Investment Rating - The report indicates a positive outlook for gold investment, with central banks and ETF investors expected to drive demand in 2025, while jewellery demand may remain under pressure [11][12][13]. Core Insights - Total gold demand reached a record high of 4,974 tonnes in 2024, with a 1% year-on-year increase in Q4 [1][7]. - Central banks continued to purchase gold at a significant pace, exceeding 1,000 tonnes for the third consecutive year, with Q4 purchases alone amounting to 333 tonnes [1][102]. - Annual investment in gold reached a four-year high of 1,180 tonnes, marking a 25% increase from the previous year [2][62]. - Gold jewellery consumption dropped by 11% to 1,877 tonnes, although the value of jewellery demand increased by 9% to US$144 billion due to rising gold prices [3][32]. - Technology demand for gold grew by 7% to 326 tonnes, driven by advancements in AI and electronics [3][133]. Summary by Sections Demand Overview - Total gold demand rose by 1% year-on-year to 4,974 tonnes, with Q4 demand reaching a new quarterly high [1][7]. - Central banks purchased 1,045 tonnes of gold in 2024, maintaining a strong buying trend [102][112]. - Investment demand surged by 25% to 1,180 tonnes, with significant contributions from gold ETFs and bar and coin investments [2][62]. Supply Overview - Total gold supply increased by 1% year-on-year to 4,974 tonnes, driven by higher mine production and recycling [7][148]. - Mine production reached an estimated 3,661 tonnes, marking a slight increase from the previous year [149][151]. - Recycled gold supply rose by 11% to 1,370 tonnes, reflecting higher gold prices [148][164]. Jewellery Demand - Global jewellery demand fell by 11% to 1,877 tonnes, with significant declines in China and other major markets [32][41]. - Despite the volume drop, the value of jewellery demand increased to US$144 billion due to high gold prices [3][32]. - Indian jewellery demand showed resilience with only a 2% decline, contrasting sharply with China's 24% drop [44][41]. Technology Demand - Technology sector demand for gold increased by 7% to 326 tonnes, with electronics being the largest contributor [133][134]. - The growth in AI applications and recovery in consumer electronics markets were key drivers of this demand [134][135]. Future Outlook - The report anticipates continued strong demand from central banks and ETF investors in 2025, while jewellery demand may face challenges due to high prices [11][12][13]. - Investment in gold is expected to remain robust, supported by macroeconomic factors such as lower interest rates and geopolitical uncertainties [13][14].

Investment Rating - The report emphasizes the hybrid working model as a critical differentiator for companies in attracting and retaining talent, indicating a strong positive outlook for businesses adopting this model [3][21][50]. Core Insights - The hybrid working model is essential for modern companies to thrive, as it leads to happier, more loyal employees and enhances productivity [5][24][30]. - A significant majority of HR leaders (92%) utilize hybrid working as a recruitment tool, with 85% citing it as effective for retention [10][30]. - The demand for local flexible workspaces is increasing, aligning with the concept of '15-minute cities' where daily necessities are accessible within a short distance [39][40]. Summary by Sections Introduction - Hybrid working is a top employee benefit for attracting and retaining talent, with companies lacking this option struggling to recruit quality employees [3][4]. Importance of Hybrid Working - The hybrid model is confirmed as crucial for talent acquisition, with a notable exodus of talent from companies that do not offer flexibility [4][5]. - HR leaders agree that hybrid working improves work-life balance and job satisfaction, driving productivity [5][24]. Recruitment and Retention - 92% of HR leaders use hybrid working to recruit talent, and 75% of candidates have declined roles due to lack of hybrid options [10][12]. - Over 77% of HR leaders believe offering office space close to home aids in talent acquisition [11]. Employee Wellbeing - Hybrid working is linked to improved employee wellbeing, with 86% of hybrid workers feeling less drained and better able to cope with daily life [27][25]. - The model is seen as a major wellness benefit, with 57% citing improved work-life balance as a key advantage [25]. Productivity - 85% of HR leaders believe hybrid working increases productivity, with 56% of hybrid workers reporting higher productivity compared to full-time office work [30][18]. - Academic studies suggest a productivity increase of around 3% to 4% due to hybrid working [30][18]. Equity and Inclusion - The hybrid model supports a more inclusive workforce, allowing individuals with caregiving responsibilities to remain employed [33][34]. - Companies adopting flexible working policies have seen improvements in recruitment and retention, particularly among diverse groups [35]. Learning and Development - 81% of HR leaders state that the hybrid model provides an optimal environment for employee learning and development [44][47]. - The model allows for both in-person mentoring and self-directed learning, appealing particularly to younger generations [45][46]. Conclusion - The hybrid working model is a powerful tool for companies to attract and retain top talent, significantly impacting overall business success [49][50].

