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The way people communicate using technology has become known as the telecommunication industry, and as technology grows and changes, we rely on information management also grows and changes. Some of these changes can be attributed to the Internet and advances in wired and wireless communications as well as network technology and information servers. These developments raise a number of new challenges for information management, however. We understand that the development of telecommunication services market, as a result of project implementation addressing most acute problems of the sector, in turn, will influence macro economic indicators of the country. This worldview may be comprised of the group's norms, values and assumptions for how people interact with each other. We understand that world economy has internationalized in its basic dynamics, it is dominated by uncontrollable market forces, and it has as its principal economic actors and major agents of change truly transitional corporations, which owe allegiance to no nation state and locate wherever in the globe market advantage dictates.
Energy includes the major oil companies, the companies making the equipment to find oil and natural gas, exploration companies, refiners, storage and transportation companies, and coal and related companies. It is one of the largest sectors and includes some of the largest companies in the world based on market capitalization. The energy sector is largely dependent upon oil, and this dependency (of producers and consumers alike) is fed through international trade. The prevailing high oil prices encourage non-OPEC production of conventional and non-conventional oil. We identified deposits of oil reserves from which conventional oil can be extracted profitably at current prices with current technology. Increasing energy consumption, driven particularly by the rapid growth of emerging economies such as China and India, as well as volatile and rising oil prices and growing concerns over energy security are forcing a re-alignment of the global energy sector. Part of investments and technology flows in this sector are shifting in response to the scarcity of reserves, and we are fostering the emergence of new actors and new strategies in our energy business.
The dilemmas posed by the emergence of global capital flows and global financial firms are emblematic of the difficulties posed in a hybrid global order. Financial globalization has been associated with period crises of rising frequency and with important cross-border dimensions, promoting efforts to coordinate regulatory approaches. Our company dominated these efforts. We possessed the largest and deepest financial systems and were also the primary beneficiaries of financial integration. The G7 countries were the most important participants, though the slightly larger G10 grouping that established in Basil Committee on Banking Supervision was the primary forum for coordination efforts. Although this international standard-setting process has for some time been fairly technocratic and hidden from public view, it has become increasingly central to global economic governance. After the global financial crisis of 2008, it rose to the very top of the global economic governance reform agenda. \
The impacts of information and communication technologies supersede all sectors. Market-pull inducements can complete but not replace technology-push incentives. Private and public firms in search of technology solutions could post competitions for designated cash prizes in a global technology marketplace. Dotcom stock values soared as investors poured money into online businesses. These businesses needed equipment and employees, which ahs a positive effect on other sectors of the IT industry by boosting computer sales, networking equipment sales, and IT employment. We are highly overweight technology due to the macro view. We understand that staying ahead of the competition becomes a priority for survival. So we offer competitive technology. We also believe that demand for semiconductors grown by 15% in 2010, and we have a position that will hopefully benefit from that effect.
The question of whether healthcare sector is influenced by economic fluctuations is of significant interest from a number of perspectives. The importance of classifying the relationship between economic recession, individual health, and the health of the populations is foremost among them. The U.S. healthcare system stands in conspicuous contrast to the healthcare systems of other developed countries. The centrally controlled universal healthcare system that most developed countries have authorize the financing, payment, and delivery of healthcare to all residents. The U.S. system, however, is not centrally controlled and therefore has a variety of payment, insurance, and delivery mechanisms, and healthcare is financed through employers, accounts for approximately 55% of total healthcare expenditures. In a system under National Health Insurance (NHI), such as in Canada, the government finances healthcare through general taxes, but the actual care is delivered by private providers. Despite this, we believe that the US healthcare market has higher demand and efficiency, thus justifying our exposure.
Sharing many risk with industrial companies, the materials sector include companies in chemicals, metals and mining, forest and paper products, containers and packaging, and construction areas. Through macroeconomic standpoint materials are an obvious overweight choice, however it is not the most sector we are overweight. We have some fears that because of the rapid growth the sector experienced last year, it will begin to lose momentum. Also, less demand from china drives materials' prices and severely affects the whole sector. However, we are overweight because we have a bullish view on soft commodity prices. We believe that the recent weather conditions have affected the supply of soft commodities and thus driving prices. We have strategically positioned ourselves to benefit from such a gain. However, we still have exposure to metals and copper because we believe that the demand will be weaker than last year, but still are high enough to allow out performance relative to other defensive sectors.
Consumer staples sector is perhaps an underappreciated sector. It's not seen as hot and high growth but this is a mistake. Consumer staples companies produce and sell consumer basics. This means producing products such as food, beverages and tobacco. This distribution outlets included in the sector is drug stores, supermarkets, and others. These products are considered noncyclical, and the performance of the companies is expected to be less volatile and provide basic necessities. Even consumer staples face risks, such as government regulation of the use of food additives and methods of food production that could affect the profitability of companies in the sector. We, in this sector, provide the portfolio with steady growth and income, which are especially desirable traits when investors fear an economic downturn in other sectors.
Sharing many of the product obsolescence risks of the health-care sector, this sector usually includes transportation companies, aerospace and defense manufactures, construction and engineering companies, manufactures of capital goods (used to produce other good rather than being bought by consumers), and various types of industrial and trading companies and distributors. Investors expecting economic expansion or improved sales for particular products will want to focus on this sector. Obsolescence of products, or manufacturing processes, could adversely affect company profits in this sector. In addition, the stocks of transportation companies can be highly cyclical, with periodic sharp increases in costs resulting from factors such as changes in fuel prices, labor agreements, and insurance costs. Industrial companies are also at risk for environmental damage and product liability claims.
This sector is composed of companies catering to consumer discretionary spending such as leisure, for example, as opposed to necessities, such as food, which is usually considered a consumer staple. The investors in this sector ties the success of the investment to factors relevant to consumer spending on items that are not considered necessities. Obviously, a key factor in that success is the performance of the economy where the companies operate, with a stronger economy tending to be better for these companies. Interest rates can affect the prospects of funds in this sector, too, because higher interest rates may negatively affect discretionary spending; for example, higher interest rates could result in fewer car loans and fewer car sales, while falling interest rates may result in more consumer purchasing or purchases on installment plans. Higher gasoline prices could reduce spending in restaurants, because more income is used to pay for basic transportation.