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Accelerating. supply chain finance
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1 Accelerating supply chain finance The financial crisis is pushing many corporates towards supply chain finance (SCF) solutions, in order to protect their physical supply chain and optimise their working capital, writes Liz Salecka. 44 Global Trade Review
2 The recent financial crisis has accelerated the development of financial supply chain solutions, says Jon Richman, managing director and global product head, trade and financial supply chain, global transaction banking at Deutsche Bank. We are seeing a fairly broad-based increase in supply chain activity in our European, Americas and Asia regions. This cuts across a variety of industries with a lot of activity seen in the retail, consumer product and technology sectors. Lack of credit, and the escalating cost of borrowing lies at the root of this trend. There is very little money flowing through to the corporate level in particular. As a result, there has been an unprecedented increase in demand for more structured solutions such as supply chain finance, adds Dominic Broom, head of business development, treasury services at Bank of New York Mellon. Although a number of financial institutions have pulled out of the provision of supply chain finance altogether in recent times, global players such as Deutsche Bank, HSBC, UniCredit Group and Citigroup, alongside other major, global US banks, recognise it as a valued means of supporting their customers at a time of restricted lending practices. The financial crisis has proved very beneficial to supply chain finance. It has really shown to both banks and corporates that they can use their own balance sheets and third parties balance sheets to provide a third tier of finance, says Stuart Roberts, managing director and head of global supply chain finance at Wachovia, a Wells Fargo company. And Paul Johnson, vice-president, trade and supply chain product management at Bank of America (BoA), adds: Supply chain finance has been the wind in our sails over the last 18 months to two years. As the credit crisis escalated, the capital markets were squeezed, and there have been no short-term sources of liquidity such as commercial paper. As a result, we are now seeing increased demand for supply chain finance that is growing geographically and across industry segments. Focusing on the traditional Many banks acknowledge that traditional invoice finance buyer-centric programmes have continued to predominate in today s economic and financial climate. This is the case across Europe, where they currently account for about 80% of the overall supply chain finance. However, whereas in the past, many corporate buyers established these programmes with the prime goal of extending payment terms with their suppliers, today supply chain finance is being urgently sought by companies that want to ensure the ongoing viability of their supply chains. It can be a very big problem if your existing suppliers go bust, and cannot service you, says Wachovia s Roberts. This is very important now as so many multinationals have placed orders with, and rely on, suppliers in Asia and Eastern Europe. Jane Guttridge, global head of supply chain sales at Citigroup, adds: Companies need to ensure that they have an uninterrupted flow of components and materials from their key suppliers. Disruption caused by the failure of one critical supplier can impact a buyer s production momentum and its shipment of goods to distributors. She agrees that multinationals that have a diverse spread of suppliers in emerging market countries need to guard against this in particular. Often suppliers in these countries may have little working capital and poor access to bank credit. Therefore, they need quick payment. Michael Quinn, managing director, global trade services at JP Morgan, adds that his bank is actively seeking to meet its corporate customers demand for financial solutions geared at supporting suppliers. Suppliers whether they are domestic or international are being squeezed by the lack of liquidity. In particular, noninvestment grade suppliers to investment grade buyers are not getting as much access to credit. As buyers are dependent on suppliers for strategic raw materials, they want to make sure that their suppliers have the working capital they need. He points out that JP Morgan remains firmly focused on the provision of invoicebased programmes to large investment grade buyers (as opposed to other types of supply chain finance) which in 75% of cases have multi-country suppliers. Supplier-driven demand However, the current economic climate is generating equally strong demand for structured finance from suppliers themselves, who are finding it much harder to access working capital in today s financial market conditions. Many large investment grade suppliers also want to support their buyers at a time of declining demand and weaker cashflows. In response to this, some global banks are now providing as much invoice-based finance to corporate suppliers as they do to buyers. Large suppliers have a desire to provide liquidity to their buyers to increase their sales. Usually they have a number of key customers that represent a large proportion of their sales, says Roberts. He explains that Wachovia offers a key accounts purchase facility, which enables suppliers to support their biggest buyers with invoice-based finance, as well as portfolio purchase facilities to suppliers with smaller, and multiple buyers such as distributors. With portfolio purchases, we can provide facilities to all of a supplier s distributors in a given region. We directly buy all their invoices and provide them with improved cashflow and credit availability. Jon Richman, Deutsche Bank A number of larger banks are likely to be investing in their own applications to avoid dependency on third-party vendors. SEPTEMBER/OCTOBER
3 Although, we are seeing a lot of demand from suppliers, we are still basing the risk on the buyers. With the portfolio concept, the risk is placed on the whole pool of buyers. Matthias Krönung, head of global trade management, UniCredit Group, adds: Large suppliers are asking for this type of financing solution because by helping local buyers to get the necessary credit facilities, they can increase their purchasing volumes. Generally, we only provide this type of finance to suppliers that are very large. In these structures, the risk can be shared between the supplier and the bank. Bank of America, meanwhile, has witnessed growing demand from investment grade suppliers seeking to protect themselves against buyers defaulting on payments due as a result of weaker demand and cashflows and even bankruptcy. Even though the cost of discounting the receivables is higher, it is better than just leaving them outstanding, says BoA s Johnson. This is unsecured lending from a bank s perspective as we do not take a charge on the underlying asset, but the risk is lower because it is short-term, and you are lending against a trade transaction. The biggest risk here is that of double receivables financing. It is very important for banks to conduct due diligence and do their homework to make sure there is no prior lien against the assets. Inventory finance demand As suppliers across the globe struggle to find the working capital they need to maintain their operations at pre-credit crisis levels, demand for financial solutions further up the supply chain such as inventory finance and pre-shipment finance is also escalating. However, while many global banks are now also responding to this need, US Federal regulations continue to make this a challenging area for many US banks. Inventory finance is more problematic Will proprietary platforms survive? Despite the recent crunch and its impact on banks IT spending, a number of global banks still rely on their own inhouse developed, proprietary platforms for their supply chain finance activities. We have our own platform, which is well regarded in the market, and we also private label it to some institutions, says JP Morgan s Quinn. Roberts adds: At Wachovia, we don t use a standard thirdparty technology services company s platform because it offers no differentiation in the marketplace. We use a platform which is unique to us. Deutsche Bank s Richman believes that larger banks, who see supply chain finance as core and strategic to their businesses, are likely to remain committed to developing their own applications. A number of larger banks are likely to be investing in their own applications to avoid dependency on third-party vendors where they may have limited control over the strategic direction of the product s roadmap, or where concerns over counterparty risk may preclude entering into a contract, he says. However, the extent to which global banks can continue using proprietary solutions, and ensure they are at the forefront of technological advancement, is questioned. In terms of implementing new technologies, there are always upfront costs. Banks can purchase the most basic trade finance platforms and engines but even this can represent significant cost and there are also the maintenance costs to consider, says Bank of New York Mellon s Broom. And here Steve Starace, vice-president of banking and investment at CGI Technology and Solutions, points out that the use of outdated SCF technology can present not only a supply chain risk but also a major business risk. In supply chain finance, banks now require more and more capabilities in areas such as pre-shipment finance and inventory finance as well as traditional invoiced-based finance, he says, claiming that CGI s Proponix360 offers all these capabilities. Our solution, which is offered as a managed service, represents a value proposition because we are continually enhancing it meaning that banks don t have to invest in major upgrade projects. There are no implementation