Investment Rating - The report does not provide a specific investment rating for the public EV charging infrastructure industry. Core Insights - The Concession Contract is designed to facilitate the provision of public EV charging services, with the Authority granting the Concessionaire the right to exploit these services in exchange for a Concession Fee and Revenue Share [14][41]. - The Concessionaire is responsible for funding all elements of the Installation Works and Services, with the Authority providing a Capital Grant subject to certain conditions [34][3]. - The contract includes a comprehensive KPI Framework to ensure service quality, with penalties for failures and provisions for relief and compensation events [46][12]. Summary by Sections Concession Period - The Concession Contract will commence on the Commencement Date and will remain in effect until the earliest of specified termination events [32][33]. Funding - The Authority will pay a Capital Grant to the Concessionaire, which may be adjusted based on project needs [34][3]. Equipment - The Authority guarantees title to Existing Equipment, which will transfer to the Concessionaire on the Handover Date [35][4]. Installation Works - The Concessionaire must carry out Installation Works in compliance with Necessary Consents and as specified in the contract [37][6]. Services - The Concessionaire is required to provide services in accordance with the KPI Framework and necessary consents [40][8]. Tariffs - Tariffs for the first year of the Concession Period will be set, with subsequent years determined by a specified process [40][9]. Concession Fees - The Concessionaire will pay a Concession Fee and a Revenue Share to the Authority as detailed in the contract [41][10]. Records, Monitoring, and Review - The Concessionaire must maintain accurate records and provide monthly reports to the Authority [43][11]. KPI Framework - The KPI Framework outlines standards for service delivery, with penalties for failures and provisions for relief events [46][12].

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The Concession Contract is designed to facilitate the provision of public electric vehicle (EV) charging infrastructure, with the Concessionaire responsible for the Installation Works and Services as specified in the contract [6][22]. - The Authority will provide a Capital Grant to the Concessionaire, which may be adjusted based on project requirements [24]. - The contract includes a KPI Framework to evaluate the performance of the Concessionaire, with penalties for KPI Failures and provisions for Relief and Compensation Events [35][36]. Summary by Sections Definitions and Interpretation - Key terms such as "Concessionaire," "Authority," "Existing Equipment," and "New Equipment" are defined to clarify roles and responsibilities within the contract [11][17]. Concession Period - The Concession Contract will be effective from the Commencement Date and will continue until the expiry of the Concession Period or termination due to specific events [22]. Funding - The Concessionaire is responsible for funding the Installation Works and Services, with the Authority providing a Capital Grant subject to terms outlined in the contract [24]. Equipment - The Authority warrants ownership of the Existing Equipment but does not guarantee its condition [25]. Installation Works - The Concessionaire must carry out Installation Works in accordance with the agreed proposal and necessary consents [26]. Services - The Concessionaire is required to perform Services as specified in the contract, adhering to the KPI Framework [29]. Tariffs - Tariffs for the use of the Equipment will be established for the first year and adjusted in subsequent years based on the contract terms [30]. Concession Fees - The Concessionaire will pay a Concession Fee and a Revenue Share to the Authority as part of the contract [31]. Records, Monitoring, and Review - The Concessionaire must maintain accurate records and provide monthly reports to the Authority for monitoring purposes [32]. KPI Framework and Relief Events - The contract outlines the process for handling KPI Failures, including the application of Service Credits and the conditions under which Relief Events may be claimed [35][36].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the electric vehicle charging sector. Core Insights - The tariff regime for electric vehicle charging will apply uniformly to all charge points of the same charging speed during the contract term, with specific provisions for tariff increases [1]. - Any increase in current tariffs must not exceed the average cost published by RAC Charge Watch or an agreed independent data source by more than 10% for similar charging speeds [2]. - The total cost of charging includes the service fee, peak cost of electricity, revenue share, profit share, concession fee, and VAT, all expressed in p/kWh [3]. Summary by Sections Tariff Review - The concessionaire must notify the authority at least 10 working days in advance of any planned tariff increases, providing supporting evidence for compliance with specified tests [1]. - The service fee is capped and must be reasonable, with the cap indexed to a specified percentage of a stated index [3]. Cost Breakdown - The peak cost of electricity is defined as the costs evidenced by the concessionaire on an open book basis, while the service fee encompasses all costs for providing services excluding electricity costs [3]. - A worked example illustrates the calculation of tariffs, showing current tariffs for fast and rapid charging and proposed amendments based on benchmark rates [4].

