SBWire

BMI View: Overall, we hold an optimistic outlook towards the country's agriculture sector and see significant growth opportunities in sub-sectors such as livestock, palm oil and cocoa. However, while we believe that the government's goal of self-sufficiency in rice by 2015 is attainable, we are less confident about other commodities such as sugar and corn. We also highlight that the country's aim to become the second largest coffee producer in the world by 2015 is unrealistic. Much of our scepticism is owing to the lack of proper infrastructure and the existence of a large number of low-technology, small-scale farmers.

The Egypt Insurance Report considers the prospects for both life and non-life insurers in the country. Thanks, in part, to the political unrest that has swept Egypt since early 2011, the insurance sector has moved from an era of growth to one of stagnation. Prior to late 2010, the outlook had looked promising. Life density was growing quite steadily. The substantial private insurance funds, which provide basic protection-type products - had underpinned the growth of the sector in years where demand for more sophisticated products had consolidated. Although non-life penetration had been contracting, the overall growth of the economy meant that non-life premiums rose steadily in absolute terms. By combining three state-owned insurance companies and one state-owned reinsurer under the aegis of Misr Insurance Holding Company, the government could reasonably hope to achieve meaningful synergy benefits for one of the Middle East's largest composite insurance groups. As is not the case in most other countries in the region, there were no restrictions on foreign participation in the industry. Nor was the non-life segment characterised by cut-throat competition which had crimped profitability for most players.

BMI View: Despite the risks inherent in a small yet highly trade-exposed economy such as Singapore's, the city-state's banking sector is on solid footing to deal with a global economic slowdown. While a slowing real estate sector, threats to exporters, and foreign currency loans all present risks to Singapore's three largest banks, these risks are manageable even in the event of an acute global financial crisis. That being said, profits growth will likely be challenged as loan growth retreats from its peak, slowing to 10.0% (a slight upwards revision from our previous forecast of 6.0%) in 2012 versus 30.3% in 2011. Singapore's banks remain well positioned to stave off even a marked deterioration in the global economic environment, and continue to post healthy profits growth despite low net interest margins. All three major Singaporean banks (DBS, UOB, and OCBC) are well capitalized with tier 1 capital ratios of 12.7%, 14.7%, and 13.9%, respectively, and posted strong year-on-year (y-o-y) profit increases of 16.0%, 12.4%, and 32.5%, respectively in Q112. Credit Growth To Retreat Following Peak Loan growth in March hit 26.0% y-o-y, but has been falling gradually since peaking at 31.1% in September 2011. We believe that Q411 represented the top of Singapore's credit cycle, and that while loan growth is still underpinning banks' revenue, it will continue to contract over the coming quarters, bringing full-year 2012 loan growth to 10.0%. This forecast is supported by the broader economic fundamentals that we are seeing in the city-state, especially activity in the bubbly real estate sector. As we have mentioned before, we believe that Singapore private property prices, which have skyrocketed by 54.7% since bottoming in mid-2009, are set for a correction, although they are likely to fall more gradually than 2009's collapse. In particular, we believe that prices have come too far too fast relative to affordability. Against the rapid run-up in private housing prices, nominal wages have grown only 11.9% since 2009. Furthermore, an average "mass market" home, costing around SGD1,000,000 (based on a SGD900 per square foot valuation), implies a poor affordability ratio of 11.8x based on median annual household income of SGD84,480.

BMI View: Aligning with our view that we expect the French government to engage in more concerted fiscal consolidation to mount over the coming quarters, particularly following the elections held in early 2012, we believe that the publication of Mutualite Francaise's data on the falling volume sales of generic drugs and the National Academy of Medicine's report on the increase in the number of 'not substitutable' prescriptions will push the government to implement policies to increase the consumption of generic medicines over high-value patented medicines. Additionally, we believe that it is vital that the government launches an information campaign for consumers regarding the quality and efficacy of generic drugs.

