policy 2011 Updates November 19, 2010 Institutional Shareholder Services Inc. Copyright 2010 by ISS www.issgovernance.com ISS European Corporate Governance Policy 2011 Updates
More informationExecutive Board meeting. 14 December 2011
Executive Board meeting December EU measures ECB Key policy rate has been reduced to. percent Measures: Liquidity operation with a maturity of months Reserve requirements reduced from to per cent Reduced
More informationIAB Europe AdEx Benchmark 2014
IAB Europe AdEx Benchmark 2014 About the study A meta analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns x Ratecard Submissions from
More informationMSCI EAFE Index. An index that provides access to developed markets outside the United States. Nationwide New Heights Fixed Indexed Annuities
Nationwide New Heights Fixed Indexed Annuities International Index Option Guide MSCI EAFE Index An index that provides access to developed markets outside the United States MSCI EAFE The MSCI EAFE Index
More informationThe European economy since the start of the millennium
The European economy since the start of the millennium A STATISTICAL PORTRAIT 2018 edition 1 Since the start of the millennium, the European economy has evolved and statistics can help to better perceive
More informationNORGES BANK MEMO DEVELOPMENTS IN RETAIL PAYMENT SERVICES CHARTS
NORGES BANK MEMO DEVELOPMENTS IN RETAIL PAYMENT SERVICES - 213 CHARTS Chart 1.1 Use of electronic payment instruments. Transactions in millions. 21 213 1 8 1 6 1 4 1 2 1 8 6 4 2 Debit and credit transfers
More informationFourth quarter, February 9, 2018
Fourth quarter, February 9, 218 Overview results SEKm 216 2 FY FY 216 2 Net sales 1,83 1,355-2% 37,79 38,478-4% Adjusted EBIT 1 272 242 338 5 EBIT 272-1,12-124 -1,83 Net income for the period 27-1,375-337
More informationEuropean Real Estate Market H
European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized
More informationEuropean Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate
European Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate This presentation is issued by Invesco Real Estate for Professional Clients
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for Stronger
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Slovenia
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Industry Trends in Product & Asset Management Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International 24 26 April
More informationCosts related to Equity Trading
Costs related to Equity Trading 1. Overview of costs When you buy or sell shares you pay a fee to DNB. The fee is a transaction cost paid when the trade is settled. 1.1 Brokerage fee for Norwegian Shares
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RL34073 Productivity and National Standards of Living Brian W. Cashell, Government and Finance Division July 5, 2007 Abstract.
More informationEUROPA - Press Releases - Taxation trends in the European Union EU27 tax...of GDP in 2008 Steady decline in top corporate income tax rate since 2000
DG TAXUD STAT/10/95 28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio1
More informationRESULTS DNB GROUP FOURTH QUARTER
RESULTS DNB GROUP FOURTH QUARTER 03.02.2017 Major achievements in 2016 CET1 ratio requirement reached one year ahead of plan. CET1 ratio 16.0 per cent. Leverage ratio 7.3 per cent, well above the upcoming
More informationHandelsbanken. January June July 2017
Handelsbanken January June 18 July Average annual growth in equity Including dividends* kr / aktie SEK/share 150 Adjusted equity per share Accumulated dividends since 2008 125 100 75 50 25 0 Q307 Q407
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division October 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division October 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationInvestor Presentation. April 2018
Investor Presentation April 2018 Disclaimer This presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background.
