MARKET DYNAMICS. Apollo-based Chartbook for Global Markets
|
|
- Hester Robbins
- 6 years ago
- Views:
Transcription
1 MARKET DYNAMICS Apollo-based Chartbook for Global Markets September 1, 2014
2 APOLLO VIEWPOINT Back from the beach q q q q q q Having taken a two week summer break, Market Dynamics is back today and finding a lot to ponder upon in the Global Chartbook. Price action over the last two weeks has been largely about risk extremes reversing; helped by policy speeches from both Draghi and Yellen at Jackson Hole. Both Central Bank heads have, once again, sought to give comfort to those who fear that policy may deviate from the current path of maintaining the ongoing support operations. Whether we like it or not, it would seem that no-one appears to regard policy as overly loose right now so that oversold markets became easy to buy once again after the early August drops. The biggest short term gainer was Europe whose 5% rally from its lows has seen the market return to the FV range (page 3) and the discount to FV narrow to 3% (page 4). To the extent that geo-political concerns unnerved the market last month, some of this risk unwind is certainly down to improvements in sentiment in that regard but the real impetus to the rally would appear to be, once again, the perceived Central Bank policy position of the ECB. The strength of this move has taken the market into market efficient territory (page 6) but with the FV range now declining and the trend in FV growth sharply lower (page 5) - 7% annualised growth vs. 17% back in June we are already looking to lock in some of the profits provided by the price move as risk gaps have closed but value trends remain modest. With some very real economic impacts likely to be flowing from the Russian sanctions regime, Europe remains exposed to a relief rally running into a weakening growth and valuation outlook. Asia, by contrast, is facing a far more positive growth outlook and is a more interesting investment environment as a result. The index is currently growing in line with a robust 29% FV growth trend (page 12) and with only the travel and leisure sector showing weakness in FV growth because of the Casino stocks (page 14) the fact that the market has recovered back into the FV range and that the trends in value remain positive (page 10) continues to support a buy case for the market. Following what has been a solid if not overly exciting reporting season, the US market is in line with the softer but still credible FV growth outlook. Annualised growth in FV may only be 18% but it would seem that investors are prepared to pay full value for the US at present. Even though the FV outlook is mixed at a sector level ( page 21) most sectors continue to trade at a premium to their FV growth (page 23) and investors remain biased towards tech/cyclical names (page 22). The US may offer little in the way of valuation bargains at present but with Q3 economic growth looking set to be 3% and the market now moving efficiently higher (page 20) it is not a market that investors are looking to be underexposed to. When we step back to review the implications for global markets we can see that the overriding message is one of a return to normal. We are back in the FV range (page 24) and the DFV is in line with its historic trend (page 25). There are elements of negative sector growth (page 28) and some overvaluation amongst consumer discretionary stocks (page 30) but it would seem that policy fears have once again been eased by the narrative from the Central Bankers. Growth risks remain especially in Europe but as markets return to focus after the summer, markets would appear to be relatively balanced in terms of risk and reward. Chris Tinker
3 Europe Stoxx Stoxx 600 Index and Apollo FV FV TREND NO LONGER RISING Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Stoxx 600 Apollo Fair Value Stoxx FV range RISING THROUGH A FALLING FV RANGE Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Price Upper FV Range Mid FV Range Lower FV Range 3
4 Europe Stoxx Stoxx Discount to FV 1 BACK TO TREND DISCOUNT Jan 10 Jan 11 Jan 12 Jan 13 Jan Stoxx FV based volatility VOLATILITY EASING Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Stoxx 600 FV Volatility Index Vix Index
5 Europe Stoxx Annualised growth in Stoxx 600 GROWTH MOMENTUM CLEARLY IN DECLINE Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Ann. growth in Stoxx 600 Ann. growth in Apollo FV% Stoxx Intrinsic Value INTRINSIC VALUE TREND DRIFTING LOWER Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Stoxx 600 Apollo Intrinsic value 5
6 Europe Stoxx % Stoxx 600 Sector average correlation SECTOR CORRELATIONS STILL HIGH 9 85% 8 75% 7 65% 6 Jan 10 Jan 11 Jan 12 Jan 13 Jan Stoxx 600 Index efficiency MARKET EFFICIENCY BACK TO POSITIVE Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 6
7 Europe Stoxx Stoxx Net beta NET BETA MOVING LOWER Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 3% 2% 1% FV trending higher 1-month Trend in FV FV MOSTLY WEAKER -1% -2% -3% -4% Resources Healthcare Banks Real Estate Telcos Tech Media Insurance FV trending lower Industrial Goods Construction Producers Retail Misc Fins Food Bev Travel Chemicals Autos 7
8 Europe Stoxx 600 Misc Fins Healthcare Autos Media Insurance Telcos Travel Tech Construction Banks Real Estate Industrial Goods Producers Food Bev Chemicals Retail Resources Stoxx 600 FV growth and Index performance FV growth (since Jan 2013) index performance (since Jan 2013) FV IV ONLY DEFENSIVES ARE PAYING A PREMIUM TO GROWTH Healthcare Media Producers Telcos Insurance Food Bev Resources Misc Fins Real Estate Industrial Goods Chemicals Banks Tech Travel Construction Retail Autos Stoxx 600 Sector discounts to FV -15% -1-5% 5% 1 29/08/ /08/2014 ONLY A HANDFUL OF SECTORS AT A PREMIUM 8