BMI View: Since we last cautioned that the central bank's hawkish turn would spell 'double trouble' the country's banking sector, given the added backdrop of a slowing economy, the Central Bank of Sri Lanka (CBSL) has only become more aggressive with its approach to curb loan growth. With private sector credit growth appearing to pick up pace once more, the CBSL could be forced to go over and above simple interest rates measures, possibly initiating much more direct reserve ratio hikes. Since we last warned that the Central Bank of Sri Lanka (CBSL)'s hawkish turn on interest rates would be 'double trouble' for the country's commercial banking sector, given the backdrop of an economy that we expect to sharply slow (see 'CBSL's Hawkish Turn Suggests Double Trouble For Banks', February 29), the central bank has only become more aggressive with its tightening. Indeed, the central bank hiked its benchmark reverse repo rate by 75 basis points (bps) last month. With headline inflationary risks having recently entered the picture, our core view for a further 100bps worth of further interest rate hikes from the CBSL has gained traction (see 'Rising Inflationary Risks Support Hawkish Rate View', May 8). The additional rise in interest rates should considerably impinge on the demand for loans, and, in turn, the banking sector's asset growth. As a result, we expect the proportion of bonds to total assets (which was 17.3% in October 2011) to markedly increase.

BMI View: The figures starting to come in for 2011/12 harvests across the agricultural sectors covered in this report suggest a somewhat disappointing performance. Cocoa farmers in particular have had a difficult year due to the impact of unfavourable weather conditions and an associated increase in outbreaks of pests and disease. Sugar output has stagnated, and corn has registered a slight downturn as production struggles to recover from a severe year-on-year decline in 2010/11. Coffee stands out as the one commodity to have registered growth - impressive growth at that - as better access to herbicides and an 'on-year' for the country's robusta plants resulted in big gains. That said, this has yet to translate into increased exports, as farmers have hoarded stocks in response to lower prices. The medium- and longerterm picture is much more encouraging, as increased investment and strong GDP growth will see increased production across the board.

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Iran. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in Iran. The report compares the investment environment in Iran with other countries in the region. The profiles of the major companies operating in the crude oil sector in Iran together with the latest news and deals are also included in the report.

GlobalData's new report, "Israel Healthcare IT Market Outlook to 2018 - Clinical IT Systems and Medical Imaging Information Systems" provides key market data on the Israel Healthcare IT market. The report provides value (USD million), volume (units) and average price (USD) data for each segment and sub-segment within two market categories - Clinical IT Systems and Medical Imaging Information Systems. The report also provides company shares and distribution shares data for each of the aforementioned market categories. The report is supplemented with global corporate-level profiles of the key market participants with information on company financials and pipeline products, wherever available.

Solar PV in China, Market Outlook to 2025 - Capacity, Generation, Levelized Cost of Energy (LCOE), Investment Trends, Regulations and Company Profiles is the latest report from GlobalData, the industry analysis specialists that offer comprehensive information and understanding of the solar PV market in China. The report provides in depth analysis on global renewable power market and global solar PV market with forecasts up to 2025. The report analyzes the power market scenario in China (includes thermal conventional, nuclear, large hydro and renewables) and provides future outlook with forecasts up to 2025. The research details renewable power market outlook in the country (includes wind, small hydro, biopower and solar PV) and provides forecasts up to 2025. The report highlights installed capacity and power generation trends from 2001 to 2025 in China solar PV market. The research analyzes market segmentation by grid connectivity, investment trends and LCOE for solar PV in China during 2011-2025. The report provides information on the amount of carbon saved and average number of homes powered by solar PV during 2001-2025. A detailed coverage of renewable energy policy framework governing the market with specific policies pertaining to solar PV market development is provided in the report. The research also provides company snapshots of some of the major market participants.

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Saudi Arabia. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the natural gas assets (gas fields and pipelines) in Saudi Arabia. The report compares the investment environment in Saudi Arabia with other countries in the region. The profiles of the major companies operating in the natural gas sector in Saudi Arabia together with the latest news and deals are also included in the report.

The UK Tourism Report examines the long-term potential offered by the country's tourism industry, but also highlights that the weakness of the euro may put downward pressure on inbound arrivals from Europe, which is the UK's main source market. A great number of visitors travelled to the UK to attend or take part in the 2012 Olympics and Paralympics in London. While tourism in 2012 will increase due to the amount of people from around the world who attended the games - BMI forecasts 30.60mn tourist arrivals in 2012 - arrivals are also forecast to increase following the events. The 'legacy effect' of the games, thanks to the media exposure and publicity associated with the Olympics (for example, almost 27bn people watched the opening ceremonies) can last for up to a decade following the event. According to research by the national tourism agency VisitBritain, VisitLondon and Oxford Economics, in the postgames period in 2013-2017, a legacy effect of GBP1.27bn is forecast for the UK and of GBP0.88bn for London.

