Equity Capital Market

estate prices grew by 8% on average during 2006-2010, we believe they have been relatively stable in 2011. The regulation limiting home ownership to nationals further contributes to price stability. There is also no sign of an equity price bubble: inflation-adjusted equity prices have grown by less than 2% over the past two years. We note, however, that Tunisia's current account deficit and external debt position have deteriorated. Amid a collapse in tourism receipts, the current account deficit

first time charge of CHF 0.500 million in respect of the bank's initial recognition of its liability for paid vacation for employees and the constitution of a general banking reserve amount of CHF 1.400 million. At 31st December, 2009 shareholders' equity amounts to CHF 108.616 million, 11% of balance sheet footings. ALLOCATION OF RESULTS BALANCE SHEET The increase in the balance sheet total of CHF 352.273 million is explained by the growth in customer current account balances which grew from CHF

triggered unprecedented policy responses and revealed new risks. For the biotechnology industry, the impact of these turbulent times has deepened the divide between the sector’s haves and have-nots. Many small-cap companies are scrambling to raise capital and contain spending, while a select few continue to attract favorable valuations from investors and strategic partners. A number of this year’s articles focus on the acute challenges created by the funding crisis. When we interviewed John Martin

FORMAL AND INFORMAL FINANCE AND TRADE CAPITAL MARKETS AND THE POOR THE NEO -LIBERAL RESPONSE - WALKING BAREFOOT WHERE BANKERS FEAR TO TREAD I NNOVATIVE MICRO CREDIT INSTITUTIONS ASSESSING THE SUCCESS OF CREDIT AND MICRO CREDIT INSTITUTIONS AS RURAL DEVELOPMENT INTERVENTIONS 7 8 8 10 12 13 13 DEVELOPMENT AS ECONOMIC GROWTH AND EQUITY CHAPTER 2 - WHEN MICRO CREDIT FAILS - NON-VIABLE ENTERPRISES AND/OR ENTREPRENEURS 16 I NFRASTRUCTURE HUMAN CAPITAL I NFORMATION SOCIAL FACTORS 16 17

d’évaluation , elles traitent la comptabilisation et les informations à fournir pour les titres de placement immobilisés et non immobilisés . II. LES NORMES IFRS 1.L’origine des normes comptables IFRS : Le développement des marchés mondiaux de capitaux durant ces trente dernières années a fait naître le besoin d'un référentiel économique commun. Les scandales financiers en Europe et aux Etats Unis sont venus renforcer ce besoin d'harmoniser et d'améliorer l'information financière en direction

(KFT) New York Stock Exchange Purchase price: $29.05 52 week hi and low: 23.55 - 31.09 Market capitalization: 44.23B Mean analyst Recommendation: 2.1/5 Annual Dividend and yield: 3.90% One-year target price: $33.53 Short interest ratio: 2.2 % shares held by institutions: 42.20 % % shares held by insiders: 8.02% Beta : 0.59 Company Profile Kraft Food (KFT) is a company that manufactures and markets snacks, confectionery, and quick meal products worldwide in approximately 160 countries

trésorerie : titre émis par les entreprises (sa porte sur le court terme) * Certificats de dépôts * Définition Marchéisation La marchéisation est un qualificatif s’appliquant à une économie qui recourt de manière plus soutenue aux marchés de capitaux au détriment du financement par la sollicitation du système bancaire traditionnel. Dans le cadre d’une marchéisation, les conditions de taux sur les différents produits de placement et sur les crédits sont fortement corrélées aux taux pratiqués

société de capitaux). The corporation belongs to stock/shareholders (actionnaires) and a stockholder is responsible only for the amount invested in the corporation (responsible dans la limite de ses apports). It is sometime useful to make a distinction between two kinds of corporation in the USA. There are two different kinds of corporation: * Private corporation A private corporations is a corporation that is not listed on financial markets = closed-end corporations (des sociétés à capitaux fermés)

I International Capital Flows Intro: International Capital Flows International capital flows are the financial side of international trade. When someone imports a good or a service, the buyer (the importer) gives the seller (the exporter) a monetary payment. Basically, ICF are the transfer of assets across international borders and represent a major source of financing economic activity in developing countries. International capital flows have the potential to bring a wide range of benefits to

compagnies pétrolières qui vont dans le pacifique pour trouver le pétrole. C’est la croissance interne de l’entreprise. * Investissements brownfield : c’est la croissance interne de l’entreprise : 2 possibilités : * c’est l’accroissement des capitaux existants : on peut augmenter la taille de l’usine. * achat a l’étranger des facteurs de production et on les reconvertit dans les autres facteurs de production pour faire qqch d’autres. * On peut racheter une entreprise. C’est la fusion