More informationDnB NOR Group 1st half and 2nd quarter 2010 results. Bjørn Erik Næss, chief financial officer
DnB NOR Group 1st half and 2nd quarter 2010 results Rune Bjerke, group chief executive Rune Bjerke, group chief executive Bjørn Erik Næss, chief financial officer 1st half and 2nd quarter 2010 Rising credit
More informationDnB NOR Norway and beyond
DnB NOR 2008-2010 Norway and beyond Presentation by Rune Bjerke, group chief executive Capital Markets Day, 9 October 2007 DnB NOR has a strong track record Development in pre-tax operating profit before
More informationRESEARCH INVESTMENT MARKET
RESEARCH INVESTMENT MARKET Q1 16 INVESTMENT MARKET Q1 16 3mln COMMERCIAL REAL ESTATE TRANSACTION VOLUME IN Q1 16 Commercial real estate market has experienced a times transactions volume drop (compared
More informationBROLL RETAIL BAROMETER
BROLL RETAIL BAROMETER MAXIMISING PROPERTY POTENTIAL www.broll.co.za Review of Fourth Quarter 2011 RESEARCH Key facts Prime shopping centres Gross rentals Cap rates Vacancies Prime high street Gross rentals
More informationCAGNY Conference. February 22, 2018
CAGNY Conference February 22, 2018 Disclaimer This presentation has been prepared and issued by Nomad Foods Limited (the "Company"). This Presentation has been provided solely for information and background.
More informationAllianz Asset Pro+ Fixed Index Universal Life Insurance Policy
Allianz Life Insurance Company of North America 5701 Golden Hills Drive Minneapolis, MN 55416-1297 SM Allianz Asset Pro+ Fixed Index Universal Life Insurance Policy Current rates as of: 02/27/2018 These
More informationStrong performance online, tougher in brickand-mortar
Interim report January 1 June 30, 2017 Odd Molly International AB (publ) Stockholm, Sweden August 16, 2017 Strong performance online, tougher in brickand-mortar stores APRIL 1 JUNE 30, 2017 Total operating
More informationNorwegian Finans Holding ASA. Investor Presentation for Contemplated Private Placement April 2016
Norwegian Finans Holding ASA Investor Presentation for Contemplated Private Placement April 2016 Disclaimer THIS PRESENTATION (HEREINAFTER REFERRED TO AS THE PRESENTATION ) HAS BEEN PREPARED BY NORWEGIAN
More informationNordics D e n m a r k, N o r w a y, S w e d e n, F i n l a n d. 1Q17 Economic and Financial Report.
Management Solutions 2017. All rights reserved Nordics D e n m a r k, N o r w a y, S w e d e n, F i n l a n d 1Q17 Economic and Financial Report R & D www.managementsolutions.com www.msmex.com Design and
More informationDecember 2010 Euro area annual inflation up to 2.2% EU up to 2.6%
STAT/11/9 14 January 2011 December 2010 Euro area annual inflation up to 2.2% EU up to 2.6% Euro area 1 annual inflation was 2.2% in December 2010 2, up from 1.9% in November. A year earlier the rate was
More informationEconomic Performance. Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director
Economic Performance Lessons from the past and a guide for the future Björn Rúnar Guðmundson, Director Analysis of economic performance Capital and labour: The raw ingredients in economic development However,
More informationJanuary 2010 Euro area unemployment rate at 9.9% EU27 at 9.5%
STAT//29 1 March 20 January 20 Euro area unemployment rate at 9.9% EU27 at 9.5% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was 9.9% in January 20, the same as in December 2009 4.
More informationThe Global Financial Crisis and the Return of the Nordic Model?
