Real-Time After Hours Pre-Market News Flash Citazione Sommario Citazione Interactive Grafici predefiniti Impostazione Si prega di notare che una volta effettuata la selezione, che si applicherà a tutte le visite future a NASDAQ. Se, in qualsiasi momento, si è interessato a ritornare alle nostre impostazioni predefinite, selezionare Impostazioni predefinite sopra. Se avete domande o incontrano problemi nel cambiare le impostazioni predefinite, inviare un'e-mail isfeedbacknasdaq. Si prega di confermare la selezione: Hai scelto di modificare l'impostazione predefinita per il preventivo Cerca. Questo sarà ora la tua pagina di destinazione predefinita a meno che non si cambia di nuovo la configurazione, o si eliminano i cookie. Sei sicuro di voler modificare le impostazioni Abbiamo un favore da chiederti Si prega di disattivare il blocco annuncio (o aggiornare le impostazioni per garantire che JavaScript ei cookie sono abilitati), in modo da poter continuare a fornire la notizia mercato di prim'ordine ei dati youve si aspettano da us. Year: 2016 la multa di miliardi di dollari recentemente imposto dal governo degli Stati Uniti sulla Germanie Deutsche Bank per misselling titoli ipotecari negli Stati Uniti ha fatto poco per migliorare la fiducia nell'Unione europea, che rimane afflitto da una lenta la crescita economica, elevata disoccupazione, le sfide in materia di immigrazione e di incertezza di montaggio. Ciò che lo scandalo Deutsche Bank ha fatto è brillare una luce su una opzione di ultima istanza una sorta di Ave Maria passano, in termini di football americano che potrebbero salvare il progetto europeo. Nonostante che rappresentano circa il 20 per cento del PIL mondiale, la zona euro non ha un top 10 banca o istituto di servizi finanziari nella classifica globale FT 500. Il effetti a catena di un tale sistema bancario frammentato e vulnerabili sono evidenti in Europe relativamente scarsi risultati in altri settori, come la tecnologia e l'energia, che sono vitali per i membri dell'Unione Europea futuro economico. banche zombie Europa non manca di banche: la Germania ha più di 1.500, e l'Italia ha più di 600. Ma molti di questi sono i cosiddetti banche zombie, con troppi rami, troppo pochi depositi, e costi di finanziamento che superano di gran lunga quelli di loro coetanei più successo. Infatti, secondo il Fondo monetario internazionale (FMI), un po 'di un terzo del settore bancario d'Europa in rappresentanza beni pena 8.5trn rimane debole e incapace di generare profitti sostenibili. Tutto questo crea significativi rischi al ribasso per l'economia dell'UE e, in ultima analisi, l'intero esperimento politico europeo. L'Europa non manca di banche, ma molti di questi sono banche zombie, con troppi rami e troppo pochi depositi ripristinare la stabilità nel sistema bancario d'Europa, dai IMFs propria stima, richiederà almeno un terzo delle banche Europes per chiudere o unire . Per Deutsche Bank, speculatori del mercato sembrano già essere in attesa di una fusione, come ad esempio con Commerzbank, un altro istituto tedesco. Ma, se tale fusione è quello di essere il primo passo verso il consolidamento del settore bancario europeo e rafforzare l'Unione europea, dovrebbe essere un affare transfrontaliera, portando Deutsche Bank insieme ad una significativa Andor istituto finanziario italiano francese. Tale approccio potrebbe essere un punto di svolta in termini di credibilità politica EG, che è forse più cruciale per mantenere vivo il sogno europeo. Un super-banca europea A transfrontaliera fusione bancaria europea avrebbe diversi vantaggi. Come con qualsiasi fusione, il consolidamento deboli, banche underperforming consentirebbe loro di rafforzare i propri bilanci e ristrutturare i prestiti non performing stimato in un valore di circa 1TRN (1.1trn), circa tre volte superiore a quella di altre giurisdizioni a livello mondiale che beneficiano in tal modo l'economia in generale. Ma una fusione transfrontaliera che crea una sorta di super-banca europea sarebbe ancora più efficace per affrontare le sfide operative perenni (in particolare, la liquidità e il capitale). Più importante, questo tipo di ristrutturazione finanziaria avrebbe aperto canali di credito che sono vitali per finanziare gli investimenti e stimolare la crescita economica. Aumentare lo stato d'Europa Una fusione transfrontaliera europea darebbe anche una regione chiave dell'economia mondiale una banca che è commisurato alla sua importanza globale. Un campione bancario europeo sarebbe molto più competitiva a livello globale, rivaleggiando con i muscoli delle banche dominanti degli Stati Uniti. La creazione di una tale istituzione è particolarmente urgente oggi, dato che molti paesi in tutto il mondo sembrano essere sempre più rifiutando apertura economica a favore di politiche più protezionistiche e regolazione balcanizzazione. In un mondo meno globalizzato più frammentato, dove sono in declino l'anno scorso, l'Institute of International Finance ha riportato flussi transfrontalieri di capitali, il capitale investito netto i flussi per i mercati emergenti sono stati negativi per la prima volta dal 1988 Europe infrastrutture bancario avrà bisogno di diventare più ampio e più profondo per prosperare. La terza e forse più importante motivo per cui le fusioni transfrontaliere potrebbe essere la chiave per salvare il settore bancario Europe è che avrebbero segnalare ai partecipanti al mercato e ai cittadini europei allo stesso modo che i leader politici si sono impegnati per l'integrazione europea. Anche in questo caso, il contesto politico ed economico intensifica l'urgenza di una tale mossa. Il progresso verso l'integrazione fiscale è in fase di stallo. agende nazionali hanno spesso assunto la priorità rispetto cooperazione. E il Regno Unito è impostato per iniziare a negoziare la sua via d'uscita dalla UE del tutto una decisione che può essere ragionevolmente considerato come un atto d'accusa di Europe modello di integrazione in corso. Tempo di agire Dal punto di vista dei mercati finanziari e gli investitori, una fusione transfrontaliera dovrebbe essere visto bullishly, rafforzare la fiducia. Anche per i cittadini comuni, alcuna indicazione che l'UE non è semplicemente andando a cadere a pezzi avrebbe portato grandi benefici, offrendo una parvenza di garanzia in un ambiente altamente incerto. A dire il vero, una fusione transfrontaliera è una proposta radicale. La quantità di volontà politica sarebbe necessario, non sarà facile da trovare. Ma nessun gioco aggressivo è mai una cosa sicura. La verità è che, senza prove credibile e trasparente di approfondire i legami non solo in materia fiscale, ma anche nel mondo degli affari e della finanza (la spina dorsale di un'economia moderna), l'UE resterà una collezione particolarmente credibile vagamente connesso e non di paesi. Come abbiamo visto in questi ultimi anni, un tale accordo non risolverà questi paesi problemi economici. Si potrebbe sostenere che ora non è il momento di spingere verso una maggiore integrazione. La situazione è troppo fragile, e l'opposizione popolare è troppo forte. Se la crescita fosse anche mediocre, scettici potrebbero dire, l'ambiente politico sarebbe molto più suscettibili. Ma l'attuale struttura sconnesso EG non terrà. Se l'azione forte non è preso presto, le crepe saranno solo allargarsi, generando sempre più potenti discordia politica e, in ultima analisi, condannando l'intero progetto europeo. Project Syndicate 2016 la Turchia è un mercato chiave per gli investitori globali, e continua ad offrire opportunità di crescita e di investimento. ErdemampErdem è un servizio di studio legale completa e indipendente con sede a Istanbul e zmir, Turchia. Il team di progetto di finanza companys assiste regolarmente clienti sullo sviluppo di strutture finanziarie innovative che supportano gli investimenti nelle infrastrutture, e può rispondere alle esigenze specifiche di istituti di credito e gli sviluppatori nel finanziamento di entrambi i progetti di infrastrutture pubbliche e private, tra cui acquisition finance, finanza di progetto e mercato dei capitali di debito. Il team interdisciplinare altamente qualificato di avvocati a ErdemampErdem è uno dei principali punti di forza Companys. Ogni membro fornisce consulenza legale integrata necessaria per lo sviluppo e il finanziamento di progetti di infrastrutture di successo. Questi includono la negoziazione e la preparazione dei contratti di concessione, locazioni, accordi diretti, lavori in corso, accordi operativi e di manutenzione, gli accordi di offerta congiunta, accordi di joint venture, lettere di intenti, fogli termine e altra documentazione finanziamento. Negli ultimi 20 anni, ErdemampErdem è stato coinvolto in un gran numero di transazioni che rappresentano gli sviluppatori, gli sponsor, gli investitori e le istituzioni finanziarie che cercano di sviluppare, acquisire, offerte o vendere attività infrastrutturali in privato, in corso di privatizzazione del governo, o come parte di pubblico - partenariato privato (PPP) programmi. Il team ha sviluppato una presenza significativa in molti settori con una forte un'idea di come strutturare tali operazioni, così come il modo di condurre efficiente, in modo approfondito e utile di due diligence sulle attività sottostanti e documenti pertinenti. Questo viene fatto offrendo servizi attraverso una larghezza completa di tecniche infrastrutture finanziarie, e l'ingegneria finanziaria che migliora valore patrimoniale dalla finanza strutturata all'interno delle industrie delle infrastrutture, dell'energia, delle costruzioni e di ingegneria. Questo dovrebbe verificarsi anche nei settori aziendale, titoli e immobili, trasporti, porti, aeroporti, ospedali e centrali elettriche. Riconosciuto pratica Un certo numero di progetti ErdemampErdem sono stati riconosciuti come punto di riferimento le transazioni. In Turchia, l'azienda rappresentata YDA Group per la costruzione e il finanziamento di Dalaman Aeroporti terminal nazionale, e assistito nel Campus Kayseri Salute integrato. L'aeroporto di Dalaman ha ricevuto il primo premio in obbligazioni amp prestiti accordo Trasporti Finanze della categoria dell'anno, e secondo premio del prestito sindacato di categoria dell'anno. Il finanziamento del Campus Kayseri Salute integrato ha ricevuto il terzo premio in Project Finance dell'anno, Prestito Sindacato of the Year e Finanza Strutturata delle categorie Anno da legami amp prestiti nel 2015. In Kazakistan, ErdemampErdem consigliato il Gruppo Yldrm sul finanziamento Voskhod cromo, con 245m del prestito termine raccolto attraverso UniCredit e la Banca europea per la ricerca e lo sviluppo (BERS), come il primo finanziamento del progetto chromium mineraria nella storia della BERS. Voskhod cromo finanziamento ha vinto il premio Best Project Finance Deal e il premio come miglior risorse naturali Deal dalla Institution EMEA Finance nel 2016. applicazione giuridica, il rispetto e la sostenibilità svolgono un ruolo chiave per raggiungere risultati affidabili per il finanziamento delle infrastrutture In Ecuador l'anno scorso, ha rappresentato ErdemampErdem Ylport holding per la cessione dei diritti di esercizio di Port Bolvar in Machala per un periodo di 50 anni, condizionale per un investimento ritorno di 750m da Ylport Tenere, sigillati in un accordo con Ecuadors governo. Dalaman Aeroporti di investimento costituito finanziamento della BERS da un alto AB-prestito per YDA Havaliman Yatrm ve sletme, una società veicolo di YDA costruzione, parte del Gruppo YDA della Turchia. Il finanziamento da parte della BERS era costituito da una porzione di A-prestito fino a 87,5 milioni (92.3m) e una quota B-prestito fino a 87.7M (92,5 M), sindacato di UniCredit Bank Austria. I fondi sono stati forniti per sostenere la costruzione di un nuovo terminal domestico a Dalaman, insieme a strutture ausiliarie. Grazie alla sua vicinanza alle principali località turistiche della Riviera sud della Turchia, Dalaman è uno degli aeroporti principali in Turchia. L'accordo è un punto di riferimento nel settore privato e delle infrastrutture aeroportuali in tutta la Turchia. Dalaman Aeroporti finanziamento è storico, in quanto è il primo aeroporto regionale finanziato da BERS, uno dei giocatori più rispettati di finanziamento di progetti di infrastrutture. approccio ErdemampErdems è sempre concentrata sulla riduzione della soggettività attraverso accordi di finanziamento e pianificazione di una strategia di sviluppo attraverso gli appalti. L'azienda mira a creare contratti e la gestione e le fasi operative consentite per gli investimenti futuri nell'ambito del quadro contrattuale principale, su misura per il finanziamento costruzione dell'aeroporto. Prima la negoziazione di accordi di finanziamento, ErdemampErdems attenzione si è concentrata innanzitutto sull'individuazione di temi unica, di fronte l'autorità pubblica, e la sensibilità di considerazioni commerciali di istituzioni private, come gli sviluppatori e gli operatori, che possono essere particolarmente complessa tra i vari livelli (rispetto ai singoli progetti infrastrutturali realizzati per la prima volta), come nel caso di Dalaman. A progetti PPP fuoco sanitaria sono ufficialmente introdotti da un riferimento esplicito al termine stesso sotto l'edificio e rinnovo delle strutture e degli appalti di diritto servizi attraverso il modello PPP. Storicamente, tacchini in primo luogo la realizzazione di progetti di PPP è stata mirata alla costruzione e la riabilitazione di ospedali in un quadro giuridico strutturato introdotto dalla legge PPP nel settore sanitario. Tuttavia, ha aperto la strada alla crescita futura PPP in investimenti per le infrastrutture in particolare il trasporto con strade a pedaggio, ferrovie, ponti a pedaggio e le strutture educative. ErdemampErdem consigliato il Gruppo YDA sulla finanza di progetto che valeva 330m (347m), che comprendeva progettazione, costruzione e gestione del progetto Campus Kayseri Salute integrato il primo progetto PPP in Turchia attuato secondo le norme di legge PPP. La società ha adottato un approccio coordinato e multidisciplinare, con la sensibilità alle tematiche speciali relativi alle attività di infrastrutture critiche. Una delle principali sfide in attrarre investimenti del settore privato è la difficoltà delle istituzioni pubbliche incontrati dai organizzando un quadro di fornitura sostenibile di prepararsi in modo efficace PPP. Impostazione parametri di riferimento per l'impatto socio-economico e ambientale, accessibilità, identificazione dei rischi, bancabilità e valutazioni comparative simili richiede metodologie specifiche per il progetto. Chiaramente un maggior numero di PPP sono strutturati per essere bancabili per diversi livelli di investimento con completa tecnica, finanziaria, commerciale e di assistenza legale. Pertanto esperti come ErdemampErdem sono in grado di consigliare e presentare progetti ben strutturati che sono indispensabili per l'efficacia di progetti come il Campus Kayseri Salute integrato. Voskhod cromo, un impianto di cromo mineraria importante nel Aktobe Oblast, a nord-ovest del Kazakistan, è un esempio di una transazione transfrontaliera punto di riferimento che comprende sei giurisdizioni differenti che coinvolgono sia A che B-prestiti, ciascuno facendo due tranche distinte che la parità di 260m, in totale, . finanziamento EBRDs come prestatore a Voskhod è significativo come il companys prima operazione di cromo mineraria. Yldrm Gruppi di finanziamento previste Turchia con un conglomerato industriale delle operazioni minerarie e portuali, che saranno utilizzati per ristrutturare e riabilitare il funzionamento di Voskhod Cromo e migliorare la propria efficienza e la competitività, rafforzando nel contempo i suoi standard globali di salute e sicurezza ambientale e operativo. Voskhod cromo dovrebbe avere un effetto di trasformazione sulle operazioni della miniera con l'introduzione di nuove tecnologie in Kazakistan per la prima volta. A differenza di un contratto di finanziamento tipico progetto basato sul presupposto che gli istituti di credito avranno diritto step-in, garantendo la sicurezza nel finanziamento Voskhod cromi era difficile a causa di una restrizione di titoli dedicate minerali in Kazakistan. Da una fase iniziale, ErdemampErdems consulenza