SBWire

We maintain our view that growth in Venezuela will be lacklustre in 2014, as high inflation suppresses household purchasing power, a poor business environment constrains private sector investment, and stagnant oil production caps growth in net exports. We are forecasting growth of just 1.2% in 2014, above our 2013 estimate of 0.8%, but well below Venezuela's average over the past decade of 5.8%.

Vehicle sales in Slovakia decreased 3.8% in 2013, on the back of weakness in the passenger car and commercial vehicle (CV) segments. In 2014, we forecast an upswing in total sales of 9.4% as the economy recovers somewhat.

Vehicle sales in Italy declined 7.6% in 2013 to 1.4mn units on the back of a weak macro environment. This came from a 7.0% drop in passenger car sales and 13.3% fall in the commercial vehicle (CV) segment. In 2014, we expect to see a resurgence across the market due to low base effects and pent-up demand and accordingly forecast 3.3% growth in vehicle sales over the year.

BMI has become increasingly bearish on the near-term outlook for domestic vehicle sales and production in Russia. A combination of sluggish demand for new cars and a deteriorating economic backdrop, coupled with increased tensions with the West following Russia's annexation of Crimea in March 2014, mean that we continue to target declines in both sales and production over 2014 .

The latest certificate of entitlement (COE) bidding exercise, which closed on May 7 2014, saw significant price declines in most vehicle categories, with only the commercial vehicle (CV) segment registering an increase. As the accompanying table highlights, small car COEs (1,600cc and below) saw the biggest fall in prices from SGD71,335 in the previous bidding round to SGD60,002 in this latest round.

Delta Van Lines, well known as a reliable Canada state to state moving company, now offers fast and efficient moving services. Their unbeatable service makes them the most trusted name in the moving industry. Delta Van Lines, always setting the highest standards of quality meeting your relocation needs. They accommodate their customers by providing them outstanding packing services, punctual arrivals, and affordable rates.

Moogento, a company that creates top-quality Magento extensions that help people customise Magento PDFs, their invoices, packing sheets and much more, has just announced a couple of upgrades to two of their most popular products.

Bondi Removals, being a leading Removalist in Sydney is now offering local and interstate furniture removals services in Sydney at affordable prices. They operate actively in eastern Sydney suburbs such as Vaucluse and Randwick. One gets absolutely safe removal with Bondi removals. In order to make things more secure for the reallocation, they provide good quality packing boxes and other materials that facilitate the smooth reallocation of furniture. The company also offers other important packing services to the clients. They provide wholesome packing services to clients that include packing and thus save their clients from wasting their valuable time.

Performance Team is a California based renowned logistics service company that has been in business for the last 27 years and has earned a reputation for offering quality consolidation, deconsolidation, transportation and distribution services at competitive prices.

California, USA based Performance Team has earned a formidable reputation in offering superior and cost effective logistic and deconsolidation solutions to its clients. The logistics and deconsolidation company of great repute offers plethora of services that substantiates the moving experience of the client. With a dedicated fleet of well-maintained trucks and tractor trolleys, the logistics company serves the cause of the clients to a nicety.

Limousines are known for their classy and stylish looks. And those who arrive in a limo turn heads of people nearby. Gone are the days when limos were only used by the Hollywood elite, the rich and famous, limos are now available for all thanks to the affordable prices with San Fernando Valley (Los Angeles) based Valley limo service.

Stockport-based heavy haulage firm Chris Bennett Ltd have announced that all of their drivers have completed their required hours of CPC training well in advance of the upcoming September 2014 deadline.

We are forecasting real GDP growth of 6.3% for the Philippines in 2014, as we expect domestic demand to remain strong and export sector growth to see a modest rebound this year. While we are optimistic about its growth prospect, we remain wary of any renewed global volatility that will pose downside risks to our growth forecast.

BMI View: Lebanon benefits from a sizeable healthcare sector where the costs of health services and drug prices are generally high. The private sector accounts for about 90% of Lebanon's hospitals and pharmacies, driving the prescription of high-value pharmaceuticals. However, the government's commitment to cost containment measures continues as it announces further price reductions for an increasing selection of medicines, impacting overall market value. Tension between Lebanese political blocs concerning the ongoing civil war in Syria presents significant risks to both political and economic stability, contributing to factors which impede the market's potential.

