DOCSLIB.ORG

Financialreportpdf2020.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financialreportpdf2020.Pdf Finance chap 1.qxp_Layout 1 1/16/20 2:32 PM Page 1 Finance chap 1.qxp_Layout 1 1/16/20 2:32 PM Page 2 Industry Insight 4 MACROECONOMIC Set to soar: Momentum EGYPT’S FINANCE SECTOR acked by strong legislative reforms and an improving macroeconomy, Egypt’s financial sector holds a treasure chest of opportunities. The latest edition of BAmCham Egypt’s Financial Services Industry Insight looks 13 INSURANCE Still Untapped at all aspects of the sector from banks to insurance to the capital markets, and more. The issue starts with a look at the macroeconomic progress of the past three years, with the latest data from Egypt’s economic turnaround, an assessment of potential challenges and the reform plan going forward. This is followed by a chapter on the insurance sector’s growing potential and a BANKS BREWING 19 third chapter covering the key drivers behind the banking Business sector’s expanding investment. Chapters four and five offer updates on the closely related topics of financial inclusion and fintech, detailing the role of retail lending, e-banking and non-banking channels in drawing more consumers and SMEs into the financial system. Finally, chapter six has the latest on trends in the stock market, with a special look at 26 CRACKING private equity and Egypt’s new sovereign wealth fund. Consumer Credit Khaled Sewelam Director, Research and Publications FINTECH IS 34 Flourishing Amira Sheha Research Manager Fadila Noureldin Author and Senior Economic Researcher Kate Durham Editor and Head of Corporate Publications Nessim N. Hanna CAPITAL Senior Art Director 39 Crunch Emy Emile Senior Graphic Designer Verina Maher Graphic Designer Amany Kassem Advertising & Business Development Director Publications/Research EXPLOITING Lamia Seleit Sovereign Capital 45 Advertising Specialist Rowan Maamoun Advertising & Ad Traffic Coordinator Hani Elias Production Supervisor ©2019 AmCham Egypt’s Business Studies & Analysis Center. All rights reserved. Unauthorized reproduction, copying, re-mailing, storage or website posting is prohibited. All information in this publication is verified to the best of the author’s and the publisher’s ability. Finance chap 1.qxp_Layout 1 1/16/20 2:32 PM Page 3 Finance chap 1.qxp_Layout 1 1/16/20 2:33 PM Page 4 MACROECONOMIC Momentum gypt’s three-year International Monetary Fund (IMF)-backed reform program wrapped up in November 2019 after executing rigorous fiscal consolidation and extensive financial and currency reforms. The program significantly improved the country’s macroeconomic fundamentals and Eboosted its fiscal and external accounts, landing Egypt a primary budget surplus in FY 2017/18 for the first time in 15 years. Harvard University’s global growth projections listed Egypt as the world’s third fastest economy (and Africa’s second) in 2018 with a growth rate of 5.3%, following India and Uganda. According to UK-based newspaper The Economist, Egypt maintained its spot in Q1 2019, posting an estimated GDP growth of 5.6%, just 0.2% shy of India’s and 0.8% away from China in first place. Finance chap 1.qxp_Layout 1 1/16/20 2:33 PM Page 5 Finance chap 1.qxp_Layout 1 1/16/20 2:33 PM Page 6 Macroeconomic Momentum The economic uptick has resonated with the interna- 2019 with a cumulative appreciation rate of 11.3% in tional market. “Egypt has been on top of global 2019. In August, Bloomberg ranked the EGP as the investors’ lists for growth prospects,” says Akef El second-best performing currency in 2019 following Maghraby, vice chairman of state-owned bank Banque the Russian ruble, which gained 9.5% in the first Misr. “This has been reflected in portfolio investments, seven months of the year, and ahead of the Thai baht more specifically bills and bonds. The majority of (5.3%) and the Philippine peso (2.8%). reserves are long-term funding sources, which also The majority of analysts credit the appreciation bodes really well for the country’s growth story.” to tangible changes in Egypt’s financial accounts, “We remain positive on Egypt. The country has been including an improvement in rentier resources such reaping the benefits of [implementing] a significant as tourism, exports and remittances, along with slight reform agenda and a massive currency devaluation,” improvements in