http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/RSS_CURRENT_EN.caliasHere are the latest issues in our Current Issues series.Fri, 10 May 2013 00:00:00 +0200ResearchCopyright 1996-2010, DB Research, Deutsche Bank AGmarketing.dbr@db.comhttp://www.dbresearch.com/dbr/images/rss/logo.gifhttp://www.dbresearch.comDemographic change has come far as an issue for medium-sized businesses. When it comes to the necessary investments, for example in further training, large family businesses are more advanced than small and medium-sized enterprises. Even though there is no threat of a general deficit in candidates for succession in the foreseeable future, succession arrangements need to be prioritised in many businesses as the number of companies ready for transfer is set to rise. Regardless of whether family succession or an external solution is chosen, transfers are often associated with significant risks. The economic and financial position of the company, the market environment and financial conditions play just as much a role as the motivation, interests and values of those involved. Given the complexity of the transfer and its huge importance in the company's history, experts recommend transfer management in which all the necessary steps are planned and implemented at an early stage.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000304451/Medium-sized+enterprises+and+demographics%3A+Increasing+pressure+to+take+action.pdfFri, 10 May 2013 00:00:00 +0200Demographics, Economic policy, Economic structure, Germany, Globalisation, Key issues, Labour market, Sectors / commodities, SMEs, Tax policyPROD0000000000304451With banks searching for sources of income and growth and the relationship of trust with their customers being redefined, pricing is a key issue in retail banking. Price-setting calculations for retail financial products can be quite complex and one crucial factor for success is the capacity to identify and collate all necessary information to take sound decisions on this basis. While the range of analytical options has grown considerably in recent years, the challenge banks are facing is to use them intelligently to develop client-oriented offers. To complement their pricing, banks also need convincing strategies to communicate the prices and value-propositions of their products. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000304766/Pricing+in+retail+banking%3A+Scope+for+boosting+customer+satisfaction+%26+profitability.pdfFri, 03 May 2013 00:00:00 +0200Banking, Financial market trends, Global financial markets, Key issues, Sectors / commodities, Services, Social values / Consumer behaviour, Supervision and regulationPROD0000000000304766Over the past few days sentiment has brightened considerably in Germany, and there are even signs of euphoria in some places – Munich and Dortmund in particular. But unlike Germany's two Champions League semi-finalists the economic releases of late have been a sobering disappointment following the encouraging data at the start of the year. For this reason we have slightly lifted our forecast for German Q1 GDP growth from 0.1% qoq to 0.3%. At the same time, though, we cut our expectations for Q2 from 0.4% to 0.2%. On balance this leaves the annual average unchanged at 0.3%.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000304603/Focus+Germany%3A+GDP+forecast%3A+Uptick+in+Q1%2C+slippage+in+Q2.pdfTue, 30 Apr 2013 00:00:00 +0200Business cycle, Cities, Economic growth, Germany, Key issues, Labour market, Macroeconomics, Real econ. trends, Real estate, Residential real estate, Social values / Consumer behaviour, Socio-econ. trendsPROD0000000000304603For the third year in a row now, monthly surveys such as the ifo business climate and the Purchasing Managers' Index (PMI) indicate that the economy seems to be running out of steam in spring following a significant upswing around the turn of the year. In our latest World Outlook we now expect that EMU GDP will not pick up until Q3, so we have reduced our forecast for the 2013 average to -0.6% (2014: +1.0%). However, we have not revised down our relatively cautious growth forecast for Germany (2013: +0.3%; 2014: +1.5%).http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000303685/Focus+Germany%3A+Sentiment+indicators+%E2%80%93+another+setback+in+spring.pdfTue, 02 Apr 2013 00:00:00 +0200Business cycle, Economic growth, Economic policy, Fiscal policy, Germany, Key issues, Labour market, Macroeconomics, Monetary policy, Politics and elections, Prices, inflationPROD0000000000303685There is much to suggest that the economy returned to a growth path – albeit only a modest one – in the first quarter after a 0.6% contraction of real GDP in the closing quarter of 2012. New order intake and industrial output had already begun to pick up in December, so there was a growth overhang in production from the outset in Q1. Besides, business sentiment had already started to brighten four months ago. