South Korea s three mobile operators - SK Telecom, KT and LG Uplus - have released their latest operational data for the quarter ended March ----. This has enabled BMI to review and update, where appropriate, forecasts for all sectors in this report. ...Furthermore, mobile virtual network operators are on track to be introduced in H---, and we expect their entry to help lower tariff rates and capture niche and untapped markets. The Korea Communications Commission (KCC) has recognised the potential of near field communications and has roped in stakeholders - mobile operators, handset equipment manufacturers, financial institutions, billing service providers and government organisations - to form the Grand NFC Korea Alliance. We believe that this move to bring rivals onboard is largely to eliminate the issue of different technological standards that are not compatible, and to ensure the entire industry moves in the same direction while the market is still in its infancy. ...Meanwhile, we see disinflation taking hold in South Korea as headline consumer price inflation (CPI) eased to -.- y-o-y in May from -.- in April, the second straight month of deceleration. We expect inflationary pressures easing gradually in the coming months, which should translate to the KCC allaying pressure on South Korean mobile operators to reduce tariff rates.
Euromonitor International provides global strategic intelligence on industries, countries and consumers. Euromonitor publishes reports on over 180 sectors across 80 countries, using a network of over 600 analysts.
This quantitative analysis provides a fascinating glimpse into auditor tenure and financial officer turnover since the financial crisis of 2008. Over 18 pages of charts and tables measure the impact on the Russell 3000.
Economic Resilience Will Propel A $14 Trillion North American Corporate Funding Need Over Next Five Years FromStandard & Poor’s Ratings Services
Standard & Poor's Ratings Services estimates North American nonfinancial corporations' financing needs over the next five years (2013-2017) at $13.5 trillion to $14.3 trillion, with two-thirds to be applied toward refinancing and the remainder toward new investment. The U.S. makes up the lion's share of this North American debt need, accounting for more than 90% of the total pie. Last year was a record setting year for the U.S. credit markets, while in Canada, private nonfinancial corporations' debt financing increased, but remained well below its 2007 pre-recession peak.
As far as the U.S. is concerned, we expect that companies will largely use $3.4 trillion to $4.2 trillion of new debt financing for capital expenditures--and, to a lesser extent, shareholder returns and mergers and acquisitions (M&A)--as they continue to make up for underinvestment since the Great Recession.
Liquidity is currently strong among U.S. corporations, but we expect companies to fund a meaningful portion of their needs with debt, considering currently attractive credit market conditions and the high percentage of cash sitting overseas, which we believe is unlikely to be brought back home any time soon, considering the cost of repatriation.
Financing such a large sum is not without risk. Companies' high demand for debt capital could force lenders to ration credit. U.S. policymakers may be constrained if faced with another economic downturn given the extraordinary use of their fiscal and monetary arsenals to support growth already. Still, our base-case assumption is that banks and capital markets will largely be able to meet borrowers' financing needs--in part because accommodative monetary policy will continue to be effective, but also because of the general resilience of the U.S. economy.
For details, see The Credit Cloud: Economic Resilience Will Propel A $14 Trillion North American Corporate Funding Need