Vote Summary Report Date Range Covered: 04/01/2016 to 06/30/2016
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Russian M&A Review 2017
Russian M&A review 2017 March 2018 KPMG in Russia and the CIS kpmg.ru 2 Russian M&A review 2017 Contents page 3 page 6 page 10 page 13 page 28 page 29 KEY M&A 2017 OUTLOOK DRIVERS OVERVIEW IN REVIEW FOR 2018 IN 2017 METHODOLOGY APPENDICES — Oil and gas — Macro trends and medium-term — Financing – forecasts sanctions-related implications — Appetite and capacity for M&A — Debt sales market — Cross-border M&A highlights — Sector highlights © 2018 KPMG. All rights reserved. Russian M&A review 2017 3 Overview Although deal activity increased by 13% in 2017, the value of Russian M&A Deal was 12% lower than the previous activity 13% year, at USD66.9 billion, mainly due to an absence of larger deals. This was in particular reflected in the oil and gas sector, which in 2016 was characterised by three large deals with a combined value exceeding USD28 billion. The good news is that investors have adjusted to the realities of sanctions and lower oil prices, and sought opportunities brought by both the economic recovery and governmental efforts to create a new industrial strategy. 2017 saw a significant rise in the number and value of deals outside the Deal more traditional extractive industries value 37% and utility sectors, which have historically driven Russian M&A. Oil and gas sector is excluded If the oil and gas sector is excluded, then the value of deals rose by 37%, from USD35.5 billion in 2016 to USD48.5 billion in 2017. USD48.5bln USD35.5bln 2016 2017 © 2018 KPMG. -
Annual Report 2019 Mobility
(a joint stock limited company incorporated in the People’s Republic of China with limited liability) Stock Code: 1766 Annual Report Annual Report 2019 Mobility 2019 for Future Connection Important 1 The Board and the Supervisory Committee of the Company and its Directors, Supervisors and Senior Management warrant that there are no false representations, misleading statements contained in or material omissions from this annual report and they will assume joint and several legal liabilities for the truthfulness, accuracy and completeness of the contents disclosed herein. 2 This report has been considered and approved at the seventeenth meeting of the second session of the Board of the Company. All Directors attended the Board meeting. 3 Deloitte Touche Tohmatsu CPA LLP has issued standard unqualified audit report for the Company’s financial statements prepared under the China Accounting Standards for Business Enterprises in accordance with PRC Auditing Standards. 4 Liu Hualong, the Chairman of the Company, Li Zheng, the Chief Financial Officer and Wang Jian, the head of the Accounting Department (person in charge of accounting affairs) warrant the truthfulness, accuracy and completeness of the financial statements in this annual report. 5 Statement for the risks involved in the forward-looking statements: this report contains forward-looking statements that involve future plans and development strategies which do not constitute a substantive commitment by the Company to investors. Investors should be aware of the investment risks. 6 The Company has proposed to distribute a cash dividend of RMB0.15 (tax inclusive) per share to all Shareholders based on the total share capital of the Company of 28,698,864,088 shares as at 31 December 2019. -
If You Want to Get Rich, First Build a Road
If you want to get rich, first build a road A study on Chinese trade network building in Eurasia Marcus Syk Supervisor: Fredrik Sjöholm Department of Economics, Lund University NEKH01, Bachelor’s Thesis May 2018 Abstract This paper examines the effect of Chinese OFDI on China’s bilateral trade with affected countries, to investigate the possible build-up of a Eurasian China-centric trade network. The main contribution of the paper is to have combined economics, war theory and geopolitics to analyse and produce a theoretical framework for it. Whereas there is a lack of consensus on the effect of FDI on trade in general, this study suggests that the influence of the CCP over the Chinese economy allows the party to use Chinese OFDI for its own interests. Furthermore, trade has become a vital interest to the CCP. Another problem for the CCP is the increasing geopolitical tension with primarily USA. According to this paper, the formation of a China- centred trade network would help the Chinese domestic economic situation, increase Chinese influence in Asia and increase the economic resilience of China. All this would help address the aforementioned concerns facing the party. This was tested empirically using a modified version of the gravity model of trade. The result was in line with the theoretical prediction but not in line with the prediction of the gravity model. This could not be explained but was still taken to support the theory, thus opening for future studies on the subject. Keywords: OFDI, trade, China, Belt and Road Initiative, China-centric trade network Acknowledgments Warm thanks are in due place to all the people who have helped with the composing of this mediocre piece of academic work. -
