Jaguar Land Rover is to make vehicles in China for the first time after Beijing approved a £1bn joint venture.
The West Midlands-based luxury carmaker agreed a"milestone" deal with Chery Automobile and will build a plant near Shanghai, which isdue to open in 2015.
JLR said any cars produced would be in addition to its existing output, and it had no intention of moving its manufacturing base out of Britain.
Sales of JLR models in China have risen by 80% so far thisyear.
The company, owned by India's Tata Motors, began talks with Chery months ago,but had been awaiting approval.
A joint statement released bythe Chinese and British companies said: "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.
"Together, we will now begin working in close collaboration on our partnership plans to harness the capabilities of our respective companies, to produce relevant, advanced models for Chinese consumers."
JLR has not said officially which model would be builtat the factory, although the company has said in the past that is likely to be either the Land Rover Freelander or Evoque.
A research and developmentfacility and engine production plant will also built as part of the venture, with the main manufacturingplant expected to be completed during 2014, with production starting the following year.
Sunday, 18 November 2012
list of Banks in Brazil
A
*. ABC Brasil
B
*. Banco Bradesco
*. Banco Cruzeiro do Sul
*. Banco de Brasília
*. Banco do Brasil
*. Banco do Nordeste
*. Banco Safra
B cont.
*. Banco Votorantim
*. Banestes
*. Banrisul
*. BicBanco
*. Brazilian Development Bank
*. BTG Pactual
C
*. Caixa Econômica Federal
C cont.
*. Central Bank of Brazil
D
*. Daycoval
H
*. HSBC Bank (Brazil)
I
*. Itaú Unibanco
P
*. PanAmericano
*. Paraná Banco
S
*. Santander Brasil Banco Bradesco – One of the largest banks in Brazil along with Banco do Brasil, Itau Unibanco and BNDES. It was the largest private bank in Brazil until Banco Itaú and Unibanco merged in 2008.
Banco do Brazil – The largest bank in Brazil and Latin America with total assets of over R$981.0 billion(US$526.58 billion). It also has the largest ATM networkin Latin America, with over 45,000 ATMs.
Banco Safra – The ninth largest private bank in Brazil in terms of total assets and equity. As a full-service commercial bank, Banco Safra operates in all areas of the financial sector.
Banco Votorantim – One of the ten largest financial institutions in Brazil. Founded in 1988 as a securities dealer, Banco Votorantim started operating as a multiple bank in 1991. The bank is owned by Votorantim Group and Bancodo Brasil.
Banco ABC Brasil – A Brazilian subsidiary of Arab Banking Corporation (ABC), established in 1983. The bank's main target is the large and middle-sized Brazilian corporations.
Brazilian Development Bank(BNDES) was founded on June 20, 1952 and is the main provider of long-term financing in Brazil. It is the largest development bank inLatin America. The Bank offers several financial support mechanisms to Brazilian companies as well as public administration entities. In 2009, the Bank inaugurated its one branch in Montevideo (Uruguay) and a new subsidiary in Europe (London). BNDES is 100% owned by the FederalGovernment.
Caixa Economica Federal – A government-owned Brazilian commercial bank, established on January 12, 1861 by Emperor Dom Pedro II. With more than 38 million customers, it is one ofthe largest financial institutions in Latin America.
Central Bank of Brazil – The principal monetary authority of the country. The Bank wasestablished on December 31,1964. As of August 2011, Central Bank had total assets of 1.428 trillion reais.
HSBC Bank Brasil S.A. - Banco Múltiplo was established in 1997 and is a wholly-owned subsidiary of HSBC Holdings. It serves about 30 million customers in Brazil.
Itau Unibanco – The largest financial conglomerate in theLatin America and one of the10 largest banks in the world by market value. As ofSeptember 30, 2011, the bank had total assets of R$836.99 billion.
Mercantil do Brasil – A mid-sized bank with more than 1.1 million customers and about BRL 12.614 billion in assets as of June 30, 2012. The bank has over 160 domestic branches and branch in the Grand CaymanIsland.
Nossa Caixa – Nossa Caixa was the seventh largest bankby deposits with a presence in all 645 municipalities of São Paulo. It was incorporated into the Banco do Brasil in 2008.
Santander Brasil – The largest division of Spanish bank Santander in Latin America accounting for 20% of the total profit of the group.
*. ABC Brasil
B
*. Banco Bradesco
*. Banco Cruzeiro do Sul
*. Banco de Brasília
*. Banco do Brasil
*. Banco do Nordeste
*. Banco Safra
B cont.
*. Banco Votorantim
*. Banestes
*. Banrisul
*. BicBanco
*. Brazilian Development Bank
*. BTG Pactual
C
*. Caixa Econômica Federal
C cont.