BETTER SPECTRUM EFFICIENCY THROUGH DYNAMIC SPECTRUM SHARING Analyst: Dimitris Mavrakis, Senior Research Director Content Manager: Malik Saadi, Vice President, Strategic Technologies CONTENTS INTRODUCTION AND MARKET OVERVIEW.............................. 1 SPECTRUM ALLOCATION AND UTILIZATION TODAY................................ 2 STATE OF CURRENT SPECTRUM DISCUSSIONS IN THE UNITED STATES .......................... 2 INTERFERENCE MANAGEMENT............ 3 CONCLUSION............................................ ...

GLOBAL WEALTH AND LIFESTYLE REPORT 2024 2 FOREWORD | --- | --- | |------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

TO THE MEMBER ASSOCIATIONS OF FIFA Circular no. 1890 Zurich, 25 June 2024 2nd edition of the FIFA Integrity Handbook Dear Sir or Madam, As part of FIFA's ongoing commitment to protect the integrity of football and safeguard the integrity of matches, competitions, players, officials and member associations, we are pleased to announce the launch of the second edition of the FIFA Integrity Handbook. Building on the original version issued in 2020, this has been developed by the FIFA Integrity Workgroup which o ...

Investment Rating - The report does not explicitly provide an investment rating for the retail industry Core Insights - The retail sector is experiencing a decline in brand value among major brands, while discount brands are gaining traction due to inflationary pressures [19][21] - Amazon remains the most valuable retail brand with a brand value of USD308.9 billion, increasing by 3% [20][22] - Emerging markets are showing growth in brand value, contrasting with declines in major economies [35][36] Ranking Analysis - Eight of the top ten retail brands saw declines in brand value this year, with Walmart's value dropping by 15% to USD96.8 billion [20][22] - Home Depot's brand value decreased by 14% to USD52.8 billion, while Costco's increased by 4% to USD48.4 billion [20][22] - Discount brands like Dollar Tree and Ross Dress for Less saw significant increases in brand value, up 23% and 18% respectively [21][28] Brand Value Changes - Lazada emerged as the fastest-growing retail brand, with a 40% increase in brand value to USD2.1 billion [26][28] - Chedraui also saw a 33% increase in brand value, driven by new store openings [28] - The report highlights that sustainability perceptions significantly influence brand value, with Amazon leading at USD20.7 billion in Sustainability Perceptions Value [32][31] Brand Value by Country - The total brand value in the US decreased by 3%, while Mexico's total brand value surged by 38% [35][36] - Notable growth in brand values was also observed in Argentina (23%), Poland (24%), and Italy (18%) [35][36] Top Retail Brands - The top retail brands ranked by value include Amazon, Walmart, Home Depot, and Costco, with varying changes in their brand values [37][38] - Bunnings emerged as the strongest retail brand with a brand value increase of 14% to USD4.1 billion [24][22] - Decathlon ranked as the second strongest retail brand, with a brand value of USD9.3 billion [24][22]

Investment Rating - The report does not explicitly provide an investment rating for the AI industry but discusses varying perspectives on the economic potential and returns of generative AI technology [3][7]. Core Insights - The generative AI sector is projected to see over $1 trillion in capital expenditures, yet the immediate benefits remain limited, with skepticism from experts regarding the technology's ability to deliver substantial economic returns in the near term [3][7]. - Daron Acemoglu from MIT forecasts only a 0.5% increase in US productivity and a 0.9% increase in GDP over the next decade due to AI, suggesting that only a small fraction of tasks will be cost-effective to automate [7][10]. - In contrast, Goldman Sachs economists, including Joseph Briggs, predict a more optimistic scenario where generative AI could automate 25% of work tasks, leading to a 9% increase in productivity and a 6.1% increase in GDP over the same period [7][18]. Summary by Sections AI Spending and Economic Impact - Companies are expected to invest around $1 trillion in AI infrastructure, including data centers and chips, but the current returns are minimal, primarily limited to efficiency gains [3][7]. - Experts express concerns about whether the high costs of AI technology can be justified, with some arguing that it is not designed to solve complex problems effectively [3][7]. Expert Opinions - Daron Acemoglu is skeptical about the transformative potential of AI, suggesting that significant advancements will not occur within the next decade and that the technology will primarily enhance existing processes rather than create new opportunities [7][10]. - Conversely, Goldman Sachs analysts remain optimistic, believing that the current capital expenditure cycle is more promising than previous ones, with potential for substantial long-term returns [3][7]. Constraints on Growth - The report highlights potential constraints on AI growth, particularly shortages in critical components like chips and power supply, which could hinder the technology's development and deployment [3][8]. - Analysts warn that the aging US power grid may not be prepared for the increased demand driven by AI technologies, leading to potential power shortages [8][18]. Market Implications - Despite skepticism about AI's fundamental story, there is an expectation that the AI theme will continue to attract investment, with infrastructure providers benefiting in the interim [8][18]. - The report suggests that only under the most favorable conditions, where AI significantly boosts growth without raising inflation, would long-term returns for the S&P 500 be above average [8][18].

