http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/RSS_ECON_EN.caliasHere are the latest issues in our E-conomics series.Thu, 01 Mar 2012 00:00:00 +0100ResearchCopyright 1996-2010, DB Research, Deutsche Bank AGmarketing.dbr@db.comhttp://www.dbresearch.com/dbr/images/rss/logo.gifhttp://www.dbresearch.comCloud service providers advertise with their ability to deliver memory capacity and software over the Web whatever the user’s location and device, claiming they can rapidly adapt this to requirements. That way, users can concentrate on their core competences and farm out peripheral business activities to specialised service providers. On the whole, the introduction of cloud computing is making slower headway than the term’s media presence would suggest. Among the reasons causing potential users to hold back at present are security concerns and uncertainty over which technical version will ultimately assert itself. But in the medium term the basic idea behind cloud computing stands a good chance of being implemented more broadly in a world of globally organised value chains.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000285827/Cloud+computing%3A+Clear+skies+ahead.pdfThu, 01 Mar 2012 00:00:00 +0100Information technology, Innovation, Internet, Sectors / commodities, SMEs, Technology and innovationPROD0000000000285827The expansion of communications infrastructure worldwide entails huge investments and in the European Union alone these will undoubtedly exceed EUR 200 bn by 2020. But the commercial success of the politically desired expansion of high-performance broadband networks in a competitive market environment is closely linked with the issue of the socially correct degree of investment protection. This protection should on the one hand be as strong as necessary, so that the required network investments can be sufficiently profitable. On the other hand, however, the investment protection must not be too extensive, thereby enabling a network operator to systematically exclude (potential) competitors from the market and in turn also resulting in insufficient infrastructure investment from a social point of view. The frequently emotional debates on this subject show that although the experience gathered in other countries can help, it is essential that the desired regulations concerning net neutrality address the country-specific technical and economic conditions – that is, there should definitely be no wholesale adoption of the lessons from other economic areas.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000280933/Net+neutrality%3A+Innovation+and+differentiation+are+not+polar+opposites.pdfThu, 17 Nov 2011 00:00:00 +0100Economic policy, European issues, European policy issues, Germany, Information technology, Innovation, Internet, Key issues, Macroeconomics, Privatisation/liberalisation, Sectors / commodities, Social values / Consumer behaviour, Technology and innovation, TelecommunicationPROD0000000000280933The first half of 2011 was marked by a sense of optimism in the private equity industry – especially in Germany. This confidence was borne of the strong performance of the corporate sector to date, the increasing availability of borrowing, and the cash flows earned from successful exits. However, the plunge in share prices since the beginning of August triggered a more sceptical assessment of general growth prospects. The fragile state of the economy will hit portfolio companies’ profits and make lucrative exits more difficult. However, this situation also presents opportunities. Private equity funds that are launched in economically challenging times usually generate the highest rates of return. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000279453/Private+Equity%3A+Opportunities+in+turbulent+times.pdfTue, 11 Oct 2011 00:00:00 +0200Banking, Capital markets, Capital markets policy, Economic policy, Emerging markets, Financial market trends, Global financial markets, IMF / World Bank, International financial markets, International financial system, Key issues, Macroeconomics, Real econ. trends, SMEs, Technology and innovationPROD0000000000279453The omnipresence of the internet is driving the convergence of the information technology, telecommunications, consumer electronics and media sectors. Ever faster internet connections – both fixed-line and mobile – are making it increasingly convenient to call up online services on various web-enabled end-user devices. Companies that originally operated in discrete industries are now fiercely competing with one another for market shares in areas such as broadband infrastructure and smartphones. The market for end-user devices is characterised by high innovation rates, with a stable distribution of the related market shares still nowhere on the horizon; a market shakeout could ensue as a result. At the same time it gives mobile internet use and services a boost. The services have to appeal to users and create real value added in order to raise customer willingness to pay for content. All things considered, the increasing on-demand consumption of music, videos, news, games and books will also accelerate the structural change in the services segment. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000276493/Convergence+markets%3A+Smartphones+and+triple+play+continue+to+erode+sector+boundaries.pdfThu, 04 Aug 2011 00:00:00 +0200Economic structure, Electrical engineering, Germany, Information technology, Innovation, Internet, Key issues, Macroeconomics, Media/PR & Advertising, Sectors / commodities, Services, Social values / Consumer behaviour, Socio-econ. trends, Technology and innovation, TelecommunicationPROD0000000000276493Speeding up the integration of renewable energies into the electricity supply system requires an efficient grid infrastructure and thus also major investments. The global market for smart grids is worth EUR 100 bn. Interlinking the power grid and the data network considerably increases the complexity of the traditional business model. In order to handle such data volumes sensibly power companies will have to fundamentally restructure both their infrastructure and business models. This opens up the possibility of new competition scenarios and cooperation between previously discrete industries – not only power supply and the communications sectors in particular but also the petroleum sector (especially via electromobility). Nevertheless, the data collected using this new business model is quite revealing with regard to personal lifestyles. The issue of protecting privacy will thus become a key criterion for customer acceptance of smart electricity meters and modern power supply networks.