pianificazione sui titoli è stato determinante per il successo del finanziamento Voskhod cromi. opportunità di PPP in Turchia L'ostacolo più significativo al finanziamento di progetti di infrastrutture è la difficoltà nel fornire esigenze finanziarie attraverso le entrate fiscali. Tenendo conto Tacchini passato, che è simile ad altri mercati in forte crescita, il paese ha un forte potenziale di generare progetti di riferimento PPP con il supporto di alto livello dal suo governo con un vasto programma di PPP. l'applicazione giuridica, il rispetto e la sostenibilità svolgono un ruolo chiave per raggiungere risultati affidabili per il finanziamento delle infrastrutture con un track record di successo tra le altre industrie, PPP sarà certamente generare interessanti opportunità sia per gli investitori turchi e stranieri e istituti di credito in particolare attraverso progetti di mega-infrastrutture, dove ci sono grandi incentivi del governo turco. Le strade e le ferrovie non sono ancora stati rivitalizzati, ma ci sono una serie di progetti attualmente in corso. Finora, l'assistenza sanitaria è l'industria più recente e di successo in cui è stato implementato il modello PPP. Il governo turco ha in programma di sviluppare 18 strutture sanitarie integrate utilizzando il modello PPP, con lo scopo di promuovere una rete diversificata di servizi medici e di innalzamento degli standard nel settore sanitario, in linea con le innovazioni tecnologiche e le nuove tendenze nel campo della medicina. Indipendentemente dal modello di finanziamento scelto, ci sono considerazioni di base necessarie per gli investimenti nelle infrastrutture di successo con finanza di progetto. Il progetto di finanza squadre capacità di preparare il ciclo del progetto compresa la preparazione, concessioni, appalti, la gestione dei contratti e di un meccanismo di risoluzione delle controversie efficiente è fondamentale per fornire un forte sviluppo, portando ad un ritorno economico positivo. l'applicazione giuridica, il rispetto e la sostenibilità svolgono un ruolo chiave per raggiungere risultati affidabili per il finanziamento delle infrastrutture, sia da istituzioni private come istituti di credito o attraverso il sostegno del settore pubblico. Ciò garantirà inoltre la credibilità delle istituzioni pubbliche selezionando PPP sostenibile. Un altro aspetto fondamentale è la preoccupazione per la gestione rinegoziazioni e delle controversie negli accordi di finanziamento. La determinazione a prevenire le controversie devono essere abbinati ad opportuni meccanismi di controversia e di rinegoziazione. Se i meccanismi di risoluzione delle controversie credibili ed efficaci come l'arbitrato e la mediazione sono introdotti con chiarezza, questo servirà a salvaguardare potenziali ramificazioni e scoraggiare opportunisti di targeting progetto indipendentemente dal PPP o tradizionale project financing. Al piano di trading, ogni professionista superiore conosce il valore di un forte sospetto. Mentre strategie di trading azionario si concentrano sul ragionamento cosciente come la chiave del successo, gli operatori si pongono grande importanza istinto per guidarli verso affari lucrosi. Sulla scia della crisi bancaria del 2008, questo sesto senso finanziario è stato spesso respinto come una scusa per l'industria del gioco d'azzardo spericolato mercato azionario. Eppure, secondo un nuovo studio condotto dalla University of Cambridge, tali sentimenti viscerali effettivamente svolgono un ruolo molto reale nel mondo del trading. Ho creato questo studio per rispondere a una semplice domanda: sono sentimenti viscerali soltanto la roba della mitologia di trading, o sono reali segnali fisiologici ha detto l'ex ricercatore dell'Università di Cambridge e commerciante di Wall Street Dr John Coates. Sospettavo dai miei giorni di trading che intuizioni erano reali e di valore, che quando ho arrotolato attraverso la gamma delle possibili caratteristiche, uno sembrava giusto. La sensibilità è uguale a successo Al fine di verificare questa teoria, i ricercatori dell'Università di Cambridge hanno reclutato 18 commercianti maschi coinvolti nel trading ad alta tensione in un periodo di volatilità verso la fine della crisi del debito sovrano d'Europa. Questi soggetti di prova poi sottoposti ad una serie di esperimenti per misurare la loro consapevolezza dei sottili cambiamenti fisici che avvengono ai loro corpi nel corso di una giornata di lavoro ad alta pressione. Collettivamente, i commercianti risultati significativamente migliori nel test di frequenza cardiaca rispetto al gruppo di controllo, dimostrando una maggiore consapevolezza dei loro bodys sensazioni all'interno della fisiologia, la sensazione termine intestino è sinonimo colloquiale per interoception il ramo del nostro sistema sensoriale che controlla il nostro interno, omeostatico condizione, ha spiegato Coates. Sensazioni come mancanza di respiro, la temperatura corporea, la frequenza cardiaca e la pienezza dell'intestino e della vescica sono continuamente passati al cervello dagli bodys tessuti di segnali enterocettivi. Anche se la maggior parte delle persone non sono consapevoli di questa trasmissione di informazioni, la sensibilità a tali sensazioni può variare notevolmente, con un po 'sperimentando reazioni fisiche più forti a determinati stimoli rispetto ai loro coetanei. Come il test più comune per la sensibilità interoceptive è la consapevolezza della frequenza cardiaca, i commercianti partecipanti allo studio è stato chiesto di contare i propri battiti cardiaci a riposo, senza sentire il loro polso o toccare qualsiasi altra parte del loro corpo. Collettivamente, i commercianti risultati significativamente migliori nel test di frequenza cardiaca rispetto al gruppo di controllo, dimostrando una maggiore consapevolezza delle proprie sensazioni bodys. Che cosa è più, all'interno del gruppo di commercianti, quelli che più accuratamente contato il loro battito cardiaco anche risultati migliori sul piano commerciale. Non solo i commercianti con un punteggio migliore frequenza cardiaca hanno generato maggiori profitti rispetto ai loro coetanei, ma anche sopravvissuti più a lungo nelle carriere finanziarie ad alta pressione. I risultati suggeriscono commercianti di successo hanno una maggiore consapevolezza delle risposte bodys di stress, e sono quindi in grado di leggere i segnali fisiologici inconsciamente che li prendere le distanze da alto rischio, le decisioni pericolose. Smentendo le teorie Oltre a dissuadere gli operatori di prendere decisioni avventate finanziarie, queste sensazioni enterocettivi sottili possono portare al successo. Con i loro cervelli e corpi che agiscono come uno nei momenti di forte stress, gli operatori possono sentirsi attirati verso uno stock redditizio, senza nemmeno essere in grado di articolare le ragioni del sospetto. La conferma scientifica di un sentimento di trading intestino potrebbe avere implicazioni per la teoria economica e, in particolare, i mercati efficienti controverse ipotesi. L'ipotesi, simile alla teoria random walk (che dice passato movimenti o tendenze dei prezzi delle azioni non possono essere utilizzati per prevedere il movimento futuro dello stesso magazzino), suggerisce il mercato è del tutto casuale, rendendo impossibile per i commercianti di migliorare o addirittura di controllo le loro prestazioni attraverso l'abilità, conoscenza o esperienza. Ciò renderebbe impossibile per i commercianti di battere il mercato e guadagnare profitti in eccesso dalle scorte. L'importanza scientificamente provato di istinto in assunzione di rischi finanziari può dare ai commercianti umani il vantaggio rispetto ai loro concorrenti digitali emergenti Al contrario, il collegamento appena scoperto tra istinto e il successo commerciale suggerisce un istinto per anticipare i movimenti dei prezzi non in effetti esiste, ed entra in gioco ogni giorno sul piano commerciale. Secondo Coates: economia accademici e delle Finanze è così concentrato su un ragionamento consapevole che mancano completamente l'azione vera e propria, che si svolge nel dialogo tra il cervello e il corpo. L'uomo contro la macchina I risultati dello studio può anche avere un impatto significativo sulla struttura stessa di quello che è un settore in rapida digitalizzazione. Sostenuto dal suddetto mercati efficienti ipotesi, che sostiene anche le macchine sono meglio di esseri umani in commercio, i sistemi di negoziazione digitali sono arrivati a dominare le borse di tutto il mondo. Oggi, apertamente gridato trading è in gran parte una cosa del passato, con l'aumento del commercio elettronico che limita l'offerta faccia a faccia tra i professionisti. Tuttavia, l'importanza scientificamente provato di istinto in assunzione di rischi finanziari può solo dare ai commercianti umani il vantaggio rispetto ai loro concorrenti digitali emergenti. A differenza delle macchine, i commercianti di successo sembrano avere una predisposizione fisica innata per l'effettiva assunzione di rischi. Mentre i sistemi digitali si basano interamente su dati concreti, gli esseri umani hanno accesso inconscio di un mondo al di là dei numeri. Dove i computer non riescono a battere il sistema attraverso l'analisi automatica delle informazioni disponibili, gli operatori sono in grado di farlo grazie agli indizi fisiologici forniti dai loro corpi. Nel sottolineare il ruolo dell'esperienza umana nel trading finanziario, lo studio riaccende il dibattito tra economisti classici e comportamentali. I seguaci della scuola classica tendono a credere psicologia e neuroscienze sono irrilevanti per l'economia, mentre gli economisti comportamentali vedono questi come elementi essenziali per il processo decisionale finanziario. Entrambe le teorie, tuttavia, non sono riusciti a prendere in considerazione il ruolo del corpo. Fino ad ora, la fisiologia è stato ampiamente ignorato nel mondo accademico economica, che considera ampiamente trading come un'attività puramente intellettuale. Questa nuova prova mina la convinzione consolidata, potenzialmente spingendo una profonda rivalutazione della nostra comprensione dei mercati finanziari e le decisioni che li governano. Secondo Coates, lo studio dimostra come punto di riferimento squisitamente ci sono costruiti per il riconoscimento rapido modello. Armati di questa nuova prova, il veterano di Wall Street ora crede gli esseri umani possono davvero competere con le macchine. Per molti professionisti della finanza, i risultati confermano quello che hanno a lungo sospettato: che l'abilità di negoziazione non può essere insegnato e, cosa più importante, non può essere programmato. Quest'anno ricorre il 42 ° anniversario della creazione di AKSA Costruzione, YDA Gruppi prima costruzione e la ditta convenzionata, e il 22 ° anniversario di YDA dell'Industria Edilizia e del commercio. Il fiore all'occhiello del gruppo, YDA costruzione svolge una vasta gamma di opere, tra cui progetti chiavi in mano, costruire-Operate-Transfer (BOT) gli aeroporti, ospedali, scuole, centri commerciali, centri commerciali hi-tech, impianti industriali, autostrade, linee ferroviarie , ponti, incroci e progetti di edilizia abitativa di massa. Con filiali che operano in una vasta gamma di settori e progetti realizzati, pari a 6,8 miliardi entro la fine del 2016, YDA Group è una delle aziende private più influenti in Turchia. Anche se il settore delle imprese turca è esperto nel finanziamento bancario, più finanziamento obbligazionario tenore è relativamente scarsa Pur continuando le sue operazioni nella costruzione settore per soddisfare le mutevoli aspettative del mercato (amministrazioni e sviluppo immobiliare), YDA Gruppo è ramificata in una serie di settori periferici, come la gestione aeroportuale, l'energia, PPP sanità, l'agricoltura, l'estrazione mineraria, l'assicurazione e anche la pubblicità digitale esterna. Dal momento che si estende le sue operazioni sui mercati internazionali nel 2000, YDA Gruppo ha realizzato vari progetti in paesi come il Kazakistan, Ucraina, Emirati Arabi Uniti, la Russia, l'Arabia Saudita, l'Afghanistan e la Moldavia. Lungo questa linea, continua a guidare in progetti di infrastrutture PPP BOT e, in particolare per gli ospedali della città, sia in Turchia che all'estero. Una emissione di obbligazioni pionieristica Anche se le obbligazioni societarie emesse a livello locale non sono una norma di mercato in Turchia, YDAs banche e gli avvocati hanno strutturato la documentazione altamente completa, che include covenants finanziari e non finanziari al fine di massimizzare la fiducia degli investitori. Uno dei maggiori vincoli allo sviluppo a lungo termine dei mercati delle obbligazioni societarie turca è stata la limitata emissione a tasso variabile che ha un prezzo da un indice di riferimento rilevanti per il mercato. Di conseguenza, il mercato è dominato da emissioni che si basano su un indice di titoli di Stato a due anni, che è impossibile da coprire galleggiante e introduce quindi il rischio di base per gli investitori. L'emissione è stata YDAs problema primo legame e solo il terzo posto nel mercato turco a basarsi su TRLibor come tasso di riferimento. Quindi, l'emissione ha rappresentato un passo importante che ha dimostrato il successo nell'uso di un diverso indice del mercato, mentre anche eliminando l'esposizione dei tassi di interesse non immunizzabili. Anche se il settore delle imprese turca è esperto nel finanziamento bancario, più finanziamento obbligazionario tenore è relativamente scarsa rispetto alle dimensioni e potenzialità del mercato. Di conseguenza, il continuo sviluppo di un indice di tasso variabile funzionale e immunizzabili, il TRLibor, ha grande appeal per gli investitori internazionali. Dal 2010, i tenori offerti sono per lo più di due anni di lunghezza, con problemi limitati di tre anni. Inoltre, vi è anche la liquidità molto limitata nel mercato. Come tale, il mercato valutario delle obbligazioni societarie locale ha un potenziale notevole per un ulteriore miglioramento, che potrebbe includere scadenze più lunghe e potrebbero essere basate sugli indici a tasso variabile. A 1.457 giorni o quasi quattro anni la transazione YDA è stato il tenore più lunga del mercato obbligazioni societarie TRL. Prima di questo problema, il tenore massimo nel mercato era 1.154 giorni. YDA Group8217s esperienza nel settore delle costruzioni Le group8217s complessivo volume d'affari ha completato il suo volume d'affari in corso e in programma L'emissione YDA quindi dimostrato la fattibilità di emissioni tenore più a lungo e ha aumentato le scadenze disponibili sul mercato. Naturalmente, questo attirerà più emittenti e investitori, che a sua volta potenzialmente aumentare la liquidità pure. Nel 2015, 51 emissioni di obbligazioni in valuta locale, pari a 3,1 miliardi di TRY (971m) sono stati collocati con un solo volume di emissione di oltre 200 TRY (62,5 milioni). La dimensione del problema YDA, d'altra parte, è attualmente TRY 250 (78m), che quasi triplica il corporate bond dimensione media problema in Turchia. Mentre l'operazione è stata la più grande emissione del 2016 e il terzo più grande negli ultimi sei anni si è considerato come un risultato notevole e un vero e proprio punto di svolta dalle autorità turche. Inoltre, la tempistica è stata particolarmente significativa: l'emissione ha creato un impatto positivo sui mercati turchi poco dopo il tentativo fallito colpo di stato del luglio 2016, e il successivo stato di dichiarazione di emergenza. Questi eventi hanno causato un significativo declassamento del rating SampP e, di conseguenza, un deflusso di capitali esteri, che ha visto numerose impostazioni predefinite e aumento della tensione nel mercato locale obbligazionario privato. In risposta a questo ambiente fragile, tutti i possibili scenari di shock sono stati testati prima del completamento della transazione YDA. Grazie al suo flusso di flusso di cassa sostenibile e il suo dialogo con tutte le principali parti interessate, YDAs delle obbligazioni societarie è stata sottoscritta in eccesso. Il nostro nuovo piano d'azione è quello di migliorare ulteriormente gli standard informativi Companys, aumentando così le pratiche commerciali ben oltre Tacchini vigenti normative ai migliori principi internazionali possibili. Infatti, YDA ha accettato