5G Development in the Baltic States
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SEB Fund 1 AR 31122019 Final Post BM
Annual Report SEB Fund 1 Status: 31 December 2019 R.C.S K 49 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Table of Contents Page Additional Information to the Investors in Germany 2 Organisation 3 General Information 5 Management Report 9 Schedule of Investments: SEB Fund 1 - SEB Asset Selection Fund 10 SEB Fund 1 - SEB Europe Index Fund 14 SEB Fund 1 - SEB Global Fund 24 SEB Fund 1 - SEB Global Chance / Risk Fund 33 SEB Fund 1 - SEB Norway Focus Fund 39 SEB Fund 1 - SEB Sustainability Fund Europe 41 SEB Fund 1 - SEB Sustainability Nordic Fund 46 SEB Fund 1 - SEB US All Cap 48 Combined Statement of Operations 50 Combined Statement of Changes in Net Assets 54 Combined Statement of Net Assets 58 Statistical Information 62 Notes to the Financial Statements 74 Audit Report 81 Risk Disclosure (unaudited) 84 Remuneration Disclosure (unaudited) 86 1 Additional Information to the Investors in Germany As at 31 December 2019 Units in circulation: The following Sub-Funds are publicly approved for distribution in Germany: • SEB Fund 1 - SEB Asset Selection Fund • SEB Fund 1 - SEB Global Fund • SEB Fund 1 - SEB Global Chance / Risk Fund • SEB Fund 1 - SEB Sustainability Fund Europe • SEB Fund 1 - SEB Sustainability Nordic Fund The following Sub-Funds are not distributed in Germany: • SEB Fund 1 - SEB Europe Index Fund • SEB Fund 1 - SEB Norway Focus Fund • SEB Fund 1 - SEB US All Cap The information disclosed above is as at 31 December 2019 and this may change after the year end. -
Svenska Handelsbanken AB
OFFERING CIRCULAR Svenska Handelsbanken AB (publ) (Incorporated as a public limited liability banking company in The Kingdom of Sweden) U.S.$50,000,000,000 Euro Medium Term Note Programme for the issue of Notes with a minimum maturity of one month On 26th June, 1992 Svenska Handelsbanken AB (publ) (the “Issuer” or the “Bank”) entered into a U.S.$1,500,000,000 Euro Medium Term Note Programme (the “Programme”) and issued an offering circular on that date describing the Programme. This Offering Circular supersedes any previous offering circular and supplements therein prepared in connection with the Programme. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes already in issue. Under the Programme, the Bank may from time to time issue Notes (the “Notes”), which expression shall include Notes (i) issued on a senior preferred basis as described in Condition 3 (“Senior Preferred Notes”), (ii) issued on a senior non-preferred basis as described in Condition 4 (“Senior Non-Preferred Notes”), (iii) issued on a subordinated basis and which rank on any voluntary or involuntary liquidation (Sw. likvidation) or bankruptcy (Sw. konkurs) of the Bank as described in Condition 5 (“Subordinated Notes”) and (iv) issued on a subordinated basis with no fixed maturity and which rank on any voluntary or involuntary liquidation (Sw. likvidation) or bankruptcy (Sw. konkurs) of the Bank as described in Condition 6 (“Additional Tier 1 Notes”). The Outstanding Principal Amount (as defined in Condition 2) of each Series (as defined below) of Additional Tier 1 Notes will be subject to Write Down (as defined in Condition 2) if the Common Equity Tier 1 Capital Ratio (as defined in Condition 2) of the Bank and/or the Handelsbanken Group (as defined Condition 2) is less than the relevant Trigger Level (as defined in Condition 2). -
Alternative Index Weighting Strategies on the Swedish Stock Market
Alternative Index Weighting Strategies on the Swedish Stock Market William Appelgren Johanna Trost [email protected] [email protected] Stockholm School of Economics Department of Finance Spring 2014 Tutor: Michael Halling Abstract The Market-Capitalization index reweighting has since long had the role as the conventional tool for passive investments through its simplicity and CAPM framework conformance. Nowadays, alternative index reweightings are getting increased traction in the light of market-capitalization criticism and suggested risk-return improvements and possibilities of desired characteristics. This study sets to examine four alternative index reweightings; the Minimum Variance, the Equal Weights, the Equal Risk Contribution