Industry Investment Rating - The report focuses on the steel and concrete sectors, highlighting the urgent need for decarbonization and the potential for innovative procurement mechanisms like Book and Claim to drive lower-carbon materials markets [7][10] Core Viewpoints - Companies are increasingly expanding their climate commitments to include supply chain decarbonization, particularly for steel and concrete, which account for over 10% of global CO2 emissions [7][12] - Three prominent procurement approaches are identified: direct procurement, out-of-sector offset purchase, and in-sector environmental attribute certificate (EAC) purchase, with EAC purchases being the core focus of the report [7][8] - Book and Claim systems, which decouple environmental attributes from physical products, are seen as a logical and catalytic mechanism for decarbonizing steel and concrete, especially when direct procurement is not feasible [10][41] Summary by Relevant Sections Introduction - The report emphasizes the urgent need for rapid carbon emissions reduction to stay below 1.5°C of warming, with companies increasingly focusing on decarbonizing their supply chains, particularly for steel and concrete [7] - Three procurement approaches are outlined: direct procurement, out-of-sector offset purchase, and in-sector EAC purchase, with the latter being the focus of the report [7][8] Why Decarbonize Steel and Concrete? - Steel and concrete are fundamental materials, with concrete being the most used material in the world after water, and steel being critical for the energy transition and infrastructure development [12] - Combined, these sectors account for over 10% of global CO2 emissions and half of heavy industrial emissions, with demand expected to increase by 20% for concrete and 30% for steel by 2050 [12][13] Why Are Organizations Interested in Lower-Carbon Materials? - Leading organizations are setting climate targets that include supply chain emissions, with Microsoft highlighting the challenges of embodied carbon in building materials and hardware components [14] - Companies at the end of the supply chain, such as technology firms, face challenges in reducing emissions from materials like steel and concrete due to their distance from producers [15] How Can Organizations Decarbonize Beyond Direct Procurement? - Book and Claim certificates allow organizations to channel funds directly to alternative material producers, enabling decarbonization of supply chains and meeting Scope 3 targets [19][20] - This model is already used in industries like renewable electricity and sustainable aviation fuel, providing flexibility and verifiability in emissions reductions [24][25] Book and Claim as a Decarbonization Mechanism - Book and Claim systems expand the market for clean commodities by allowing stakeholders who do not directly procure materials to invest in lower-carbon markets [26] - The system requires verifiable, additional, and catalytic certificates to ensure impact, with forward contracting models strengthening additionality by tying certificates to new production facilities [27][31] Infrastructure Needed for Book and Claim - Robust Book and Claim systems require certification schemes, standards, registries, and reporting guidelines to ensure transparency and credibility [53][54] - Certification schemes, such as EPDs and third-party standards, are critical for verifying the environmental attributes of products, while registries ensure the integrity of certificate transactions [57][63] Microsoft's Pilot Process: Lessons Learned - Microsoft's pilot process revealed that the market for Book and Claim certificates is in its early stages, with limited offerings that meet the criteria for significant, verifiable, and additional emissions reductions [72][73] - The market needs stronger collective demand signals, fit-for-purpose accounting methods, and robust infrastructure to de-risk the approach and scale Book and Claim systems [77][79] Next Steps - Collaboration among stakeholders is essential to formalize Book and Claim infrastructure, with a focus on developing certification schemes, standards, registries, and reporting guidance [80] - Market-leading buyers should align and aggregate demand to pave the way for broader adoption of Book and Claim systems in the steel and concrete sectors [80]