*. Central Bank of Brazil
D
*. Daycoval
H
*. HSBC Bank (Brazil)
I
*. Itaú Unibanco
P
*. PanAmericano
*. Paraná Banco
S
*. Santander Brasil Banco Bradesco – One of the largest banks in Brazil along with Banco do Brasil, Itau Unibanco and BNDES. It was the largest private bank in Brazil until Banco Itaú and Unibanco merged in 2008.
Banco do Brazil – The largest bank in Brazil and Latin America with total assets of over R$981.0 billion(US$526.58 billion). It also has the largest ATM networkin Latin America, with over 45,000 ATMs.
Banco Safra – The ninth largest private bank in Brazil in terms of total assets and equity. As a full-service commercial bank, Banco Safra operates in all areas of the financial sector.
Banco Votorantim – One of the ten largest financial institutions in Brazil. Founded in 1988 as a securities dealer, Banco Votorantim started operating as a multiple bank in 1991. The bank is owned by Votorantim Group and Bancodo Brasil.
Banco ABC Brasil – A Brazilian subsidiary of Arab Banking Corporation (ABC), established in 1983. The bank's main target is the large and middle-sized Brazilian corporations.
Brazilian Development Bank(BNDES) was founded on June 20, 1952 and is the main provider of long-term financing in Brazil. It is the largest development bank inLatin America. The Bank offers several financial support mechanisms to Brazilian companies as well as public administration entities. In 2009, the Bank inaugurated its one branch in Montevideo (Uruguay) and a new subsidiary in Europe (London). BNDES is 100% owned by the FederalGovernment.
Caixa Economica Federal – A government-owned Brazilian commercial bank, established on January 12, 1861 by Emperor Dom Pedro II. With more than 38 million customers, it is one ofthe largest financial institutions in Latin America.
Central Bank of Brazil – The principal monetary authority of the country. The Bank wasestablished on December 31,1964. As of August 2011, Central Bank had total assets of 1.428 trillion reais.
HSBC Bank Brasil S.A. - Banco Múltiplo was established in 1997 and is a wholly-owned subsidiary of HSBC Holdings. It serves about 30 million customers in Brazil.
Itau Unibanco – The largest financial conglomerate in theLatin America and one of the10 largest banks in the world by market value. As ofSeptember 30, 2011, the bank had total assets of R$836.99 billion.
Mercantil do Brasil – A mid-sized bank with more than 1.1 million customers and about BRL 12.614 billion in assets as of June 30, 2012. The bank has over 160 domestic branches and branch in the Grand CaymanIsland.
Nossa Caixa – Nossa Caixa was the seventh largest bankby deposits with a presence in all 645 municipalities of São Paulo. It was incorporated into the Banco do Brasil in 2008.
Santander Brasil – The largest division of Spanish bank Santander in Latin America accounting for 20% of the total profit of the group.
market neutral
Describes a product designed to give the same return regardless of market conditions. The return should not rise or fall in line with UK equities, but will often offer a fixed percentage above bank rates, inflation or other objective measure.
member
A person who has been admitted to membership of apension scheme and is entitled to benefit under that scheme.
Sometimes narrowly used to refer only to an active member.
Sometimes narrowly used to refer only to an active member.
memorandum of association
A document setting out the details that a company must send to the Registrar of Companies, with the articles of association, when the company is formed. These details include the name of the company, its registered address and its objectives.
Trustee boards set up as a corporate entity equally require a 'mem & arts'.
Trustee boards set up as a corporate entity equally require a 'mem & arts'.
Minimum funding requirement.(MTR)
A requirement under earlierlegislation that the actuarial value of the assets of a defined benefit scheme should not be less than the actuarial value of its liabilities, given a prescribed set of actuarial assumptions. This requirement has been superseded by the requirement for scheme specific calculations.
Member-nominated director.(MND)
A director of a corporate trustee of an occupational pension scheme, appointed or elected by the members in line with MNT requirements.
In the case of very small schemes, where the sponsor is a private company, the corporate trustee may, in effect, be the board of directors of the company, subject to the requirements for member-nominated trustees.
Usually referred to as a member-nominated trustee (MNT).
In the case of very small schemes, where the sponsor is a private company, the corporate trustee may, in effect, be the board of directors of the company, subject to the requirements for member-nominated trustees.
Usually referred to as a member-nominated trustee (MNT).
Member-nominated trustee. (MNT)
A trustee of an occupational pension scheme appointed or elected by the members in line with MNT requirements.
National Association of Pension Funds.
body providing representation and other services for those involved indesigning, operating, advising and investing in all aspects of pensions and other retirement provision.
National Insurance Services to Pensions Industry.
A team within the National Insurance Contributions Office (NICO), dealing with occupational pension schemes and appropriate personal pension schemes which are contracted out of the state additional pension scheme (SERPS, State Earnings Related Pension Scheme or S2P, the State Second Pension).
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