di obblighi di informazione più elevati rispetto a quelli che sono applicabili per le questioni ad investitori qualificati in Turchia. Queste pratiche mirano comunicazione in un modo simile a emissioni pubbliche: essi comprendono la preparazione di informazioni dettagliate companys ottenere un punteggio da un'agenzia di rating ben noto, che sarà aggiornato e pubblicato periodicamente e la pubblicazione di bilanci semestrali. fattori unici L'emittente è una holding operativa in molteplici settori e ha sede a Ankara. Anche se le imprese di costruzione non sono di solito la prima opzione quando si tratta di investire nel mercato obbligazionario privato Tacchini, YDA nsaats corporate bond era tutto esaurito, grazie al flusso di flusso di cassa sostenibile della società e dei companys forte track record e stretto dialogo con tutti i principali attori il mercato obbligazionario locale. Ci sono state molte caratteristiche uniche della transazione, tra cui la capacità di generazione di cassa forte, costante e facilmente prevedibile dell'emittente. Come già detto, aveva anche la scadenza più lunga su record e gli investitori istituzionali, anche attratti. In sintesi, l'accordo ha qualità uniche in termini di sua maturità di quattro anni, la sua diffusione, la dimensione della transazione, la distribuzione offerte, e le condizioni di mercato pure. Di conseguenza, gli investitori istituzionali internazionali investiti nella seconda tranche, che ha il tenore più lunga finora tra obbligazioni del settore reale. Questa tranche di riferimento è TRLibor, che indica il mercato sarà presto evolverà in obbligazioni tenore più lunghi. Oltre tenore, benchmark diversificati anche attirato l'attenzione di investitori locali e stranieri. A causa dei titoli di Stato bassi tassi di roll-over e si sviluppa con tassi di deposito bancario, TRLibor è stato scelto per il punto di riferimento di questo accordo per aumentare l'appetito degli investitori. Per presentare l'accordo, abbiamo condotto una settimana di roadshow con 21 diversi investitori istituzionali. Oltre agli incontri one-to-one, teleconferenze sono state condotte come un'opportunità per gli investitori di porre domande. Abbiamo trovato gli investitori davvero apprezzato la pubblicità delle imprese e la reattività, anche prima che l'affare è stato chiuso. E 'anche da notare che l'operazione è stata realizzata in un contesto di mercato altamente volatile, in un momento in cui gli emittenti erano riluttanti a emettere. The successful issuance has proved Turkeys corporate bond market is becoming a stable funding market for issuers, despite its relatively short history. While investors appreciated the firms sound financial structure, the bond yields in question were particularly attractive. The high number of investors who were contacted prior to the book building is also an important aspect of this successful bidding. Other factors in this success included the companys strong track record in the capital markets, its transparency with potential investors, and the close communication it kept with all the major stakeholders of the local bond market over the last three years. Finally, YDAs debut issuance was paid off on June 16 last year, thus marking another significant step. Essentially, YDA was able to demonstrate its financial soundness by paying off its debut issuance with its own resources, rather than relying on capital markets to play a crucial role in the successful bidding process. In October 2015, UK telecommunications company TalkTalk reported a cyber-attack on its website. Nearly 157,000 customers were affected. The data accessed included bank account numbers, sort codes and even some credit card details. While the compromised information was not substantial enough to allow serious fraud to be committed, the costs to TalkTalk were significant. Figures released by the company in February 2016 indicated the incident had cost it 60m (76.5m) and prompted the departure of 95,000 customers. To add insult to injury, the heist had been pulled off by a teenager. By the very nature of online systems, there will always be the potential for similar attacks to occur in the future. While companies have a number of defensive tools at their disposal, no security measure will ever be bulletproof. In fear of suffering a similar attack, businesses have done what they always do in the face of an unavoidable risk: they have taken out insurance. Established insurers have subsequently developed products to cover this risk, mitigating the potential costs of a hack or breach. The benefits insurance typically provides to motorists and property owners are yet to fully translate to cyber-policies While fundamentally a sound idea, there are a number of questions surrounding cyber-insurance principally how insurers treat it, its effectiveness in reducing cyber-attacks, and its breadth of coverage. These are questions that need to be answered. For a risk that is evolving as quickly as cybercrime is, a companys requirements of their cyber-infrastructure are shifting faster than their insurers are. Additionally, insurers are currently underutilising data that could entirely change the face of cybersecurity. As digital infrastructure becomes ever more important, these changes cannot happen fast enough. Leaky ships The large-scale attacks on companies like TalkTalk and Sony have fuelled CEOs fears that their businesses could be next making cyber-insurance seem like the next logical step when protecting their investments. Generally, cyber-insurance policies cover a mixture of first and third-party losses that stem from a cyber-attack. First-party coverage accounts for the direct cost to the business: cleaning up in the immediate aftermath of a cyber-attack by replacing damaged systems and compensating for the loss of productivity while the breach is examined in greater detail. Third-party coverage then deals with the claims of those individuals who have suffered at the hands of the cyber-attack through the leak of personal information, for example. Defining a cyber-attack can be a little less straightforward, however. These events can range from an employee losing a USB stick containing critical data, to a full-scale breach on an international level. Although the market has recently slowed, the cyber-insurance sector has proven to be one of the biggest growth areas for insurers in recent years. A report compiled by PwC in September 2015 estimated the global cyber-insurance industry could grow to 7.5bn in premiums by the year 2020 suggesting companies will continue to attribute greater value to both their data and digital infrastructure. Traditionally, security measures were thought to be enough to protect against intrusions, but, with the seeming inevitability of a breach, insurance has become a necessary supplement. However, the benefits insurance typically provides to motorists and property owners are yet to fully translate to cyber-policies. Fast food In 2014, PF Changs a casual dining restaurant chain with over 200 locations in the US fell victim to a data breach. The breach affected 33 branches and compromised the credit card information of 60,000 customers. The company was covered by a Chubb cyber-insurance policy taken out with the Federal Insurance Company. The policy covered the costs associated with investigating the breach, legal advice and the management of its obligation to notify both customers and the authorities. Predicted value of cyber insurance premiums by 2020 of cybersecurity professionals think their coverage is adequate Despite this, in May 2016, an Arizona court rejected PF Changs efforts to recover the additional 2m it required to reimburse the issuing companies whose credit cards had been used to make fraudulent transactions. The policy stated it was designed to address the full breadth of risks associated with doing business in todays technology-dependent world, and, as a result, PF Changs believed this cost would be covered. Chubb, however, successfully argued the policy was not liable for any external contract or agreement the company held. By extension, PF Changs dispute with the company was its own to manage. The case of PF Changs is one that should have any business pouring over the wording in its own cyber-policy, ensuring it has a comprehensive understanding of exactly what it is, and what it isnt, covered for. However, the complexity of these policies, and the number of parties involved in a cyber-breach, make cases like this inevitable. Risky business Sasha Romanosky, a policy researcher at the RAND Corporation, is investigating the way cyber-insurers assess risk and calculate their policy fees. Speaking to World Finance . Romanosky said policies often include or exclude certain events based upon the insurers past experience of a product cyber-insurance has inherited a lot of these conditions. Say were talking about kinetic warfare and a government or country is bombing a whole city, the insurance company isnt going to be able to pay out all of those losses on all of those claims, Romanosky said. Cyber-insurance now almost 15 years old is far younger than the majority of insurance markets, meaning laws and coverage are still being tested. Romanosky believes that as more cases emerge, policies will evolve. Unfortunately for PF Changs, the company acted as the proverbial canary in the coalmine of cybersecurity litigation. Romanosky said: I suspect this will reach an equilibrium, where people will kind of understand what the playing field is. The early companies that try to file these claims under the policies and were denied, that will change. Theres a self-correcting mechanism going on where companies should be informed, either by their brokers, insurance companies or their peers, to clarify these rules and help them figure out whats covered and whats not.8221 But this lack of clarity isnt exclusive to companies insurers are still coming to grips with their cyber-policies, too. A recent survey conducted by PivotPoint Risk Analytics, SANS Institute and Advisen found a number of major gaps exist between the cyber-insurance market and cybersecurity professionals. One problem is the terminology different professionals use, particularly when discussing the concept of risk. Security experts see the term as meaning vulnerabilities to a security system, while insurers interpret it as the monetary cost of a breach. Another problem is the varying standards attributed to the most important cybersecurity measures, and the amount of money that should be invested in cybersecurity in comparison to cyber-insurance. All these issues have culminated in a lack of confidence. According to the study, only 48 percent of chief information security officers and other security professionals find cyber-insurance adequate when recovering from a breach. With the figures cyber-insurance companies have access to, they have the potential to provide unrivalled insight into cyber-attacks and why they happen Given most companies are now highly dependent on their cyber-infrastructure, its easy to wonder why cyber-insurance is a separate product to general liability insurance. Romanosky said that, while he did not know for certain, there was a chance this was because policy limits on cyber-products are much lower. Romanosky said: So they have an interest in creating a separate book of business that is cyber-policies, where the limits are a lot lower, to manage their costs. Im guessing because of uncertainty in any kind of claims that might be filed. Thats a speculation of strategy, I dont know if thats actually true, but its an interesting story that I heard. Many will be hoping the research conducted by Romanosky will provide more clarity and transparency within the industry. Missed opportunity Its unfortunate cyber-insurance is deficient in all these areas. With the figures cyber-insurance companies have access to, they have the potential to provide unrivalled insight into cyber-attacks and why they happen. By analysing this information, they should be able to determine the biggest risk factors and ultimately encourage better general cybersecurity as a result. Despite this, Romanosky says insurers are yet to address this issue: I dont know why they dont do it. It seems crazy to me because youd think they have floors of actuaries who would do this kind of thing, but in my conversations no one has really gotten there. While still offering clear benefits to organisations around the world, the cyber-insurance market is still relatively immature. Substantial redevelopment is required before companies can be confident in their decisions and feel fully protected by their policies. Insurers have already achieved this feat in the automotive and property sectors, so there seems little reason the same cant be accomplished in the cyber domain. Cyber-attacks dont just harm companies, but individuals as well, so the sooner insurers make the effort the better. Enforcing greater protection standards through well-formulated policies could greatly reduce the exposure of personal details, breeding confidence and providing clarity in a sector riddled with uncertainty. This January, the worlds richest and best connected will descend on a sleepy village in the Swiss Alps for the annual meeting of the World Economic Forum (WEF). Since 1971, the global elite has gathered at the small mountain resort of Davos to discuss the worlds most pressing issues. This time round, more than 2,500 guests are expected, with attendees paying upwards of 20,000 for the privilege. 2017s gathering will focus on a number of global events that have caused great concern, particularly in terms of the world economy Founded by Klaus Schwab in 1971, the WEF operates under the motto committed to improving the state of the world. From Canadian Prime Minister Justin Trudeau and the IMFs Christine Lagarde to leading business minds such as Bill Gates, the wide array of speakers always makes for an impressive showing. The range of issues is broad too, with recent discussions ranging from the impact of 3D printing to global gender equality. However, there is usually some sort of overarching theme to the discussions. The 2016 edition focused on the worlds fourth industrial revolution, a concept first put forward by Schwab himself. In his most recent book on the topic, Schwab argued we are once again undergoing a revolution in economic production techniques, one that will have profound consequences for our world. Whether it is mobile supercomputing, artificial intelligence and cognitive computing, self-driving cars, or neuro-technological brain enhancements, the way society and economies are organised is set for a huge shake-up. How world leaders should approach this seismic shift was the central theme for 2016. This years meeting, it appears, will take a slightly more political turn. The headline theme will be responsive and responsible leadership. Indeed, 2017s gathering will focus on a number of growing trends and global events that have caused great concern, particularly in terms of the future direction of the world economy. According to the overview: The weakening of multiple systems has eroded confidence at national, regional and global levels. In the absence of innovative and credible steps towards their renewal, the likelihood increases of a downward spiral of the global economy, fuelled by protectionism, populism and nativism. How to stem this tide will be the primary concern of this years meeting. The rise in anti-globalisation Davos 2016 focused partly on the then-upcoming referendum concerning the UKs membership of the EU. Since then, the UK electorate voted narrowly to leave the bloc, surprising most observers. Of immediate concern for WEF attendees this year will be how this decision is handled. UK Prime Minister Theresa May has said the formal exit process will begin no later than March, with the activation of Article 50 of the Lisbon Treaty. The UK will then have two years to negotiate the terms of its exit. The direction of the UKs departure and what terms it should both seek and receive will be a hot topic for all involved. Questions will be raised about the precise nature of the separation specifically, whether or not the UK will remain in the single market. The answer to this question