JANUARY 2 0 2 5 VIETNAM MACRO MONITORING Photo credit: Shutterstock WHAT'S NEW? Public Disclosure Authorized • The Index of Industrial Production (IIP) increased in December as businesses ramped up production to meet year-end consumer demand. However, manufacturing sales prospects face some uncertainty as the PMI entered contractionary territory, falling from 50.8 in November to 49.8 in December as new orders growth slowed. • Exports picked up in December in response to the western holiday season and some f ...

Investment Rating - The report indicates a gradual economic growth in Thailand, supported by strong external demand and a slight recovery in private consumption, suggesting a positive outlook for the economy [1][2]. Core Insights - Economic activity in November showed gradual expansion, driven by solid goods exports and improving tourism, with private consumption also seeing a slight uptick due to fiscal stimulus measures [1][2]. - Manufacturing production contracted by 3.6 percent, primarily due to a significant decline in the automotive sector, which faced challenges from tighter credit and price competition in electric vehicles [2][3]. - Goods exports grew by 9.6 percent year-on-year in November, although this was a decrease from the previous month's 14.2 percent growth, with strong performance in electronics and agricultural exports [3]. - Tourism remained a crucial growth driver, with a 4.3 percent increase in tourist arrivals in December, reaching 86 percent of pre-pandemic levels [4][14]. - Inflation rose slightly to 1.0 percent year-on-year in November, remaining below the central bank's target, driven by core inflation and energy prices [15][20]. - The Bank of Thailand maintained its policy rate at 2.25 percent, anticipating continued economic expansion despite external challenges [16][27]. Summary by Sections Economic Activity - November economic data indicates gradual growth, with strong external demand and a slight recovery in private consumption supported by fiscal measures [1][2]. - Manufacturing production saw a notable contraction of 3.6 percent, the deepest decline in eight months, largely due to the automotive sector [2]. Exports and Tourism - Goods exports expanded by 9.6 percent year-on-year in November, with notable growth in electronics and agricultural exports, while automotive exports declined [3]. - Tourist arrivals increased by 4.3 percent year-on-year in December, contributing significantly to economic growth [4][14]. Inflation and Monetary Policy - Headline inflation rose to 1.0 percent year-on-year in November, remaining the lowest among ASEAN countries [15][20]. - The Bank of Thailand held the policy rate steady at 2.25 percent, projecting continued economic growth despite external pressures [16][27]. Government Initiatives - The Thai government introduced a debt relief initiative aimed at alleviating household debt pressures, targeting vulnerable groups with various support measures [17]. - Plans for future economic relief and structural reforms were outlined, focusing on community empowerment and sustainable development [26].

Investment Rating - The report does not explicitly state an investment rating for the EV charging infrastructure industry in Scotland Core Insights - The EV charging infrastructure in Scotland is experiencing significant growth, with over 6,100 charge points and more than 11,000 connectors currently available, of which 54% are operated by the private sector [15][13][14] - The report highlights the importance of collaboration between public and private sectors to enhance the EV charging network and meet future demands [126][127] - The Scottish Government aims to transition to a commercially viable model for EV charging, emphasizing the need for private sector involvement [217][218] Summary by Sections Current Landscape - Scotland has over 6,100 charge points, with 54% operated by the private sector and a strong growth forecast in the next 12-18 months [15][13] - The majority of the charging estate consists of slow and fast destination charging points, with nearly 74% categorized as such [14] Public Sector Perspectives - The Glasgow City Region is collaborating among eight local authorities to enhance EV charging infrastructure, with a focus on a managed service model [60][71] - The region has a population of approximately 1.84 million, representing about one-third of Scotland's economic activity [71] - Key milestones include a £3.5 million EV Infrastructure Fund grant and the appointment of technical consultants for project support [76][100] Private Sector Perspectives - The report emphasizes the need for attractive contracts for Charge Point Operators (CPOs) to stimulate investment and ensure a reliable network [295][296] - Collaboration and clear communication between local authorities and CPOs are essential for successful project implementation [336][337] Industry Panel Discussion - The industry panel discussed the importance of a well-maintained network and the need for a balanced risk profile between local authorities and CPOs [312][313] - The report highlights the necessity of realistic KPIs and service level agreements to ensure the sustainability of the EV charging infrastructure [324][325] Future Opportunities - The report identifies opportunities for expanding the EV charging network, particularly in urban areas where off-street parking is limited [224][225] - The anticipated investment in the South of Scotland's EV infrastructure is projected to be around £27.92 million, with significant contributions from local authorities [226][227]

Home Foreword Context Toolkit Insights Get involved Food growing in our towns and cities A playbook for food and masterplanning © Shutterstock 2 Home Foreword Context Toolkit Insights Get involved Foreword Food should return to the heart of urban development Home Home Foreword Context Toolkit Insights Get involved Contents | Foreword | 3 | | --- | --- | | Context | 4 | | Toolkit | 5 | | Toolkit Content and Use | 6 | | KPI Framework | 7 | | Locations, possibilities, typologies | 8 | | Case Study | 9 | | Mast ...