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry or specific companies within it. Core Insights - The recent US election results are expected to delay the adoption of Battery Electric Vehicles (BEVs) in North America due to a less stringent stance on emissions regulations under the Trump administration [1][4][10] - The delayed adoption of BEVs will have cascading effects on the entire automotive value chain, prolonging profitability challenges for electrification-focused players while extending opportunities for Internal Combustion Engine (ICE)-focused legacy players [2][12] - The regulatory landscape, particularly changes in the US Environmental Protection Agency (EPA) and California Air Resources Board (CARB) standards, is a significant factor influencing electrification forecasts [3][4][19] Summary by Sections Regulatory Impact - The incoming Trump administration is expected to soften EPA emissions and fuel economy standards beyond model year 2027, which will prolong ICE production and hinder EV adoption [11][19] - CARB's Advanced Clean Cars II rule mandates that by 2035, all new cars and light trucks sold must be zero-emission vehicles (ZEVs), but OEMs can only meet 20% of their ZEV requirement with plug-in hybrid electric vehicles (PHEVs) [5][19] Market Scenarios - The report outlines three scenarios for North American light vehicle xEV shares: upside, base, and downside cases, reflecting different regulatory environments and adoption rates [14][20] - In the base case, the repeal of current EPA emissions standards will reduce the need for BEVs, leading OEMs to rely more on hybrids [19] - The downside case assumes a challenge to CARB's ability to set emissions standards, delaying California's 100% ZEV sales target from 2035 to 2040 [20] OEM and Supplier Strategies - Traditional manufacturers must manage a triple powertrain strategy, integrating ICEs, HEVs, and BEVs, while EV-focused OEMs need to compete with hybrids due to anticipated profitability challenges [21][22] - Suppliers are expected to reevaluate their participation in electrification, which may create opportunities, but many sub-scale suppliers may exit the market due to low volumes and profitability issues [23][24]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report emphasizes the importance of centering health equity in climate action, highlighting that climate change disproportionately affects vulnerable communities and that businesses must prioritize these impacts in their strategies [4][6][11] Summary by Sections Introduction - The Centering Health Equity in Climate Action (CHEC) initiative aims to integrate health and equity into climate action, ensuring that all communities thrive and are not adversely affected by climate change [4][5][7] The Climate/Health Nexus - Climate change is projected to cost $12.5 trillion in economic losses and $1.1 trillion in healthcare costs by 2050, with vulnerable communities facing the greatest health impacts [11][12] - Historical inequities exacerbate the health impacts of climate change, with specific demographic groups, such as Black and Hispanic individuals, being more likely to experience severe consequences [15][17][18] Impacts to Business - Businesses that ignore health equity in their climate strategies risk exacerbating inequities and harming public health, which is essential for their long-term viability [26][30] - The report outlines that integrating health equity can lead to reduced healthcare costs and improved productivity, with a return of $2.30 for every dollar saved on healthcare [39] Recommendations for Businesses - Businesses are encouraged to understand their climate and health equity impacts, starting with the most affected populations in their value chain [44][65] - The report outlines a four-step approach: understanding impacts, prioritizing affected stakeholders, measuring and managing impacts, and embedding equity throughout the organization [46][109][133] Case Studies - Johnson & Johnson's initiative to address heat stress through community clinics demonstrates the importance of partnerships and data-driven approaches to improve health outcomes [50][52] - Kaiser Permanente's community health needs assessment highlights the significance of understanding local environmental impacts on health to inform business strategies [58][60] - Sodexo's development of culturally relevant, plant-based menus in hospitals illustrates how businesses can engage stakeholders to create positive health and climate outcomes [74][78] Next Steps - The report calls for urgent action from businesses to center health within their climate plans and engage with affected stakeholders to create equitable solutions [151]

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]