will have serious implications for firms around the world that currently use the UK as the base of their European operations. Financial institutions based in the City of London, for instance, will be keen to maintain passporting rights in order to operate in the EU. However, these may be lost should the UK go for a hard Brexit and leave the single market altogether. Economic implications aside, the sentiment behind the vote will also be up for discussion at the WEF meeting. For many commentators, the Brexit vote was indicative of a rising populism across the continent, which the WEF has identified as one of the key threats facing the future of the global economy. Panellists are likely to discuss the recent surge in populist and anti-EU groups, including Germanys Alternative fr Deutschland and Frances Front National. Davos in numbers: people attended the original meeting in 1971 The cost of attending Fall in local CO2 levels during the annual meeting delegates travel to the summit every year The amount the World Economic Forum contributes to Davos each year For many attendees, this ideological shift will raise the spectre of a growing sentiment against globalisation, chiefly in its forms of international governance and increased mobility of labour. Speakers and panels will explore why growing numbers of people are becoming disenchanted with, and hostile towards, globalisation with many now sceptical of its outcomes and processes. The focus will be on how leaders around the world can maintain a global and open economy, while also placating the fears and concerns of their electorates. This will involve finding solutions to some of the most pressing issues faced by Europe today. Top of the agenda in this respect will be Europes migration crisis. Since the last WEF gathering, millions of migrants have entered Europe from war-torn countries, including Syria and Afghanistan, in order to claim asylum. Europe was woefully underprepared for this mass movement, and rifts quickly emerged within countries and even within political parties as to whether to welcome or turn away those in need. With migrants still making their way into Europe, how the continent can coordinate a coherent and unified strategy will be of vital importance. Likewise, other perceptions of the EU are likely to be addressed. While the southern European debt crisis was largely out of the news during the latter half of 2016, questions over the currency unions viability and Greeces financial health persist. Other threats to the fiscal health of the continent are also likely to be on the agenda, including Italys weakening financial position, the effect of the European Central Banks negative interest rate policy, depressed profitability for European banks, Hungarys own referendum vote to reject EU migrant quotas, and Deutsche Banks increasing volatility. On an existential level, attendees will have to grapple over whether European integration should continue, and how it could continue in a way that is acceptable to the citizens of Europe. Talking about trade After years of ever-greater advances in global trade, voters in many countries have started to assert their dissatisfaction with the direction of the trend. In the US, both of last years presidential candidates opposed the Trans-Pacific Partnership (TPP). Donald Trump called it a bad deal, while Hillary Clinton once a TPP advocate reversed her policy to oppose it on the campaign trail. This rare point of agreement between the two figures was reflective of a rising anti-trade sentiment within the US. Now, with the victory of Donald Trump, the US commitment to free trade seems very much in doubt. Even without the consent of Congress, as president, Trump will be able to impose tariffs on other states. The extent to which he will pull the US away from its commitment to free trade and, indeed, globalisation in general is yet to be seen. But, with his campaign for office staked on the promise of ending the US reliance on other nations and the backbone of his support coming from Americans who ranged from disillusioned about to openly hostile towards global collaboration the US long commitment to free trade appears to be coming to an end. Indeed, after decades of growing trade, momentum appears to be slowing worldwide. In September, the World Trade Organisation announced it was revising its estimates for global trade growth in 2016 to just 1.7 percent, from an earlier estimate of 2.8 percent. This new figure is the slowest predicted rate of trade growth since the start of the 2008 financial crisis. Economic implications aside, the sentiment behind the Brexit vote will also be up for discussion at the meeting Trade growth, relative to GDP, has been weak since the end of the global recession. As an analysis by the Peterson Institute for International Economics noted: Following the recession of 2008-9, global trade and FDI performance did not resume their accustomed growth rates, unlike in the aftermath of previous recessions. Since 2008, the world has seen the longest post-war period of relative trade stagnation. It will be of vital importance then for the bigwigs at Davos to discuss the future of international trade. Generally a pro-trade crowd, top on the agenda for meeting participants will be how to reverse this slowdown. Economic inequality In addition to worries over trade and growing protectionist sentiment, as well as populist sentiment within in the EU and beyond, another topic is of increasing concern among the global elite today: economic inequality. The subject is rife in todays political and social discussion: Thomas Pikettys book Capital in the Twenty-First Century is one of the most popular economic tomes of recent years think tanks and charities regularly publish reports measuring inequality around the world and indeed, Barack Obama himself labelled economic inequality as the defining issue of our age. Many economic commentators see the issue as holding back growth through lowering aggregate demand, and much of the anti-trade sentiment in the US stems from growing inequality. Trade has, it is argued in some quarters, damaged the US middle class through offshoring and reduced wages. A hot topic at last years WEF gathering, attendees will once again hold counsel on how to address the growing gap between top-end wealth and average incomes. On the surface, the focus on responding to the threats facing the world economy seems overtly political. However, embedded in these political challenges are deeper social, economic, financial and existential ones. At the heart of the WEF discussion will be how leaders can make the global economy and its integration more palatable and more inclusive for the worlds citizens. Political trends reflect a growing malaise with the globalised economy and world at large, and the meeting at Davos will provide a forum for the sharpest minds to work out the cause of this sentiment, and how best to address it. The best deals are not always the quickest to close, as Teva Pharmaceuticals learned in 2016 after its much-lauded acquisition of Allergans generic business, Actavis Generics. In its acquisition of the firm, Tevas dealmakers coupled two leading generics businesses with complementary strengths, research and development capabilities, product pipelines and portfolios while matching their geographical footprints, operational networks and cultures. Although regulatory reviews lengthened the deal, those timeline delays ensured a smooth and seamless transition between companies, resulting in improved operational capabilities and efficiencies and a harmonious day one transition that transformed Teva into the largest global generic pharmaceutical company in the world. Generics drugs are low-cost copies of expensive, branded drugs. Today, Tevas generics division is a 14-15bn pro forma revenue company, with nearly 16,500 employees operating in 80 markets. It utilises the most advanced research and development capabilities in the generics industry. Following its acquisition of Actavis, Teva now has around 340 product registrations pending FDA approval and holds the leading position in first-to-file opportunities, with approximately 115 abbreviated new drug applications pending in the US. In Europe, after divestitures, Teva will have a pipeline capable of sustaining over 5,000 launches. In Tevas growth markets, including Asia, Africa, Latin America, the Middle East, Russia and the Commonwealth of Independent States, there are now approximately 600 pending product approvals. Overall, Teva is planning 1,500 generic launches globally in 2017. Behind the deal The story of the deal began in July 2015, when Teva announced the acquisition of Allergans generic business for a total consideration of 40.5bn, consisting of 33.75bn in cash and approximately 100 million Teva shares. The 33.75bn cash component was to be funded through a combination of equity and debt financing, and was backstopped by a 33.75bn bridge loan facility. In late November 2015, Teva announced a public equity offering of approximately 6.75bn, consisting of 3.375bn of its American Depositary Shares (ADSs), each representing one ordinary Teva share, and 3.375bn of its Mandatory Convertible Preferred Shares (MCPSs). Teva sells approximately 120 billion dosages per year, or nearly 20 tablets for every person in the world The outcome was an additional 54 million ADSs priced at 62.50 each, significantly above the 30-day average price, and 3.375 million seven percent MCPSs at 1,000 per share. Significant demand led to a three-times oversubscribed common equity order book and 1.8-times oversubscribed mandatory convertible preferred shares order book. Shortly thereafter, the offerings underwriters exercised in full their option to purchase an additional 5.4 million ADSs and 337,500 MCPSs. As a result, approximately 7.4bn was raised from this public equity offering. The decision to split the offering between common and preferred shares was driven by a desire to deepen demand and offer investors an additional and unique investment vehicle. In July 2016, Teva issued a multi-currency bond offering in the US and Europe for a total notional amount of 20.4bn at a blended rate of 2.17 percent. The combined bond financing represented the second largest debt offering ever in the healthcare sector, and the fifth-largest corporate debt issuance ever. The decision to split into two road show teams one led by CEO Erez Vigodman, and the other by CFO Eyal Desheh was instrumental in the companys success in meeting with over 260 global investors, and driving 4.3-times and 6.4-times oversubscribed order books in the US and Europe respectively. While one team marketed and priced the US deal, the other began marketing in Europe. The US team then flew overnight to join the marketing effort, before meeting up to price the euro and Swiss franc offerings in the following days. The 20.4bn that was raised in combined capital across three currencies in three days is evidence of credit investors commitment to Tevas long-term strategy. To complete the financing, Teva also put in place a 5bn term loan with a group of global relationship banks. Tevas strong credit rating and disciplined financial policy were key to providing the financial flexibility and wherewithal to access capital markets across a range of financial instruments, in both jumbo size and at historically attractive terms. The acquisitions close was delayed due to an extensive antitrust review and requested divestitures. The deal was then approved just over a year later in August 2016. The resulting firm positions Teva as a top three generic pharmaceutical company in over 40 markets, offering more than 16,000 different products to patients around the world. Teva sells approximately 120 billion dosages per year, or nearly 20 tablets for every person in the world. Savings strategy Throughout the Actavis deal, Teva focused on building a strong financial foundation, while also examining new ways to introduce increased efficiencies from existing assets. Recent network optimisation and efficiency improvements have delivered tremendous value across Tevas global generics business, which has proven to be a key strength. Additionally, a strategic decision to focus on larger markets, coupled with the larger scale of delivery offered by Actavis, has significantly improved the efficiency of the overall business. Cost synergies and an intelligent acquisition, while important, are not the whole story. The generics industry remains one of the most attractive in the world in terms of profitability and investor returns ( see Fig 1 ), but its contribution to healthcare systems and societies across the globe represents its key mission. Worldwide, governments as well as other public and private players are struggling with increased healthcare costs. Generic medicines are a crucial part of the solution. With an older population, increasing instances of chronic disease and the changing landscape of the middle class has meant that, for billions of patients, their healthcare must be delivered at the highest quality standards while presenting an ever-improving value proposition. The transaction between Teva and Actavis Generics transformed the playing field by combining two of the industrys best generic companies in a way that brings tremendous healthcare savings for patients globally. According to the 2016 Generic Drug Savings report produced by the Generic Pharmaceutical Association (GPhA), nearly 3.9 billion of the 4.4 billion prescription drugs distributed in the US during 2015 were not brand name drugs, but instead the FDA-approved generic equivalent. In a recent report, GPhA noted that generic drugs represent 89 percent of prescriptions dispensed in the US, but make up only 27 percent of total drug costs. This presented more than 227bn in 2015 savings to the US healthcare system, and more than 1.46trn of savings between 2006 and 2015. Whats next Tevas recent Actavis acquisition proves there is strategic power in smart mergers. A thoughtful acquisition that introduces new capabilities and global efficiencies can create the foundation for positive growth for a pharmaceutical company, while also benefiting the patients it serves. Tevas acquisition of Actavis will improve speed to market, introduce new market capabilities and create innovative platforms for growth, all of which will prove to be essential tools as Teva works to serve unmet medical needs in the therapeutic areas of respiratory problems, movement disorders, pain and neuro-degeneration. This deal positions Teva to compete aggressively on commodity products while simultaneously contending with some of the most complex products in the world, thanks in large part to the firms extensive manufacturing network and the high standards it meets. That commercial breadth, coupled with a strong market scale and operational network, will consistently deliver high-quality products on time. Every day, Teva serves 200 million patients through the largest portfolio of drugs in the world, with one of the largest, most competitive, fully integrated, operational networks in the industry. This portfolio enables Teva to maintain its role as a transformative healthcare company that delivers ever-improving value to our shareholders, healthcare systems and patients around the world. At the Royal Calcutta Golf Club in India, there is a monkey rule. This states: Play the ball where the monkey dropped it. Monkeys randomly pick up and drop the golf balls, meaning a players position may sometimes be advantaged, sometimes disadvantaged. Club officials tried everything to control the monkeys, from high fences to loud noises to chemical repellents. Nothing ever worked so, in the end, the monkey rule was added. Like the exasperated golf rangers in Kolkata, regulators, venues and participants in finance have already attempted a long list of measures to counteract the effects of speed in the markets. Weve seen rules for equal length cables in co-location facilities, Reg. 603(a) for price distribution, and everything in between. The introduction of IEXs speed bump is the latest attempt to control the speed monkey. Slow, not steady IEXs recent approval has reignited the debate about speed and its role in todays financial