Investment Rating - The report emphasizes the critical need for investment in AI and quantum technologies to enhance defense capabilities and secure Europe's strategic autonomy [2][17][20]. Core Insights - The integration of AI and post-quantum cryptography (PQC) is essential for safeguarding Europe's security in a rapidly evolving technological landscape [10][19][20]. - The report highlights the transformative impact of AI on military operations, decision-making, and crisis management, while also addressing the vulnerabilities introduced by these technologies [18][32][34]. - The urgency of adopting PQC is underscored, as quantum computing poses significant threats to current encryption methods, necessitating a proactive approach to secure communications [19][34][86]. Summary of Recommendations - **Accelerate Innovation and Integration**: Emphasize a balanced approach to testing emerging technologies, adapt procurement procedures to align with rapid development cycles, and utilize high-quality synthetic data for AI training [21][25][130]. - **Strengthen Technological Sovereignty**: Increase domestic production of critical components to reduce dependencies, centralize expertise through an EU agency, and enhance training for the defense workforce [22][24][137]. - **Enhance Trust and Interoperability**: Develop a transatlantic common data strategy for AI training data sharing, establish ethical guidelines for AI and quantum technologies, and create a robust framework for AI development and management [23][28][142]. Global Trends in AI R&D - The United States leads in AI research and development funding, with significant investments from the Department of Defense increasing from $190 million in 2022 to $557 million in 2023 [72][73]. - China aims for global AI dominance by 2030, with a market size of 578.4 billion RMB and a growth rate of 13.9% in 2023 [73][74]. - The European Union is increasing investments in AI through the European Defense Fund, supporting initiatives like AI-enabled drones and military 5G networks [77][78]. Shaping Security for the Quantum Age - The report identifies PQC as a key measure for securing digital infrastructure against quantum threats, emphasizing the need for immediate adoption to protect sensitive communications [80][86]. - Quantum computing is expected to revolutionize various sectors, but its military applications remain speculative and require further research and development [85][87]. Conclusion - The report concludes that the future of European security hinges on mastering transformative technologies like AI and quantum innovations, necessitating a holistic approach to integrate these advancements into defense strategies [146][148].

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The report outlines a harmonized method for defining urban and rural areas, facilitating international statistical comparisons [12][19][29] - It emphasizes the importance of reliable and comparable data for effective policy-making and achieving Sustainable Development Goals (SDGs) [43][44][67] - The methodology developed by six international organizations aims to classify territories on a continuum from urban to rural, enhancing the understanding of socio-economic conditions [14][19][30] Summary by Sections Introduction - The manual responds to a UN request for a technical report on defining urban and rural areas for international comparisons [12][34] - It highlights the need for a standardized methodology to improve the comparability of urban and rural statistics globally [28][29] Legal and Strategic Framework - Understanding socio-economic conditions in urban and rural areas is crucial for effective policy development [42] - The 2030 Agenda for Sustainable Development emphasizes the role of cities and rural areas in achieving global goals [43][44] Rationale and Benefits of the Method - Different countries use varying criteria for defining urban and rural areas, necessitating a globally applicable definition for meaningful international comparisons [65][66] - The proposed method aims to create a universal mapping of urban and rural areas, providing reliable data for policy formulation and monitoring progress towards SDGs [67]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Consumer sentiment regarding the US economy has worsened, with over half of respondents feeling the economy is in poor shape, a significant increase from the previous fall [7][8] - Despite negative sentiment, economic indicators suggest a projected growth rate of 2.3% for 2025, up from 2.0% in December [7] - There is a notable generational divide in economic perceptions, with Millennials and Gen Z more likely to believe the economy is in a recession compared to older adults [17][11] Summary by Sections Consumer Sentiment - The survey indicates a divided consumer sentiment, with many feeling pessimistic about both the current and future economic conditions [5][6] - A significant portion of consumers (50%) believe the US is currently in a recession, although the perception of a full-blown recession has decreased [13][14] Economic Outlook - Optimism regarding the economic outlook for the next 6 to 12 months has dropped below 50%, with Millennials showing the largest decline in positive outlook [21][25] - The share of Americans expecting their financial situation to improve has decreased, with only 17% anticipating worsening finances in the next month, down from 24% in September [53][54] Personal Finances - Consumer sentiment about personal finances is split, with half reporting their finances as "good" or "excellent" and the other half as "not very good" or "terrible" [29][30] - Gen Z's financial outlook is improving, while Millennials are experiencing a decline in their financial situation [33][37] Spending Behavior - Consumers are increasingly cutting back on discretionary spending, particularly in dining and luxury categories, while spending on fitness and wellness remains resilient [41][49] - There is a trend of consumers trading down on essential purchases, indicating a shift in spending priorities [45][46] Marketing Implications - Marketers are advised to segment messaging to resonate with different generational experiences and to frame economizing as a smart choice rather than a compromise [60][61] - Brands should position their products as essential investments in personal optimization to appeal to consumers' desire for quality amidst budget cuts [62]