and the Risk-Weighted Alpha reweighting methods, as well as compare these indices to the benchmark Market-Capitalization weighted index over a number of quantitative measures. The stock universe chosen is the OMXS30 constituents of the NASDAQ OMX Stockholm Stock Exchange and the study also discusses the feasibility of introducing the alternative methods to the exchange. The study shows that all computed alternative methods beat the benchmark in terms of risk-adjusted return, as well as return in absolute measures. Index weight characteristics over time, especially as an effect of short-selling constraints, do however impact the weightings significantly and with regards to feasibility do not all alternative indices show on definite prevalence over the Market-Capitalization index for the examined data set and time period. Possible improvements of the data collection, method decisions and tools for analysis are also discussed as a reference for further studies. The findings of the study conclude in not being able to reject the proposal of an alternative index launch on the Swedish stock market. -
Annual Report 2014
ANNUAL REPORT 2014 Dress €99 Blazer €19.99 H&M SPRING 2015 MODERN ESSENTIALS SELECTED BY DAVID BECKHAM SPRING 2015 Shirt €19.99 H&M SPRING 2014 Sweater € 19.95 — H&M ANNUAL REPORT 2014 — Contents H&M IN WORDS AND PICTURES This is H&M 8 CEO letter 10 2014 in brief 12 Our brands 16 Sustainable development 36 Our employees 42 Expansion 46 History 54 H&M IN FIGURES Administration report, including proposed distribution of earnings 60 Group income statement 66 Consolidated statement of comprehensive income 66 Group balance sheet 67 Group changes in equity 68 Group cash flow statement 69 Parent company income statement 70 Parent company statement of comprehensive income 70 Parent company balance sheet 71 Parent company changes in equity 72 Parent company cash flow statement 73 Notes to the financial statements 74 Signing of the annual report 90 Auditor’s report 91 Corporate governance report, including information about the board of directors 92 Auditor’s statement on the corporate governance report 104 Five year summary 106 The H&M share 107 Financial information and contact details 108 H&M’s annual accounts and consolidated accounts for the financial year 2013/14 comprise pages 60–90. — THIS IS H&M — Fashion and quality at the best price H&M is a leading global fashion company with strong values and a clear business concept. H&M has a passion for fashion, a belief in people and a desire to always exceed customers’ expectations – and to do so in a sustainable way. H&M’s busi- ness concept is to offer fashion and quality at the best price. -
PDF Press Release Notice of AGM Investor 2021
Press release Stockholm, March 30, 2021 Notice of Investor AB’s Annual General Meeting on May 5, 2021 Investor AB (publ) summons to the Annual General Meeting (the “Meeting”) on Wednesday, May 5, 2021. Due to covid-19, the Meeting is only conducted by advance voting. Information on the resolutions passed at the Meeting will be disclosed on May 5, 2021, as soon as the outcome of the advance voting has been confirmed. Shareholders can submit questions to [email protected] up to and including April 25, 2021, with written response from the Company no later than on April 30, 2021. A pre-recorded interview with the Chair of the Board, Jacob Wallenberg, and the President, Johan Forssell, where they together discuss the fiscal year 2020 and answer a number of questions received, will be available on Investor's website, www.investorab.com, on May 3, 2021. In addition, the Chair of the Board and the President will be available to answer questions at a live conference call on May 3, 2021, via Investor’s website, www.investorab.com. Registration and notification A shareholder who wishes to participate in the Meeting must • be recorded as a shareholder in the share register prepared by Euroclear Sweden AB concerning the circumstances on Tuesday, April 27, 2021, and • notify its intention to participate by casting its advance vote in accordance with the instructions under the heading Advance voting below so that the advance voting form is received by Euroclear Sweden AB no later than Tuesday, May 4, 2021. To be entitled to participate in the Meeting a shareholder whose shares are registered in the name of a nominee must, in addition to providing notification of participation, register its shares in its own name so that the shareholder is recorded 1(4) in the share register on Tuesday, April 27, 2021. -