markets. This debate polarises people into two camps: speed is good for markets, and speed is bad for markets. The polarised nature of the debate is evidence of a fundamental misunderstanding of the nature of speed in finance and its role in market structure. Regulating speed is futile, and it is impossible to eliminate the effects of speed from the equation unless computers are banned completely. All attempts to regulate and control speed will ultimately prove ineffective, just as the fences and klaxons were useless in controlling the monkeys. Speeds impact on market price is like the weather: a complex natural phenomenon that changes constantly The IEX speed bump may, in all likelihood, have a negative effect on markets. Blocking off a speed play at one venue typically creates multiple new speed plays across interacting venues. It is this speed asymmetry that creates the opportunity for speed arbitrage. And with a mix of fast venues and slow venues, it is harder to figure out the likely execution outcome. This results in a proliferation of new order types, rules and infrastructure enhancements to exploit or prevent the exploitation of this effect. Thus, the speed bumps can add complexity and therefore more possible failure points to the market. Markets acclimatising The approval of IEX shows that even the US Securities and Exchange Commission (SEC) harbours misunderstandings about speed in markets. Evidencing this is the recent declaration that one millisecond be considered de minimis for events in US equities markets. Unfortunately, the SEC declaration is off by a factor of 1,000. A decision to trade can be made in 10 microseconds or less, so it would be more accurate to name one microsecond as de minimis. If we were to attempt to handicap the markets to this scale, all participants and venues would need to be co-located on the same computer chip. Clearly this is not a practical solution, so we have to live with the realities of speed, and we have to be able to deal with the impact of co-location, speed bumps, direct data feeds, consolidated data feeds, random delay gateways, random traffic congestion and venues at distant locations. So, what is a realistic solution to speed problems in the market The nature of speed and its impact on market price is like the weather: a complex and highly interdependent natural phenomenon that changes constantly. If we decided that it was unfair for all humans to experience different climates, the only way to standardise humanitys weather experience would be to move all mankind to the same location, or to build some system that precisely controlled the weather everywhere. Most would recognise these ideas as ridiculous and futile. Instead, we have learned to adapt to the weather. We attempt to gain better insight into weather patterns to make better forecasts. Our ability to predict major storms and quickly take appropriate measures has arisen from the necessity of dealing with something that is effectively random and impossible to control. I propose a similar approach to markets. Understanding appropriate granularity and having visibility is key in understanding and regulating for speed. The root challenge, therefore, is not speed: it is time. The lack of precision-synchronised time is the real, urgent problem that must be solved by regulators. If we cant see whats going on and what order it happened in, we lack the ability to properly explain events and we will never have a market structure that everyone accepts to be transparent, fair and robust. Becoming weathermen There are signs that this understanding is happening. MiFID II in Europe mandates that all business clocks involved in high-speed trading must be synchronised to within 100 microseconds of Coordinated Universal Time with a timestamp granularity of one microsecond or better although 100 microseconds might still not be detailed enough to reliably catch market abuses. With this granular transparency, we can reasonably judge the validity of the information and make an informed decision to trade or not trade based on our prior experiences and knowledge of the environment. This approach is agnostic of speed in fact, a strong market structure must be able to handle diversity and unforeseen actions. Our market structure should allow for any expression of speed, or variability in speed, whether they arise naturally or are employed purposefully. We cannot try to control the weather, nor the monkeys. Instead, we have to be the best weathermen we can be, ready to play the ball where it lands. That is how we have always approached the markets: we deal with the speed environment that exists, and make informed decisions to trade that make the best of the situation. If regulators, venues and participants dont address the fundamental need for an accurate understanding of time, we will continue to pursue ineffective agendas and ultimately fail to build trust and confidence in the operation of our electronic financial markets. Whether it was Abraham Lincolns talk of the US being the worlds last best hope, Jackson Turners celebration of the American frontier and its role in the creation of democracy, or Ronald Reagans portrayal of the country as a shining city atop a hill, there is a tendency to view the US as being exceptional. Every state within the country would no doubt also like to imagine itself as being unique, possessing some kind of distinctive feature for which it is known around the world. Delawares courts are known for their expertise on handling complex business disputes without a jury Some states are more successful in this than others. That Texas is an exceptional state be it for good or bad reasons is beyond doubt. Massachusetts and Virginia both played a defining role in the history of the US, while California has such a strong identity it is often spoken of as if it were an entirely different country. Other states, however, are not so lucky. The first state Delaware holds the distinction of being the first state in the country to have signed the US Constitution. This, officially, makes it the first state in the country and Delawareans are proud of that fact. The state slogan is its good being first, yet this distinction is easily overshadowed by the role other states played in the long saga of the War of Independence and founding of the US. Much more attention and praise is given to the pivotal role played by other, surrounding states during this era: from Pennsylvania, being the birthplace of the constitution, to Virginia, for supplying its most important framers. The primary reason Delaware holds the title of being the first constitutional signee is due to its size: the small state was eager to sign the document that conferred equal senate representation to all states, regardless of population or area. Size, then, is also something Delaware has tried to leverage to make it stand out from the other states. Delaware officials have attempted to use its status as a small state to craft a unique image, labelling it the small wonder on highway signs. Vice President Joe Biden, who previously served as a senator for the state, affectionately refers to it as my little state of Delaware. Yet the state cannot lay claim to being the smallest state in the country while not the most desirable title, this would at least afford Delaware some additional charm. Rhode Island, however, has snatched that honour from Delawares grasp. Delaware, however, is unique in another way: businesses seem to really like the state. Disproportionate to its size, it is the home of more than one million companies. In total, a staggering 64 percent of Fortune 500 companies based in the US including heavyweight brands such as Coca-Cola and Apple are incorporated there. Cokes official home may be in Atlanta, but it has still chosen to reside in Delaware. According to a joint report by the states Division of Corporations and the Delaware Department of State, Delaware has become almost a brand name for the business of serving as the official home for corporations. It may seem odd how such a small state seemingly inconsequential, other than for its constitutional eagerness more than 250 years ago should be such a favoured destination for businesses ( see Fig 1 ). But there could be a logical explanation. Courts of chancery Delaware has made a conscious effort to foster a pro-corporate and business-friendly regulatory environment and tax regime. One of the unique features of business law in the state is the continued existence of the Delaware Court of Chancery, which is a huge attraction to corporations looking for a new place to base their operations. Courts of chancery are institutions with history stretching back to the Middle Ages they first appeared in 14th-century England, and were intended to arbitrate on commercial affairs. Many were incorporated into general courts in the 19th century, but Delawares was not. Instead, it continued to stand alone as a separate body. As Delawares Division of Corporations noted in its report, one major attraction for businesses incorporating in Delaware is its courts, and in particular, Delawares highly respected corporations court, the Court of Chancery. These courts are known for their expertise on handling complex business disputes without a jury. Experts in corporate law decide the case according to Delawares own unique laws, which have often been structured to offer an even more accommodating environment for business to operate in. Delaware law requires, and the Court of Chancery enforces, that a companys directors must always be trying to maximise profits for shareholders, said Lawrence Hamermesh, a professor at Delaware Law School at Widener University, as reported by The Atlantic. Delaware often pushes for even more corporate friendly laws. In 2009, for instance, concerned that it was losing pre-eminence in corporate litigation, Delaware passed a law allowing litigants with more than 1m at stake to try cases in the Court of Chancery in closed arbitration proceedings, meaning that the public would never know what had happened. However, even when challenged, the institutions of the state remained steadfast: The Court of Chancery took a public stance on the matter, arguing that there was no reason the public should have access to all hearings, according to The Atlantic . Added to this is the low tax rate enjoyed by those domiciled in the state: there is no state tax, nor is there any income tax. If a business is located in Delaware even if it is operating across state lines it is not subject to tax on in-state purchases. The state also has no property tax, no taxes on inheritance, stock or share transfers, or even value-added tax. Specifically for corporations, however, the state has a small franchise and limited liability company (LLC) tax. As Investopedia noted: Most states require annual franchise and LLC taxes based on earned income. Delaware, however, offers a flat fee franchise tax of 100 and a flat fee LLC tax of 250. Compared to other states, Delaware offers exponentially lower franchise taxes and LLC taxes. State vs national interest According to some, Delawares unique laws and consequent appeal to corporations is undermining other states. As one article in The Atlantic put it, Delaware profits from this race to the bottom today. The rest of the country, however, isnt making out quite as well. Yet at the same time, from Delawares perspective, such policies are necessary. Compared to many other states, such as Texas and other oil states, Delaware has little in the way of natural resources. Nor does it have a large and sprawling university complex producing top-level graduates, as California and Massachusetts do, which in turn allows these states to become top centres for health and technology innovation. Furthermore, Delaware, being such a small state, did not benefit from military production investment in the way many Sun Belt states did. According to some, Delawares unique laws and subsequent appeal to corporations is undermining other states Manufacturing, as in many other northeastern states, has declined in recent years, and Delaware also lacks the ability to attract large numbers of tourists: its climate is not much different to those of other states in the surrounding area, which often have more developed tourism industries, as in the beach towns of New Jersey. While far from being an ugly state, neither does Delaware boast any natural wonders on a par with those that can be found in many other parts of the country: nor does it have any man-made attractions that might draw tourists in the same way Mount Rushmore does to otherwise inoffensive South Dakota. States often use specific legislation and craft certain laws to make them stand out from the crowd, with the express hope of attracting investment, revenue, visitors and residents. Nevadas gambling legislation, many could and did argue, gave it an unfair advantage with regards to tourism. Likewise, those states now legalising recreational marijuana could be accused of the same charge: Colorado is cultivating a tourism industry solely based around its liberal attitude to the drug. Other, more conservative Rocky Mountain states could be asking themselves how on earth they could compete. When New York City appeared to be in terminal decline in the late-20th century, plagued by social decay and violence, its neighbour state New Jersey openly courted businesses to hop across the Hudson River. Inter-state competition is nothing new. Distinct entities Part of the cause for concern over Delaware promoting its own interests supposedly at the expense of other states is down to a perceived weakening of the idea of states being distinct polities with their own unique interests. This was shown in the recent furore surrounding the US presidential election, where Donald Trump won enough states to win the overall presidency by electoral college votes, but fell over 2.5 million votes behind Hillary Clinton in the popular contest. Many have railed against the result on the basis that the overall popular vote should matter more than the electoral college tally. But whatever the correct decision on this is, the fact that such a system where states poll their own residents and return their results as one unified vote suggests a specific understanding of how the states within the US should be viewed. of US-based Fortune 500 companies are incorporated in Delaware companies were registered in Delaware as of 2015 Delaware8217s flat fee franchise tax States, according to this system, have their own distinct interests: a majority of Pennsylvanians voted for Donald Trump, supposedly as a result of Pennsylvanias specific interests. But those who would favour the national popular vote as the decider of presidential outcomes have a different and indeed, increasingly popular view of how states operate. US states, in this view, are not distinct polities with their own discernable interests rather, they are simply administrative districts of the federal government. This latter view, of course, would condemn Delawares enticing of corporations away from other states as unjust or at the very least unfair. On the other hand, the former view that states have their own interests and they are expected to exert them would hold Delawares policies as being entirely legitimate. However, it is important to note there are certain areas in which states already cannot compete, such as those where it is specifically banned by the US Constitution. This includes, for instance, the levying of tariffs on other states or efforts to disrupt commerce flowing through one state to another. Place in history Any union of states often faces such trouble. The EU is overcome with intrastate rivalry on issues from different tax regimes to attitudes towards trade with China. Northern EU states are, typically, more open to Chinese trade, while southern states, such as Italy and Portugal which still hope to preserve their struggling textile industries generally take a harder stance. The EU often tries to standardise regulations across states, but this is usually met with much resentment. The EU also specifically restricts the ability of states to lend public assistance to private industry for instance, bailing out banks is now proscribed, with banks in