9 Europe Stoxx 600 Stoxx 600 Net DFV 12 month range 15% 1 NET DFV MORE NEUTRAL 5% -5% -1-15% -2-25% Autos Construction Banks Telcos Retail Chemicals Resources Industrial Goods Real Estate Misc Fins Travel Insurance Healthcare Media Food & Bev 2m Expected return Tech Producers Market 15% 1 5% -5% -1 Stoxx 600 sector risk and return RISK STILL HEAVILY PRICED IN Apollo risk score Banks Construction Food & Bev Industrial Goods Media Producers Resources Tech Travel Autos Chemicals Healthcare Insurance Misc Fins Real Estate Retail Telcos 9
10 Asia Stoxx Asia 1200 Index and Apollo FV FV TREND MOVING HIGHER Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Asia 1200 Apollo Fair Value Asia FV range BACK INTO THE FV RANGE Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Price Upper FV Range FV Mid Range Lower FV Range 10
11 Asia Stoxx % Asia Discount to FV 2 15% 1 5% DISCOUNT STILL NARROW -5% -1-15% -2 Jan 10 Jan 11 Jan 12 Jan 13 Jan Asia FV based volatility ASIA VOLATILITY LOWER Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Asia 1200 FV Volatility Index Vix Index
12 Asia Stoxx Annualised growth in Asia 1200 INDEX IN LINE WITH FV GROWTH Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Ann. growth in Asia 1200 Ann. growth in Apollo FV% Asia Intrinsic Value INTRINSIC VALUE TRENDING HIGHER Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Asia 1200 Apollo Intrinsic value 12
13 Asia Stoxx Asia 1200 Sector average correlation CORRELATIONS IN LINE WITH TREND Jan 10 Jan 11 Jan 12 Jan 13 Jan Asia 1200 Index efficiency INDEX EFFICIENCY NEUTRAL Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 13
14 Asia Stoxx Asia Net beta NET BETA IN LINE WITH TREND Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 6% 5% 4% 3% 2% 1% -1% -2% -3% 1m change in FV FV trending higher ONLY TRAVEL &LEISURE NOT SHOWING FV GROWTH FV trending lower Travel Media Retail Food& Bev Chemicals Industrial Goods Autos Producers Tech Construction Banks Real Estate Misc Fins Telcos Resources Healthcare Insurance 14
15 Asia Stoxx 1200 Tech Misc Fins Autos Insurance Construction Industrial Goods Travel Telcos Healthcare Real Estate Banks Food Bev Producers Retail Media Chemicals Resources Asia 1200 FV growth and Index performance MAJORITY STILL AT A PREMIUM TO FV GROWTH FV growth since Jan 2013 index performance since Jan 2013 Telcos Food Bev Chemicals Misc Fins Insurance Healthcare Real Estate Media Construction Banks Industrial Goods Travel Producers Retail Autos Resources Tech Asia 1200 Sector discounts to FV -12% -1-8% -6% -4% -2% 2% 4% 6% 29/08/ /08/2014 RISK REMAINS PRICED IN 15
16 Asia Stoxx % 1 5% Asia 1200 Net DFV 12 month range MOST SECTORS NEUTRALLY VALUED -5% -1-15% -2 Resources Tech Retail Banks Misc Fins Industrial Goods Media Construction Real Estate Autos Insurance Healthcare Travel Producers Chemicals Food & Bev Telcos Market 1 8% 6% 4% 2% -2% -4% Asia 1200 sector risk and return RISK/RETURN TRADE OFF IS CLEAR Banks Construction Food & Bev Industrial Goods Media Producers Resources Tech Travel Autos Chemicals Healthcare Insurance Misc Fins Real Estate Retail Telcos 16
17 US S&P S&P500 Index and Apollo FV FV TREND FLAT Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 S&P 500 Apollo Fair Value S&P500 - FV range RALLYING UP THROUGH FV TRADING RANGE Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Price Upper FV Range FV Mid line Lower FV Range 17
18 US S&P S&P Discount to FV SMALL, POSITIVE DISCOUNT Jan 10 Jan 11 Jan 12 Jan 13 Jan S&P500 - FV based volatility VOLATILITY BOUNCES Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 S&P 500 FV Volatility Index Vix Index
19 US S&P Annualised growth in S&P MARKET TRACKING THE SOFTER VALUE TREND -8 Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 3m Ann. growth in S&P 500 3m Ann. growth in Apollo FV% S&P Intrinsic Value INTRINSIC VALUE LEVELING OFF Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 S&P 500 Apollo Intrinsic Value 19
20 US S&P S&P500 Sector average correlation CORRELATIONS STRONGER Jan 10 Jan 11 Jan 12 Jan 13 Jan S&P500 Index efficiency MARKET EFFICIENCY POSITIVE ONCE MORE Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 20
21 US S&P S&P Net Beta NET BETA REMAINS NEUTRAL Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 4% S&P 500-1m change in FV 3% FV trending higher 2% 1% -1% -2% -3% -4% MIXED VALUE OUTLOOK Div. Financials Materials Food & Bev Banks Software Real Estate Semiconductors Healthcare Equip. Comm. Services Tech. H'ware & Equip. Pharma Biotech H'hold & Personal Transportation FV trending lower Autos & Components Insurance Con. Services Retailing Telecoms Media Cons. Durables Food & Staples Ret. Capital Goods 21
22 US S&P 500 Div. Financials Autos & Components Media Pharma Biotech Insurance Healthcare Equip. Transportation Semiconductors Retailing Software Comm. Services Capital Goods Materials Cons. Durables Banks Tech. H'ware & Equip. Food & Staples Ret. Con. Services H'hold & Personal Food & Bev Real Estate Telecoms S&P 500 FV Growth and Index performance FV growth index performance MOST SECTORS AHEAD OF VALUE GROWTH Tech. H'ware & Equip. Food & Staples Ret. Retailing Telecoms Semiconductors Insurance H'hold & Personal Div. Financials Media Healthcare Equip. Software Food & Bev Capital Goods Pharma Biotech Comm. Services Transportation Cons. Durables Real Estate Materials Con. Services Autos & Components Banks S&P 500 Sector discounts to FV PAYING UP FOR TECH/ CYCLICALS -15% -1-5% 5% 1 15% 29/08/ /08/