issues either and once banks have deployed the capability, they can use it straight away. This is reiterated by Murray Freeman, marketing manager at Surecomp, which offers three different back-office supply chain software products to meet banks varying needs. Many banks are choosing to go it alone when setting up platforms, and have large IT departments who believe that they can do it all themselves. What we ask them is why they should invest their money and time in this when they can buy a solution off-the-shelf, which can then be customised for them, he says. Carmen Crutchfield, vice-president, pre-sales and marketing at S1 Enterprise, adds that large banks can minimise the costs of enhancing their existing platforms, by investing in software components from third-party technology providers. Many banks realise that their proprietary systems have got them a long way, but a lot of them are now looking for ways to cut costs and realise they can t rely solely on the old system in place, she says, pointing out that by simply investing in additional software components, banks can provide their corporate customers with the increased visibility they now need, as well as addressing their needs for convergence between trade finance and cash management. The growing role of third-party technology companies is also noted by UniCredit Group, which itself is rolling it out a new web-based technology, called Trade Purchase, across all the countries in which it operates to offer centralised processing and local coverage. A couple of major banks have already made a big investment in supply chain finance technology, but to ensure innovation, the perception of a more global perspective as well as tighter budgets, I am sure that the role of third-party technology suppliers will steadily increase, says Krönung. However, he also points out: I do not believe that any one bank or provider has yet built a top-end solution that provides true end-to-end supply chain finance capabilities that include pre-shipment, inventory finance and traditional invoice-based finance in one. Such platforms also need to provide treasury and cash management capabilities too now given the ongoing convergence of trade finance and treasury functions. The ingredients are all there now we are finalising the recipe. 46 Global Trade Review
4 Strapline SEPTEMBER/OCTOBER
5 for US banks to offer than western banks because of US Federal regulations that bar US banks from owning inventory on behalf of other parties, explains Roberts. We can lend against inventory but this takes the form of debt and remains held on suppliers balance sheets. Many companies prefer, where they can, to take inventory off their balance sheets altogether. UniCredit, however, is taking full advantage of new opportunities here, and identifies itself as one of only three banks that has the dedicated structures and instruments needed to provide inventory finance. In several cases, buyers are asking their suppliers to keep a certain level of inventory or stock to secure the supply chain, says Krönung, pointing out that this trend is typical in today s automotive industry. This stock needs to be financed and a huge amount of capital is bound. In the past, a few banks did offer these types of solutions, but given the nature of banking business, they were not willing to account for inventory on their balance sheets. Demand for pre-shipment finance is also escalating particularly from the many Olivier Berthier, Misys Asian and Eastern European suppliers whose businesses expanded rapidly on the back of large orders from western companies that sought to outsource their manufacturing and production to lowercost countries. As these western companies now bear the brunt of a global downturn in demand for their products, they are reducing their order sizes and seeking extended payment terms with their suppliers. Germany s Commerzbank, which focuses on the provision of tailored supply chain finance solutions to its customer base of German mid-tier companies, which are both exporters and importers, notes an increased interest in solutions that optimise financial supply chain processes. Angela Koll, assistant manager, trade finance and transaction services, at Commerzbank says: Our approach of supporting corporate customers with which we already have a strong relationship is growing, whereas the financing of suppliers abroad, based on the German corporate s good rating, is rather difficult in today s climate. However, Standard Chartered Bank, from its base in Asia, is keen to offer solutions to locally-based suppliers in desperate need of working capital. For many suppliers today, the need is not just to receive funds due after the goods have been shipped through traditional invoice-based financing, but to receive funds before shipment so that they can get on with their production processes, says Tan Kah Chye, global head, trade finance at Standard Chartered Bank, who is based in Singapore. He adds that his bank s close local relationships with Asian corporates have enabled it to play a key role in the provision of pre-shipment finance to many of these companies. In pre-shipment finance, 100% of the risk is on the suppliers. There is no obligation at that stage on the buyers. However, this risk can be minimised if there is a longterm relationship between the buyer and supplier. He explains that Standard Chartered Bank is becoming increasingly involved in the These clients have enhanced their relationships with major corporate clients and have also established a competitive advantage. provision of structured finance further up the supply chain, particularly for industries such as agriculture, where it supports farmers entire supply chains through to storage, shipment and beyond. Supply chain finance involves having a relationship with all the parties in a supply chain on an ongoing basis. It involves working right across the supply chain up and down it. With the current state of world trade and the banking crisis, it is important that providers step up the chain and bridge the financing gap, he says. Wachovia is also very active in the provision of pre-shipment finance to suppliers across Asia, Latin America and Europe, working in conjunction with its large network of correspondent banks worldwide. We provide the visibility our local correspondent banking partners need using one platform. We provide payment guarantees for major Western European or US buyers and sometimes also provide the actual payments, says Roberts. Our locally-based correspondent banks have relationships with suppliers in these countries and they provide the finance needed by and large. UniCredit Group, which is also involved in pre-shipment finance, stresses the importance of having a large footprint, and relationships with suppliers at local level, when offering this type of structured finance. It is very important to have relationships at local levels with suppliers when providing pre-shipment finance. A major part of the risk is on the supplier that the goods are produced and delivered in the right quantities and quality, explains Krönung. When offering this type of finance, we look for existing long-standing relationships between the buyer and the suppliers. We usually start with a classic buyer-centric model, and then extend the programme to a pre-shipment and intransit model. Ultimately, we want to provide complete end-to-end supply chain finance programmes. There are only a few global banks that can provide this type of complete end-to-end solution by themselves. End-to-end capabilities For banks that have global footprints, and relationships in local markets, the opportunity to offer true end-to-end solutions, is certainly there. Banks have the ability to offer financing solutions across the entire production 48 Global Trade Review
6 Strapline Thinking Supply Chain Finance? When it comes to Supply Chain Finance, separating fact from hype can be a challenge. Confused? We can help. We ve been deploying and growing SCF communities worldwide. We ve helped manage over $100 billion in payment transactions. On six continents. In multiple currencies. Across borders. With dozens of world-class bank partners. Between thousands of trading partner relationships. Our award-winning, multibank PrimeRevenue SCF Platform has won widespread recognition as the industry standard. Our customers have secured hundreds of millions in working capital benefits, while their suppliers have come to rely on the solution as an on-demand cashflow visibility and working capital solution. Our banking partner network is global and unrivalled, and includes several of the world s largest and most respected financial institutions. Chances are your bank is part of our network if they re not, we d like to talk to them too. So if you re thinking Supply Chain Finance for your supply chain or if you re a financial provider who s interested in financing SCF transactions for your customers talk to the company that wrote the book on SCF. PrimeRevenue. Get the Full Story from PrimeRevenue. Thinking SCF for your Company? Get the SCF story for you and your suppliers. Bank or Financial Institution thinking about SCF? PrimeRevenue, Inc. All rights reserved. SEPTEMBER/OCTOBER