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000302434/Focus+Germany%3A+The+worst+is+%28probably%29+over.pdfFri, 01 Mar 2013 00:00:00 +0100Business cycle, Economic policy, EMU, European issues, Germany, Intangible assets, Key issues, Macroeconomics, Politics and elections, Social values / Consumer behaviour, Tax policy, TradePROD0000000000302434We expect a recovery to set in approximately in spring this year on the back of a stabilising euro area and more buoyant emerging markets. Owing to the low starting point, however, annual average growth will probably come to no more than 1/4% in 2013. Nonetheless, the labour market is expected to remain relatively stable. With oil prices forecast to stabilise, consumer prices will probably rise less strongly this year. Public-sector budgets look set to deteriorate for cyclical reasons in 2013. However, with a deficit of only about 1/2% of GDP, Germany would still be in an excellent position by international standards.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000300669/Focus+Germany%3A+Gradual+improvement+in+2013.pdfMon, 28 Jan 2013 00:00:00 +0100Business cycle, Cities, Commercial real estate, Construction industry, Economic growth, Economic policy, EMU, European issues, Exchange rates, Germany, International financial markets, Key issues, Labour market, Macroeconomics, Politics and elections, Prices, inflation, Real econ. trends, Real estate, Residential real estate, Sectors / commoditiesPROD0000000000300669In this study, we analyse some of the political and economic consequences of the Arab Spring and assess opportunities and challenges for the affected countries. Political instability has taken a toll on the region’s economies. There has been a sharp slowdown in economic activity, deteriorating external and fiscal accounts and decreasing FX reserves. The long-term challenges for the region remain as pressing as ever: high unemployment (especially among the youth), inefficient subsidy regimes and low trade diversification, among others. Expectations for rapid improvement after the Arab Spring will be disappointed, but there is a chance that less oppressive governments will be more responsive to their peoples’ demands and thus at least attempt to tackle those problems.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000300328/Two+years+of+Arab+Spring%3A+Where+are+we+now%3F+What%E2%80%99s+next%3F.pdfFri, 25 Jan 2013 00:00:00 +0100Africa, Economic growth, Emerging markets, Macroeconomics, Middle East, TradePROD0000000000300328Electrical equipment in the health sector is an important factor for macroeconomic development worldwide. Modern electromedicine boosts the efficiency of healthcare processes, improves the health of the general population, reduces the time spent by patients in hospital and cuts the cost of care. High-quality products should enable the German electromedicine sector to maintain its world market-leading position – despite growing price competition. Accordingly, we expect real sales growth of 5% yoy in both 2012 and 2013.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000299984/Medical+technology%3A+Electromedicine+driving+healthcare.pdfWed, 16 Jan 2013 00:00:00 +0100Demographics, Electrical engineering, Health care, Information technology, Innovation, Internet, Mechanical engineering, Sectors / commodities, Technology and innovationPROD0000000000299984The Foreign Account Tax Compliance (FATCA) provisions of the U.S. Internal Revenue Code comprise an important broadening of the international reach of the U.S. tax system. This law is aimed at countering tax evasion by U.S. citizens and residents who receive earnings from assets held offshore. Currently a growing number of Intergovernmental Agreements between the United States and partner countries are being negotiated to overcome the conflict of laws issues raised by the application of FATCA as well as to simplify implementation and reduce compliance costs.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000299943/FATCA+%26+Intergovernmental+Agreements%3A+Automatic+exchange+of+information+on+taxes+on+the+rise.pdfWed, 16 Jan 2013 00:00:00 +0100Banking, Economic policy, Fiscal policy, Tax policyPROD0000000000299943We are going through a period of structural change – including when it comes to knowledge as a resource. The emerging knowledge economy is gaining ground around the globe. Read on to discover how much (more) knowledge is being produced, what trends are evident in relation to investment in knowledge, how money is made from knowledge, what are the products of the knowledge economy, and who are the main players in this knowledge revolution and knowledge economy. You will also find out what opportunities the emerging knowledge economy offers for companies and regions. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000299481/More+value+creation+through+knowledge+%28assets%29%3A+Implications+for+regional+growth+strategies.pdfMon, 07 Jan 2013 00:00:00 +0100Economic growth, Education, Germany, Innovation, Intangible assets, Internet, Key issues, Sectors / commodities, Strategic foresight, Technology and innovationPROD0000000000299481