Investment Rating - The report suggests a regional and ecosystem-based investment approach to capitalize on the semiconductor industry's growth potential, particularly in Asia [2][28]. Core Insights - The semiconductor industry is crucial for technological innovation and economic growth, with a projected market value of approximately $1.38 trillion by 2029, growing at a CAGR of 12.2% from $573.44 billion in 2022 [5][28]. - Asia plays a central role in the semiconductor ecosystem, with key players including Taiwan, South Korea, Japan, and emerging contributors like India and Southeast Asia [2][10]. - The complexity and fragility of the semiconductor supply chain present both risks and opportunities for investors, emphasizing the need for a diversified investment strategy [6][28]. Summary by Sections Semiconductor Market Overview - The global semiconductor market was valued at approximately $573.44 billion in 2022 and is expected to reach $1.38 trillion by 2029, driven by demand for electronic devices and advancements in AI [5][28]. - The semiconductor industry is integral to various sectors, including personal computing, automotive, healthcare, and military systems [5][28]. Supply Chain Dynamics - The semiconductor supply chain is complex and globally integrated, with significant concentration in specific geographical regions, making it fragile [6][9]. - Major segments of the supply chain include IC design (market size: $165 billion), wafer fabrication (market size: $103 billion), and packaging & testing (market size: $36 billion) [7]. Regional Insights - Taiwan and South Korea are leaders in foundry services and memory chip production, respectively, supported by strategic government policies and investments in R&D [10][12]. - Japan has shifted focus to specialized high-value products, maintaining a strong position in semiconductor materials and equipment [13][12]. - India aims to become one of the top five chip producers within five years, supported by government initiatives and a growing domestic market [14][18]. Emerging Technologies - Innovations such as quantum computing, energy-efficient chips, and neuromorphic computing are expected to shape the future of the semiconductor market [27][28]. - The ongoing evolution in semiconductor technology is critical for sustaining performance improvements and addressing the challenges posed by Moore's Law [24][28]. Investment Opportunities - The report highlights compelling investment prospects across Asia due to established leadership in semiconductor manufacturing and emerging capabilities in countries like India and Indonesia [28][29]. - An ecosystem-based investment approach is recommended to leverage demographic advantages and geostrategic locations in the region [28][29].

Investment Rating - The report does not explicitly provide an investment rating for the travel industry, but it highlights positive growth trends in airline revenues and hotel pricing, suggesting a favorable outlook for investment opportunities in these sectors. Core Insights - The global airline industry is expected to generate $996 billion in revenue in 2024, marking a nearly 10% year-over-year increase, driven by a projected 15% rise in passenger revenues to $744 billion [4] - The recovery in global air travel is anticipated to reach nearly 5 billion passengers in 2024, reflecting a 10.4% increase from 4.45 billion in 2023 [4] - Airlines in North America are leading the financial recovery, with expectations to cover total pandemic losses, while European and Middle Eastern carriers are also making significant progress [6] - Hotel pricing trends indicate a strong recovery in Europe, with average daily rates (ADR) rising by over 6% in the last 12 months, and a notable 15% increase in South America [16] Airline Industry Overview - The International Air Transport Association (IATA) has improved its outlook for the airline industry, with a significant increase in net profit estimates for 2023 and 2024 [5] - Regional performance varies, with North American airlines expected to fully recover from pandemic losses, while airlines in Africa and Latin America face challenges due to high costs and economic turmoil [6][7] - Airlines are increasingly forming bilateral partnerships, enhancing their network reach and operational efficiency [11][12] Hotel Industry Overview - The hotel industry is experiencing a stabilization in pricing, with Europe showing the strongest recovery and Asia Pacific lagging behind, still 3% below pre-pandemic levels [16][17] - In Europe, South Europe is driving the ADR index with a 7.5% increase, while East Europe has seen only a 3.6% rise [17] - The Asia Pacific region's ADR index has settled at a level 20% higher than before the pandemic, but recovery has been uneven across sub-regions [19] Travel Policy Insights - A survey of travel buyers indicates that duty of care, cost control, and policy compliance are the top three priorities for corporate travel programs, with a shift in focus from traveler satisfaction [23][24] - Most companies have a published travel policy, with 95% of travel buyers reporting this, and a significant emphasis on cost-focused policies [24] - Challenges in managing travel policies include traveler education and compliance, with a notable percentage of travelers expressing dissatisfaction with the responsiveness of their company's travel policy [25][33]