Macroeconomic Outlook - US economic growth is expected to moderate, with government spending and service consumption contributing less to GDP in the future[6] - Eurozone growth has improved due to falling inflation, but upcoming French elections introduce political uncertainty that could impact economic stability[7] - The Federal Reserve is anticipated to cut rates, with a potential 160 basis points of cuts over the next three years, starting with two 25 basis point cuts later this year[31] Fixed Income Outlook - Developed market bonds, particularly US Treasuries, are expected to provide attractive income and value, with a focus on longer-dated Treasuries[10][14] - Demand for US Treasuries has increased significantly, driven by weaker economic fundamentals and reduced competition from corporate bonds[16] - Fiscal policy in the US is likely to peak, with interest costs crowding out necessary spending, which may lead to increased market volatility[19] Currency and Emerging Markets - The US dollar is expected to weaken as fiscal support diminishes, with real GDP growth slowing to 2% in the first half of 2024[46] - Emerging market currencies performed well in early 2024 but faced corrections due to changing valuations and rising political risks[45] - Political developments in the US elections could significantly impact currency performance, particularly if a Republican sweep occurs[46] Investment Strategy - A cautious approach is recommended due to potential election-induced market volatility, with a preference for smaller positions to withstand price movements[21] - High-yield bonds are expected to remain attractive, supported by strong demand and limited new supply, particularly in refinancing[59] - Structured credit sectors like CRT and CLO are anticipated to outperform due to solid housing fundamentals and healthy household balance sheets[87]

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Investment Rating - The report maintains a bullish medium-term forecast for gold, with price targets upgraded to $2,500/oz by the end of 2024 and $2,600/oz in 2025 [7][10][8]. Core Insights - Gold prices are expected to average $2,500/oz in Q4 2024, driven by geopolitical risks, anticipated Fed rate cuts, and central bank buying [2][8]. - The structural bull case for gold remains intact despite rising prices, with significant central bank purchases and a reluctance among physical holders to sell [6][11]. - The relationship between gold prices and U.S. real yields has decoupled, indicating that gold's appeal is driven by factors beyond traditional interest rate dynamics [4][9]. Summary by Sections Gold Price Drivers - Geopolitical tensions, inflation hedging, and central bank buying are key drivers for gold prices in 2024 [2][6]. - Central banks purchased 1,037 tonnes of gold in 2023, with strong net purchases of 290 tonnes in Q1 2024, indicating robust demand [11][12]. Market Dynamics - The report highlights a significant decoupling of gold prices from U.S. real yields, suggesting that gold's safe-haven status is becoming more prominent amid economic uncertainty [4][9]. - Investor appetite for physical gold remains strong, with expectations that ETF holdings may rebound as interest rates decline [16][15]. Future Outlook - J.P. Morgan forecasts a Fed rate cut in November 2024, which could further support gold prices [9][7]. - The report anticipates that structural drivers such as U.S. fiscal deficit concerns and geopolitical instability will continue to support gold prices, regardless of the U.S. election outcome [6][11].

Request for Information (RFI) Request for Information (RFI) for: Furniture, Fixtures & Equipment (FF&E) Reference number: Event Logistics Issue Date: 12 July 2024 Document Sensitivity: Public Contents Disclaimer 1. Introduction… 2. FIFA. 2.1. FIFA World Cup 2026™ 2.2. FIFA Club World Cup 2025™ . 2.3. 2.4. FIFA26 Inc. FIFA Event Logistics 2.5. 3. Structure of RFI 3.1. Background Purpose . 3.2. 3.3. An Opportunity to Contribute and Shape Strategic and Commercial Partnership 3.4. Response section… 4. Content . ...