23 US S&P % 1 5% S&P500 Net DFV 12-month range VERY FEW SECTORS LOOKING CHEAP -5% -1-15% Banks Materials Capital Goods Automobiles & Components Consumer Services Commercial Professional Services Transportation Food & Staples Retailing Software & Services Health Care Equipment & Services Pharm Biotech & Life Sciences Real Estate Household & Personal Products Insurance Semicons & Equipment Food Beverage & Tobacco Media Consumer Durables & Apparel Telecommunication Services Diversified Financials Tech. Hardware & Equipment Retailing S&P % 8% 4% -4% -8% S&P 500 Sector Risk and Return RISK PRICED IN BUT RETURNS LIMITED Banks Comm. Services Cons. Services Food & Bev. H'hold Products Materials Pharma Biotech Retailing Autos Capital Goods Cons. Durables Div. Financials Food Retailing H'care Equip. Insurance Media Real Estate Semicons. 23
24 S&P Global GLOBAL FV TREND HAS FLATTENED OUT Global 1200 Index and Apollo FV Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Global 1200 Apollo Fair Value 2200 Global FV range RECOVERY BACK INTO FV RANGE 1000 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 24
25 S&P Global Global Discount to FV -1-2 DISCOUNT IN LINE WITH TREND -3 Jan 10 Jan 11 Jan 12 Jan 13 Jan Global FV based volatility VOLATILITY HAS PICKED UP Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Global 1200 FV Volatility Index Vix Index
26 S&P Global Annualised growth in Global 1200 ANNUALISED FV GROWTH WEAKENING Aug 11 Aug 12 Aug 13 Aug 14 3m Ann. growth in Global 1200 index 3m Ann. growth in Apollo FV% Global Intrinsic Value INTRINSIC VALUE NOW FLAT Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 SP Global 1200 Apollo Intrinsic value 26
27 S&P Global Global 1200 Sector average correlation 95% 9 85% 8 75% 7 CORRELATIONS BACK ABOVE TREND 65% Sep 09 Sep 10 Sep 11 Sep 12 Sep Global 1200 Index efficiency MARKET EFFICIENT ONCE AGAIN Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 27
28 S&P Global Global Neta beta NET BETA REMAINS NEUTRAL Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 1m Change in Global Sector FV % % FV trending higher NEGATIVE GROWTH INCREASINGLY APPEARING % % % FV trending lower Industrials Cons Disc. Cons. Staples Materials Financials Telcos InformationTech Healthcare 28
29 S&P Global 1200 Global 1200 FV growth and Index performance Healthcare Financials Cons Disc. InformationTech Industrials Cons. Staples Telcos Materials PRICES MOSTLY AHEAD OF VALUE GROWTH FV growth index performance Global 1200 Sector discounts to FV Telcos InformationTech Healthcare Cons. Staples Financials Industrials Cons Disc. Materials INTERESTINGLY, NOT AS WEAK AS % -6% -4% -2% 2% 4% 6% 29/08/ /08/
30 S&P Global % 1 S&P GLOBAL 1200 Net DFV 12 Month range ONLY CONS DISCRETIONARY 5% -5% -1 Materials Financials Industrials Telcos Healthcare Consumer Staples Information Tech Cons. Discretion Market 5% 4% 3% 2% 1% -1% Global 1200 Sector risk and return RISK IS PRICED IN BUT LIMITED RETURNS Consumer Staples Industrials Consumer Disc. Materials Information Tech Healthcare Financials Telcos -2%
31 Global Comparisons m Annualised growth in FV % FV GROWTH TREND IN ASIA STANDS OUT Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Asia US Europe Index level volatility VOLATILITY NORMALISING AGAIN? Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Asia US Europe 31
32 US/Europe Comparisons 10 Average sector correlations SECTOR CORRELATIONS IN SYNCH 5 Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Europe Average Sector Correlation US Average Sector Correlation Europe and US Net Beta NET BETA NON-CORRELATING Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Europe Net Beta US Net Beta 32
33 Copyright 2014 Libra Investment Services, All rights reserved. Libra Investment Services This information is for use by Eligible Counterparties and Professional Customers only and it is not intended for Retail Clients as defined by the rules of the Financial Conduct Authority. Libra Investment Services (2010) Ltd is authorised and regulated by the Financial Conduct Authority. For further regulatory information and full disclaimers, please see 33
Petroleum and Natural Gas Situation
Petroleum and Natural Gas Situation John C. Felmy Chief Economist and Director Statistics Department American Petroleum Institute Felmyj@api.org www.api.org www.gasolineandyou.org www.naturalgasfacts.org
More informationCommercial-in-Confidence Ashton Old Baths Financial Model - Detailed Cashflow
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 2,038 2,922 4,089 4,349 6,256 7,124 8,885 8,885 8,885 8,885 8,885 8,885 9,107
More informationEconomic and Financial Outlook
Economic and Financial Outlook Euro Area October 2017 Summary 1 2 3 4 Robust GDP growth in Euro Area, but subdued inflation Spanish GDP growth has stabilized at elevated rates Short View of France and
More informationPassive Investors and Managed Money in Commodity Futures. Part 2: Liquidity. Prepared for: The CME Group. Prepared by:
Passive Investors and Managed Money in Commodity Futures Part 2: Liquidity Prepared for: The CME Group Prepared by: October, 2008 Table of Contents Section Slide Number Objectives and Approach 3 Findings
More informationGROWTH IN TENTH DISTRICT MANUFACTURING WAS SLIGHTLY POSITIVE Federal Reserve Bank of Kansas City Releases February Manufacturing Survey
FOR RELEASE Thursday, February 27, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Pam Campbell 405-270-8617 Pam.Campbell@kc.frb.org GROWTH IN TENTH DISTRICT MANUFACTURING WAS SLIGHTLY POSITIVE Federal