7 Tan Kah Chye, Standard Chartered Bank range from pre-export/pre-shipment finance, based on confirmed purchase orders, through to post-shipment solutions, based on buyer risk, says Andrew Betts, global head, trade finance and supply chain, global transaction services at RBS. Vivek Ramachandran, head of cash and trade at Barclays Commercial, adds: Today the trend is for buyers or suppliers relationship banks to extend financing options further across the supply chain. This can result in a single bank financing the complete trade transaction within the supply chain. Banks providing an end-to-end supply chain solution will get closer to the complete transaction, and develop a better understanding of the risks. Therefore, there is potential to reduce operating costs. Working in collaboration Many major banks recognise the importance of entering partnerships with third party providers, such as logistics companies and local banks, to offer financing solutions right across corporates supply chains on a global basis. By working with other financial service partners, such as export credit agencies, With the current state of world trade, it is important that providers step up the chain and bridge the financing gap. development and multilateral finance institutions and transaction services banks on a collaborative basis to support corporates and their supply chains, banks can provide the additional capacity needed to fuel this market and further reduce programme costs, says Guttridge. Ramachandran adds: Third-party providers, such as freight forwarders, are gradually increasing their areas of influence across the supply chain. Some freight forwarders provide direct links to insurance companies, pre-shipment services and finance options. Having physical possession of the goods places the carrier in a stronger position of control and provides visibility on repeat trade flows and the potential for value added services. We are continually seeking opportunities to work with third parties across the endto-end supply chain. Moving in on the game However, the role of third-party technology services providers as solution providers, enablers and true partners in major supply chain finance programmes is becoming equally, if not more, important. Indeed, many technology solutions and services providers now look set to play a leading part in setting up programmes for large corporate customers themselves particularly in light of the current movement towards multi-bank programmes. We have seen that certain corporates are less willing to place operations and funding with a single institution both to spread their funding sources and reduce risks given the current shake-up among financial institutions, explains Betts. As demand for the proposition increases and proposed facility sizes increase, the ability of a single institution to take on Collaborating on supply chain finance The growing popularity of multi-bank platforms is highlighted by the rise of TradeCard s supply chain collaboration platform which connects several financial institutions with multiple buyers and suppliers, enabling them to conduct automated supply chain finance transactions. The hosted platform, which has attracted 4,300 suppliers and buyers as members, is being used by 25 financial institutions, which benefit from increased visibility into the physical and financial aspects of corporate members supply chains, according to TradeCard. Corporates that join the platform, meanwhile, benefit from a choice of financial providers, and can compare the rates offered for solutions that range from invoice discounting to pre and post-export financing. Suppliers can also purchase credit insurance from a range of financial institutions via the hosted platform. We are now handling many more international transactions via the platform, says Esther Lutz, vice-president of business development at TradeCard, pointing out that there has been a 65% increase in suppliers buying credit insurance since the financial crisis began. How buyers and sellers use the platform depends on their needs their liquidity situation and risk structure. They may just need additional liquidity, or they may want to lend or borrow against only 50% of their invoices or receivables rather than 100%. She adds that financial institutions can reach a large number of buyers and sellers via the platform and that where any one corporate has a particularly good credit rating, they will compete for this business. Many banks now have a strategy of not placing all their eggs in one basket. Using a bank-neutral platform reduces risks, she says. A lot of smaller banks also don t have the infrastructure or resourcing in place to offer top-notch supply chain finance solutions. A solution like this enables them to compete with larger banks in this area. 50 Global Trade Review
8 100% of a facility onto their balance sheets has decreased so multi-bank solutions need to become more prominent. Robert Kramer, vice-president of working capital solutions at PrimeRevenue, adds: Many financial institutions are finding that they do not have sufficient capacity for very large buyers, and as a result more banks are getting involved in each buyer s programme. Many banks don t have the liquidity capacity to fund 3-4mn programmes and they are also concerned about country and jurisdiction risks. This bodes well for technology services providers, which claim that by going directly to them, and investing in their supply chain platforms in the first instance, corporates can benefit from flexible, bankneutral SCF platforms through which they can access finance from as few or as many banks as they choose. Many corporates like the implications of having their own supply chain finance platforms, says Phillip Kerle, CEO of Demica, which offers an application services provider-based solution to both banks and corporates. When you use one particular bank s platform, you cannot change banks. Companies need the flexibility of being able to work on supply chain finance programmes with different banks. We enter a partnership approach with our corporate customers and then approach suppliers with them to explain the benefits of the programme to them. By licensing software in this way, corporates can also get their programmes up and running quickly. Kramer adds: Third party technology providers are becoming increasingly necessary because buyers want all their suppliers to deal with the one single technology platform and have the same interface. This definitely places an emphasis on having a third-party provider, which can provide a single global platform. These things are all being driven by customer demand. They realise that they need multiple banks for big supply chain finance programmes. A number of banks themselves also recognise the important role of third-party technology providers, and that flexibility on their part can mean more business. This is illustrated by the bank buy-in achieved by Misys for its trade portal for multi-banking solution. The collaboration and buy-in of KBC and ING Wholesale Bank were key factors in bringing this solution to market, says Olivier Berthier, solutions director, transaction banking at Misys. The established front-end Misys trade portal solution offers online payment, foreign exchange hedging and pre and post-shipment finance services. In turn, these clients have enhanced their relationships with major corporate clients and have also established a competitive advantage. He adds that Misys trade portal for multibank software has recently been licensed by an international agribusiness and food company seeking to manage multiple banking relationships via a single portal. RBS s Betts acknowledges that where third-party providers have been able to facilitate supply chain finance solutions, they have made inroads. We have a strategy of remaining as flexible as possible to support our clients across whichever supply chain finance platform they choose bank proprietary, third-party or client-owned. He adds that one of RBS most recent supply chain finance deals involved partnering up with PrimeRevenue, whose platform was installed at Sainsbury s in 2007, to provide the retailer s suppliers with online access to invoice-based finance. The bank is now fully supporting all of Sainsbury s registered suppliers, who can opt to receive early cash settlement of their invoices by selling them to RBS, via the PrimeRevenue platform. Standard Chartered Bank, which has its own in-house developed, standardised platform, known as Straight-to-Bank, is also keen to support corporate customers that invest in third party solutions. Tan Kay Chye says: We will go with what the customer wants and believe that there is not any one system that will dominate the world. However, we do prefer it if customers use our own platform. JP Morgan Chase and Wachovia are two banks that remain committed to managing supply chain finance programmes on their own and using their own platforms. They both point out that, where they do not have the capacity or appetite for a single buyer s programme, they approach Stuart Roberts, Wachovia What these programmes need is not technology-driven syndicates, but banks that have the credit capacity. other financial institutions. We sell our deals on to other banks who want to invest in them because we can generate more capacity in this way. There is only a certain amount of credit available for any one customer under this type of programme, says JP Morgan s Quinn. We have had conversations with technology suppliers, but have found that in some cases they are servicing common customers. They are really looking for our balance sheets to support their programmes. Wachovia s Roberts adds: We are working on SCF programmes that require in excess of US$6-7bn in capacity. We are wellplaced to build capacity in the primary and secondary markets, as we can access additional credit capacity if need be through the commercial paper market or private placements with our correspondent banks. What these programmes need is not technology-driven syndicates, but banks that have the credit capacity. Major global wholesale banks around the world can provide this liquidity and also the scalability now required. Technology is just a means to an end this is a credit business and involves mobilising large scale credit. SEPTEMBER/OCTOBER
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RUSTON, La. - The Ole Miss men's golf team shot a 9-under-par 855 at the Squire Creek Invitational on their way to taking their first team title of the 2005-06 season. Led by junior Chris Rogers tie for first place in the individual standings, the Rebels out shot second place UT-Arlington by four strokes.