foreign direct investment (FDI). Bassel Khatoun, director of portfolio management The recovery of portfolio inflows also drew more FX for frontier and MENA at Franklin Templeton Invest- to the country. A July 2019 World Bank report noted, ments, told Zawya in May 2019. “Fiscal consolidation, “Net foreign assets [NFAs] in the overall banking sys- supported by subsidy cuts and more comprehensive tem [are] bouncing back after a steep decline,” which tax revenues, have restored confidence in its was triggered by a global emerging markets (EM) medium-term outlook.” selloff in mid-2018. The selloff prompted a USD 11.1 billion outflow in commercial banks’ NFAs, with the Currency affairs deficit bottoming out in November 2018 at USD 7.4 billion (down from a net inflow of USD 3.2 billion in Until 2018’s end, the Egyptian pound (EGP) remained November 2017). The carry trade also bounced back relatively stable, trading between EGP 17.80-18.35 in 2019, which helped push the currency up further. to the USD, compared to its pre-float level of EGP “Investors have netted themselves a 23% return on 8.88. The currency began an appreciation rally in EGP-denominated bonds [in 2019] — five times the 2019, rising by a monthly average of 1.3% and settling EM average... carry traders investing in Egyptian debt at a three-year high of EGP 15.97 to the dollar in with USD have made returns of around 15% in 2019,” December 2019, outperforming most currencies in Bloomberg reported in June. Egypt Macroeconomic Progress Tracker n Macro Indicators FY 2013/14 FY 2018/19 GDP growth 2.9% 5.6% Budget deficit (share of GDP) 12.0% 8.4% Foreign reserves USD 16.7 billion (June 2014) USD 45 billion (August 2019) Net portfolio inflows USD 1.2 billion USD 4.2 billion n Long-Term Sovereign Credit Rating Pre-2016 Post-2016 Rating (outlook) Date Rating (outlook) Date Moody’s B3 (stable) Apr 07, 2015 B2 (stable) Sept 1, 2019 S&P B- (stable) Nov 13, 2015 B (stable) May 11, 2018 Fitch B (stable) Dec 19, 2014 B+ (stable) Nov 26, 2019 Sources: MOF, CBE, Moody’s, S&P, Fitch 6. AmCham Industry Insight Finance chap 1.qxp_Layout 1 1/16/20 2:33 PM Page 7 Breaking Down Egypt’s Turnaround n Macroeconomic Fundamentals Real GDP Growth (%) Contribution to GDP Growth (%) 1.1 7.0 1.0 1.0 2.3 6.5 0.6 1.9 6.0 0.8 5.6 0.5 5.3 0.1 0.3 1.7 1.2 1.2 4.4 4.3 0.8 4.2 0.4 1.4 3.8 3.4 2.2 0.2 2.5 2.5 1.1 FY 12/13 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 -1.2 -1.6 -1.3 Preliminary Budget actual FY FY FY FY FY FY FY FY 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 Investment Public consumption Preliminary Budget Forecast Forecast Final consumption Private investments actual Private consumption Net exports Public investments n Fiscal Performance Overall Deficit and Primary Balance Overall Debt (local and foreign) 108.0% 16.5% 102.8% 93.0% 97.2% 90.3% 12.5% 12.7% 7.9% 83.0% 11.4% 18.0% 80.0% 77.5% 7.8% 9.8% 19.0% 8.2% 94.9% 18.0% 7.2% 90.0% 15.3% 85.2% 72.3% 14.3% 13.3% 78.2% 65.7% 67.7% 64.2% 2.0% 2.0% FY 13/14 FY 14/15 FY 15/16 FY16/17 FY 17/18 FY 18/19 FY 19/20 Preliminary Budget -2.3% -3.7% actual FY FY FY FY FY FY FY FY -4.6% 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 Overall deficit (share of GDP) Preliminary Budget Target Target -8.4% Primary balance (share of GDP) actual Local debt External debt Total debt (share of GDP) (share of GDP) (share of GDP) Revenue Breakdown Average Debt Maturity (years) Total Revenue EGP 989.2mn 1,000 5 Total Revenue EGP 821.1mn 4.4 800 Total Revenue 4 Total Revenue EGP 659.2mn EGP 465.2mn 3.3 600 Total Revenue Total Revenue EGP 456.7mn EGP 491.5mn 2.5 400 1.9 1.9 1.9 200 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY FY FY FY FY FY FY FY Preliminary 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 actual Preliminary Budget Forecast Forecast Tax revenues Non-tax revenues Other actual Sources: MOF, CBE AmCham Industry Insight . 