Emissions calendar changes weaken the palladium market

2020 ◽  
Keyword(s):  
Annual Rate ◽  
Catalytic Converters ◽  
Content Type ◽  
Car Sales ◽  
Automobile Sales ◽  
High Uncertainty

Significance Supply this year has been mildly affected by pandemic disruption, and inventories have fallen due to lower levels of recycling. Demand has been tempered by weak automobile sales, although rising emissions standards should mean that more palladium is needed for every hybrid, diesel or petrol car that is produced. Impacts Low confidence and high uncertainty are weighing on car sales; the annual rate of US car sales is 25% lower in 2020 than in recent years. With metal prices high and automakers under cost pressure, thrifting and substitution in auto-catalysts are the main threats to palladium. High palladium prices make stealing catalytic converters worthwhile: 8,248 cars were stolen in London last year, a sevenfold increase.

Effects of online advertising on automobile sales

2014 ◽  
Vol 52 (5) ◽  
pp. 834-851 ◽  
Author(s):  
Jianping Peng ◽  
Guoying Zhang ◽  
Shaoling Zhang ◽  
Xin Dai ◽  
Jing Li
Keyword(s):  
Online Advertising ◽  
Content Type ◽  
Search Advertising ◽  
Positive Effects ◽  
Advertising Strategies ◽  
Automobile Sales ◽  
Advertising Spending ◽  
The Relationship ◽  
Practical Implications ◽  
Allocation Strategies

Purpose – The purpose of this paper is to explore the effects of online advertising spending on automobile sales through both search and non-search advertising. Design/methodology/approach – Sales data of the top 52 vehicle models were collected in two consecutive years in China. The advertising spending data of both formats were collected from a leading consulting company and a major search engine company. Then several empirical models were proposed to evaluate the effects of online advertising on automobile sales. Two extended models were further investigated for search advertising. Findings – The results revealed that both formats of online advertising have significantly positive effects on automobile sales. However, excessive spending on non-search advertising does not help sales and a moderate budget is preferred. On the other hand, spending on search advertising has no such constraint to improve the vehicle sales. Practical implications – The empirical findings have proved the importance of online advertising to the automobile companies and thus can help companies improve their decision making in online advertising allocation strategies. Originality/value – This study provides a better understanding of the relationship between online advertising spending and automobile sales, and helps business to define sophisticated online advertising strategies to improve sales performance.

Formation of strategic networks under high uncertainty of a megaproject

2016 ◽  
Vol 31 (5) ◽  
pp. 575-586 ◽  
Author(s):  
Anssi Jussila ◽  
Tuija Mainela ◽  
Satu Nätti
Keyword(s):  
Nuclear Power ◽  
Network Formation ◽  
Single Case ◽  
Research Question ◽  
Primary Data ◽  
Content Type ◽  
Strategic Networks ◽  
Formation Conditions ◽  
Second Tier ◽  
High Uncertainty

Purpose The purpose of this paper is to examine the formation of strategic networks between second-tier actors in the context of a construction megaproject. The research question addressed is: How do second-tier strategic networks form in high uncertainty projects? Design/methodology/approach This is a qualitative single-case study, which examines strategic network formation in the context of a nuclear power plant construction project. Focused interviews with parties involved or having an interest in the megaproject were used as the primary data collection method. Findings The conditions for network formation in a megaproject context are specified with a focus on the determinants of uncertainty. A total of six second-tier network types with different formation conditions and potential roles in the project are characterized. Research limitations/implications Analyzing the prerequisites of strategic network formation and examining the characteristics of various networks (that are either planned, taking shape or existing between the companies) in this specific context creates a basis for further study of network formation over network levels. Practical implications The formation of strategic networks is critical for many actors in the construction and related industries who are willing to participate in large projects. With the help of our findings, managers are able to define opportunities to orchestrate early phase network formation processes in uncertain circumstances, such as megaprojects. Originality/value The contribution of this paper lies in the close examination of strategic network formation from the second-tier actor perspective under circumstances of high uncertainty related to the early phases of megaprojects. Likewise, the illustration of different types of evolving nets in different phases of uncertain projects offers a contribution to the present discussion on strategic nets.