"This was a great team win for us," said Ole Miss head coach Ernest Ross. "We played well throughout the tournament so to pull it out today was fantastic. We were anchored by Rogers. He was excellent today."
Rogers tied for first place with Zack Reeves of UT-Arlington and Tim Kunick of Louisiana-Monroe. Rogers posted a three-round total of 71-72-68--211. Rebel freshmen Will Roebuck and Larry Blatt also posted top 10 finishes as they tied each other for eighth place. Roebuck carded a 70-73-71--214, while Blatt tallied a 68-69-77--214.
Junior Kyle Ellis tied for 23rd place with his three-round total of 72-70-77--149 and fellow junior Callum Macaulay rounded out the scoring for the Rebels with his 73-76-74--223. Macaulay finished in a tie for 41st place.
Next up for the Rebels will be Ole Miss Intercollegiate hosted at Tunica National. The Ole Miss Intercollegiate will begin on Sunday, Oct. 30 and conclude on Tuesday, Nov. 1.
Squire Creek Invitational
(Final Results)
1. Ole Miss, 281-284-290--855; 2. UT-Arlington, 283-287-289--859; 3. Mississippi St., 286-288-291--865; T4. Louisiana-Lafayette, 294-287-297--878; T4. Rice, 291-298-289--878; 6. Louisiana-Monroe, 291-290-299--880; 7. Houston, 296-287-298--881; 8. Arkansas State, 305-284-293--882; 9. Southern Mississippi, 294-291-298--883; 10. New Orleans, 301-292-295--888; 11. Nebraska, 301-287-301--889; 12. South Alabama, 301-290-300--891; 13. Louisiana Tech, 303-293-300--896; T14. North Texas, 305-292-301--898; T14. Sam Houston St., 295-297-306--898; 16. Western Kentucky, 301-294-307--902; T17. Tulane, 300-296-316--912; T17. Arkansas-Little Rock, 298-298-316--912; 19. Stephen F. Austin, 316-306-316--938; 20. Centenary College, 320-317-315--952
Ole Miss Individual Results
T1. Chris Rogers, 71-72-68--211; T8. Will Roebuck, 70-73-71--214; T8. Larry Blatt, 68-69-77--214; T23. Kyle Ellis, 68-69-77--214; T41. Callum Macaulay, 73-76-74--223.
Ole Miss men's golf team wins tourney
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The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit Program. An Estimate. February 2012
- Wendy Miles
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1 Analysis by February 2012 An Estimate The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit Program Michael J. Hicks, Center Director Dagney Faulk, Director of Research Center for Business and Economic Research Ball State University
2 Center for Business and Economic Research / Ball State University
3 Introduction In 2000, Congress created the New Market Tax Credit program (NMTC), a tax incentive designed to focus private investment into distressed neighborhoods. 1 Since its implementation, the federal government has distributed $29 billion in tax credits. The program has permitted community development entities operating in low income communities to employ tax credits over a seven-year window. Credits at the federal level comprise 39 percent of the total investment distributed across the period. Credits of 5 percent were offered the first three years of the eligibility period and 6 percent in the remaining four years (not to exceed seven taxable years). The first four years of allocations saw biennial credit allocations of $2.4 billion from 2001 to 2002 and $3.5 billion from 2003 to The program grew substantially beginning in 2005 and continues to be an active program. In practice, NMTC offers a replacement to Empowerment Zone (EZ) tax advantages at a lower administrative cost while opening the opportunity to all lower income communities, not merely those who have been designated an Empowerment Zone. The Empowerment Zone program, which contained numerous and often complex tax incentives at the federal and state level, ended in This program was contained within the Community Renewal Tax Relief Act of See 7 CFR 25 Public Law The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit: An Estimate 1
4 State Add-On Legislation Since the passage of the NMTC legislation, several states have added legislation to extend these credits to state taxes. The justification for including state-level programs into the NMTC program is straightforward. The application and administrative costs of this program are high and the due diligence process is costly. As a consequence, using established federal programs for state-level NMTC programs offer state tax credits at substantially reduced public costs. 3 This appears to be a growing trend among states wishing to participate in federal aid programs, but avoiding the additional costs associated with administering a program. State-level Earned Income Tax Credits are another example of such state-level add-ons. Barkley (2003) outlines the role NMTC play in replacing the various Enterprise Zone programs and how NMTC interacts with state-level venture capital programs. Though it is not an explicit evaluation of the program, this paper offers insight into the intent of NMTC in aiding investment in distressed regions. Similarly, Forbes (2005) compares the Enterprise Zone and NMTC programs. In her review, she concludes that NMTC represents a significant change in long-term antipoverty programs and: [by] adopting a market-based solution in an effort to alleviate poverty within the nation s distressed areas, both programs heavily rely on tax incentives to attract private investments to low income communities. (Forbes 202) As of this writing, ten states currently authorize a statelevel NMTC add-on legislation. A further four states have programs similar to NMTC to be used by Enterprise Zone designees, which have become inactive. See Figure 1. Previous Studies The recent adoption of NMTC suggests that extensive, serious analysis of the credit program will be limited. However, several relevant studies have been performed to better guide our understanding of the effects of NMTC on various measures of economic outcomes. 3 The Community Development Entity Certification alone is a 21 page document that the paperwork reduction act notice estimates five hours for completion. However, this completion window does not include the substantial organizational development required to assemble the policies, strategic plan and regional focus needed to begin the application. Federal review of these applications and actual NMTC applications add to the cost. She also applauds NMTC for providing a more comprehensive approach that increases the social capital of residents. In 2007, the Government Accountability Office produced a report on NMTC. The report is primarily a data review, but also performed a quasi-experimental test of investment. It reports that NMTC tends to increase investment in low-income regions. Using a statistical model examining individual savings in distressed regions, it found effects on wealth, interest bearing assets and business assets for investors. This strongly suggests that the NMTC is more than a transfer of investment to distressed regions from non-distressed regions. However it does not conclusively answer the critical question regarding the efficacy of NMTC: Does the program generate new investment from savings or shift savings from high- to low-income regions? 2 Center for Business and Economic Research / Ball State University
5 Figure 1» Current State New Market Tax Credit Add-On Legislation State NMTC Rate Income Tax Rate State NMTC Rate Income Tax Rate Alabama Tax proposed, not yet implemented 10 50% Maine 5.0% Year 1-2: No tax credit 8.5% 6.5% Year 3: 7%, Year 4-7: 8% 8.93% 11 California Tax proposed, not yet implemented % 10.84% Mississippi Year 1-3: 8% 09 24% 5.0% 5.0% New Market Tax Credit (NMTC) Connecticut Year 4-7: 10%, Year 8-10: 20% 00 60% 6.5% 7.5% Ohio Year 4-7: 7%, Year 8-10: 8% % 1.3%* 00 % Year Implemented State Tax Rate Florida Year 4-7: 10%, Year 8-10: 8% % 5.5% Oregon Year 4-7: 7%, Year 8-10: 8% % 7.6% Income Tax Rate Individuals Corporate Illinois Year 4-7: 10%, Year 8-10: 8% Kentucky Year 4-7: 10%, Year 8-10: 8% % 7.5% (2011) 9.5% Texas Total tax rate: 15% 01 15% Wisconsin Tax proposed, not yet 0.0% 1.0%** 6.0% 7.75% 6.0% implemented 7.9% Notes: *Ohio Commercial Activity Tax. The highest rate is on financial institutions at a rate of 1.3% of the institution s net worth. **Texas Franchise Tax. This date is scaled; the highest marginal rate is shown. Source: Novogradac & Company, New Market Tax Credit Resource Center, and various state legislatures, the Tax Foundation. Several studies have estimated the economic and fiscal effects of NMTC in individual states and state-level NMTC add-ons. These include Colgan (2011) and Washington Economics Group (2007). However, neither of these studies directly assessed the incremental effects of NMTC or state-level NMTC programs. They instead measured the total potential effect, if all NMTC investments had not been undertaken at all without