More informationReed Job Index: September 2010
Reed Job Index: September 2010 The Reed Job Index tracks the number of new job opportunities and the salaries on offer compared to the previous month and against a baseline of 100 set in December 2009.
More informationTENTH DISTRICT MANUFACTURING SURVEY REBOUNDED MODERATELY Federal Reserve Bank of Kansas City Releases January Manufacturing Survey
FOR RELEASE Thursday, January 23, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Bill Medley 816-881-2556 Bill.Medley@kc.frb.org TENTH DISTRICT MANUFACTURING SURVEY REBOUNDED MODERATELY Federal Reserve
More informationFactory activity accelerated further in our region this month, posting its highest composite reading since 2011, said Wilkerson.
FOR RELEASE Thursday, October 26, 17 EMBARGOED FOR A.M. CENTRAL TIME CONTACT: Pam Campbell 45-27-8617 Pam.Campbell@kc.frb.org TENTH DISTRICT MANUFACTURING ACTIVITY POSTS STRONG GROWTH Federal Reserve Bank
More informationGROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EDGED HIGHER Federal Reserve Bank of Kansas City Releases September Manufacturing Survey
FOR RELEASE Thursday, September 25, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Pam Campbell 405-270-8617 Pam.Campbell@kc.frb.org GROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EDGED HIGHER Federal
More informationGROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EXPANDED SOLIDLY Federal Reserve Bank of Kansas City Releases May Manufacturing Survey
FOR RELEASE Thursday, May 22, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Pam Campbell 405-270-8617 Pam.Campbell@kc.frb.org GROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EXPANDED SOLIDLY Federal
More informationREED Job Index: January 2012 KEY FINDINGS
REED Job Index: uary 2012 The Reed Job Index tracks the number of new job opportunities and the salaries on offer compared to the previous month and against a baseline of 100 set in ember 2009. This monthly
More informationGas & electricity - at a glance
$/barrel /tco 2 e p/therm /MWh Gas & electricity - at a glance Week-on-Week Annual Gas Price Changes Short-term gas contracts jump Cold snap forecast for the first half of February, lifting demand Longer-dated
More informationUp and Down Months of the Stock Market
Up and Down Months of the Stock Market 1926-2017 Positive years (66) in the stock market were not good all year long and losing years (24) were not losers throughout the year. Winning years produce losing
More informationAugust ATR Monthly Report
August ATR Monthly Report Minnesota Department of Transportation Office of Transportation Data and Analysis August 2011 Introduction The purpose of this report is to examine monthly traffic trends on
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates For Internal Use Only. FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationGlobal Valuation Summary - SAMPLE PAGES
- SAMPLE PAGES Regional Valuation Comparisons... 2... 4... 7... 9... 11 Developed Asia Pacific ex... 13 Developed Europe ex... 16 Advanced Emerging... 19 Appendix... 22 Disclaimer... 23 Global Market Valuations
More informationUsed Vehicle Supply: Future Outlook and the Impact on Used Vehicle Prices
Used Vehicle Supply: Future Outlook and the Impact on Used Vehicle Prices AT A GLANCE When to expect an increase in used supply Recent trends in new vehicle sales Changes in used supply by vehicle segment
More informationA perspective on the refining industry. Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency
A perspective on the refining industry Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency OECD/IEA 2016 mb/d European refiners: busy 2015 OECD Europe
More informationImpact of Rising Energy Costs on the Food System in Indonesia
Impact of Rising Energy Costs on the Food System in Indonesia Ronnie S. Natawidjaja, Ph.D. Center for Agricultural Policy an Agribusiness Studies Padjadjaran University The Pacific Food System Outlook
More informationQuant Briefing: Revenues, Earnings, & Margins
Quant Briefing: Revenues, Earnings, & Margins February 6, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationQuant Briefing: Revenues, Earnings, & Margins
Quant Briefing: Revenues, Earnings, & Margins February 19, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationMay ATR Monthly Report
May ATR Monthly Report Minnesota Department of Transportation Office of Transportation Data and Analysis May 2011 Introduction The purpose of this report is to examine monthly traffic trends on Minnesota
More informationContents. Highlights and Financial Performance. Review Aluminium Business. Review Copper Business
HINDALCO INDUSTRIES LTD Q3 FY 2015 Contents Highlights and Financial Performance Review Aluminium Business Review Copper Business 2 World Economy: Divergence persists Financial markets showing increased
More informationItaly Retail, Q Investment still in slow motion, but interest in developments grows
Sept 211 Nov 211 Jan 212 Mar 212 May 212 July 212 Sept 212 Nov 212 Jan 213 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Indice Italy Retail,
More informationThursday, March 6, 2014 Houston, TX. 8:30 9:40 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK
Thursday, March 6, 214 Houston, TX 8:3 9:4 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK Presented by Jesse Thompson Business Economist Federal Reserve Bank of Dallas, Houston
More informationReviewing a volatile year for PET What does the future hold?