7 Finance chap 1.qxp_Layout 1 1/16/20 2:33 PM Page 8 Macroeconomic Momentum n External Accounts Current Account Deficit (excluding official transfers) Service Receipts (EGP billion) 80 6.0% 6.2% EGP EGP 72.0 bn 70 67.8bn 4.9% 19.9 EGP 60 EGP EGP 4.5% 53.6 bn EGP 53.0 bn 52.8 bn 50 50.3 bn EGP 14.7 14.8 14.5 44.7bn 40 2.5% 2.5% 2.5% 30 7.2 8.2 1.8% 20 6.2 6.2 10 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Preliminary Forecast Preliminary actual actual Workers' remittances Oil exports Non-oil exports Current account deficit (EGP billion) Share of GDP Suez Canal receipts Tourism receipts Net International Reserves FDI Inflows 44.3 44.9 8.4 45.0 Net International Reserves (USD billion) 8.0 8.0 Total inflows (USD billion) Import coverage (# of months) Net inflows (USD billion) 31.3 13.7 6.4 13.4 13.2 12.4 12.5 10.9 20.1 17.5 7.9 7.8 16.7 3.9 6.9 3.7 6.4 5.9 3.3 4.2 FY FY FY FY FY FY Aug-19 FY FY FY FY FY FY 13/14 14/15 15/16 16/17 17/18 18/19 13/14 14/15 15/16 16/17 17/18 18/19 n Foreign Holdings of T-bills n Top Carry Trade Returns (as of June 2019) 14.3% 13.3% 12.0% 12.4% 12.4% 12.5% 11.6% 11.8% Russia 17.2 10.5% 11.2% 10.4% 18.718.9 10.7% 16.2 10.0% 16.7 17.4 19.3 Egypt 15 15.9 Israel 13.4 9.0% 12.1% 12.5 12.9 Mexico 2.6% 12.3 6.0% Thailand 1.5% Peru 1.5% South Africa 1.5% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul -18 -18 -18 -18 -18 -18 -19 -19 -19 -19 -19 -19 -19 n EM Average = -0.6% Net foreign holdings of T-bills (USD billion) Share of total holdings Sources: MOF, CBE, Bloomberg 8.
Load more

Recommended publications
  • Enabling Commerce in the World's Most Under Penetrated Payments
    Enabling Commerce In The World’s Most Under Penetrated Payments Market Network International Holdings Plc Annual Report and Accounts 2019 Network International Holdings Plc 01 Annual Report and Accounts 2019 We are Network International, the leading payment solutions provider in the Middle East and Africa. Our innovative solutions drive revenue and profitability for our customers. To read our Annual Report online go to www.network.ae Market opportunity Under penetrated payments markets R Read more on page 10 Business model A unique We are enabling and leading the transition from cash proposition to digital payments across the Middle East and Africa, one of the fastest growing payments markets in the world. R Read more on page 14 Strategic Report Governance Financial Statements 2019 Highlights 02 Corporate Governance Report 72 Independent Auditor’s Report 138 Our Industry 04 Board of Directors 74 Consolidated Statement Strategy in action Our Business at a Glance 06 Executive Management Team 76 of Financial Position 144 Chairman’s Statement 08 Audit and Risk Committee Report 88 Consolidated Statement of Profit or Loss 145 Market Overview 10 Nomination Committee Report 100 Market leading Consolidated Statement of Our Track Record 12 Directors’ Remuneration Report 102 other Comprehensive Income 146 Our Business Model 14 Directors’ Report 130 Consolidated Statement technology Chief Executive Officer’s Review 16 Going Concern Statement of Changes in Equity 147 Our Strategic Framework 20 and Viability Statement 136 Group Statement of Cash Flows
    [Show full text]
  • Staffing M&A Funders and Advisors
    Global Market Information and Forecasts Staffing M&A Funders and Advisors 2 September 2020 | Adam Pode, Director of Research (EMEA & APAC) | [email protected] M&A Funders and Advisors Directory | 2 September 2020 Introduction Use this report to identify M&A • This directory provides full records for over 30 companies operating in the M&A space funders and advisors and around the world. Some firms provide services in just one market while others provide understand the nature of their international and cross-border M&A advice and services in up to 40+ countries. They are services listed in alphabetical order, and an index is provided at the rear of this document (page 34). • An additional 115+ firms who have been identified as providing M&A services are also shown (pages 28 to 33). We have tried to make this report as exhaustive as possible, but if there are additional companies you believe should be listed, or if you would like to contribute a “full” entry within this directory, please contact the author, shown below. • This report is designed as a standalone document but can also be read in conjunction with our M&A reports which are available to subscribers of Staffing Industry Analysts’ research services. These included our interactive dashboard of staffing and workforce solutions M&A activity, which details more than 1,300 transactions in the sector. • If you are interested in joining our service or require further information, please contact Tina McGarvey at [email protected]. In addition, you can subscribe free to our Daily News, which reports deals as and when they happen, by clicking here.