the tax credits within the state. Significantly extending the work performed by the GAO, a team of researchers (Gurley-Calvez, et. al. 2011) estimated the effects of NMTC on the increase in assets by investors based upon a sample comparison group. This represents the most far reaching analysis of the issue of NMTC transferring investment from non-eligible regions or actually creating new investments. The rationale behind their analysis is simple: if investments in NMTC-eligible areas represented simply a transfer from other investment opportunities, then such measures of investment growth (asset growth, dividends, etc.) would not be statistically different from individual investments and other households (firms) in the control group. While Gurley-Calvez, et al. found no effect on net assets or growth of net assets for corporations taking the NMTC, among individual investors there was a distinct increase in investment connected to NMTC. They attribute this to the program attracting a new set of individual investors who are attracted to the tax credit benefits. It is likely that the quality of data available on corporate investors precluded useful analysis of NMTC on firms. This study went further, reporting the estimated increased return received by NMTC investors. This stands as empirical evidence of actual gains caused by the tax incentive program. From these data, it is possible to interpolate the net increased individual investment due to NMTC. In the sample, NMTC represents roughly 10.7 percent of all credits, or roughly $641 million in the United States. This finding requires some careful restatement. The NMTC program reports more than $29 billion in total investments deployed to rural distressed areas, though the whole amount cannot be considered new investment. First, a portion of the investment would have occurred in distressed areas, with or without the The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit: An Estimate 3
6 Figure 2» Total State New Market Tax Credits Based on an $1,000,000 investment at investment marginal tax rates of 0.0% to 12.5% $80 thousand 60 State Add-On The redirection of assets to distressed communities is commonly viewed as a program goal. If policy makers view the redirection of private sector assets as a laudable goal, then the benefits of the program extend to a much greater share of the total investment. Today, the federal New Market Tax Credit offers a tax incentive tool that both increases total investment and redirects investments to distressed communities that would otherwise occur elsewhere. Of further interest is the effect of state level add-on legislation to the NMTC on economic activity. To this we now turn our attention % State Add-On State-Level New Market Tax Credit Legislation 0 0% 3% 5% 8% Investment Marginal Tax Rates Source: Author s calculations from model simulation. 10% program. Secondly, some of this investment is not actually new investment, but instead represents dollars that would have been spent in non-distressed areas in the absence of the program. Using estimates from the Gurley-Calvez, et. al. study, we can isolate roughly 10.7 percent of this total investment as entirely new investment. To obtain this calculation, we used the estimates of increases in individual rates of return to NMTC investors, from which Gurley-Calvez estimated a total increase in investments for this class of investor. By summing this investment growth from individuals, we derived the total share of NMTC (both corporate and individual) that could be attributed to the program. Extrapolating these results to the entire period suggest that NMTC increased net investment in the United States by roughly $641 million from This is an important finding, as it bears directly on the efficacy of the program, whether or not redirecting assets to distressed communities is a specific policy goal. 4 This is exclusive the increased Federal Tax Liability on this investment. It is unclear how state add-on NMTC affect Federal Tax Liabilities. 13% States that have considered or implemented state NMTC add-ons have personal income tax rates that vary from 0 percent to 11 percent at the highest rate, as shown in Figure 1. In all instances, the highest marginal tax rates are far below the average individual investment reported in Gurely-Calvez, et. al. (2011). With corporate taxes rates varying from 1.00 percent to percent, this environment provides an effective tax rate for all investors. The impact on investment rate of return shows annual impacts ranging from 0.1 percent to 0.8 percent over a seven-year period of the state NMTC implementation (using the most common phase-in rates). Qualified investors of $1,000,000 could see between $0.00 and $54,000 in total seven-year savings at their state s maximum marginal tax rate in this sample. 4 See Figure 2. Modeling the Effect of State Add-on NMTC Legislation This change in investment rate of return provides several outlines for estimating the effects of existing state add-on NMTC legislation and how this legislation has influenced overall participation in the program. In an optimal setting, we would have extensive data on statelevel investment for both firms and individuals over a lengthy period; however, such data is unavailable. Therefore, we used an alternative strategy, exploiting available data on state NMTC rates, length of implementation and level of state NMTC investment. For this strategy, we constructed a model of all 50 states using data from 2005 through 2010; NMTC data are 4 Center for Business and Economic Research / Ball State University
7 Table 1» Summary of New Market Tax Credits Investment Value Presence State Rate Mean $53,674, % Maximum $658,000, % Std. Dev. $101,982, % available in annual increments from the U.S. Department of the Treasury during this period. This model appears as: NMTC i,t =αα +αα i +ββ 1 NMTCRate i,t+1 +β β 2 NMTCYears i,t + ρ t +ϵε i,t In this model, the level of total NMTC investment in each state [ i ] in year [ t ], is a function of several components. These include: factors that are fixed in each state during this period such as relative population, wealth, rurality, etc. [ α +αα i ]; the individual state NMTC rate [ β 1 NMTCRate i,t+1 ]; number of years of program implementation in each state [ β 2 NMTCYears i,t ]; and two statistical measures of the persistence [ ρ t ] of NMTC in a state from year to year (due to heavy promotions, for example) and random error [ ε i,t ]. Summary statistics of the program appear in Table 1. Before estimating this model, several economic concerns should be considered. First, there is concern that inclusion of Connecticut is a problem because it had a state version of NMTC throughout the sample period, though one not clearly designed as a state add-on. This argues comparing the model with and without Connecticut. Second, the paucity of state-level programs and the lumpy nature of the tax incentives suggest that corrections for heteroscedasticity should be included. For this, we use White s (1980) method. The short time period of the data does not raise a strong non-stationarity concern, but augmented Dickey-Fuller tests did not detect non-stationarity. 5 With these concerns isolated, the results of the analysis are presented in Table 2. This estimation clarifies several important issues concerning to state NMTC programs. First, the model performed well, explaining roughly three-quarters of the variation in federal NMTC investments in each state from 2005 to The length of time the credit Table 2» Estimation Results Variable Coefficient (t-statistic) α i *** (17.726) β 1 or NMTC Rate * (1.74) β 1 NMTC years since start (0.96) ρ t or AR(1) (1.18) α i or Fixed Effects Yes R-Squared (adjusted) 0.69 F-Statistic 14.20*** Durbin-Watson Statistic 2.56 Notes: ***denotes statistical significance to the 0.01 level; *denotes statistical significance to the 0.10 level. Source: Here s the source for the figure above. has been in place does not influence the level of state investment. This result also holds when omitting Connecticut from the sample. The lack of statistical significance of any acceptable level discounts the importance of the autoregressive component of the model. Additionally, the fixed effects coefficients (not reported for sake of brevity) point to strong factors among states that are invariant over the observed period, Of importance however, is the state NMTC rate. The coefficient provides a point estimate of the incremental effect of a 1 percent change in state NMTC on investments (millions of inflation-adjusted dollars). It can be concluded that a 1 percent increase in state NMTC rates is associated with a 1.07 percent increase in investment directed to rural, distressed areas. Interpretation and Extension These model results permit us to better quantify the full effect of NMTC state add-ons on the economy of an individual state. Interpreting the estimated coefficient above allows us to calculate the level of additional NMTC generated within a state due to the state-level program. In states with a 39 percent credit rate, an additional $17.8 million to $65.9 million in annual investment will occur in distressed areas. This estimate 5 We corrected for heteroscedasticity using White s (1980) method and tested for stationarity using an augmented Dickey-Fuller test. The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit: An Estimate 5