Curbing debt while targeting growth will test China

2016 ◽  
Keyword(s):  
Private Sector ◽  
High Tech ◽  
Gdp Growth ◽  
Corporate Debt ◽  
Foreign Reserves ◽  
Content Type ◽  
Debt Burden ◽  
Equipment Manufacturing ◽  
Automobile Sales ◽  
Manufacturing Growth

Significance Modest progress is underway in rebalancing towards more consumption and less reliance on exports and investment. GDP growth is on target, helped by buoyant housing and automobile sales. Many of these have been financed by debt though, adding to concerns that prioritising GDP growth has left the economy too reliant on credit. The debt burden is a concern, particularly corporate debt. Impacts The renminbi is at a six-year low and higher US rates could weaken it further, spooking markets. Foreign reserves are at a five-year low; while import cover is still strong, eroding macro fundamentals are a concern. Strong high-tech and equipment manufacturing growth must be built upon to develop a larger and more sophisticated private sector. The focus on growth targets set in 2010 risks debt resolution costs rising as they are deferred.

Platinum price outlook clouded by uncertain demand

2016 ◽  
Keyword(s):  
South African ◽  
Far East ◽  
Global Market ◽  
Uncertain Demand ◽  
Automotive Sector ◽  
Far East Of Russia ◽  
Content Type ◽  
The Far East ◽  
Car Sales ◽  
Market Outlook

Subject The platinum market outlook. Significance After declining in 2015, the platinum price has remained modest this year, underperforming other mined commodities. The closely watched ratio to the gold price is near a historic low. Demand from the automotive sector has yet to recover from emission test scandals, despite car sales in China growing by 15.6% year-on-year in the first eleven months of 2016. South African miners are capital-constrained and the global market is currently estimated to be in a supply deficit of around 500 thousand ounces (koz). However, registered above-ground stocks are still significant at 1.9 million ounces (moz). Impacts Higher steel prices may increase scrap-steel demand, which may boost vehicle scrapping and increase recycling of platinum auto-catalysts. World leader Amplats will lose 75 koz of refined platinum production following a leak at the Waterval smelter. Production of alluvial platinum in the far east of Russia is entering terminal decline after two decades of operation.

Russia will encourage car sales and try to export more

2017 ◽  
Keyword(s):  
Electric Vehicles ◽  
Automotive Sector ◽  
Content Type ◽  
Automobile Manufacturing ◽  
Foreign Companies ◽  
Car Sales ◽  
First Time

Significance New car sales in Russia are rising for the first time since 2012 with a 5% year-on-year increase reported for January-May. Despite the automotive sector slump of 2014-15, most foreign companies with existing manufacturing or assembly capacity have taken the long view and remained in the market. Impacts Russian-badged cars will remain market leaders due to their affordability. Growth in local automobile manufacturing will provide additional impetus to related sectors such as metallurgy and chemical industries. Energy ministry projections that Russia might have 200,000 electric vehicles by 2020 seem overly optimistic.

The coronavirus will cut China’s early 2020 car sales

2020 ◽  
Keyword(s):  
Content Type ◽  
Car Sales

Headline CHINA: The coronavirus will cut early 2020 car sales

“The lost decade”: an MPT perspective

2015 ◽  
Vol 41 (11) ◽  
pp. 1202-1220 ◽  
Author(s):  
Anthony Loviscek
Keyword(s):  
Design Methodology ◽  
Annual Rate ◽  
Rate Of Return ◽  
Average Risk ◽  
Monthly Data ◽  
Content Type ◽  
Core Set ◽  
Out Of Sample ◽  
Lost Decade ◽  
Practical Implications

