In 2012 Mario Draghi, the European Central Bank (ECB) President,
announced that the ECB would do "whatever it takes" to
save the Eurozone. The injection of massive central bank liquidity
since then has driven down borrowing costs across the Eurozone (EZ)
and the periphery, substantially easing the risk of sovereign
failure and the collapse of the EZ. Yet despite these efforts,
unemployment remains stubbornly high, credit growth continues to
contract, reforms have been slow and government debt continues to
grow. In short, economic fundamentals have barely improved and
growth remains weak and uneven.
To make matters worse, China, the juggernaut of global growth
over the last decade, is undeniably slowing and potentially on the
cusp of a hard landing. A fall in demand for steel from China's
residential construction sector has led to sharp falls in global
commodity prices (exacerbated by the large increase in global
supply). Rampant over-investment means that the fall-out may have
only just begun. The risk of a significant increase in bad debts as
property developers, construction companies, contractors and
investors fail over coming months is now high. As these bad debts
cascade through China's banking sector, China's economy
will inevitably slow further. Whether Authorities can avoid a hard
landing by absorbing the bad debts remains to be seen.
Fortunately, growth in the United States has accelerated in
recent months. We believe domestic demand in the United States is
sufficiently strong to withstand weakness in China and Europe. As a
result, we expect modest global growth in 2015.
An actuarial review of the Invensys Australia Superannuation Fund showed it to be in surplus to the tune of $189.2 million. In mid 2003, the Invensys Group proposed to the trustee that the surplus be repatriated to the principal employer in the group.
Lenders in New South Wales breathed a sigh of relief earlier this month when the Supreme Court ruled in Bank of Western Australia Ltd v. Primanzon  NSWSC 862 that two part-time commercial property investors could not claim relief under the Contracts Review Act 1980 (NSW) because the loans advanced to them were entered into in the course of a trade, business or profession carried on by them.
A key aspect of an innovation culture is keeping it active at all levels of management, from teams to board meetings.
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