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000275988/Smart+grids%3A+Energy+rethink+requires+intelligent+electricity+networks.pdfThu, 21 Jul 2011 00:00:00 +0200Economic policy, Energy policy, Energy sector, Environmental protection, Information technology, Innovation, Internet, Key issues, Macroeconomics, Natural resources, Real estate, Sectors / commodities, Social values / Consumer behaviour, Sustainability, Technology and innovation, TelecommunicationPROD0000000000275988Modern financial systems are catalysts for research and development. A detail analysis of more than 1,000 companies worldwide shows that companies whose R&D intensity is 50% higher than the sector average have on average a 14-21% higher market capitalisation. So investors show a clear preference for research-intensive companies. In the UK and the US the influence is stronger than in Germany, which is arguably due to the breadth and depth of Anglo-American stock markets.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000275167/Capital+markets+reward+R%26D.pdfThu, 30 Jun 2011 00:00:00 +0200Capital markets, Capital markets policy, Econometrics, Economic growth, Economic policy, Economic structure, Global financial markets, Innovation, International financial markets, International financial system, Key issues, Macroeconomics, Quantitative analysis, Real econ. trends, Sectors / commodities, Technology and innovationPROD0000000000275167The trend towards international division of labour and specialisation is not bypassing the R&D departments of firms. Leading technology groups are increasingly considering emerging markets such as China and India as R&D locations in addition to industrial nations. Driving forces are the proximity to other local production facilities, the dynamic progress in education and research as well as these countries’ ambitious industrial policies. Labour costs are of minor importance. What is new is that a technology transfer is also taking place from emerging markets back into industrial nations – China and India are net exporters of R&D to the EU. The division of labour and specialisation are bringing down costs, fostering competition and leading to modularised work processes. R&D activities are no exception. Managing complex innovation networks and the commercial application of new ideas – wherever they emerge – is therefore becoming more important for companies. Emerging markets are also becoming more competitive in high-tech goods and services – but this also increases their demand for high-quality intermediate products and know-how. http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000269346/International+division+of+labour+in+R%26D%3A+Research+follows+production.pdfThu, 03 Feb 2011 00:00:00 +0100Asia, Economic policy, Emerging markets, Germany, Innovation, Intangible assets, Intern. economic system, Key issues, Macroeconomics, Real econ. trends, Technology and innovation, TradePROD0000000000269346“Green IT” can easily be misinterpreted, so prematurely kindled expectations may soon be dashed. After all, IT is not “green” at first glance – and this does not only hold true because of rising energy consumption. Nonetheless, IT does have “green” potential. This applies not only to the saving of resources in IT infrastructure itself (“green in IT”), but also to the resources that are ultimately saved by the use of IT in the economy as a whole (“green by IT”). This observation was the starting point for a joint study by Deutsche Bank Research and the Green IT Advisory Office established by BITKOM e.V. On the basis of our survey, experience gathered in advisory practice and macroeconomic analysis, we determined among other things that the often ambitious environmental and resource targets can only be achieved if companies address the subject of green IT on a cross-divisional basis and integrate staff members. By means of intelligent IT systems, companies of the most varied sectors can not only counter cost pressures but also offer new goods and services as well as more flexible job models in the competition for top talent.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000268157/Green+IT%3A+More+than+a+passing+fad%21.pdfThu, 13 Jan 2011 00:00:00 +0100Economic policy, Energy sector, Environmental policy, Information technology, Innovation, Internet, Key issues, Macroeconomics, Natural resources, Sectors / commodities, Social values / Consumer behaviour, Sustainability, Technology and innovationPROD0000000000268157Companies in Germany kept their R&D spending at least constant even in the crisis year 2009. This is a good foundation for ensuring they remain competitive in future. One explanation for what is a very robust reaction from a historical perspective is that particularly technologically advanced companies can’t afford not to invest in R&D precisely on account of the stiff competition. Investment in innovative start-ups and patent filings have, by contrast, been hit harder by the financial and economic crisis. This shows that companies’ top priority is to safeguard their current research cycles but they are less inclined to develop completely new innovationshttp://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000264670/Innovative+capacity+in+the+aftermath+of+the+crisis%3A+German+companies+banking+on+R%26D.pdfFri, 12 Nov 2010 00:00:00 +0100Digital economy, Econometrics, Economic growth, Germany, Innovation, Key issues, Macroeconomics, Quantitative analysis, Real econ. trends, Sectors / commodities, Technology and innovationPROD0000000000264670The internet has acquired fundamental importance as an information medium in recent years – this also applies to the researching of financial topics. Nearly 60% of all new contract signings for financial products are preceded by online research. This is one finding of an innovative, empirical study conducted by Deutsche Bank Research in a joint effort with Google and GfK. This study analyses actual finance-related internet traffic: in what way do bank customers use the internet to gather information and initiate the purchasing process? Which financial topics are the most popular online? How much time do customers spend researching? And how many customers nevertheless select the branch outlet as the channel for signing their contracts? http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000263514/Majority+of+bank+customers+in+Germany+do+research+online%3A+Findings+of+a+clickstream+analysis.pdfThu, 14 Oct 2010 00:00:00 +0200Capital markets, Digital economy, E-commerce, Information technology, Innovation, Internet, Key issues, Macroeconomics, Real econ. trends, Socio-econ. trends, Technology and innovationPROD0000000000263514