    [Show full text]
  • Monthly M&A Insider
    QUA E D RTERLY ITION A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY MONTHLY M&A INSIDER JULY 2013 INSIDE: GLOBAL OVERVIEW LATIN AMERICA NORTH AMERICA ASIA-PACIFIC EUROPE MIDDLE EAST & AFRICA ABOUT MERRILL DATASITE AND MERRILL CORPORATION Monthly M&A Insider | July GLOBAL OVERVIEW Q2 2013 finds the global M&A climate in a state of inertia. Buyers have sought to fortify against risk at the expense of growth, which has hindered both trade sales and private equity activity. Deal volume declined 13% year-on-year (YoY) to 2,890 deals, while value dropped 15% YoY to US$480bn. Sustained activity in the Pharma, Medical & The continued importance of secondary buyouts Biotech sector A major story in Q2 2013 was the prevalence of secondary The Pharma, Medical & Biotech sector has been a fertile source buyouts. Secondary buyouts (SBOs) became increasingly of M&A throughout Q2 2013. When comparing Q2 2013 with popular in 2012, and this trend has continued into 2013. Q2 2012, the sector has decreased by a slim 5% in volume, but Exits and buyouts are down YoY in Q2 both in terms of volume by value, the sector has grown YoY by a quarter. High-value and value, but secondary buyouts’ value have increased 8% activity concentrated at the upper-end of the market took place to US$25.5bn, even as volume dropped 17% YoY to 45 deals. throughout Q2. SBOs’ increased frequency has been brought about largely by lack of better options: listing became less popular because of Much of this large-cap activity was driven by private equity instability in equity markets; and controversial valuations have players, who have been particularly active in the sector.
    [Show full text]
  • Sovereign's Capital Access Fund I, LP Form D Filed
    SECURITIES AND EXCHANGE COMMISSION FORM D Official notice of an offering of securities that is made without registration under the Securities Act in reliance on an exemption provided by Regulation D and Section 4(6) under the Act. Filing Date: 2021-06-16 SEC Accession No. 0001867553-21-000001 (HTML Version on secdatabase.com) FILER Sovereign's Capital Access Fund I, LP Mailing Address Business Address 310 S WEST STREET SUITE 310 S WEST STREET SUITE CIK:1867553| IRS No.: 000000000 | State of Incorp.:DE | Fiscal Year End: 1231 100 100 Type: D | Act: 33 | File No.: 021-403161 | Film No.: 211021346 RALEIGH NC 26703 RALEIGH NC 26703 770-331-1762 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL OMB Number: 3235-0076 Washington, D.C. 20549 June 30, Expires: FORM D 2012 Estimated average burden hours per 4.00 Notice of Exempt Offering of Securities response: 1. Issuer's Identity CIK (Filer ID Number) Previous Name(s) ☒ None Entity Type 0001867553 ☐Corporation Name of Issuer ☒ Limited Partnership Sovereign's Capital Access Fund I, LP ☐ Limited Liability Company Jurisdiction of Incorporation/ Organization ☐ General Partnership DELAWARE ☐ Business Trust Year of Incorporation/Organization ☐Other ☐ Over Five Years Ago ☒ Within Last Five Years (Specify Year) 2021 ☐ Yet to Be Formed 2. Principal Place of Business and Contact Information Name of Issuer Sovereign's Capital Access Fund I, LP Street Address 1 Street Address 2 310 S WEST STREET SUITE 100 City State/Province/Country ZIP/Postal Code Phone No.