The Global Financial Crisis and the Return of the Nordic Model? Lars Calmfors Embassy of Denmark and the Swedish Institute of International Affairs 18 November Topics 1. The global economic crisis 2. Globalisation
More informationDenmark Market Report Q3 2016
Denmark Market Report Q ECONOMY Decent consumption and export growth Revised calculations from Statistics Denmark show that the gross domestic product grew by, % in the second quarter of when adjusted
More informationSTAT/12/ October Household saving rate fell in the euro area and remained stable in the EU27. Household saving rate (seasonally adjusted)
STAT/12/152 30 October 2012 Quarterly Sector Accounts: second quarter of 2012 Household saving rate down to 12.9% in the euro area and stable at 11. in the EU27 Household real income per capita fell by
More informationMSCI EAFE Index. An index that provides access to developed markets outside the United States. Nationwide New Heights Fixed Indexed Annuity
Nationwide New Heights Fixed Indexed Annuity International Index Option MSCI EAFE Index An index that provides access to developed markets outside the United States MSCI EAFE The MSCI EAFE Index is a widely
More informationBasic banking services
Presentation to the European Parliament by London Economics 25 January 2012 1 Presentation outline Basic facts and benefits 2 and benefits Background Access to basic banking is essential in modern society,
More information16 th edition of this popular report
European European Power Power Trading Trading 2017 2017 16 th edition of this popular report This document includes a report summary, a table of contents, report format and price information, and an order
More informationIrish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia
Irish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia Diarmaid Smyth, Central Bank of Ireland 18 June 2015 Agenda 1 Background to Irish economic performance 2 Economic
More informationBin Yuan Capital - July 2017
Bin Yuan Capital - July 2017 Bin Yuan Firm Composite Performance 38.75% 44.07% Bin Yuan All China Strategy *** Benchmark refers to MSCI China Index till Dec 31st, 2015, and MSCI ALL CHINA Index since Jan
More informationEMPLOYMENT RATE Employed/Working age population (15-64 years)
1 EMPLOYMENT RATE 1980-2003 Employed/Working age population (15-64 years 80 % Finland (Com 75 70 65 60 EU-15 Finland (Stat. Fin. 55 50 80 82 84 86 88 90 92 94 96 98 00 02 9.9.2002/SAK /TL Source: European
More informationH & M HENNES & MAURITZ AB NINE-MONTH REPORT
NINE-MONTH REPORT 2010 H & M HENNES & MAURITZ AB NINE-MONTH REPORT 1 December 2009 31 August 2010 NINE MONTHS The H&M Group s sales excluding VAT during the first nine months of the financial year amounted
More informationWhat s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School WisdomTree Presentations ~ June 2012 Important Information
What s Ahead for the Markets and the Economy? Prof. Jeremy J. Siegel ~ The Wharton School WisdomTree Presentations ~ June 2012 Important Information This presentation represents the opinion of Jeremy Siegel
More informationThe Net Worth of Irish Households An Update
The Net Worth of Irish Households An Update By John Kelly, Mary Cussen and Gillian Phelan * ABSTRACT The recent publication of Institutional Sector Accounts by the CSO has made it possible to produce a
More informationThe new EU-regulations effects on the card market. Michael Anderberg & Martin Zillén
The new EU-regulations effects on the card market Michael Anderberg & Martin Zillén 2015-11-26 Group Cards Agenda 1) Intro & background 2) The regulations making the change: IFR, PSD2, Securepay, PAD,
More informationSantander Consumer Finance
30 January 2019 Santander Consumer Finance 2018 Earnings Presentation Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements. These forward-looking
More informationJune 2012 Euro area international trade in goods surplus of 14.9 bn euro 0.4 bn euro surplus for EU27
121/2012-17 August 2012 June 2012 Euro area international trade in goods surplus of 14.9 0.4 surplus for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationBasic information. Tax-to-GDP ratio Date: 24 October 2012
Federal Department of Finance FDF Federal Finance Administration FFA Basic information Date: 24 October 2012 Tax-to-GDP ratio 2011 The tax-to-gdp ratio is the sum of all taxes and social security levies
More informationFirst Quarter
First Quarter 214 214-5-6 First quarter 214 New organization more focus on e-commerce greater synergy potential New brand structure Continued decline in mail volumes and increased price pressure Restructuring
More informationREAL ESTATE MARKET SIZE 2017
RESEARCH REPORT REAL ESTATE MARKET SIZE 2017 Annual Update on the Size of the Professionally Managed Global Real Estate Investment Market Bert Teuben, Hanskumar Bothra June 2018 JUNE 2018 CONTENTS Overview...