BMI maintains its cautious outlook for the Argentine freight transport sector. A more drastic slowdown than we previously expected in various high frequency indicators have led us to revise down our forecast for Argentine real private consumption and gross fixed capital formation growth in 2014. As a result, our real GDP growth forecast has fallen to 1.2% from 2.2%, and we acknowledge that significant downside risks remain. This forecast implies an even greater slowdown from 3.0% real GDP growth in 2013. The main driver of the slowdown is the impact of the country's January 23 currency devaluation, which sent inflation expectations soaring. As a result consumer confidence has plunged.

BMI forecasts 5.8% growth in vehicle sales in Mexico in 2014 on the back of an expected 5.4% increase in passenger car sales and 6.5% growth in the commercial vehicle (CV) segment.

Early sales trends show that 2014 will be a very challenging year for automakers operating in the Algerian market, in line with BMI's forecasts. In Q114, new vehicle sales were down by nearly 30% year-on-year (y-o-y), to 85,000 units, according to an April 2014 report in El Watan. Auto imports were reportedly down by over 50% in January alone. Even the annual motor show, held in March, failed to provide a lift to sales, with dealerships reportedly having to slash prices in order to gain customers. Underlining the precarious state of the market, the local Libert? newspaper has quoted the President of the ACAA, Abderrezzak Lachachi, as stating that several dealerships will close this year.

Sales

According to Association of Indonesian Automotive Industries (Gaikindo), domestic vehicle sales in March 2014 came in at 113,079 units, an increase of 17.8% year-on-year (y-o-y). Sales were boosted by the low-cost green car (LCGC) segment. This brought total Q114 sales to 328,354 units an increase of 10.9% y-o-y. For 2014, we forecast auto sales to grow 7.1%, to 1.32mn units.

Latest GDP figures show that the Vietnamese economy grew by 5.0% year-on-year (y-o-y) in Q1 2014, and we believe that our 2014 real GDP growth forecast of 5.9% remains in sight. Indeed, we believe that increased macroeconomic stability, combined with pro-growth policies will help the economy accelerate from 2013 levels. Key downside risks to this view include a faster-than-anticipated slowdown in China, as well as the stalling of the country's reform drive. With China being Vietnam's second top export partner, behind the US, such a slowdown would have a detrimental effect on Vietnam's shipping industry.

The market expanded nine-fold over the review period, to reach a value of SR1.1 billion in 2012 with demand fuelled by investments in the rail infrastructure. Saudi Arabia does not have a local industry and imports account for 97% of the market's value in 2012. Saudi Arabia plans to invest SR365 billion in rail infrastructure by 2040. The industry is expected to reach turnover of SR71 million in 2018 as imports will continue to account for the lion's share of the market.

Motor vehicles, trailers and semi-trailers market grows at CAGR of 9% over 2007-2012 to reach SR115.4 billion in latter year. Saudi Arabia does not have established motor vehicles, trailers and semi-trailers industry and import penetration stands at 90% of market value in 2012. Industry fragmented, as four largest companies generate only approximately a third of total production. Industry forecast to grow at 6% CAGR over forecast period, driven by low tax rates and growing disposable incomes. Sales of motor vehicles in Saudi Arabia expected to reach one million units by 2020.

Air transport market grows at CAGR of 3% over 2007-2012 to reach SR40 billion in latter year. Short-haul transportation accounts for 60% of passenger volumes. Despite market liberalisation, low-cost carriers still represent only a tiny niche. Industry concentrated with Saudi Arabian Airlines representing more than half of total production. Industry forecast to grow at CAGR 4% over forecast period, driven by increasing demand for short-haul routes and growing flow of migrant workers.

Industry statistics reveal Class 5 truck sales have shown a steady increase over the last 4 years, bringing last year's total to approximately 150,000. This uptick spans the full range of top heavy duty equipment manufacturers with Ford, Chrysler, Isuzu and International dominating this sector of the market. In light of the heightened demand for these trucks, a representative of Utility Fleet Sales has launched a series of monthly manager's specials on specific trucks in their lineup.

J.R. Mats Inc. announced expanded availability of its flagship Country Club Elite golf mats. Thanks to improved agreements with international shippers, golfers in more countries than ever can enjoy the game-enhancing construction of the company's practice mats. As the most natural-feeling golf mats on the market, the company's products have developed strong worldwide followings among amateur and professional golfers.