8 Figure 3» Simulated Effects of Total Investment Based on cumulate tax credit rate in Indiana, Figure 4» Simulated Effects of New Investments Based on cumulate tax credit rate in Indiana, $60 Million thousand 200 $60 Million 200 thousand Total Employment in thousands Population in thousands Output in $millions Value Added in $millions Personal Income in $millions Total Employment in thousands Population in thousands Output in $millions Value Added in $millions Personal Income in $millions is obtained by multiplying the coefficient estimate of NMTC (represented in [ 0,100 ] ) typical with the 39 percent tax credit rate. In states with a 50 percent credit, an additional annual investment will occur, between $22.8 million and $84.45 million. However, this investment may not consist of new funds exclusively. Assuming investors behave similarly to the state add-on regulation as they did with the federal NMTC, the new, actual investment nationwide from a single state s NMTC investment is calculated between $1.9 million and $9.0 million. Additionally, the study that analyzed the investment decision in greatest detail (Gurley-Calvez, et. al. 2011) did not examine state-by-state data. As a consequence, the higher rate of return in a single state with a NMTC may lead to some interstate capture of funds that, while already programmed for investment, would otherwise be invested in a project outside the state. This effect may prove to be significant. In Indiana, the size of total NMTC and the potential for new investment in distressed communities is significant. To illustrate this impact, we offer two simulations of the investments as outlined previously. Both simulations were performed using the REMI, Inc. model, permitting investment modeling through tax incentives. Using the estimates of total and new investment due to a state add-on NMTC, the total effect of the NMTC on distressed communities in Indiana can be estimated as if the program was operational in Similarly, we are able to estimate the effect that analysis confirms as purely new investment, not from elsewhere (see discussion of Gurley-Calvez, et. al. 2011). We cannot determine how much of the additional investment is a result of the movement of investment dollars from states without additional NMTC to those states with NMTC investments. This is possible for individual and corporate investors with multi-state tax obligations. Nevertheless, Figures 3 and 4 illustrate the effect of the simulation of the state s economy, had an Indiana NMTC at the 39 percent rate been available beginning in Fiscal Effects Investment in a new plant and equipment receiving a state NMTC has an easily estimable tax credit and should be viewed as the primary cost of the program. Its linkage to federal NMTC dramatically reduces state administrative costs for the program. The benefits, however, are more difficult to measure. The benefits would include tax revenues associated with the new investment and revenues of said employees, households, and associated indirect economic activity. Benefits may also include growth in rural, distressed 6 Center for Business and Economic Research / Ball State University
9 regions. To make these estimates, we must also know what share of new state NMTC-associated investment is actually new investment in the state. We have thus far assumed this to be 10.7 percent, similar to the federal NMTC. However, this percentage is highly speculative because federal estimates are not linked to individual states. It is equally possible that the recent growth in state NMTC draws investment from surrounding states. Furthermore, because incentives occur three or more years after the investment, significant temporal effects require estimation, including appropriate discount rates and survivorship rates of firms receiving the investments. These factors render a fiscal analysis highly sensitive to assumptions regarding what share of new investment should be included as a benefit. Reasonable assumptions could place the net fiscal effects as either positive or negative. Summary New Market Tax Credits are a relatively recent policy innovation designed to increase investment in distress communities around the nation. To date, the best analysis of these programs suggests this goal is occurring through both the redirection of investment from non-distressed to distressed areas and through new investment resulting from decreased consumption by individual investors. Extrapolating from earlier studies, we find that the ratio of new to redirected investment is roughly one to nine in the United States. Several states have chosen to use a similar format to the federal NMTC to further increase investment in distressed regions. In doing so, they have chosen a program with low state-level administrative costs a growing trend among states engaged in parallel tax and expenditure programs (e.g. the state-level Earned Income Tax Credit). Our analysis of these state plans from 2005 to 2010 finds that the programs significantly boost total NMTC in a state. This is addition to an expected effect of some $54 million per year in states adopting the 50 percent credit plan phased in over the course of seven years. Using earlier studies and our own analysis, we offer a simulation of the effects of a tax credit, had Indiana implemented a 39 percent state New Market Tax Credit in We find that over a seven year period, the NMTC in Indiana would have resulted in roughly $433 million in investment in distressed regions, with 4,665 total jobs. Of this, $46 million would have been discrete new investment and a total of 499 discrete new jobs in Indiana s distressed communities. References Barkley, D. L. (2003) Policy Options for Equity Financing for Rural Entrepreneurs Main Streets of Tomorrow: Growing and Financing Rural Entrepreneurs: A Conference Summary, Federal Reserve Bank of Kansas City. Colgan, C. S. (2011) Potential Economic Effects of a Maine New Markets Tax Credit, Maine Center for Business and Economic Research, University of Southern Maine. Forbes, J. (2005) Using Economic Development Programs as Tools for Urban Revitalization: A Comparison of Empowerment Zones and New Market Tax Credits University of Illinois Law Review 2006: Government Accountability Office (GA), (2007) New Markets Tax Credit Appears to Increase Investment by Investors in Low-Income Communities, but Opportunities Exist to Better Monitor Compliance January Gurley-Calvez, T., T.J. Gilbert, K. Harper, D.J. Marples, and K. Daly (2011) Do tax incentives affect investment? An analysis of the New Markets Tax Credit. Public Finance Review 37(4): Phares, D. (2009) The Economic and Fiscal Impact Associated with Projects Funded using the Missouri New Markets Development Program Economic Research Study, St. Louis, Missouri. Washington Economics Group, Inc. (2007) The Potential Economic Benefits of a Florida New Markets Tax Credits Program: An Economic Impact Brief manuscript. White, H A Heteroscedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroscedasticity Econometrica 48(4): The Effect of State-Level Add-On Legislation to the Federal New Market Tax Credit: An Estimate 7
10 Center for Business and Economic Research Miller College of Business, Ball State University 2000 W. University Ave. Muncie, IN Ph About the Center The Center for Business and Economic Research (CBER) is an awardwinning economic policy and forecasting research center housed within Ball State University s Miller College of Business. CBER research encompasses health care, public finance, regional economics, transportation, and energy sector studies. The center produces the CBER Data Center a one-stop shop for economic data, policy analysis, and regional demographics and the Indiana Business Bulletin a weekly newsletter with commentary on current issues and regularly updated data on housing, wages, employment, and dozens of other economic indicators. In addition to research and data delivery, the center serves as the business forecasting authority in the Muncie area holding the annual Indiana Economic Outlook luncheon and quarterly meetings of the Ball State University Business Roundtable.