financial folly needing to be bailed in much to the chagrin of Italy. Delaware is a small state with little in the way of natural assets, hubs of innovation or other drivers of economic growth. To this end, it is using its unique history to carve out an economic model that allows it to ensure revenue, jobs and growth. This may be at the expense of other states, but that is not uncommon within the US. Delaware is making the most of what it has. The US states are, at least for now, distinct entities and all pursue certain economic policies at the expense of others. Delaware is just doing what states in the country have always done, and indeed are assumed to continue to do, according to the design of the United States of America. In the past few years, the pace of change in the electronic invoicing industry has seen steady, unequivocal growth, which has been driven mainly by the development of new technologies. Adoption of digital automation has led to year-on-year growth of between 10 and 20 percent, while Billentis Market Report 2016 estimated the total volume of electronic invoices worldwide would reach 30 billion in 2016. By digitising business processes such as invoicing, companies will benefit from cost savings, increased control and fraud reduction, in addition to improving the customer experience. As noted in Capitas 2016 Trends vs Technologies report, there is a clear disconnect between businesses recognising the benefits of technology to increase efficiencies, and businesses actually taking advantage of and implementing that technology. This slow adoption sees many businesses fail to operate as efficiently as possible. Where investment in innovation has been made, it has typically been in the customer-facing shop window of the business, like in marketing automation. Meanwhile, the back office has often been neglected. Herein lies the opportunity. At Tungsten Network. we have focused on close collaboration with our customers and, in particular, have helped them communicate the benefits of e-invoicing to their suppliers. This partnership approach, rather than positioning ourselves as simply a service provider, has seen us working with buyers and even meeting up face-to-face with their suppliers to ensure everything we do is easy to access and understand. We also offer how to guides and films on our online portal. These strategies have led to real growth, as one by one suppliers have been inspired by our vision and joined the network. Our business proposition is only as strong as our network, and therefore it is critical to get our customers on board with the demonstrable benefits from e-invoicing, which in turn reduces business friction. On top of this, we constantly consider which new value-added applications we can offer to our 200,000 customers, and how to leverage Tungstens network effect. Recently, when focusing on the difficulties vendors face when their customers pay them in foreign currencies, we created a new partnership with Payoneer, an international currency conversion platform. In so doing, we reduced the cost, time and paperwork associated with conversions to local currency. Industry challenges Todays borderless, digital world presents a number of challenges to our industry. Guaranteeing data security and ensuring virtual attackers cant exploit loopholes, break into servers and steal sensitive financial information or funds is vital for all companies particularly in the invoicing industry, where we encourage companies to trust us with critical data on their trading activity. Keeping data safe from outside threats is one thing, but invoice fraud is another growing issue faced by businesses of all shapes, sizes and sectors. Fraudsters are finding increasingly sophisticated ways to intercept business processes: according to Tungsten Networks own research, in the UK this is costing SMEs more than 9bn (11.4bn) every year, or 1,658 (2,095) per SME. In the last year alone, nearly half of all businesses (around 47 percent) have received a fraudulent or suspicious invoice. Tactics being employed by fraudsters can include viruses embedded in attachments, unknown invoices attached to an email or sent by post, false changes to bank details, or sending duplicate invoices. Worryingly, the scale of the fraud is accelerating, with 54 percent of businesses now concerned about its rise and viewing it as their single biggest threat more so than losing a major contract or a member of staff, or competitor activities. The issue of late payment continues to pose an ongoing problem. In November, the Federation of Small Businesses launched a report into the effect of late payments on smaller businesses in the UK. It found 30 percent of payments to SMEs are made late, with 37 percent of businesses reporting that this causes significant cash flow problems in their day-to-day operations. The report suggested that in 2014, if such payments had been made on time and as promised, around 50,000 business would not have closed down, which would have in turn contributed 2.5bn (3.2bn) to the UK economy. Furthermore, according to a survey by Atradius, around 40 percent of invoices in Europe are paid late or defaulted on. Clearly this trend is having a massive impact on the global economy. It is critical for our industry to respond and show how it can support companies as they expand, and remove some of the hassle surrounding operating globally and making payments in different jurisdictions. Trusted connections Headquartered in the heart of London with offices in North America and Asia, Tungsten Corporation is a leading global supply chain enabler. We are a team of technologists, B2B commerce experts, process mavens and digital evangelists that is dedicated to accelerating global trade through the intelligent use of data and the death of paper. We have built the worlds most trusted, compliant business transaction network, Tungsten Network, and a suite of services designed to improve business outcomes for our networked firms. These include real-time spend analysis through Tungsten Network Analytics and access to disruptive supply chain financing through Tungsten Network Finance. For more than 16 years, we have been connecting buyers to their suppliers in order to enable tax-compliant electronic invoicing. This platform currently processes 200bn of invoices in 200 countries for more than 200 complex buyers. At Tungsten Network, we aim to revolutionise the payment process through the use of unique technology that brings buyers and suppliers closer together, maximises efficiency and improves cash flow management. Its strange that, while the digital revolution has touched upon the front end of most businesses, many companies have not incorporated new technology into their back office. Instead of adopting automation which seems like a no-brainer in this digital age fewer than 10 percent of invoices are digitised. Too many companies are still receiving invoices in numerous different formats paper documents, PDF scans of a hard copy, or totally electronic via post, email, web portal or uploaded directly to an accounting system. Complex buying organisations are able to make payments on time, every time, as well as identify fraud or duplication It can even be a confusing combination of several different options. Each invoice requires a person to open, scan, and send it to the correct department, before it is filed and archived. Against this backdrop, it is not surprising mistakes and inefficiencies creep in. In contrast, Tungsten enables businesses to fully digitalise the process by creating an electronic invoice that helps them adopt faster, smoother business practices, saving valuable time and resources ( see Fig 1 ), as well as completely eliminating paper from the process of paying suppliers. Instead of relying on a paper-based system, e-invoicing streamlines the process and reduces the opportunity for errors and inefficiencies, which cause friction and delays in the payment process. Complex buying organisations are able to make payments on time, every time, as well as identify fraud or duplication. They also have greater visibility of the current status of every single invoice in the system and can connect with their global supply chain in a much more transparent and immediate way. These benefits are vital in our increasingly borderless world, as companies continue to adapt to the complexities of trading internationally. E-invoicing is becoming the norm for many of the worlds brands around 70 percent of FTSE 100 and Fortune 500 companies have already taken their procurement, invoicing and payment procedures to Tungstens electronic network. This is timely, as a growing number of countries are moving towards recognising electronic invoices as legal documents, and even mandating their use over paper counterparts ( see Fig 2 ). Smart procurement Businesses, organisations and governments that use the Tungsten Network benefit from unprecedented access to a wealth of data at the touch of a button. Using innovative spend analytics technology, management teams can analyse their invoice data, offering them comparisons against past spending patterns. These can then be used to uncover significant opportunities for savings, as well as optimising the procurement process. The technology can also provide useful insights into which suppliers they are spending the most money with, and where duplications may be occurring. Smarter procurement is particularly important for public sector organisations as the taxpayer expects the government to be financially responsible. As a consequence, any foolish spending decisions can make news headlines. A recent example of this happened in the UK, when an analysis of National Health Service spending reported that, while some trusts paid less than 4 (5) for a box of needles, others were paying 31.68 (40). Clearly, if this mistake had been spotted sooner, huge sums of money could have been saved. But when teams are based across multiple locations and in different departments, it is easy for duplications to occur. Essentially, this means procurement departments can miss crucial opportunities to negotiate on consistent pricing and economies of scale, which could add up to hundreds of thousands of dollars. Tungsten Networks spend analysis technology can reduce the likelihood of these situations arising in the first place. Given an accounts payable department of a large organisation whether in the public or private sector may handle thousands of invoices per month, the sums that can be saved are considerable. These computer-led systems open up a huge amount of data that can help improve future business, but this data is so vast it is impossible to analyse manually. We believe artificial intelligence offers a much more efficient solution. With machine learning, we can train computers to crosscheck items so that when a pen appears at 100 times its normal price, flags are raised and the mistake is then rectified by a real person. Currently, this process can take days. For example, using our current spend analysis capabilities, we have helped one pharmaceutical company analyse its spending patterns on 475,000 products a process that has found 80m worth of potential savings. E-invoicing has the potential to greatly improve buyer-supplier relationships. As both parties can keep track of their invoice status at the touch of a button, it makes it easier to monitor what stage in the approval process an invoice has reached at any given time, without having to chase for updates. Suppliers feel reassured their invoice is being handled effectively, while this greater transparency aids the critical and sensitive working relationship between both parties. Easing overseas payments While our borderless world has thrown the floodgates for trade wide open, it has also presented businesses with various new challenges. Research by the Economist Intelligence Unit found the biggest pain point for companies surrounding global trade was in relation to payments: of the 500 companies surveyed worldwide, 32 percent cited making payments as a top challenge, pointing to issues arising from currency fluctuation, process inefficiency, limited payment visibility and bank fees. Companies can easily come unstuck when valuable working capital is tied up in elongated payment processes and lost through unfavourable currency conversion rates. This is why Tungsten Network has recently teamed up with international money-transfer platform Payoneer to enable businesses to receive cross-border payments quickly, securely and at low cost, saving up to 90 percent on bank transfers. Through the Tungsten Network platform, businesses can now receive bank transfers from their international clients and customers as if they had a local bank account meaning, if a client pays in dollars, a supplier in the eurozone will receive each payment in euros. This removes much of the stress and complexity from making payments across different markets. Companies can easily come unstuck when valuable working capital is tied up in elongated payment processes Another issue can be ensuring invoices are compliant in different countries and are meeting the relevant legal requirements. Nowadays compliance is a moving target as governments are constantly changing the rules and countries or regions each tend to have their own set of criteria. Again, this is where Tungsten Network is uniquely positioned to help: its business transaction network is tax compliant in 47 countries, and our teams are constantly abreast of changes in legislation. Necessary security Guaranteeing data security and ensuring virtual attackers cannot exploit loopholes, break into servers or steal sensitive financial information or funds is vital for all companies. The amount of highly sensitive customer information on business transaction networks means this is a particularly critical issue within this sector. Earning our customers trust and ensuring the security of their data is one of our top priorities and at the heart of everything we do. Every day, Tungsten Network deals with highly sensitive customer information, and takes its responsibility to keep it safe very seriously. The success of our network relies on its confidentiality, availability and integrity. To guarantee these, Tungsten Network advocates and is certified to ISO 27001, an internationally recognised minimum standard on data security. This means those businesses that transact through the network can be confident their data is safe and they have not been exposed to any additional risk by using the platform. Tungsten Network also requires any data centre it uses to have the same certification. E-invoicing can also eliminate the possibility of invoice fraud, thus shifting the responsibility for checking an invoice from your finance team to a highly sophisticated, automated-service provider. Tungsten Networks technology doesnt just check the invoice, it creates it and only after ensuring that all the data inputs are compliant with a given countrys regulations, and the buyers own requirements. Only when our system validates all of this can a payment be made, thereby spelling the end of the fraudulent duplications. In addition to automated rules, the move to electronic also makes the invoicing process much more efficient. This therefore makes it easier for your business to react to fraudulent activity once it is detected. of businesses received a fraudulent invoice in 2016 of FTSE 100 and Fortune 500 companies are in Tungstens electronic network The growth of invoice financing Supply chain finance (SCF) is a set of solutions that optimises cash flow by allowing businesses to lengthen their payment terms to their suppliers, while providing the option for their large and SME suppliers to get paid early. This results in a win-win situation for both the buyer and supplier the buyer optimises working capital, and the supplier generates additional operating cash flow, thus minimising risk across the supply chain. It generally involves the use of a technology platform in order to automate transactions and track the invoice approval and settlement process from initiation to completion. The growing popularity of SCF has been largely driven by the increasing globalisation and complexity of the supply chain. SCF