Credit Analysis of China's Construction Companies
Credit Analysis of China’s Construction Companies October 13, 2020 ANALYSTS Key Takeaways Yingxue Ren Beijing ― From our desktop analysis of 53 engineering and construction (E&C) companies, we +86 10 6516 6037 found that apart from the centrally administered state-owned construction firms, some Yingxue.Ren state-owned construction subsidiaries, locally administered state-owned construction @spgchinaratings.cn firms and privately-owned enterprises (POEs) also stand out with better indicative credit quality among their peers due to their relatively large business scale, better operating Renyuan Zhang Beijing efficiency or lower financial risk. +86-10 6516 6028 renyuan.zhang ― We view the industry risk for the E&C industry is moderately high due to intense @spgchinaratings.cn competition and intermediate cyclicality. Kexin Wang ― Construction firms tend to have relatively lower profitability due to intense competition. Beijing Therefore, we view scale, scope and diversity as well as operating efficiency as important +86 10 6516 6033 factors on the business risk profiles of firms in this industry. Kexin.Wang @spgchinaratings.cn ― Under current market conditions, cash conversion efficiency (inventory and account receivable turnover), as well as the extent of PPP (public private partnership) and other Huang Wang investment programs are the main factors influencing construction company’s leverage. Beijing +86 10 6516 6029 Huang.Wang @spgchinaratings.cn Overview Through analysis of the business and financial metrics of construction companies, this report aims to provide an overview of our general approach to the engineering and construction sector, as well as providing insight into the key factors that influence credit quality in the industry. By applying our corporate ratings methodology to public information, we have carried out a desktop analysis of 53 companies in the construction sector, arriving at an initial overview of the relative ranking of each company’s credit quality, or their “indicative issuer credit quality”. -
Shelling Russia's White House in 1993
WWW.BNE.EU Russian retail investors piling into the stock market for the first time, but CBR worried about rising risks Estonian premier quits after Tallinn development scandal February 2021 Fears of authoritarianism as Kyrgyz populist wins landslide and backing for ‘Khanstitution’ Making Magnit great again Has Navalny started a revolution? SHELLING RUSSIA’S WHITE HOUSE IN 1993 What a real coup looks like Belarus’ IT industry The oligarch problem OUTLOOKS 2021 in meltdown p.35 p.42 p.24 ISSN 2059-2736 ISSN 2 I Contents bne February 2021 Senior editorial board Ben Aris editor-in-chief & publisher I Berlin 206 +49 17664016602 I [email protected] Clare Nuttall news editor I Glasgow +44 7766 513641 I [email protected] William Conroy editor Eurasia & SE Europe I Prague +420 774 849 172 I [email protected] ——— Subscriptions Stephen Vanson 7 London I +44 753 529 6546 [email protected] ——— COMPANIES & MARKETS 14 Russian petrochemical giant Sibur Advertising closes $11bn joint venture deal to 4 Hungarian official threatens build Amur Gas Chemical plant Elena Arbuzova to wage war on foreign with China’s Sinopec business development director I Moscow +7 9160015510 I [email protected] retailers ——— 16 Rio Tinto reports maiden ore 5 Hungary's largest bank reserve at Jadar project in Serbia Design merger granted exemption Olga Gusarova from competition scrutiny 17 Turkish hotels in fire sale art director I London +44 7738783240 I [email protected] 6 Foreign investors eye 18 Online video service ivi.ru starts bargains on distressed NASDAQ IPO registration procedure Please direct comments, letters, press releases Budapest hotel market, but and other editorial enquires to [email protected] owners won't budge 19 AFC CAPITAL: Uzbekistan’s stock market re-rating has much further All rights reserved. -
Chinese-Mandarin
CHINESE-MANDARIN River boats on the River Li, against the Xingping oldtown footbridge, with the Karst Mountains in the distance, Guangxi Province Flickr/Bernd Thaller DLIFLC DEFENSE LANGUAGE INSTITUTE FOREIGN LANGUAGE CENTER 2018 About Rapport Predeployment language familiarization is target language training in a cultural context, with the goal of improving mission effectiveness. It introduces service members to the basic phrases and vocabulary needed for everyday military tasks such as meet & greet (establishing rapport), commands, and questioning. Content is tailored to support deploying units of military police, civil affairs, and engineers. In 6–8 hours of self-paced training, Rapport familiarizes learners with conversational phrases and cultural traditions, as well as the geography and ethnic groups of the region. Learners hear the target language as it is spoken by a native speaker through 75–85 commonly encountered exchanges. Learners test their knowledge using assessment questions; Army personnel record their progress using ALMS and ATTRS. • Rapport is available online at the DLIFLC Rapport website http://rapport.dliflc.edu • Rapport is also available at AKO, DKO, NKO, and Joint Language University • Standalone hard copies of Rapport training, in CD format, are available for order through the DLIFLC Language Materials Distribution System (LMDS) http://www.dliflc.edu/resources/lmds/ DLIFLC 2 DEFENSE LANGUAGE INSTITUTE FOREIGN LANGUAGE CENTER CULTURAL ORIENTATION | Chinese-Mandarin About Rapport ............................................................................................................. -