How to Restructure Utility Incentives The Four Pillars of Comprehensive Performance-Based Regulation Report / July 2024 Authors and Acknowledgments Authors Cara Goldenberg Kaja Rebane Authors listed alphabetically. All authors from RMI unless otherwise noted. Contacts Kaja Rebane, krebane@rmi.org Cara Goldenberg, cgoldenberg@rmi.org Copyrights and Citation Kaja Rebane and Cara Goldenberg, How to Restructure Utility Incentives: The Four Pillars of Comprehensive Performance-Based Regulation, RMI, 2024, https: ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a target price of HK$ 4.24, indicating a potential upside of 14.0% from the current price of HK$ 3.72 [5][14]. Core Insights - The acquisition of Auto-Kabel Group for EUR 72.5 million is viewed positively, as it is expected to enhance FIT's product portfolio and client base in the automotive connector market, particularly in electromobility [3]. - The deal is anticipated to close by the end of 2024, pending regulatory approval, and is expected to add 8% to FIT's revenue in FY25E [3]. - The financial metrics of Auto-Kabel, including a gross profit margin (GPM) of 34% and a revenue of EUR 430 million in FY24, suggest potential margin support for FIT [3][9]. - The report highlights the long-term synergies expected from the integration of Auto-Kabel and FIT Voltaria, which will strengthen FIT's global automotive client base and expand its presence [3]. Financial Summary - Revenue for FIT is projected to grow from US$ 4,531 million in FY22 to US$ 7,497 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [17]. - Net profit is expected to increase from US$ 170.1 million in FY22 to US$ 373.4 million in FY26, with a notable growth rate of 25.2% in FY25E [17]. - The report indicates a significant improvement in gross profit margin, expected to rise from 19.2% in FY23 to 20.6% in FY25E [19]. Valuation Metrics - The report notes that FIT is trading at a P/E ratio of 17.4x for FY24E and 11.4x for FY25E, which is considered attractive compared to its peers [14]. - The P/B ratio is projected to decrease from 1.3x in FY24E to 1.0x in FY26E, indicating a potential undervaluation [19]. - The report emphasizes the attractive risk-reward profile of FIT, particularly with upcoming catalysts such as AirPods progress and AI server product updates [14].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report analyzes the online shopping trends in India, focusing on consumer behavior and preferences in e-commerce, D2C, and traditional brands transitioning online [1] - Urban Indian shoppers exhibit a mix of planned (63%) and impulsive (16%) purchasing behaviors, indicating a diverse shopping approach [4][5] - Convenience, price sensitivity, and privacy are key drivers for urban Indian consumers, with 64% expressing a desire for user-friendly apps for mobile shopping [6][7] Summary by Sections Shopping Behavior - Urban Indians prefer to shop monthly or weekly, with average monthly spending ranging from ₹1,000 to ₹5,000 [10] - The top online shopping categories include smartphones (59%) and skincare (50%), while jewelry and furniture are predominantly purchased offline [12][15] Discovery Channels - E-commerce aggregator websites are the primary channels for discovering new products (77%), followed by social media ads (47%) [22] - YouTube and Instagram are the leading platforms for product discovery, with Facebook showing lower engagement among Gen Z [24] Purchase Triggers - Customer reviews and attractive discounts are the strongest triggers for purchases among urban Indian shoppers [28] - E-commerce aggregators are most effective in converting product discovery into purchases (59%) [26] Brand Websites - There is a growing appeal for brand websites due to exclusivity, authenticity, and discounts, with 59% of shoppers believing all brands should offer loyalty programs [36]

VIEWPOINT 2024 R E S H A P I N G T E L E C O M I N V E S T M E N T I N A N E X T- G E N E R AT I O N WORLD Adopting a new blueprint to focus CAPEX/OPEX & drive profitability Telco operators are facing declining profitability from a combination of stagnant or negative revenue growth resulting from competition and increasing CAPEX/OPEX caused by increasing user traffic. While operators have always run efficiency programs, traditional methods are no longer sufficient to meet current financial constraints and f ...

Utilities 50 2024 The annual report on the most valuable and strongest Utilities brands July 2024 Contents About Brand Finance 3 Foreword 6 David Haigh, Chairman & CEO, Brand Finance Ranking Analysis 7 Brand Value Ranking (USDm) 18 Methodology 19 Our Services 25 © 2024 All rights reserved. Brand Finance Plc. Brand Finance Utilities 50 2024 brandirectory.com/utilities 2 The world's leading brand valuation consultancy For business enquiries, please contact: Richard Haigh Managing Director rd.haigh@brandfinanc ...