The Commercial Deals Connected with Gazprom's Nord Stream 2
The commercial deals connected with Gazprom's Nord Stream 2 A review of strings and benefits attached to the controversial Russian pipelines Anke Schmidt-Felzmann, PhD Senior Researcher at the Research Centre of the General Jonas Žemaitis Military Academy of Lithuania Abstract This paper reviews the multiple strings and benefits attached to the single most controversial gas pipeline project in Europe - the second Russian twin subsea pipeline that is currently under construction in the Baltic Sea. While much attention has been paid to the question of why and how the Russian state- controlled energy giant seeks to circumvent Ukraine as a transit country for its delivery of gas to Western Europe, hardly any attention has been paid to the benefits gained by the companies and political entities directly involved in the preparation and construction of Nord Stream 2. The paper seeks to fill this gap in the debate by taking a closer look at the business deals and commercial actors involved in the implementation of this second Russian natural gas pipeline project in the Baltic Sea. It highlights how local and national economic interests and European energy companies' motivations for participating in the project go beyond the volumes of Russian natural gas that Gazprom expects to deliver to European customers through its Baltic Sea pipelines from 2020. Keywords: Baltic Sea, Nord Stream, Gazprom, Russia, Germany, Sweden, Denmark, Finland, Latvia. This analysis was produced within the Think Visegrad Non-V4 Fellowship programme. Think Visegrad – V4 Think Tank Platform is a network for structured dialog on issues of strategic regional importance. The network analyses key issues for the Visegrad Group, and provides recommendations to the governments of V4 countries, the annual presidencies of the group, and the International Visegrad Fund. -
The Baltic Sea Region the Baltic Sea Region
TTHEHE BBALALTTICIC SSEAEA RREGIONEGION Cultures,Cultures, Politics,Politics, SocietiesSocieties EditorEditor WitoldWitold MaciejewskiMaciejewski A Baltic University Publication A chronology of the history 7 of the Baltic Sea region Kristian Gerner 800-1250 Vikings; Early state formation and Christianization 800s-1000s Nordic Vikings dominate the Baltic Region 919-1024 The Saxon German Empire 966 Poland becomes Christianized under Mieszko I 988 Kiev Rus adopts Christianity 990s-1000s Denmark Christianized 999 The oldest record on existence of Gdańsk Cities and towns During the Middle Ages cities were small but they grew in number between 1200-1400 with increased trade, often in close proximity to feudal lords and bishops. Lübeck had some 20,000 inhabitants in the 14th and 15th centuries. In many cities around the Baltic Sea, German merchants became very influential. In Swedish cities tensions between Germans and Swedes were common. 1000s Sweden Christianized 1000s-1100s Finland Christianized. Swedish domination established 1025 Boleslaw I crowned King of Poland 1103-1104 A Nordic archbishopric founded in Lund 1143 Lübeck founded (rebuilt 1159 after a fire) 1150s-1220s Denmark dominates the Baltic Region 1161 Visby becomes a “free port” and develops into an important trade center 1100s Copenhagen founded (town charter 1254) 1100s-1200s German movement to the East 1200s Livonia under domination of the Teutonic Order 1200s Estonia and Livonia Christianized 1201 Riga founded by German bishop Albert 1219 Reval/Tallinn founded by Danes ca 1250 -
5G Wireless Infrastructure Semiconductor Analysis