BMI View: The Czech Republic telecoms market contains a number of major international players such as Telefonica O2, T-Mobile and Vodafone in mobile, and Telefonica and UPC in wireline. The market has been under many of the same pressures as markets throughout the region with market saturation, regulatory factors such as cuts to mobile termination rates and the impact of the eurozone crisis on macroeconomic performance acting as drags on performance. However, while subscription growth may have slowed significant opportunities remain, not least in the booming wireless data market and VAS opportunities arising from the rapid proliferation of smartphone ownership.

International shipping and transportation is a dynamic industry that has a major impact on the global economy. Flexible intermediate bulk containers (FIBCs) are a major part of storing and transporting all types of dry goods. Bulk Bags is a new blog offering all kinds of updated information about the use of FIBCs.

With the festive season wrapped back up for another year, love and romance comes to the forefront of everyone’s minds as Valentine’s Day approaches. For many, it is an important opportunity to remember and re-connect with the meaning of mature love. Seeking to help couples around the world honor their bond, poet Jason Chandler announces a powerful new poetry collection.

Dr. Nesa Chappelle became the victim of sexual molestation at age thirteen. With her mother’s first husband as the perpetrator, Chappelle’s admission of her abuse to her mother did not change the situation, forcing her to continue living in terror. Eventually breaking free of her chains and achieving her prestigious PhD in 2011, Chappelle today announces a new book to provide solace for millions of Women in need.

For many dog owners, a puppy’s first year is an intense learning experience for both human and hound. However, thanks to a ground-breaking new book by a celebrated American dog trainer, navigating that first vital year can be easier and more successful than ever before.

Set among the busy seaport coast of Gloucester, Massachusetts, ‘Someplace Different’ fuses a gripping coming-of-age story with subtle messages that will improve the lives of young and adult readers.

Zio Ristorante is gearing up to host their fabulous New Year’s Eve Dinner in the heart of all the New Year's action, New York City. Jenn Cuneta & Her Fantastic Band will be performing all night, 8PM-2AM. With an exquisite menu and stunning ambiance, Zio's will be the place to bring family and friends this holiday.

Having never known his father due to long-term incarceration, Devin Streeter (A.K.A ‘Skeet Da Yung Poet) learned from a young age that success requires effort. However, having overcome his hardships and following glowing service as a U.S Marine, Streeter now has his eyes set firmly on his literary future.

Science Fiction has long been a staple of the literary market. However, as of late, many readers are demanding a new generation of sci-fi works that return to the fun and whimsical days of the genre’s inception. Filling this gap in the market is Californian author Michael Piro, as he announces the launch of his debut novella.

At age seventeen, Niles Jones noticed an underlying pattern in the world. Deciding to pursue it out of curiosity, he found out more about himself and the world than he bargained for.

Bill McAnally of Bill McAnally Racing NAPA AutoCare Roseville has signed a long term contract with Spider New Media Marketing for it's online marketing, video marketing, and local search optimization. Spider New Media, Marketing Powered By The Internet, is considered the largest online marketing firm in Northern California. Providing Video Marketing, Mobile Marketing, SMS/Text Marketing, custom YouTube Channels, Facebook and Twitter Brands for small to medium clients. Spider New Media has a who's who list of auto repair shops, both independent and national brands under management. Spider New Media's client repeatedly rank on the first page of Google Search Local for their key search terms, often the only businesses listed on the page are businesses that contract with Spider New Media. Spider New Media proprietary technology for getting these businesses ranked and keep them consistently in the Top of Google Search, is something many of their competitors would love to duplicate, have tried and failed.

Many literary experts describe the perfect book as a combination of both a powerful story and an opportunity for the reader to learn something new. In the case of author S.S. Engle, her latest series of books provides both in abundance.

Ask the layman what golf is, and you’ll often hear about tournaments with prize money in the millions, sportsman clad in thousands of dollars of clothing and a string of personalities that are as popular as the sport itself. However, for ninety nine percent of golfers, the amateur side of the game is all they know as reality.

Bootiful Butt Cream, a non-surgical alternative to buttock augmentation procedures, is making its trade show debut at the the AVN trade show and exposition in Las Vegas in January of 2013. The product can be sampled in Booth 310 in the Hard Rock Casino’s Artist Hall from January 16th to 18th. “Beautiful booties are a major focus at the AVN show,” notes the product’s developer, Byron Thierry, “so it makes perfect sense to officially launch Bootiful Butt Cream there.”