More informationGlobal Trends and Developments in Instant Payments
Global Trends and Developments in Instant Payments Merchant Payments Ecosystem, Berlin 14 th February, 2017 Edgar, Dunn & Company, 2017 What are instant payments? Instant Payments Faster payments Real-time
More informationEurozone. EY Eurozone Forecast March 2014
Eurozone EY Eurozone Forecast March 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany
More information4Q17 Earnings Conference Call. March 8, 2018
4Q17 Earnings Conference Call March 8, 2018 Disclaimer This presentation includes forward-looking statements. We have based these forward-looking statements largely on our current beliefs, expectations
More informationSvein Gjedrem: Transatlantic economic partnership - Nordic and American perspectives
Svein Gjedrem: Transatlantic economic partnership - Nordic and American perspectives Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the Nordic Investment Bank Economic
More informationAtradius Country Report. Main Western European Markets - May 2018
Atradius Country Report Main Western European Markets - May 8 Contents Austria Belgium Denmark 7 France 9 Germany Ireland Italy The Netherlands 7 Spain 9 Sweden Switzerland United Kingdom Print all Austria
More informationTravel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord Ltd., 2016 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is
More informationNorwegian Finans Holding ASA
Norwegian Finans Holding ASA Fourth quarter 2017 results presentation Tine Wollebekk, CEO February 28, 2018 Pål Svenkerud, CFO Agenda 1. Performance and events 2. Fourth quarter 2017 results 3. Market
More informationThe Shopping Centre Handbook 3.0
The Centre Handbook 3.0 Investment & Financing Keys 22 November 2017 Financial Advisory I Real Estate 1 of 14 1 Market Overview Consolidation of the recovery in most macro-economic fundamentals 2016-2017
More informationResults 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 informationAllianz Life Pro+ Elite Fixed Index Universal Life Insurance Policy
Allianz Life Insurance Company of North America 570 Golden Hills Drive Minneapolis, MN 5546-97 SM Allianz Life Pro+ Elite Fixed Index Universal Life Insurance Policy Current rates as of: 0/7/08 These are
More informationTravel Insurance and Assistance in Northern, Central and Eastern Europe
Travel Insurance and Assistance in Northern, Central and Eastern Europe Report Prospectus July 2012 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research? What
More informationehi Car Services Limited
ehi Car Services Limited 2017 second quarter results August 2017 Disclaimer Certain statements in this presentation are forward-looking statements, which are statements relating to future events, future
More informationTravel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord 1 Prospectus contents Page What is the research? Which countries are covered What methodology has
More informationDANMARKS NATIONALBANK 30
ANALYSIS DANMARKS NATIONALBANK 30 MARCH 2017 NO. 6 Danes are Front-Runners in Electronic Payments Well-functioning and modern market for payments Instant payments enable quick transfer of funds Kr. 24
More informationInsights from Morningstar Investment Services. Market Volatility: A Guide to Riding the Waves
Insights from Morningstar Investment Services Market Volatility: A Guide to Riding the Waves If you ve invested for almost any length of time, you ve experienced at least one of those don t-look-at-your
More informationINTERIM REPORT for the period January 1 March 31, 2006
ICA AB, corporate identity number 556582-1559 INTERIM REPORT for the period January 1 March 31, 2006 Strong start to the year for the ICA Group Stockholm, May 8, 2006 Net sales during the first quarter
More informationGlobal PMI. Global growth lifted by emerging market upturn. August 8 th 2016
Global PMI Global growth lifted by emerging market upturn August 8 th 2016 2 Global PMI buoyed by emerging market upturn Global economic growth edged higher at the start of the third quarter, but failed
More informationTravel Insurance and Assistance in the Asia-Pacific Region
Travel Insurance and Assistance in the Asia-Pacific Region Report Prospectus October 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research? What methodology
More informationAuscap 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 informationReport for the third quarter 2014 Norwegian Finans Holding ASA
Bærum, October 30, 2014 Board of directors of (NFH) owns 100 % of the shares in Bank Norwegian AS. The company does not engage in any other operations. The ownership of NFH is divided between institutional
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationJanuary 2014 Euro area international trade in goods surplus 0.9 bn euro 13.0 bn euro deficit for EU28
STAT/14/41 18 March 2014 January 2014 Euro area international trade in goods surplus 0.9 13.0 deficit for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with the rest of the
More informationXtrackers MSCI World High Dividend Yield UCITS ETF. Supplement to the Prospectus
Xtrackers MSCI World High Dividend Yield UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers MSCI World High Dividend Yield UCITS ETF (the Fund ), a Fund
More information