Purpose – The purpose of this paper is to test the efficacy of an application of modern portfolio theory (MPT) from 2000 through 2009, a period during which the annual rate of return on the S & P 500 is negative. The financial media have called this period “the lost decade” for investors. Design/methodology/approach – Using monthly data, the author uses a series of annual out-of-sample tests to compare the risk-reward performances of MPT portfolios against those of the S & P 500. Findings – The author finds that the MPT portfolios outperformed the S & P 500. During the “lost decade”. They generated a cumulative return of over 77 percent compared to a cumulative return of −9.1 percent on the S & P 500. Moreover, the MPT portfolio β’s are low, ranging from 0.45 to 1.01, suggesting above-average risk-reward performances. Research limitations/implications – The MPT portfolios are relatively small, and might not be well diversified. That said, they comprise a core set of securities that could help investors achieve a risk-reward performance that exceeds that of the S & P 500. Practical implications – The results suggest that investors should not overlook the potential of MPT, despite its theoretical and practical limitations, to provide above-average returns at below-average risks. Originality/value – This is the first study to show the efficacy of MPT during a period in which it was criticized at having failed investors when they needed it most.

scholarly journals Resilience and effectuation for a successful business takeover

2018 ◽  
Vol 24 (7) ◽  
pp. 1200-1221 ◽  
Author(s):  
Aude d’Andria ◽  
Ines Gabarret ◽  
Benjamin Vedel
Keyword(s):  
Methodological Approach ◽  
Uncertain Environments ◽  
Content Type ◽  
Data Source ◽  
Different Dimensions ◽  
The Relationship ◽  
A Company ◽  
Practical Implications ◽  
High Uncertainty ◽  
Logics Of Action

Purpose The purpose of this paper is to explore how resilience can support entrepreneurs in uncertain environments. The study’s objective is to show how different dimensions of resilience (emotional/cognitive) are dynamically connected to different logics of actions (causation/effectuation) allowing the development of a successful entrepreneurial project. Design/methodology/approach The study is based on a qualitative analysis of a blog written by an entrepreneur during the first 17 months of a search, negotiation, and financing process for a company takeover. Findings The results highlight that in high uncertainty, strong entrepreneurial resilience and shift of logics of action can contribute to the success of a business takeover. This study identifies forms of resilience during the business takeover process that helped the entrepreneur overcome adversity and succeed. Moreover, these forms of resilience seem to be related to effectual and causal logics. Practical implications This study could help future entrepreneurs succeed in the creation or takeover of an organization by improving knowledge of the relationship between resilience and logics of actions. Originality/value This study proposes a different approach to the study of entrepreneurial resilience by analyzing it in relation with the logics of action (causation/effectuation). Moreover, the study offers a modern methodological approach by using an internet blog as a data source.

Productivity paralysis constrains UK growth prospects

2017 ◽  
Keyword(s):  
Productivity Growth ◽  
Industrial Revolution ◽  
Real Wages ◽  
Content Type ◽  
Advanced Economies ◽  
Growth Prospects ◽  
The Uk ◽  
The Impact ◽  
High Uncertainty ◽  
Economic Outlook

Subject The UK economic outlook. Significance The Inflation Report by the Bank of England (BoE) last month was discouraging about the short-term economic outlook, while the Office for Budget Responsibility (OBR) warned about the poor prospects for the next five years, underpinned by weak productivity growth. The stagnation of real wages since 2007-08 marks the worst performance of the UK economy since the early stages of the industrial revolution. Neither report directly assesses the impact of Brexit but both judge it as unfavourable. Impacts Slower GDP growth, high uncertainty and limited political consensus may curtail the government’s ability to implement much-needed policies. Productivity growth has slowed in most advanced economies since 2007-08, but the UK economy has been affected more severely than others. Balancing the budget is receding further into the future; the Institute for Fiscal Studies raises the possibility it may be unattainable.

Russian car sales to fall as buyers face income shock

2020 ◽  
Keyword(s):  
Content Type ◽  
Car Sales ◽  
Income Shock

Headline RUSSIA: Car sales to fall as buyers face income shock

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