Vote Summary Report Date Range Covered: 06/01/2019 to 06/30/2019
Voting summary June 2019 Vote Summary Report Date range covered: 06/01/2019 to 06/30/2019 Wipro Limited Meeting Date: 06/01/2019 Country: India Meeting Type: Special Ticker: 507685 Proposal Vote Number Proposal Text Mgmt Rec Instruction Postal Ballot 1 Approve Buyback of Equity Shares For For 2 Elect Arundhati Bhattacharya as Director For For China Merchants Port Holdings Co., Ltd. Meeting Date: 06/03/2019 Country: Hong Kong Meeting Type: Annual Ticker: 144 Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Accept Financial Statements and Statutory For For Reports 2 Approve Final Dividend For For 3Aa Elect Wang Zhixian as Director For Against 3Ab Elect Zheng Shaoping as Director For For 3Ac Elect Lee Yip Wah Peter as Director For For 3Ad Elect Bong Shu Ying Francis as Director For For 3B Authorize Board to Fix Remuneration of For For Directors 4 Approve Deloitte Touche Tohmatsu as Auditor For For and Authorize Board to Fix Their Remuneration 5A Approve Grant of Options Under the Share For Against Option Scheme 5B Approve Issuance of Equity or Equity-Linked For Against Securities without Preemptive Rights 5C Authorize Repurchase of Issued Share Capital For For 5D Authorize Reissuance of Repurchased Shares For Against Vote Summary Report Date range covered: 06/01/2019 to 06/30/2019 China Oriental Group Company Limited Meeting Date: 06/03/2019 Country: Bermuda Meeting Type: Annual Ticker: 581 Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Accept Financial Statements and Statutory For For Reports 2 Approve Final Dividend -
EASTERN EUROPE Name Net Worth Sector
EASTERN EUROPE Name Net worth Sector BELARUS 1 Minsk-born Kislyi (40) is the founder and major shareholder of the Wargaming group of compa- Viktor Kislyi nies, one of the rare global success stories to $1bn have originated in Belarus. His Cyprus-head- quartered group now has 15 offices and 4,000 Computer games employees worldwide, and its games are played by more than 150mn players. 2 Arkadiy Dobkin (56) founded EPAM Systems in Arkadiy Dobkin the Belarusian capital of Minsk in 1993, which Wealth unknown has since grown into a global software engi- neering giant listed on the NYSE and employing Software around 17,000 people in his homeland. RUSSIA 2 Mikhelson (61) is the chairman of the indepen- dent Russian gas company Novatek and of the Sibur gas processing and petrochemical com- Leonid Mikhelson pany, for which his partner in both is billion- $18bn aire Gennady Timchenko. After the fall of the Soviet Union he acquired a stake in a privatised Gas pipeline construction company from which he formed Novatek to secure licences to explore for natural gas. 3 Timchenko (64) is the founder and owner of the private investment group Volga Group, which Gennady Timchenko specialises in energy, transport and infrastruc- ture. His wealth came mainly from oil and gas, $15.7bn from his former 43% stake in international Energy, transport, energy trader Gunvor Group, and stakes in infrastructure independent gas company Novatek, petrochem- ichal producer Sibur Holding, railway operator Transoil and the STG Group construction firm. 4 Lisin (60) is the chairman and majority share- Vladimir Lisin holder of the NLMK steel company, and also $15.1bn controls Universal Cargo Logistics Holding, which owns railway operator First Cargo, and Steel, transport some ports and shipping companies. -
MODERNIZING RUSSIA PROJECT Part I: Society’S View of Doing Business in Russia
Center for European Policy Analysis MODERNIZING RUSSIA PROJECT Part I: Society’s View of Doing Business in Russia Denis Volkov Stepan Goncharov Maria Snegovaya 2 April 2020 CEPA BRIEF CEPA Center for European Policy Analysis All opinions are those of the author(s) and do not necessarily represent the position or views of the institutions they represent or the Center for European Policy Analysis. About CEPA The Center for European Policy Analysis (CEPA) is a 501(c)(3), non-profit, non-partisan, public policy research institute. Our mission is to promote an economically vibrant, strategically secure, and politically free Europe with close and enduring ties to the United States. Our analytical team consists of the world’s leading experts on Central-East Europe, Russia, and its neighbors. Through cutting- edge research, analysis, and programs we provide fresh insight on energy, security, and defense to government officials and agencies; we help transatlantic businesses navigate changing strategic landscapes; and we build networks of future Atlanticist leaders. © 2020 by the Center for European Policy Analysis, Washington, DC. All rights reserved. No part of this publication may be used or reproduced in any manner whatsoever without permission in writing from the Center for European Policy Analysis, except in the case of brief quotations embodied in news articles, critical articles, or reviews. Center for European Policy Analysis 1275 Pennsylvania Ave NW, Suite 400 Washington, DC 20004 E-mail: [email protected] www.cepa.org Cover image: “Moscow, -