Reviewing a volatile year for PET What does the future hold? Matt Tudball Head of European Markets www.icis.com 1 Agenda PET price and sentiment drivers in 2017: Europe, Americas, Asia & feedstocks Predictions
More informationPerformance of Wipro Limited for Quarter and Year ended - March 31, 2013
Performance of Wipro Limited for Quarter and Year ended - March 31, 2013 Suresh Senapaty Executive Director and Chief Financial Officer April 19, 2013 1 Financial Summary for the Year Ended March 31, 2013
More informationBaoshan Iron & Steel Co., Ltd. August 2010
Baoshan Iron & Steel Co., Ltd. August 2010 1 Disclaimer: The following presentation distributed herewith includes forwardlooking statements. All statements, other than statements of historical facts, that
More informationDiesel prices finally ease Winter weather and international events could determine your fuel bill for 2018 By Bryce Knorr, senior grain market analyst
Diesel prices finally ease Winter weather and international events could determine your fuel bill for 2018 By Bryce Knorr, senior grain market analyst After rallying to their highest level in nearly three
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationOctober 23, September year. in 1Q confidence in our. exacerbated by the. 0.3 percent. outpu. (over) Index of Sales. Mar 12.
October 23, 20122 REPORT ON BUSINESSS TRENDS September 20122 Industry Performance Reverts to Pace off GDP in Broad Economy Index of Sales September 2011 - September 2012 140 130 125 127 125 120 114 117
More informationFOR IMMEDIATE RELEASE
Article No. 7353 Available on www.roymorgan.com Roy Morgan Unemployment Profile Wednesday, 11 October 2017 2.498 million Australians (18.9%) now unemployed or under-employed In September 1.202 million
More informationCOMPILED BY GLASS S. Auction Report - LCV November 2013
GLASS S Auction Report - LCV November 2013 Contents Market Commentary Page 3 Whole Market Summary Page 8 Average Sales Price Year on Year Page 9 Sales Price Compared to Number of Entries (all ages) Page
More informationD G A G R I D A S H B O A R D : A P P L E S
75 79 60 56 49 74 65 59 54 42 76 63 58 53 78 55 42 43 79 44 81 63 47 83 64 59 53 48 Sources: Eurostat, MSs notifications, DG Agri, Comext, Comtrade, GTA, ITC, AMI, Expert groups, Freshfel, Wapa. 89 68
More informationHow Old Cars And New Solutions Will Impact Our Industry
How Old Cars And New Solutions Will Impact Our Industry New Car Market Trends Watch the Used Car Market Tariffs and Other Concerns The Evolution of Mobility 1 2018 MID-YEAR REVIEW TRANSFORMING THE WAY
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared November 1, 2017 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.7% in, compared
More informationABB Innovation & Technology Day
AUBURN HILLS, SEPTEMBER 6, 2017 Writing the digital future takes ability. ABB Ability. ABB Innovation & Technology Day Guido Jouret, CDO Important Notices Presentations given during the ABB Innovation
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared September 28, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.0% in, compared
More informationGrowth cycles in Industrial production (IIP) (percentage deviation from trend*, seasonally adjusted) Jan-00 Aug-06 Sep-94. Dec-01.
Chile The reference series The reference series used for constructing OECD Composite ing Indicator (CLI) for Chile is the index of production in total manufacturing, which is a proxy for the monthly index
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared September 4, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.1% in, compared
More informationGrowth cycles in Industrial production (IIP) (percentage deviation from trend*, seasonally adjusted) Jan 87 Sep 89. Jan 95. Nov 88. Nov 95.
Brazil The reference series The reference series used for constructing OECD Composite Leading (CLI) for Brazil is the monthly index of industrial production (IIP) excluding construction. The IIP series
More informationAutomotive Market: Where Do We Go From Here?