places Tungsten Network at the heart of the supply chain, enabling the cash to keep flowing and businesses to keep growing and thriving. Invoice finance gives businesses access to finance by unlocking vital working capital that can otherwise be tied up in unpaid invoices. For companies looking to grow, the lengthy administration or set-up processes of traditional lending can act as a barrier to funding. In addition, tighter lending criteria are resulting in more and more businesses looking to alternative finance models. Unlocking working capital is the key to growth and to maintaining a healthy financial supply chain, which benefits everyone involved. Originally launched in 2015, Tungsten Network Early Payment has been offering flexible, transparent funding to many SMEs at the touch of a button. The mechanism is simple: submit an invoice electronically via Tungsten Networks digital platform and get paid immediately, rather than wait until the end of the agreed payment terms for that job. There are no credit checks or administrative delays. The system enables suppliers to get paid upfront for invoices by simply selecting an individual invoice for immediate payment. It is a low-cost and easy way to access alternative to bank finance and factoring solutions, and is offered exclusively to suppliers in the Tungsten Network. In addition, it allows suppliers to accelerate payment when they want, giving them much more control over their cash flow. Tungsten Network Early Payment offers fully transparent funding with an advance rate of 100 percent, minus a small discount, which is significantly more favourable than the 90 percent or lower offered by similar schemes elsewhere. Furthermore, by taking advantage of early payments and through access to funding from the same platform as they transact with their clients, SMEs can introduce more control to their cash flow, choosing when to have a cash injection depending on their day-to-day circumstances. As well as Early Payment, Tungsten is broadening its network solutions to include receivables financing and payables financing. More suited to larger enterprises in the SME bracket, this will support businesses looking to scale up their operations further. Thousands of businesses now use Tungsten Network Early Payment to access the cash they need at the press of a button, eradicating the perennial SME bugbear of being kept waiting for weeks, or even months, for the payment of invoices. Alonso Jose da Silva, an International Technical Manager, explained: Tungsten Network Early Payment is easy to use and understand. We do not take advantage of it on a regular basis, but on a particular occasion when we needed to pay a supplier, we took early payment on an outstanding invoice and received the credit sooner. This provided us with a lot of flexibility and reassured us that our suppliers will always be paid on time, even if our clients may be late in processing their invoices. Similarly, Michelle Burnage of Abacus Industrial Flooring said: We would recommend Tungsten Network Early Payment system to other companies because we know how much its helped our situation. Its helped us as a company to move on to bigger projects. Procurement efficiency Over the next few years, Tungsten Network expects its spend analytics technology to evolve even further to achieve even greater levels of trend monitoring, using financial modelling to predict future pricing patterns and assess supply chain risks. Software and artificial intelligence will be able to assist with the buying decision process by checking prices online against existing deals with suppliers. They will also be able to offer a risk analysis of suppliers. All of these components could transform the procurement industry. Recovering from the international financial crisis has been a slow process, and continues to worry companies across the world. In fact, much of the eurozone and many developing countries are stagnating: 2017 is surrounded by further economic uncertainty, with policymakers refering to this economic performance as the new mediocre. As a result, businesses need to be careful and look for efficiency benefits wherever they can find them. Ever tighter margins, volatile currencies and fluctuating global commodity prices mean no organisation can afford to waste time chasing for payment Ever-tighter margins, volatile currencies and fluctuating global commodity prices mean no organisation can afford to waste time or money chasing for payment or clarifying information on invoices. Neither can they afford to waste money through overpaying on products. Smarter procurement is an easy way to make cost savings that can multiply through an organisation. While the digital revolution continues to embed itself in more businesses processes, the importance of building and maintaining trust is vital and remains one of the biggest challenges facing our industry. Cybercrime is growing apace and any company that operates in the digital space will need to constantly reassure its customers their information is safe. Our network is totally reliant on customers buying into the model and trusting it implicitly. In the coming years, we must continue to guarantee to our customers that our digital processes and the valuable information that passes through the network are properly administered, and that we are agile and responsive to any security threat. In addition, trading globally and ensuring invoices are compliant is only going to get more complex, especially when non-compliance is regarded as tax evasion. Keeping abreast of developments across the world will be critical for our industry. We are committed to being at the forefront of the industry and, in some cases, even intervening to encourage the take-up of e-invoicing. For example, several Indian states have changed legislation to allow invoices to be signed off digitally this has been the result of Tungsten Networks extensive negotiations with the relevant authorities. Indias entry into the world of e-invoicing reflects its rising position in global business and the importance of providing access to the latest technology in emerging markets in order to drive economic growth. Tungsten Networks focus on achieving compliance in India is a direct response to customer demand, as increasing numbers of businesses are seeing opportunities in this fast-developing market. The issue of late payment never seems to go away as companies continue to use payment as a means of managing their working capital. For this reason we foresee invoice financing will continue to grow as companies rely on it to keep their cash flow healthy. According to Nesta, the alternative finance market grew to 3.2bn (4.04bn) in 2015. It currently makes up 12 percent of the market for lending to small businesses in the UK, and we would expect invoice finance to continue to gain ground. In the future, technology will only become more engrained in business processes, reducing friction around the globe. E-invoicing is already helping businesses to seamlessly manage the accounts payable process, improving relationships between buyers and suppliers. By improving cash flow in the supply chain, financial technology such as ours is also increasing confidence and enabling growth. Tungsten Networks approach to digitising business is about constantly reviewing what customers need, so our technology is always changing and developing to reflect our reason for doing business: to be the worlds most trusted business transaction network. The technology behind bitcoin, known as blockchain, has been touted as revolutionary, holding the potential to transform anything from the insurance industry to international aid. However, it is in the hands of central bankers that the technology could reach its true potential. Central banks around the world are currently devoting their resources to research the concept of a central bank digital currency a kind of digital cash. The reason for its potential power: it gets to the heart of the function of a central bank, and, indeed, the very nature of money. Prospectively, it offers an entirely new way of exchanging and holding assets, including money. Its an irony, therefore, that some of the economic questions it raises have actually been around for a long time, for as long as economics itself, said Ben Broadbent, Deputy Governor of the Bank of England, in a speech earlier this year about the possibility of a central bank issued digital currency. The nature of money Of course, electronic money is nothing new in fact, the majority of money in our system exists in electronic form. However, a key difference between electronic money and a possible digital currency is the latter would allow people to transfer money to one another without the need for a commercial bank. People could have a digital wallet, of kind, and move money in a secure way without commercial banks acting as the middleman much like ordinary cash. This is a crucial difference, because commercial bank money and currency are different types of capital. World Finance spoke to David Clarke from Positive Money, an organisation campaigning for monetary reform that supports the idea of a central bank issued digital currency. Clarke explained how commercial bank money differs from cash: The money in your bank account is just an IOU from the bank, created from thin air when the bank issues a loan. It doesnt correspond with any physical currency or commodity, and its technically the property of the bank. A central bank issued digital currency, on the other hand, would be an extension of cash a direct claim on the central bank. It would, by definition, be fully protected from default. Individuals have been excluded from8230 holding such a digital currency, but this could change thanks to blockchain technology Not only is currency a different type of asset, it enters the economy in a different way. While central banks have control over the creation of physical currency, the amount of commercial bank money in the economy is determined by decisions made by the commercial banks. Banks inject fresh money into the economy each time they extend a new line of credit, and thus the quantity of commercial bank money in the economy depends on the willingness of banks to lend. Central banks, however, can only influence money supply indirectly, through monetary policy and regulation. In a sense, a central bank currency in digital form already exists, as commercial banks can already hold accounts with central bank reserves. These reserves are the currency deposits that form the basis of a banks payments system. When a customer withdraws cash, commercial banks must be able to provide real currency on request, so they need to hold enough in reserve to meet the demand of withdrawals. Similarly, when someone makes a transfer, banks settle payments using reserves. Individuals, however, have so far been excluded from the ability to hold such a digital currency, but this could change thanks to blockchain technology. If central banks issued a digital currency that was open to all, people could hold their money as digital currency rather than in a commercial bank with potentially radical implications. For example, if everyone banked with the central bank, in principle, it would make for a safer banking system. Backed by liquid assets, rather than risky lending, deposits would become inherently more secure. They wouldnt be vulnerable to runs and we would no longer need to insure them, said Broadbent. Set for takeoff Digital currency could pave the way for helicopter money being used as a viable tool by central banks. According to Clarke: The idea of helicopter money has got a considerable intellectual pedigree the term was actually popularised by Milton Friedman, who imagined the central bank dropping dollar bills from the sky as a way of boosting spending. But technological innovation has given the idea new relevance. The concept of helicopter money has most recently been brought into the spotlight after being aired by Ben Bernanke as a possible addition to central bankers tool kits. In economic terms, helicopter money is a tax cut financed by a permanent increase in the money stock an action that could be administered in order to combat deflation. It would technically be possible without a digital currency, but given a scenario where each person held a digital cash account, the central bank could easily dispense a newly created digital currency to every citizen. Each persons account would simply be credited with fresh electronic money in a move akin to helicopter drops spreading newly printed money. Helicopter money is, of course, an unconventional monetary policy, and administering it would come with a host of complications ( World Finance, however, has argued that it could be useful if administered in a disciplined and moderate form). It has similar economic underpinnings to quantitative easing, but Clarke argues it can avoid one of the key failings attributed to asset purchase programmes: Compare it to how the government injects money into the economy through quantitative easing one of the main effects of which is to inflate the wealth of those who own pre-existing assets. It may sound drastic, but there was a time when quantitative easing was entirely off the cards, so helicopter money should certainly not be dismissed along the same lines. Moreover, with the emergence of blockchain technology, the discussion is gaining momentum. A brand new tool The nature of the change created by issuing a digital currency would depend on many factors. For example, if digital cash did not acquire interest, it is unlikely that many people would convert their deposits. However, in a scenario in which it did acquire interest, the macroeconomic effects could be huge. The digital currency revolution could8230 eliminate commercial bank money altogether leaving only paper cash and digital currency issued by the central bank The Bank of England released a working paper earlier this year investigating the idea of introducing an interest-bearing, digital currency. The authors, John Barrdear and Michael Kumhof, note that there is very little historical or empirical material that could help us to understand the costs and benefits of transitioning to such a regime, or to evaluate the different ways in which monetary policy could be conducted under it. In short, it has never been done before. To forecast such a scenario, the pair created a model based on the US economy, envisaging a world in which digital currency makes up 30 percent of the GDP, but ordinary commercial bank money continues to exist. Under such a set-up, the dynamics of the financial sector would see a dramatic change. Ordinary banks would have to compete with the central bank for deposits in order to maintain cash flow offering relatively higher interest rates as a result. Their modelled scenario comes out with many notable implications, including the economy gaining a three percent boost to GDP. Perhaps most interestingly, the central bank would acquire an entirely new monetary tool. Because the digital currency would be held directly by households and businesses, changes in interest rates would have a direct effect, meaning when central banks changed rates it would affect the real economy directly. This contrasts to policy rates as they are currently administered, which only work by indirectly influencing the banking system. The new tool would complement the policy rate, as both would exist simultaneously. Control over the digital currency could help central banks respond to deviations from target inflation. For instance, during an economic expansion they could increase the spread between the policy rate and the (lower) digital currency rate in order to hold back inflation. Going all in The digital currency revolution could go even further and eliminate commercial bank money altogether leaving only paper cash and digital currency issued by the central bank. This could occur if there was a full shift in deposits from commercial banks to the central bank and electronic commercial bank money was no longer used to make payments. This would move the system towards what is known as narrow banking a concept that has a long intellectual history, and notably, was favoured by David