    [Show full text]
  • The Landscape for Impact Investing in Southeast Asia Acknowledgments
    THE LANDSCAPE FOR IMPACT INVESTING IN SOUTHEAST ASIA ACKNOWLEDGMENTS This project was generously supported by Investing in Women, an initiative of the Australian government. This report was made possible through the contributions of many individuals, both within and beyond Southeast Asia. We would especially like to thank all the interviewees that gave their time, expertise, and data during the course of this study. Without their key insights, this report would not have been possible. We would also like to thank Giselle Leung, Anantha Natalegawa, Katrina Ngo, Annie Olszewski, Aliana Pineiro, Kathryn Savasuk, Aditi Sethi, Sapna Shah, and Anil Sinha for review and input. GIIN Advisory Team Abhilash Mudaliar, Research Director Rachel Bass, Research Senior Associate Hannah Dithrich, Research Associate Jennifer Lawrence, Communications Associate Intellecap Advisory Services Mukund Prasad, Associate Partner Stefanie Bauer, Associate Partner Amar Gokhale, Manager Shreejit Borthakur, Senior Associate Harish Reddy, Senior Associate AUGUST 2018 COMMON ACRONYMS ADB Asian Development Bank IT Information Technology ANDE Aspen Network of Development LGBT Lesbian, Gay, Bisexual, and Transgender Entrepreneurs LP Limited Partner ANGIN Angel Investment Network Indonesia MFI Microfinance Institution ASEAN Association of Southeast Asian Nations NGO Non-Governmental Organisation AVPN Asian Venture Philanthropy Network OPIC Overseas Private Investment Corporation BKPM Badan Koordinasi Penanaman Modal PDR People’s Democratic Republic (Government of Indonesia’s
    [Show full text]
  • 2021 Prime Time for Real-Time Report from ACI Worldwide And
    March 2021 Prime Time For Real-Time Contents Welcome 3 Country Insights 8 Foreword by Jeremy Wilmot 3 North America 8 Introduction 3 Asia 12 Methodology 3 Europe 24 Middle East, Africa and South Asia 46 Global Real-Time Pacific 56 Payments Adoption 4 Latin America 60 Thematic Insights 5 Glossary 68 Request to Pay Couples Convenience with the Control that Consumers Demand 5 The Acquiring Outlook 5 The Impact of COVID-19 on Real-Time Payments 6 Payment Networks 6 Consumer Payments Modernization 7 2 Prime Time For Real-Time 2021 Welcome Foreword Spurred by a year of unprecedented disruption, 2020 saw real-time payments grow larger—in terms of both volumes and values—and faster than anyone could have anticipated. Changes to business models and consumer behavior, prompted by the COVID-19 pandemic, have compressed many years’ worth of transformation and digitization into the space of several months. More people and more businesses around the world have access to real-time payments in more forms than ever before. Real-time payments have been truly democratized, several years earlier than previously expected. Central infrastructures were already making swift For consumers, low-value real-time payments mean Regardless of whether real-time schemes are initially progress towards this goal before the pandemic immediate funds availability when sending and conceived to cater to consumer or business needs, intervened, having established and enhanced real- receiving money. For merchants or billers, it can mean the global picture is one in which heavily localized use time rails at record pace. But now, in response to instant confirmation, settlement finality and real-time cases are “the last mile” in the journey to successfully COVID’s unique challenges, the pace has increased information about the payment.
    [Show full text]
  • Merchant Integration Guide
    PAYFORT Merchant Integration Guide Document Version: 10.0 July, 2019 PayFort PayFort Merchant Integration Guide Copyright Statement All rights reserved. No part of this document may be reproduced in any form or by any means or used to make any derivative such as translation, transformation, or adaptation without the prior written permission from PayFort Corporation. Trademark 2014-2019 PayFort ©, all rights reserved. Contents are subject to change without prior notice. Contact Us [email protected] www.PayFort.com 2014-2019 PayFort ©, all rights reserved 2 PayFort PayFort Merchant Integration Guide Contents 1. FORT in a Glimpse .......................................................................................................................... 11 2. About this Document ........................................................................................................................ 12 2.1 Intended Audience .................................................................................................................... 12 3. Request/ Response Value Type ....................................................................................................... 13 4. Before Starting the Integration with FORT........................................................................................ 14 5. Redirection ....................................................................................................................................... 15 Authorization/ Purchase URLs .................................................................................................