Automotive Market: Where Do We Go From Here? June, 3 rd 211 Federal Reserve Bank of Chicago Eighteenth Annual Automotive Outlook Symposium Jeff Schuster Executive Director, Forecasting and Analysis jeff.schuster@jdpa.com
More informationFY H1 Financial Results
FY2011 1 H1 Financial Results November 8, 2010 1 Copyright(C) 2010 Isuzu Motors Limited All rights reserved Contents Ⅰ. President and Representative Director : Susumu Hosoi :FY2011 H1 Financial Summary
More informationUS Crude Oil Reshaping International Crude Oil Flows. Olivier Jakob,
US Crude Oil Reshaping International Crude Oil Flows Olivier Jakob, ojakob@petromatrix.com www.petromatrix.com Claimer Petromatrix publishes since 2006 a daily market note on the oil markets Our reports
More informationFY2012. H1 Financial Results. November 8, Copyright(C) 2011 Isuzu Motors Limited All rights reserved
FY2012 H1 Financial Results November 8, 2011 1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved Ⅰ. President and Representative Director : Susumu Hosoi :FY2012 H1 Financial Summary Outline Ⅱ.
More informationAMSTAT Global Business Aircraft Resale Market Update NBAA BACE 2017
AMSTAT Global Business Aircraft Resale Market Update NBAA BACE 217 1/4/217 AMSTAT will be exhibiting at NBAA BACE 217 Booth #N171 (US) 877 426 7828 / (Int l) 732 53 64 / sales@amstatcorp.com A Review by
More informationThe German Market After the Scrapping Scheme. Sascha Heiden Senior Market Analyst Automotive Analysis and Forecasting
The German Market After the Scrapping Scheme Sascha Heiden Senior Market Analyst Automotive Analysis and Forecasting The Background Following the financial crisis and its negative impact on global trade,
More informationJULY 2009 REPORT: THE HOTEL INDUSTRY IS NOT OUT OF THE WOODS YET
JULY 2009 REPORT: THE HOTEL INDUSTRY IS NOT OUT OF THE WOODS YET LAUNCH OF THE PEGASUS VIEW Pegasus Solutions, the world s largest single processor of electronic hotel transactions, will begin releasing
More informationWhere next for vegetable oil prices?
Where next for vegetable oil prices? POTS Korea 2015 David Jackson, LMC International LMC International, 2015 1 The outline of this presentation We begin by looking at how oil demand in Korea is maturing.
More informationFOR IMMEDIATE RELEASE
Article No. 7761 Available on www.roymorgan.com Roy Morgan Unemployment Profile Monday, 8 October 2018 Unemployment down to 9.4% in September off two-year high Australian employment has grown solidly over
More informationD G A G R I D A S H B O A R D : A P P L E S
Sources: Eurostat, MSs notifications, DG Agri, Comext, Comtrade, GTA, ITC, AMI, Expert groups, Freshfel, Wapa. 000 tonnes 39 41 31 22 29 22 32 27 17 18 9 27 15 12 6 6 6 4 5 6 5 4 11 25 15 9 9 93 62 51
More informationQ3 Results November 16, 2006 Analyst Presentation
Q3 Results 2006 November 16, 2006 Analyst Presentation Group Sales (in million Euro) Total Sales 2,395 +3.3% (+2.4%)* 2,474 Split per Business Group (YTD) Specialty Products 7% Q3 797 +1.0% (+2.5%)* 805
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared August 1, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.3% in, matching
More informationDave Carroll Capital Markets Day Markets Update
Dave Carroll Capital Markets Day 2004 Markets Update Tomkins Operates in Diverse End Markets Breakdown 2003 Sales ( 3,150m, US$4,795m) Non-Residential Construction 11% Other 9% Automotive OE 27% Residential
More informationEconomic & Steel Market Development in Japan
1 Economic & Steel Market Development in Japan 68 th OECD Steel Committee Paris May 6-7, 2010 The Japan Iron & Steel Federation 2 Macro-economic overview Steel Supply and Demand v v v Steel Production
More informationThe TPI Index. An Informed View of the State of the Global Commercial Outsourcing Market Third Quarter October 20, 2009
0 The TPI Index An Informed View of the State of the Global Commercial Outsourcing Market Third Quarter 2009 October 20, 2009. No part of this document may be reproduced in any form or by any electronic
More informationHigh fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst
High fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst In July I recommended using a dip in the energy market to lock in propane for
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared January 2, 2019 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.6% in, compared
More information2Q06 Results. Investor Relations
2Q06 Results Investor Relations Content 1. 2Q06 Key Results 2. Summarized Income Statement 3. Balance Sheet as of Jun. 2006 4. Outlook for 2006 5. Result & Outlook By Division Appendix : 2Q06 Results Breakdown
More informationUpdate of Poultry Fundamentals April 18
Update of Poultry Fundamentals April 18 Contact us: 402.898.9458 www.advancedeconomicsolutions.com knox@aesresearch.com Visit our updated website Follow us on Twitter @AES_Research 4/13/2018 AdvancedEconomicSolutions
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared June 1, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.1% in, matching the
More information282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.