5G WIRELESS INFRASTRUCTURE SEMICONDUCTOR ANALYSIS SIA CONFIDENTIAL | 5G INFRASTRUCTURE ANALYSIS | 1 2 | 5G INFRASTRUCTURE ANALYSIS EXECUTIVE SUMMARY On behalf of SIA, a wireless market intelligence firm has analyzed all of the semiconductor function product families within the key elements of a 5G radio access network (RAN)- baseband unit (BBU) and active antenna unit (AAU)/remote radio unit (RRU) systems for 5G base stations along with the current domestic United States and foreign/international semiconductor suppliers. Our conclusion is that despite the United States maintaining overall market-share leadership in semiconductors with a 45% share of the global market, substitutes for U.S. components exist for nearly every semiconductor product family required to build a complete RAN infrastructure. In fact, our analysis indicates that of the more than fifty critical semiconductor elements necessary to design, manufacture, and sell a competitive 5G RAN network1, only 3 components could face supply constraints outside the United States in the event of an export restriction. For each of those three components, we have further concluded that alternatives are currently being deployed or under active development, especially within China by Huawei’s semiconductor design arm, HiSilicon. 8 | 5G INFRASTRUCTURE ANALYSIS | SIA CONFIDENTIAL OUR CONCLUSION FOR THE BASEBAND UNIT SYSTEM FOR A 5G BASE STATION IS THAT THE TWO KEY SEMICONDUCTOR PRODUCT FAMILIES THAT MAY PRESENT SUPPLY ISSUES OUTSIDE OF THE UNITED STATES ARE: • Commercial off-the-shelf Field -
Ericsson Annual Report 2020
Ericsson Annual Report 2020 ericsson.com Contents Financial CEO comment 2 Corporate Corporate Governance report 1 report Governance Auditor’s report on the Corporate 27 Business in 2020 4 report Governance report Letter from the Chair of the Board 9 Consolidated financial statements 26 and notes Parent Company financial statements 78 and notes Risk factors 97 Auditor’s report 109 Five-year summaries 113 Alternative performance measures 115 The Ericsson share 120 Remuneration Statement from the Chair of the 1 Sustainability Sustainability approach 2 report Remuneration Committee and Corporate Sustainability management 4 Responsibility Introduction 2 report Stakeholder engagement 6 Remuneration 2020 at a glance 3 Significant topics 2020 7 Total remuneration to the President 5 and CEO and Executive Vice Presidents Responsible business 8 Variable remuneration 6 Environmental sustainability 20 Comparative information on the 11 Digital inclusion 26 change of remuneration and Company Consolidated sustainability notes 28 performance Global Reporting Initiative Index 32 Forward looking statements 36 Ericsson Annual Report 2020 Our legal annual report consists of four parts published as one pdf, which can also be downloaded separately: – The Financial report, including CEO comment, business strategy, the annual accounts and consolidated accounts of the Company – The Corporate Governance report – The Remuneration report – The Sustainability and Corporate Responsibility report, including the GRI index The Company’s annual accounts and consolidated accounts are included on pages 10–108 in the Financial report and are reported on by Deloitte in the auditor’s report. The Corporate Governance report, the Remuneration report and the Sustainability and Corporate Responsibility report have also been subject to assurance procedures by Deloitte. -
Migration and the New Austeriat: the Baltic Model and the Socioeconomic Costs of Neoliberal Austerity
Migration and the new austeriat: the Baltic model and the socioeconomic costs of neoliberal austerity Charles Woolfson (Linköping University, Sweden) Jeffrey Sommers (University of Wisconsin-Milwaukee) Arunas Juska (East Carolina University) W.I.R.E. Workshop on Immigration, Race, and Ethnicity Ash Center for Democratic Governance and Innovation at the Harvard Kennedy School 24 February 2015 Abstract The Great Economic Recession was experienced with particular severity in the peripheral newer European Union member states. Baltic governments in particular introduced programmes of harsh austerity known as ‘internal devaluation’. The paper argues that austerity measures have accelerated the fragmentation of the labour market into a differentially advantaged primary (largely public) sector, and an increasingly ‘informalized’ secondary (largely low-skill manufacturing and services) sector. It is suggested that the production of a segmented labour market has acted as a major stimulus towards creating, in both Latvia and Lithuania, among the highest levels of emigration in the European Union, especially during the years of the crisis from 2008 onwards. In the absence of