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - Pre-export financing in Brazil is crucial for exporters, providing necessary liquidity to fulfill large international orders and enhancing competitiveness in the global market [12][13][19] - The new LMA African finance documents are expected to stimulate liquidity and drive investment across various African jurisdictions, particularly through a Mauritian holding company structure [37][44] - The UK Court of Appeal's ruling in the Celestial Aviation case significantly expands the scope of trade sanctions, affecting payment obligations under standby letters of credit and creating uncertainty for trade finance transactions [49][51][74] - The low-carbon steel market is evolving rapidly, driven by regulatory initiatives and the need for substantial investment to transition to greener production methods [88][91][92] Summary by Sections Pre-export Financing in Brazil - Pre-export financing involves lending based on confirmed export orders, providing liquidity for production and preparation of exports [15][16] - The financing is secured by future receivables or Letters of Credit, with tax exemptions available for qualifying arrangements [16][28] - Brazil's exports are expected to be driven by agricultural and mineral commodities, with potential growth contingent on the Chinese economy and trade tensions [18][19] New LMA Finance Documents - The new LMA documents are designed for secured financing in African jurisdictions, emphasizing a Mauritian holding company structure [37][38] - The documents aim to standardize the market, reduce execution times, and increase transparency, thereby stimulating investment [44][46] UK Court of Appeal Judgement - The Court's decision allows sanctions measures to apply retrospectively, affecting payment obligations related to restricted items [49][50] - The ruling highlights the complexities of UK sanctions and the need for market participants to consider fallback language in trade finance instruments [74][78] Low-Carbon Steel Market - The report discusses the increasing green premiums for low-carbon steel as global emissions targets approach [89] - It emphasizes the role of government incentives and policies in overcoming economic barriers to green steel production [92]

Investment Rating - The report indicates a very positive outlook for the gaming and tech market in 2025, anticipating significant M&A activity and strategic consolidations [55]. Core Insights - The gaming M&A and financings in 2024 reached a robust $27.3 billion in disclosed deal value across over 960 transactions, marking a 39% increase compared to 2023 [3][4]. - M&A activity in 2024 saw a 21% increase in deal volume over 2023, with 198 announced deals valued at $10.5 billion [4]. - The PC/Console segment was the most active in M&A with 53 deals, followed by Mobile with 38 deals [4]. - A total of $4.8 billion was raised across 711 private placement deals, reflecting a 30% increase in total disclosed value [4]. - The Drake Star Gaming Index rose 10.4% for the year, driven by strong performances from companies like Sea / Garena and Konami [4]. - Major transactions included Tencent's $1.2 billion acquisition of Easybrain and Modern Times Group's $820 million purchase of Plarium [4][29]. Summary by Sections M&A Activity - In 2024, M&A activity included high-profile deals such as EQT's $2.8 billion acquisition of Keywords and CVC's $1.1 billion purchase of Jagex [4]. - The report highlights that private equity firms are expected to remain very active, with potential candidates for delisting including Ubisoft [55]. Financing - Major financings included Epic's $1.5 billion round led by Disney, along with significant raises for Infinity Reality ($350 million) and Build A Rocket Boy ($110 million) [4]. - Over $1.8 billion was raised by funds in 2024, indicating renewed investor interest [55]. Market Trends - Key growth segments anticipated include AI, tech platforms, and blockchain, driven by the recovery of the crypto market and new regulatory endorsements [55]. - The report predicts that major releases in 2025, such as the Nintendo Switch 2 and Grand Theft Auto 6, will significantly boost player engagement and revenues [55].

Climate Governance Assessment in the MENA: Methodology Given this analysis's focus on the efficacy of governance in creating climate adaptation strategies, this methodology evaluates countries on two axes: (1) sound climate policies; and (2) good governance practices. CLIMATE STRATEGY: In terms of sound climate policy, our analysis draws on the following documents to establish criteria for assessing climate governance: the Intergovernmental Panel on Climate Change's Sixth Assessment Report, the World Bank's ...