Ricardo and Adam Smith. The concept gained ground during the Great Depression of the 1930s, when a group of economists at the University of Chicago proposed the Chicago Plan. The famous plan, supported by Irving Fisher, envisioned an end to the destructive boom and bust cycle. Under the plan, only the central bank would be able to issue new money, reducing the role of banks to pure intermediaries. The idea has experienced a resurgence following the global economic crisis of 2008, with economists exploring it as an opportunity to bring about an end to the financial instability that shook the global economy. A paper by the International Monetary Fund published in 2012, named The Chicago Plan Revisited . lent further support to the concept, claiming: The Chicago Plan would indeed represent a highly desirable policy. The paper further explains how an economy would look under such a plan: Credit, especially socially useful credit that supports real physical investment activity, would continue to exist. What would cease to exist however is the proliferation of credit created, at the almost exclusive initiative of private institutions, for the sole purpose of creating an adequate money supply that can easily be created debt-free. Positive money argues such a scenario in which central banks have control over money supply could have far-reaching benefits, and be achieved through the means of a central bank digital currency. That said, Clarke explained they do not advocate implementing digital cash all at once: We think the starting point is for the Bank of England to introduce a certain amount of digital cash. It could offset this over time by reducing the amount of bank-created money by raising reserve ratios. Under the system we propose, decisions about how much money is created and when it is created will be a matter for the monetary policy committee. Never say never The potential implications of a central bank digital currency are certainly radical. However, the concept is quickly gaining momentum, with research taking place in Germany, England and China. In Sweden, the central bank has initiated a debate over the issuance of a digital currency with the stated aim of making a decision within the next two years. Meanwhile, Switzerland is set to hold a referendum regarding a potential ban on commercial banks creating new money after a petition reached 100,000 signatures. Iceland has also issued similar proposals. Furthermore, private banks themselves have taken an interest in harnessing blockchain technology, which has the potential to undermine the central banks role as a trusted third party through which transfers can be made. Moreover, a decline in the use of ordinary cash is rendering the power of central banks to issue cash progressively less relevant. As Clarke said: It is a radical idea, but we are living through a time where the nature of money and the nature of cash is changing rapidly. In our lifetimes, we will probably see the demise of physical cash as we know it, and central banks will have to respond to that. We have to ask ourselves the question are we prepared to completely give up control of our money and means of payment to the private sector8221 On December 20, the Bank of Japan announced that policy rates would stay put, in addition to releasing forecasts for a rosier future for the economy. The banks statement predicted a moderate expansion of the economy and that domestic demand would continue its positive trend, with a virtuous cycle from income to spending being maintained in both the corporate and household sectors. While an improved outlook could signal an end to Japans era of expansive monetary policy, commentators remain hesitant Despite administering a large-scale monetary stimulus, the bank continues to grapple with extremely low inflation, which is currently around zero percent. This struggle appears to be coming to an end, however, with new forecasts predicting that inflation will reach its target of two percent in the medium to long term. The bank will continue to apply its negative policy rate of -0.1 percent, with long-term interest rates remaining at around zero percent. Furthermore, the scale of monetary stimulus is to remain steady, with government purchases of government bonds, equities and corporate bonds to continue at a yearly pace of JPY 80trn (679bn), JPY 6trn (50m) and JPY 3.2trn (30m) respectively. The improved outlook has been attributed in part to expectations that exports will increase in response to healthy overseas economies. Domestic demand is also expected to receive a further boost due to the continued effects of the governments fiscal stimulus, as well as positive financial conditions. The bank appeared optimistic about the nations business outlook, noting that business fixed investment is on an upward trend due to high corporate profits and improved business sentiment. While this improved outlook could signal an end to Japans era of expansive monetary policy, commentators remain hesitant. According to the Financial Times . Bill Adams, Senior International Economist at PNC in Pittsburgh, said: Until Japan shows signs of a sustained and self-reinforcing cycle of rising wages and consumer prices, the Bank of Japan will leave policy in its current, highly expansionary stance. It is therefore unsurprising that the bank did not hint at any future tightening of policy, with its statement claiming that the monetary stimulus would continue as long as it is necessary for maintaining that target in a stable manner. PrivatBank, Ukraines largest deposit holder, has been nationalised in full after being declared insolvent by the National Bank of Ukraine. On December 18, the Cabinet of Ministers of Ukraine approved the takeover, leading the government to acquire 100 percent of the banks shares. The state is to contribute to the recapitalisation of Privatbank and take on full control of its operations, with Ukraines former finance minister Oleksandr Shlapak taking over as president of the bank. Privatbank currently holds the deposits of 20 million Ukrainian citizens, making up almost half of the Ukrainian population A joint statement by the Ministry of Finance of Ukraine and the National Bank of Ukraine claimed: This move will ensure the security of funds and savings deposits placed with this bank, help avert systemic risks to the banking system, and will pave the way for preserving financial stability in the country. The bank currently holds the deposits of 20 million Ukrainian citizens, making up almost half of the Ukrainian population. Notably, this includes the deposits of 3.2 million pensioners, all of which will remain fully protected. They all will have unrestricted access to their accounts, the statement explained. Privatbank is the most systemically important bank in Ukraine, and has been widely regarded as being too big to fail. Ukraine has experienced ongoing struggles relating to the health of its banking sector, which threaten to further exacerbate the nations fragile economic state. The Ukrainian economy remains unstable amid the nations ongoing conflict, and was recently hit by a sharp recession, wiping out 17 percent of GDP over the course of just two years. The decision to nationalise PrivatBank was made in response to a worsening in the state of its balance sheet, which has seen ongoing solvency issues. The banks precarious position was brought on by irresponsible lending and related capital losses. It is reportedly struggling under the weight of billions of dollars of unpaid insider loans, which have burned a 3.39bn hole in its finances. Addressing the fragility of the nations financial sector has been a key target of a 17.5bn loan programme from the International Monetary Fund. Over the past two years, the Ukrainian Government has been undergoing a major cleanup operation, and has shut down more than 80 banks that were allegedly involved in illegal activities. Ukrainian Finance Minister Oleksandr Danyliuk said. The government will allocate funds to stabilise the bank, and the required amount of financing for the recapitalisation of the bank have been earmarked in the budget The budget parameters will remain within the targets set by the IMF programme. The takeover of the nations largest bank marks a crucial move in ensuring stability for the countrys future, as a crisis in PrivatBank would have had far-reaching implications to Ukraines already struggling economy. On December 15, the office of the United States Trade Representative (USTR) filed a new complaint with the World Trade Organisation (WTO), claiming Chinese trade management of rice, wheat and corn is creating an uneven playing field for US exporters. This marks the 15th time in seven years that the Obama administration has filed a challenge against China to the WTO, and comes at a time when trade relations between the two countries are fraught with tension and trepidation for the future. According to a USTR press release. US Agriculture Secretary, Tom Vilsack, said: When China joined the WTO, it committed to implementing an agriculture regime that would facilitate market access consistent with international obligations. However, China has frustrated exporters through generous price support and unjustified market restrictions. The US claims that Chinese management of its tariff rate quotas (TRQ), is opaque and unpredictable, thus limiting access to Chinese markets for exporters. TRQs are a type of trade measure that, if properly enforced, should provide lower duties on a certain volume of imported grains every year. However, according to the same USTR press release: Chinas application criteria and procedures are unclear, and China does not provide meaningful information on how it actually administers the tariff-rate quotas. According to the US, this unreliable method of administration has resulted in an unfair trade barrier, without which China would have imported an extra 3.5bn-worth of crops during 2015 alone. United States Trade Representative Michael Froman said: Todays new challenge demonstrates again the Obama administrations strong and continued commitment to enforcing the rules of global trade, and protecting the interests and livelihoods of American farmers. Also on December 15, the US put extra pressure on a previous challenge against China. This complaint, which was launched in September, accused China of creating artificial incentives for Chinese farmers to increase production of wheat, rice and corn. The US requested that the WTO establish a dispute settlement panel, in a move that will take the challenge to the next stage after initial consultations failed to resolve the issue. The USTR has so far won every trade dispute it has raised with the WTO, implying that this latest claim is likely to succeed. Nevertheless, what remains uncertain is how the trade landscape will unfold in the future as US President-elect Donald Trump takes the reins. Such disputes such may rise in frequency, particularly after Trumps campaign rhetoric hit out at China for allegedly creating an unfair advantage in trade. Amid speculation about an impending trade war between the US and China, the WTO will be forced to mediate between the two countries, putting its role further into the global spotlight. Hong Kong8217s mortality protection gap is now more than 500bn, according to reinsurer Swiss Re. How can this gap be closed The issue isn8217t just life cover, explains HSBC Insurance8217s Candy Yuen. It8217s also about coverage for critical illness, and making sure you don8217t outlive your retirement savings. It requires thinking about protection in a holistic manner. She discusses the latest research HSBC has conducted on this issue in Asia, and the online tool the company has launched to help people save more. Based on real retirees8217 spending patterns and your personal expectations, the HSBC Retirement Monitor can help Hong Kongers understand how much they need to be saving and how soon they need to start. World Finance: Hong Kong8217s mortality protection gap is now more than 500bn, according to reinsurer Swiss Re. How can this gap be closed Joining me is Candy Yuen from HSBC Insurance Hong Kong. Candy, it8217s a big question, but what can be done Candy Yuen: Yes indeed. The mortality gap in Hong Kong per working person with dependents is ranked the second highest in Asia. According to our own study, more than three in five people with self-paid cover do not know the actual pay-out from the policies, or they don8217t think that it8217s enough. The coverage is not only about protecting your loved ones when you die we also need to consider coverage for critical illness, or outliving your savings at retirement. So we also have to think about protection in a holistic manner. At HSBC, we8217re committed to address this mortality gap issue, by creating the awareness and also offering the right products. We launched the HSBC Retirement Monitor last year, to help people plan for retirement, and we also launched, for example, a comprehensive critical illness plan, and a term online product what we call the HSBC Term Protector. A very simple term online that you can buy within five minutes, without any need for medical underwriting. World Finance: As you say, you have launched this retirement planning tool an award winning retirement planning tool tell me more how does it work Candy Yuen: So it8217s basically to answer the fundamental question: how much do I need, when I retire in Hong Kong And we try to give how much you need for basic retirement life, comfortable, and affluent retirement life. Based on real data, statistics, and analytics on retirees8217 consumption behaviours. So a single person retiring needs about 3,000 per month, as their expenditure for a comfortable retirement. So: think about that. The average woman8217s life expectancy is about 86 years. So if you want to retire at 60 years old, you have 26 years needing 3,000 per month: even if you exclude inflation you8217re talking about a million US dollars that you have to plan. When you start having these conversations, then you start to understand: wow, you know, I do need to start planning, perhaps now in my 30s, rather than in my 50s. So having this awareness, to start planning or at least having the conversation earlier definitely helps. World Finance: But is consumer behaviour changing Are people saving more Candy Yuen: I think people start to at least be aware that this is a problem, or a challenge that they cant just hide from. Because people in Hong Kong do care deeply about savings for retirement. The last thing they want is to create a financial burden for their kids or their loved ones. However, not every one of us knows exactly how to prepare for retirement, and exactly how much we need to save for retirement and starting from when. So those are the questions that people are struggling with. Because you either start saving earlier, and more disciplined. Or you have to adjust your realistic assumption, what kind of retirement lifestyle youll be having. World Finance: What particular challenges do you face understanding and communicating with modern consumers Candy Yuen: Nowadays I think digital becomes an integral part of our daily lives. Absolute relevance is the only entry point. Because if you think about it, how many irrelevant messages do you get every day So, getting a better understanding in terms of how people behave, and how people think. What clicks with them. It8217s absolutely critical. At HSBC we invest heavily in customer analytics, big data, customer insight. We regularly commission a study on understanding online behaviours of our target segments, and also the broader market segments as well. Because through this we can actually develop products that are most relevant, and also create and add value to our customers. And in this way we aim to develop the right products, and provide them at the right time, and via the right channel, as well. Because nowadays with digital technology advancement we have new media, new platforms to interact with our customers. And so that8217s why we are crazy and passionate about this customer-centricity approach. Because only then we can win the hearts and the minds of our customers. Messaggi di navigazione
No comments:
Post a Comment