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Here Comes the Sun
Summer is here and, although you may not be actually "dancin' in the streets" as famously proclaimed by the beloved Motown group Martha and the Vandellas, you will likely be spending much more tim ...View Article
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Summer is here and, although you may not be actually "dancin' in the streets" as famously proclaimed by the beloved Motown group Martha and the Vandellas, you will likely be spending much more tim ...View Article
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Our Kirton Shield campaign kicks off this Sunday with the BCA represented by an U16 and U17 team. The BCA Blue team (U16) will be playing against Maryborough, Read more
It's all happening, Friday Night Lights and T20 matches are coming to Ballarat! Read more
Download the MEMO that will change everything in helmet regulations. Read more
The Ballarat Cricket Hall of Fame commemorates the greatest Ballarat Cricket Association's past and present players, officials, umpires, volunteers and Read more


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Celestial Command
4th Oct, 2014
Genre: Indie, Strategy, Adventure
Celestial Command is a realistic sandbox space game which unites real space flight, real orbital mechanics, and all the fun of classic space action games. We want to show how games about space actually should look, without silly vacuum friction and the maximum speed limit. As in the real world, everything in this game is in continuous motion in orb... Read More
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- Song Title
- Movie Name
- Singer
- Lyricist
- Year
- Decads
- Music Director
- Cast
Bagiya Ke Amaruud Kahein Lyrics from Mere Sapno Ki Rani sung by Sadhana Sargam. This song is composed by Anand, Milind Mere Sapno Ki Rani movie stars Urmila, Anupam, Shakti Kapoor, Sanjay Kapur, Madhu, Satish Kaushik. and directed by K Raghavendra Rao. Mere Sapno Ki Rani Releases on Jan 01, 1997.
Lyrics : Bagiya Ke Amaruud Kahein
Movie : Mere Sapno Ki Rani
Music Director : Anand, Milind
Singers : Sadhana Sargam
Lyricists : N/A
Genre : N/A
Bagiya Ke Amaruud Kahein Aur Bole Mera Tota Yahaan Tera Pritam Hota Kitana Achchha Hota Guunj Rahi Hai Mere Man Mein Shaadi Ki Shahanaayi Jab Se Dekha Aapako Maine Nind Nahin Phir Aayi Doli Lekar Kab Aayenge Pritam Mere Dvaar Lagn Hamaara Kab Hoga Yah Puuchh Rahe Hain Saare Bagiya Ke Amaruud Kahein Bina Aapake Vyaakul Rahata Hai Yah Hraday Mera Murajhaaya Lagata Hai Mujhako In Phuulon Kaa Chehara Jaldi Aana Milane Mujhase Mere Man Ke Vaasi Varana Ye Phuulon Ki Belein Ban Jaayengi Phaansi Soch Rahe Hain Haath Mere Ye Baatein Kaise Likhenge Kab Tak Baat Nihaarenge Kab Tak Dhiraj Rakhenge Baagon Ki Kaliyaan Kahati Hain Ki Thak Gaye Nain Hamaare Lagn Hamaara Kab Hoga Dekh Ke Pahali Baar Aapako Aankhein Jhuum Rahi Thin Aapaki Pyaari Suurat Ko Nazaron Se Chuum Rahi Thin Tabase Lekar Ab Tak Har Pal Ik Ik Yug Lagata Hai Vaise Kaun Kisi Ko Itane Pyaar Se Khat Likhata Hai Kah Di Hai Man Ki Baat Aur Nahin Hai Kuchh Kahana Patr Mein Ho Galati Koyi Usako Aap Xama Karana Naam Aapaka Tota Lekar Roj Pukaare Lagn Hamaara Kab Hoga
|Chupke Chupke Sabse Chhupake
|Alka Yagnik, Sadhana Sargam
|Chham Chaka Chham Chaka Gaaye Sapana
|Anuradha Paudwal
|Choli Ke Pichhe Waali Maadhuri Hai Kya
|Abhijeet, Jolly Mukherjee, Vinod Rathod
|Choli Ke Pichhe Vaali Maadhuri Hai
|Roop Kumar Rathod
|Paayal Kare Yeh Chham Chham
|Alka Yagnik, Udit Narayan
|Paayal Kare Ye Chham Chham
|Anuradha Paudwal, Kavita Krishnamurthy, Udit Narayan
|Movie Name
|Release Date
|1:13:7 - Ek Tera Saath
|October 21, 2016
|31st October
|October 21, 2016
|My Father Iqbal
|October 21, 2016
|Train To Busan
|October 21, 2016
|October 27, 2016
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|Movie Name
|Released On
|October 14, 2016
|Beiimaan Love
|October 14, 2016
|Miss Khiladi - The Perfect Player
|October 14, 2016
|October 14, 2016
|Saat Uchhakkey
|October 14, 2016
|View more latest movies


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Riteish â Salman 's Lai Bhari Postponed For Ravi Jadhav 's Time Pass (TP)
Uploaded by: Bollywood Now
on Wed, 11 Dec 2013 16:19:42 IST
Friends in need is a friend indeed, yes that's true when it comes to Riteish Deshmukh and Ravi Ja... Show more
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Friends in need is a friend indeed, yes that's true when it comes to Riteish Deshmukh and Ravi Jadhav's friendship. Riteish's Marathi acting debut in Nishikant Kamat's Marathi movie 'Lai Bhari' has been postponed. The movie was about to release on 3rd January 2013 in which Salman Khan has given three minutes of guest appearance. Find out more about it in this video only on Rajshri Marathi! Show less
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TBI Blogs: #DelhiHeroes: Maha Singh Rao of the Akhara Where Ra...Dronacharya awardee, Maha Singh Rao is a coach at Delhi's acclaimed Guru Hanuman Akhara, that has produced countless Indian wrestling legends. It was a year ago that, during ateam meeting, we sat down with the Excel sheet of events that we hoped to ... Yahoo! India, 1 week ago
14 images for dara singh
Maya's ex-partymen in BJP's national council
Lucknow: Former BSP leader Swami Prasad Maurya and former MPs of the party Brajesh Pathak, Jugul Kishore and Dara Singh Chauhan have been included in national council of the BJP which they joined recently. National council of the BJP would be ...Times of India, 1 month ago Former BSP strongman in BJP council Times of India, 1 month ago
Dara Singh (1948-2016), Penang
Saskaar: 1.30pm on 16/9/16 (Fri) at Sikh Crematorium, Batu Lanchang, Penang | Malaysia Dara Singh @ Dari s/o IndarSingh Kairon (Ex Staff of Intel Penang & Adventist Hospital) Born: 4 April 1948 Departed: 15 Sept 2016 Age: 68 years ...Asia Samachar, 1 month ago I was engaged in betting but never did fixing: Vindoo Dara Singh to ABP News Dailymotion, 2 months ago Dara Singhs autobiography translated in English, says son Nerve, 2 months ago Dara Singh's autobiography translated in English, says son Sahara Samay English, 2 months ago
No ship robberies in Indian waters in 3 months
Dara Singh bridged gap between South Asia and Southeast Asia Singapore shrouded in smog as haze returns to SE Asia Airbus opens Singapore centre to meet Asia flight crew demand Navy to navy ties key pillars of India-Singapore relationship ...Hellenic Shipping News Worldwide, 1 month ago
The non-invasive surgical strike
Tejinder Singh Bedi A livestock vendor covers his face as Municipal Corporation workers spray DDT to prevent the spread of mosquito-borne dengue and chikungunya viruses in Jammu. AFP It is the 15th day, ever since chickungunya stung me on ...Chandigarh Tribune, 1 week ago
Tributes paid to 1965 martyr in Rajouri
In 1964, Pritam Singh, a resident of Rajowa in Nowshera tehsil of Rajouri district, had got premature retirement from the Army. When the war with Pakistan broke out in 1965, Pritam and other ex-servicemen of the area were summoned by the Commandant ...Chandigarh Tribune, 2 weeks ago
Missing picture made Mulayam feel like Shah Jahan?