effective state policy to address a gathering socio-demographic crisis in which this migration is a key component, so-called ‘free movement’ of labour raises troubling questions for wider societal sustainability in the European Union’s neoliberal semi- periphery in an era of protracted austerity. Keywords: Austerity, crisis, migration, Lithuania, labour market segmentation, neoliberalism, informalisation, European periphery Introduction The onset of the global economic crisis has led to a dramatic increase of emigration from a number of East European countries that have become members of the European Union (EU) (Galgóczi, Leschke, and Watt 2012). -
Sinteză Ştiri Presă Internaţională 1 August
Serviciul Comunicare și Relații Publice SINTEZĂ ŞTIRI PRESĂ INTERNAŢIONALĂ realizată cu sprijinul consilierilor economici din rețeaua externă 1 AUGUST 2019 COREEA 1. Yonhap News Agency (online): Titlu: Japan likely to pass bill striking S. Korea off export whitelist: ministry Rezumat: Japonia va adopta un proiect de lege săptămâna aceasta pentru a elimina Coreea din „lista sa albă” de parteneri comerciali de încredere. Este de asteptat ca proiectul de lege să fie aprobat în cadrul unei ședințe a Cabinetului și va fi supus procedurilor de rigoare înainte de a intra în vigoare la sfârșitul lunii august. Ministerul de externe a declarat că intenționează să transmită un mesaj către Tokyo subliniind nedreptatea mișcării sale de a exclude Seoulul din lista albă și de a-și exprima regretul profund, dacă aprobă proiectul de lege. Kang a mai spus că echipa ei lucrează pentru a organiza discuții bilaterale separate cu omologii săi din SUA și Japonia - Mike Pompeo și Taro Kono - pe marginea Forumului regional ASEAN care va avea loc în Thailanda la sfârșitul acestei săptămâni, și este foarte probabil ca întâlnirile să aibă loc. 2. Yonhap News Agency (online): Titlu: Gov't seeks labor law revisions for parliamentary ratification of key ILO conventions Rezumat: Guvernul a declarat marți, 30 iulie 2019, că intenționează să efectueze o revizuire a legilor muncii într-un mod care să consolideze dreptul sindical al lucrătorilor, urmărind ratificarea parlamentară a standardelor internaționale în domeniu. Ministerul Muncii a declarat anterior că va prezenta parlamentului o moțiune pentru a solicita aprobarea parlamentară a trei din cele patru convenții cheie ale Organizației Internaționale a Muncii (OIM), împreună cu eforturile de revizuire a legilor conexe. -
Dangerous Brinkmanship: Close Military Encounters Between Russia and the West in 2014
November 2014 Policy brief Dangerous Brinkmanship: Close Military Encounters Between Russia and the West in 2014 Thomas Frear Łukasz Kulesa Ian Kearns EXECUTIVE SUMMARY Since the Russian annexation of Crimea, the intensity and gravity of incidents involving Rus- sian and Western militaries and security agencies has visibly increased. This ELN Policy Brief provides details of almost 40 specific incidents that have occurred over the last eight months (an interactive map is available here). These events add up to a highly disturbing picture of violations of national airspace, emergency scrambles, narrowly avoided mid-air collisions, close encounters at sea, simulated attack runs and other dangerous actions hap- pening on a regular basis over a very wide geographical area. Apart from routine or near-routine encounters, the Brief identifies 11 serious incidents of a more aggressive or unusually provocative nature, bringing a higher level risk of escalation. These include harassment of reconnaissance planes, close overflights over warships, and Russian ‘mock bombing raid’ missions. It also singles out 3 high risk incidents which in our view carried a high probability of causing casualties or a direct military confrontation: a nar- rowly avoided collision between a civilian airliner and Russian surveillance plane, abduction of an Estonian intelligence officer, and a large-scale Swedish ‘submarine hunt’. Even though direct military confrontation has been avoided so far, the mix of more aggres- sive Russian posturing and the readiness of Western forces to show resolve increases the risk of unintended escalation and the danger of losing control over events. This Brief there- fore makes three main recommendations: 1.