Pengyuan Credit Rating (Hong Kong) Co.,Ltd
Corporate China CRRC Corporation Limited Ratings Overview Issuer Rating ▪ Pengyuan International has assigned a first-time global scale long-term issuer LT Issuer Credit Rating AA- credit rating (LTICR) of ‘AA-’ to CRRC Corporation Limited (CRRC). This is equivalent to a long-term China national scale rating of ‘AAAcn’. The outlook LT China National Scale AAAcn is stable. Outlook Stable ▪ CRRC’s issuer credit rating is derived from the ‘a’ standalone credit profile (SACP) and our assessment of the central government’s extremely strong willingness to support in the event of a financial distress. CRRC is 51.19% Contents owned by CRRC Group Corporation, which is 100% owned by the Chinese central government. Its credit profile is closely linked to the creditworthiness of China’s central government (AA/stable). Key Rating Drivers .........................2 ▪ The SACP of CRRC is supported by its strategic importance in the domestic Business Profiles ...........................3 rail transit equipment market, and is constrained by its relatively high Financial Profile .............................5 geographic and customer concentration. Government Support .....................6 Rating Outlook Liquidity .........................................7 Company Background ...................7 ▪ The stable outlook for CRRC reflects our expectation that the Company will continuously maintain its strategic importance in domestic rail transit Peer comparison ...........................7 equipment market and our assessment of extremely strong central Rating -
Annual Report 2016 Vtb Bank (Pjsc)
ANNUAL REPORT 2016 VTB BANK (PJSC) CONTENTS Mission and values 3 Statement of the Chairman of the Supervisory Council 4 Statement of the President and Chairman of the Management Board 6 1. Key financial highlights 8 2. Market position 10 3. Russian economy and banking sector in 2016 13 4. Management report 4.1. Key events in 2016 16 4.2. Strategy 18 4.3. Review of operating performance 27 4.3.1. Corporate‐Investment banking 29 4.3.2. Mid‐Corporate banking 39 4.3.3. Retail business 44 4.3.4. Other non‐banking financial business 56 4.4. Review of financial performance 57 4.5. Risk management 62 5. Corporate governance 5.1. Overview of the corporate governance system 73 5.1.1. VTB Group corporate governance 73 5.1.2. VTB Bank corporate governance 74 5.2. Development of corporate governance in 2016 75 5.3. General Meeting of Shareholders 76 5.4. Supervisory Council 79 5.5. Management Board 97 5.6. Remuneration of the members of the Supervisory Council and the Management Board 106 5.7. Statutory Audit Commission 107 5.8. Internal control and audit 109 5.9. Investor relations 115 5.10. Disclosure policy 116 6. Corporate social responsibility 6.1. Personnel 119 6.2. Responsible resource management 121 6.3. Social programmes 123 7. Financial statements 7.1. Statement of management's responsibilities for preparing the annual report and the consolidated financial statements 7.2. Consolidated financial statements 128 8. Annexes 8.1. Share capital 136 8.2. Dividends 137 8.3. -
Russian M&A Overview 2015
Russian M&A Review 2015 February 2016 KPMG in Russia and the CIS kpmg.ru Contents 02 Headlines 04 Overview Cross-border M&A — Inbound 09 — Outbound Foreign Direct 14 Investment (FDI) Outlook – so what does the outlook hold for 16 Russian M&A in 2016? 20 Methodology Appendix. 22 Sector highlights 2 Russian M&A Overview 2015 Headlines Russian down Russia’s share M&A by of global M&A fell 29% to to 1.3% USD55.8 billion — the lowest level in a decade. in 2015 as: — Transaction volumes fell by 19% to 504 deals, driven by lower domestic activity; and — Average deal size was 11% lower at USD157 million1 1Based on transactions with disclosed deal values. © 2016 JSC “KPMG”. All rights reserved. Russian M&A Overview 2015 3 Inbound Outbound M&A M&A increased by dropped by 40%, 39% to to USD11.1 USD8.6 billion, billion, driven by Asia-Pacific as investment amid continued rouble volatility. from Europe and North America virtually died-up in H2. © 2016 JSC “KPMG”. All rights reserved. 4 Russian M&A Overview 2015 Overview Russian M&A saw 504 deals announced in 2015, worth a combined USD55.8 billion2 – although this represents a 29% decline in value terms, it was at the upper-end of our previous forecast for the year of USD40–60 billion. Transaction volumes fell by 19% due mainly to weaker domestic activity, while average deal size continued its downward trend of recent years, dropping a further 11% to USD157 million. 2Including 92 deals totalling USD13.1 billion announced before 31 December 2015 but pending completion, as at that date.