First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0%
More informationFOR IMMEDIATE RELEASE
Article No. 5842 Available on www.roymorgan.com Roy Morgan Unemployment Profile Thursday, 2 October 2014 Unemployment climbs to 9.9% in September as full-time work lowest since October 2011; 2.2 million
More informationKCB GROUP PLC INVESTOR PRESENTATION. Q FINANCIAL RESULTS
KCB GROUP PLC INVESTOR PRESENTATION. Q3 2018 FINANCIAL RESULTS MACRO-ECONOMIC HIGHLIGHTS Macro-Economic Highlights: Kenya KENYA 4.9% 5.3% GDP Growth Rate (%) 5.6% 5.8% 4.9% 6.3% 6.2% KENYA 2013 2014 2015
More informationQUARTERLY REVIEW OF BUSINESS CONDITIONS: NEW MOTOR VEHICLE MANUFACTURING INDUSTRY / AUTOMOTIVE SECTOR: 3 rd QUARTER 2018
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA GROUND FLOOR, BUILDING F ALENTI OFFICE PARK 457 WITHERITE STREET, THE WILLOWS, X82 PO BOX 74166, LYNNWOOD RIDGE. 0040 TELEPHONE: (012) 807-0152
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared May 1, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.1% in, compared to
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared July 2, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.3% in, compared to
More informationWholesale Market Insights Through June J o n a t h a n S m o k e & Zo R a h i m - C o x A u t o m o t i v e
Wholesale Market Insights Through June 2018 J o n a t h a n S m o k e & Zo R a h i m - C o x A u t o m o t i v e T R A N S F O R M I N G T H E W A Y T H E W O R L D B U Y S, S E L L S & O W N S C A R S
More informationANALYST BRIEFING FOR THE FOURTH QUARTER ENDED FEBRUARY 2017
ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED 2016 22 FEBRUARY 2017 MSM Malaysia Holdings Berhad Analyst Briefing Q4 2016 22/2/2017 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared March 4, 2019 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.3% in January, compared
More information2017 SC Producers Whole Farm Revenue Protection Expected Price Justification
2017 SC Producers Whole Farm Revenue Protection Expected Price Justification RMA Projected Expected As of Average Futures Price Close As of RMA Projected Prices 4 Feb 2011 2015 % Differ 4 Feb Crop Contract
More informationAutomotive Sector Strong December Exceeds Expectations
S E C T O R U P D A T E Friday, January 18, 219 FBMKLCI: 1,682.97 Automotive Sector Strong December Exceeds Expectations THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Overweight (Maintain) Abel
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared February 1, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 1.0% in, compared
More informationCREDIT UNION ESTIMATES
MONTHLY CREDIT UNION ESTIMATES Prepared March 2, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.7% in, compared
More informationJapan s Economic Outlook No. 181 Update (Summary)
Japan's Economy 23 June 2014 (No. of pages: 17) Japanese report: 9 June 2014 Japan s Economic Outlook No. 181 Update (Summary) In this report we examine four major issues facing Japan s economy after the
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Second Meeting of the EU Refining Forum Brussels, 27 November 2013 Toril Bosoni, International Energy Agency OECD/IEA
More informationAutomotive sector the driver of future PGM demand PDAC March 2005 Bob Gilmour Overview
Automotive sector the driver of future PGM demand PDAC March 25 Bob Gilmour Overview Review of platinum and palladium in 24 The driver of future pgm demand Review of platinum and palladium demand and supply
More informationAbout Czarnikow. The Premier Provider of Sugar Market Services. Czarnikow has been in the sugar business since 1861
About Czarnikow The Premier Provider of Sugar Market Services Czarnikow has been in the sugar business since 1861 Czarnikow is the leading professional services company in the sugar market Czarnikow has
More informationVolvo Group THIRD QUARTER 2015 JAN GURANDER. Volvo Group Headquarters Third quarter
Volvo Group THIRD QUARTER 2015 JAN GURANDER 1 VOLVO GROUP Third quarter highlights NET SALES SEK bn 12 months 310 bn IMPROVED PROFITABILITY ON FLAT VOLUMES UNDERLYING OPERATING MARGIN 6.9% 67 73 OPERATING
More informationIt s time to start buying propane for fall Expect to pay more to dry 2017 corn crop By Bryce Knorr, senior grain market analyst
It s time to start buying propane for fall Expect to pay more to dry 2017 corn crop By Bryce Knorr, senior grain market analyst It s the end of winter hopefully and that means it s a good time to buy coats,
More informationFOR IMMEDIATE RELEASE
Article No. 7433 Available on www.roymorgan.com Roy Morgan Unemployment Profile Friday, 12 January 2018 2.6m Australians unemployed or under-employed in December The latest data for the Roy Morgan employment
More informationJanuary Manufacturing Technology Orders Off After a Strong December
Contact: Bonnie Gurney, AMT, 703-827-5277 bgurney@amtonline.org For Release: March 9, 2015 January Manufacturing Technology Orders Off After a Strong December January U.S. manufacturing technology orders
More informationMontana Renewable Energy Association
Montana Renewable Energy Association Mission & Focus areas: Education and Outreach Policy and Advocacy Industry Engagement www.montanarenewables.org SolSmart Solar Ready communities making process of going
More informationHistory gives hope for wheat rally Be sure to reward $2 rally. By Bryce Knorr, Senior Grain Market Analyst
History gives hope for wheat rally Be sure to reward $2 rally By Bryce Knorr, Senior Grain Market Analyst For years the wheat market stagnated waiting for a single trigger: A sharp reduction in global
More informationPEERS & MARKETS. 28 September 2 October, Market. Date Close price 1W % chg YtD % chg. Milano - FTSE Mib. 2-Oct (0.1) 33.