    [Show full text]
  • Credit Cards (VISA & Mastercard)
    Banque Misr payment cards Fees , Limits and commission. Credit Cards (VISA & MasterCard) Dear Customer, Kindly find the below card Fees, usage limits, commission and interest rates for Banque Misr payment cards. 1-Fees and charges Islamic Platinum Islamic Gold- BM Islamic Titanium Platinum World EL ARABY- Card Type Classic Gold Business Corporate Titanium BM/Egypt World Classic / Egypt Gold Elite ASATHA Post Post Card validity 3 years 2 years 1 year 3 years 400 EGP 300 EGP 150 EGP Issuance fees 150 200 EGP included I- 250 EGP included I- included I- included I- 2,000 (ASATHA) for the first 150 EGP 200 EGP 150 EGP 200 EGP 1,500 EGP EGP SCORE fees SCORE fees SCORE SCORE EGP 100 EGP (EL year fees fees ARABY) 75 2,000 EGP(ASATHA) Renewal fees 75 EGP 75 EGP 100 EGP 100 EGP 100 EGP 150 EGP 150 EGP 300 EGP 200 EGP 1,500 EGP EGP 50 EGP (EL ARABY) Free with a Free with a maximum maximum Issuance and Free with a maximum of 3 of 4 cards of 4 cards renewal of the Exempted with a maximum 2 cards and 75 EGP 75 EGP N/A cards and 150 EGP for and 300 and 100 Free 50 EGP Supplementary 100 EGP for more than 2 cards more than 3 cards EGP for EGP for cards more than more than 4 cards 4 cards Reissuance of a replacement for 75 EGP Free Free 75 EGP lost/damaged cards 1- Usage Limits inside and abroad : Gold Platinum EL Islamic Gold Islamic Islamic Platinum Card Type Classic BM/Egypt Business Corporate Titanium BM/Egypt World World Elite ARABY- Classic Gold Titanium Post Post ASATHA Purchases Inside Egypt Within the credit card limit Purchases Abroad Daily limit
    [Show full text]
  • TO SURVIVE OR THRIVE? Domestic Payments Innovation in the Pandemic DOMESTICCONTENTS SCHEMES PROSPECTS
    DOMESTIC PAYMENT SCHEMES JURY 2021 TO SURVIVE OR THRIVE? Domestic Payments Innovation in the Pandemic DOMESTICCONTENTS SCHEMES PROSPECTS Forewords 03 Executive Summary 04 The Jury 06 The Changing World of Domestic Payments 07 Systemic Innovation 13 The Pandemic Strikes 15 Effect on Innovation 18 Future Prospects 20 Additional information 25 3 Domestic Payments Schemes Jury 2021 FOREWORDS It is great to see John Chaplin Many domestic payment systems are embracing these continuing to dedicate time innovations and setting themselves on a new trajectory. and effort to the Payment The recently issued G20 cross-border payments roadmap Innovation Jury and Chris also refers to the role that well-functioning domestic Hamilton now joining this effort. payment systems and their international linkages can have on improving cross-border payments. At the same This pandemic brought out in time this crisis has also challenged the domestic payment stark relief the fundamental systems in their ability to handle a rapid surge in usage, the role of digital payments in the effectiveness of their business continuity plans and ability functioning of the economy. A to handle increasing sophistication of cyber threats and recent McKinsey report showed social engineering attacks. that countries with greater adoption of digital payments, a well-functioning payments This edition discusses the dual theme of how the domestic market and good ID infrastructure were able to respond payment systems are handling the crisis and how they are to the crisis faster and with greater ambition. Regulators navigating the rapid shifts underway. I am sure the insights across the world took several measures to enable presented in this report will be useful for the various the smooth functioning and fostering usage of digital stakeholders following the developments in the domestic payments.