LUCKNOW: What is real reason behind Samajwadi Party chief Mulayam Singh Yadav's rage that has prompted him to take a series of steps undermining the position of his son and UP chief minister Akhilesh Yadav in the party in the last one week? The ...Times of India, 1 month ago
Will it really be an untold story?
Movietalkies Outside of Sachin Tendulkar, India's biggest cricketing superstar is arguably Mahendra Singh Dhoni. From his questionably funky hairdos to the straight-bat style both on and off the field, Mahi is a proven commodity. One could see, ...MSN News US, 3 weeks ago
Mera Rang De Basanti Chola: Bhagat Singh remembered on 109th birthday
A scene from Mera Rang De Basanti Chola performed at Alhamra. PHOTO: EXPRESS LAHORE: Paying tribute to Bhagat Singh on his 109th birth anniversary, Ajoka Theatre staged Mera Rang De Basanti Chola at the Alhamra arts council, Mall Road. Singh was ...The Express Tribune, 3 weeks ago
National destination
Upcoming SlideShare Loading in … 5 1. NATIONAL DESTINATION KASHMIR BY: ARUNIMA SINGH 2. TOURISM IN KASHMIR • Jammu and Kashmir is the northernmost state of India • JAMMU IS WINTER CAPITAL CITY AND SRINAGAR IS SUMMER CAPITAL CITY FOR ...SlideShare.net, 1 month ago
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Uma Vida Normal Trailer (1994)
Watch the official Uma Vida Normal 1994 trailer in HD below or find more Uma Vida Normal videos on Vidimovie.com.
Watch the official Uma Vida Normal 1994 trailer in HD below or find more Uma Vida Normal videos on Vidimovie.com.
Sorry, we can't find the movie trailer you're looking for.
Either a trailer for this movie has not been released yet, or it was removed following a request from the copyright holder.
Joaquim de Almeida as Miguel
María Barranco as Teresa
Anamar as Paula B
Margarida Marinho as Paula
Vítor Norte as bartender
Francisca Serrão as Francisca
Marcos Rodrigues as Filipe
Alina Vaz as D. Júlia
Luís Filipe Rocha as Pedro
Maria Emília Correia as Didi
Teresa Roby as prostitute
Joaquim Leitão Director
Joaquim Leitão Writer
Portugal 04 March 1994
These some of the most viewed trailers for movies released in 1994:
05 August 1994
The Lone Rangers have heavy-metal dreams and a single demo tape they can't get anyone to play. The solution: Hijack an AM rock station and hold the deejays hostage until they agree to broadcast the band's tape.
16 December 1994
Lloyd and Harry are two men whose stupidity is really indescribable. When Mary, a beautiful woman, loses an important suitcase with money before she leaves for Aspen, the two friends (who have found the suitcase) decide to return it to her.
20 May 1994
Aladdin is adjusting to his new life as part of the upper crust. He and Princess Jasmine may not be married yet, but the pressures of palace society have already begun.
17 June 1994
Publisher Will Randall becomes a werewolf and has to fight to keep his job.
14 October 1994
A burger-loving hit man, his philosophical partner, a drug-addled gangster's moll and a washed-up boxer converge in this sprawling, comedic crime caper.
11 August 1994
During a commemoration for Japanese soldiers fighting in the US Army during World War II, Mr. Miyagi meets the widow of his commanding officer.
15 April 1994
Mason is a man down on his luck with nothing to lose when he's approached to lead a group of wealthy hunters on an expedition in the Pacific Northwest.
26 October 1994
A young boy must restore order when a group of bullies steal the magical book that acts as a portal between Earth and the imaginary world of Fantasia.
14 September 1994
Leon, the top hit man in New York, has earned a rep as an effective "cleaner". But when his next-door neighbors are wiped out by a loose-cannon DEA agent, he becomes the unwilling custodian of 12-year-old Mathilda.
22 December 1994
Col. Guile and various other martial arts heroes fight against the tyranny of Dictator M. Bison and his cohorts.
14 July 1994
Every day, Cop 223 (Takeshi Kaneshiro) buys a can of pineapple with an expiration date of May 1, symbolizing the day he'll get over his lost love.
23 December 1994
Paris Fashion Week draws the usual bunch of people; designers, reporters, models, magazine editors, photographers.
Have you watched Uma Vida Normal yet? What did you think about it?
Artwork, screen shots, trailers and other imagery is © 1994 MGN Filmes, Rádio Televisão Portuguesa (RTP).


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Halloween candy splashFree
Game for the upcoming Halloween season. candy games have point - easy to play. It's Halloween. Let's see how much point you can get this halloween season. Like Halloween night there is only so much time.
Downloads: 86+Report app for spam or abuse!
Games > Puzzle & Strategy for Android
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Build web apps that scale, create engaging mobile apps, and integrate simply. All app types rely on the scalable and flexible Web App platform which allows developers an optimized full life cycle experience from app design to app maintenance. The App Service capabilities allow developers to focus on their code and reach a stable, highly scalable production state quickly. With the API and Logic App features, developers can build real-world enterprise applications bridging barriers between business solutions as well as on premise to cloud integration.Sponsored Listing
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Financial Software
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- Translations: French ×
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SugarCRM - commercial open source CRM
Affordable and easy to use customer relationship management2,056 weekly downloads
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Upgrade your business phone system and save. Our Hosted VoIP service empowers businesses like yours with over 40 built-in features, customizable to your business need. Enhance your productivity and communications easily and effectively. Activation and on boarding is simple, and our support teams and tools are available 24/7. Ready to move to the reliable Vonage Cloud? Speak to a VoIP specialist today.Sponsored Listing
As your employees increasingly use a mix of applications from the office or the road, measuring and quantifying end user experience has become nearly impossible. Endpoint Agents track performance and user experience of browser-based internal and external apps, including SaaS applications such as Salesforce and Office 365. You can even monitor virtual desktops in your environment. Sign up for a free trial to see Endpoint Agent in action.Sponsored Listing
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TurboCASH Accounting
SME Accounting package, General Ledger, Debtors, Creditors, Stock582 weekly downloads
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