PEERS & MARKETS Market Date Close price 1W % chg YtD % chg Milano - FTSE Mib 2-Oct-15 14.98 (0.1) 33.6 Paris - CAC 40 2-Oct-15 81.88 0.9 8.8 Frankfurt - DAX 2-Oct-15 192.85 5.3 9.9 Helsinki - HEX 2-Oct-15
More informationNEWS Release. U.S. Manufacturing Technology Orders. Year-to-date U.S. manufacturing technology orders up 4.1% over 2011
U.S. Manufacturing Technology Orders A statistical program of AMT NEWS Release FOR RELEASE: October 8, 2012 Contact: Pat McGibbon, AMT, 703-827-5255 Year-to-date U.S. manufacturing technology orders up
More informationFOR IMMEDIATE RELEASE
Article No. 7845 Available on www.roymorgan.com Roy Morgan Unemployment Profile Friday, 18 January 2019 Unemployment in December is 9.7% and under-employment is 8.8% FOR IMMEDIATE RELEASE Australian unemployment
More informationState of the Industry: U.S. Classes 3-8 Used Trucks
Americas Commercial Transportation Research Co., LLC www.actresearch.net State of the Industry: U.S. Classes 3-8 Used Trucks November 212 Data Published December 24, 212 State of the Industry: U.S. Classes
More informationQUARTERLY REVIEW OF BUSINESS CONDITIONS: NEW MOTOR VEHICLE MANUFACTURING INDUSTRY / AUTOMOTIVE SECTOR: 2 ND QUARTER 2017
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA GROUND FLOOR, BUILDING F ALENTI OFFICE PARK 457 WITHERITE ROAD, THE WILLOWS, X82 PRETORIA PO BOX 40611, ARCADIA 0007 TELEPHONE: (012) 807-0152
More informationRETAIL SALES SURVEY. Real Sales in October 2017
RETAIL SALES SURVEY October 2017 The Bank Indonesia Retail Sales Survey confirmed stronger retail sales in October 2017, with the Real Sales Index (RSI) increasing to 202.3 after growth accelerated from
More informationICSC Chain Store Sales Trends
ICSC Chain Store Sales Trends International Council of Shopping Centers December 4, 2008 Awful Beginning to Holiday Season Promotions Drive Black Friday Sales Strength, But Too Little Help Retail industry
More informationRESILIENCE MBM RESOURCES BERHAD ( V) Analyst Briefing 24 August 2017
RESILIENCE MBM RESOURCES BERHAD (284496-V) Analyst Briefing 24 August 217 1 1 DISCLAIMER The information and opinions contained in this presentation are provided as at the date of the document. Certain
More informationQUARTERLY REVIEW OF BUSINESS CONDITIONS: MOTOR VEHICLE MANUFACTURING INDUSTRY / AUTOMOTIVE SECTOR: 4 TH QUARTER 2016
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA GROUND FLOOR, BUILDING F ALENTI OFFICE PARK 457 WITHERITE ROAD, THE WILLOWS, X82 PRETORIA PO BOX 40611, ARCADIA 0007 TELEPHONE: (012) 807-0152
More informationCommuter Rail Update. October 25, 2018
Commuter Rail Update October 25, 2018 2 page page 3 State of Commuter Rail Network, July 2014 The 2014 Commuter Rail network had multiple issues and a history of neglect & under-investment FIRST UP? UPGRADES
More informationMacro economic and Energy Factors Driving the Agricultural Outlook
Macro economic and Energy Factors Driving the Agricultural Outlook Michael Swanson Ph.D. Wells Fargo September 2013 Inter connected Markets Economic growth GDP, Population and Income Currency competition
More informationQUARTERLY REVIEW OF BUSINESS CONDITIONS: NEW MOTOR VEHICLE MANUFACTURING INDUSTRY / AUTOMOTIVE SECTOR: 4 TH QUARTER 2017
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA GROUND FLOOR, BUILDING F ALENTI OFFICE PARK 457 WITHERITE STREET, THE WILLOWS, X82 PRETORIA PO BOX 74166, LYNNWOOD RIDGE. 0040 TELEPHONE:
More informationStock Market Indicators: Fundamental, Sentiment, & Technical
Stock Market Indicators: Fundamental, Sentiment, & Technical October 3, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana
More informationThis presentation was given as part of a workshop on February 7, Presenters were:
This presentation was given as part of a workshop on February 7, 2018. Presenters were: Andrew Valainis, Montana Renewable Energy Association Bryan Von Lossberg, Renewable Energy Consultant Paul Herendeen,
More informationHindalco Industries Limited. Performance Review Q3 FY08 30 th January 08
Hindalco Industries Limited Performance Review Q3 FY08 30 th January 08 Highlights & Backdrop Backdrop : Q3 FY08 Adverse Global Macro economic factors US Sub prime crisis a double barrel impact: A sharp
More information