    [Show full text]
  • Recommended Cash Acquisition Murgitroyd Group PLC Project Petra
    256612 Petra p001-29.qxp 30/10/2019 12:17 Page 1 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. This document contains a proposal which, if implemented, will result in the cancellation of admission to trading of Murgitroyd Shares on AIM. If you are in any doubt as to the action you should take, you are recommended to seek your own independent financial advice immediately from an independent financial adviser authorised under the Financial Services and Markets Act 2000 (as amended), if you are resident in the United Kingdom, or, if not, from another appropriately authorised independent financial adviser. If you sell or have sold or otherwise transferred all of your Murgitroyd Shares, please send this document and any accompanying documents, but not the personalised Forms of Proxy, at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. However, such documents must not be forwarded, distributed or transmitted in, into or from any jurisdiction in which such act would constitute a violation of the relevant laws or regulations of such jurisdiction. If you sell or have sold or transferred only part of your holding of Murgitroyd Shares, please retain these documents and consult the bank, stockbroker or other agent through whom the sale or transfer was effected. If you have recently purchased or otherwise acquired Murgitroyd Shares in certificated form, notwithstanding receipt of this document and any accompanying documents from the transferor, you should contact Murgitroyd’s Registrars, Link Asset Services, at the contact details set out below, to obtain personalised Forms of Proxy.
    [Show full text]
  • Real Deals Luxembourg Edition
    THE INDEPENDENT VOICE OF EUROPEAN PRIVATE EQUITY INSIDE BVCA Summit 2020 A round up of key discussions from the BVCA Summit 2020. //realdealseucom GP Workshop How to market a fund successfully. Sink or float GPs must undertake IPOs with caution. PEA Shortlist Deal, House and Advisory awards shortlists for the Private Equity Awards. THE KEY TO LUXEMBOURG Region focus: Why Luxembourg is a fund jurisdiction of choice. RD471-01.indd 1 23/10/2020 12:19 THANK YOU FOR YOUR SUPPORT DPE IV closed at its hard cap of €1bn. We look forward to partnering with more leading Mittelstand businesses and delivering value for our investors. www.dpe.de 8566 DPE Real Deals Tombstone Ad REVISED ARTWORK.indd 1 15/10/2020 19:30 / realdealseucom & Contents 18 Q&A: Alterdomus Editorial Fund admin and PE relations; and KYC processes. Leader Talya Misiri 4 Alphabites BWAM calls on industry, Pictet’s first thematic fund 20 and more. Lightbulb Credit Comment Trade credit ratings All grown up 6 and PE-backed growth. As the industry matures, it must become BVCA Summit 2020 A roundup of key discussions more aware of the responsibility it has from the BVCA Summit 2020. 21 Webinar: Staying to make a positive impact on its ahead of the curve Tech innovation and portfolio companies, but also the world. 8 managing risks. Luxembourg rebounds and ready to lead Luxembourg accelerates 22 digitalisation and ESG Q&A: Apex in alternatives. Challenges and opportunities facing PE. onus is on private equiteers to think beyond high returns, profit and their personal gains.
    [Show full text]
  • Investment Report
    THE UNIVERSITY OF MICHIGAN REGENTS COMMUNICATION ITEM FOR INFORMATION Subject: Annual Report of Investments Background and Summary: The Annual Report of Investments, enclosed under separate cover, describes the investments of the University's financial assets. It is designed to provide meaningful context to the Board of Regents as they are asked to consider investment opportunities presented in the course of the year. ubmitted, · vi . Hegarty xecutive Vice President and Chief Financial Officer October 2015 REPORT OF INVESTMENTS 2015 1 16 INTRODUCTION Alternative Assets (Illiquid) 4 17 LONG TERM PORTFOLIO Venture Capital Background 18 6 Private Equity Asset Allocation 19 7 Real Estate Model Portfolio 20 10 Natural Resources Investment Performance 22 12 DAILY AND MONTHLY Marketable Securities PORTFOLIOS/SHORT TERM POOL Asset Allocation 13 Investment Performance Market Traded Equities 23 VERITAS 14 Asset Allocation Investment Performance Fixed Income 15 25 CONCLUSION Absolute Return 28 BENCHMARK DEFINITIONS A-1 APPENDIX: MANAGER DEFINITIONS The pictures in the report depict innovation at the University of Michigan. Cover: An MSE/BSE student runs a cylinder combustion simulation in the Michigan Immersive Digital Experience Nexus (MIDEN) at U-M’s 3D Lab. This page: The Medical Chemistry Lab in the College of Pharmacy uses specialized disciplinary approaches to focus on the ultimate Report ofgoal Investments of drug discovery. 2015 | 1 INTRODUCTION The University invests its financial assets in pools with The market value of the University’s combined cash distinct risk and liquidity characteristics based on and investments totaled $11.7 billion at June 30, 2015, specific needs, with the large majority of its financial compared to $11.6 billion at June 30, 2014, primarily assets invested in two such pools.
    [Show full text]