Industry Overview - The humanitarian crisis in Syria has escalated, with 16.7 million people in need and 10.8 million targeted for assistance [2] - The funding requirement for 2025 is US$ 141.5 million, including a US$ 56.4 million emergency flash appeal [2] - Syria has the second-highest number of internally displaced persons globally, with over half the population at risk of hunger [4] Health Sector Challenges - Health facilities face critical shortages of medical supplies, with 77 attacks on healthcare recorded in 2024 [5] - Essential health services are severely strained, with power and energy supplies insufficient in most areas [5] - Malnutrition rates have tripled in four years, and medical care has deteriorated due to lack of resources [4] WHO's Strategic Objectives - Sustain and enhance access to essential quality health services, including medicines, vaccines, and diagnostics [13] - Ensure emergency preparedness and response, focusing on trauma care and emergency referrals [13] - Strengthen health leadership and coordination to address urgent needs of affected populations [13] Operational Presence and Partnerships - WHO has an operational presence in Damascus, Gaziantep, and five field offices, with approximately 150 staff [18][19] - WHO collaborates with over 70 members in the health cluster, including national and international NGOs and UN agencies [21] - The organization works closely with the Ministry of Health and local partners to address health needs [20] Funding Requirements - The total estimated financial requirements for 2025 include US$ 56.4 million for the Flash Appeal [27] - Key funding areas include safe and scalable care (US$ 91.2 million) and case management and therapeutics (US$ 47.9 million) [26] - Operational support and logistics require US$ 22.9 million, while infection prevention and control in health facilities need US$ 1.1 million [26]

Industry Overview - Lebanon's health sector is under immense strain due to socio-economic deterioration, regional instability, and recent escalations in violence, with over 1.3 million internally displaced people and 80% of Lebanese citizens and 90% of Syrian refugees affected by poverty [16] - The health system faces unprecedented challenges, including the closure of 130 primary health centers and 7 hospitals, nearly 4000 fatalities, and over 16,000 injuries due to military escalation [2] - The crisis is compounded by shortages of medical supplies, skilled health personnel, and essential medicines, leaving vulnerable populations without access to critical treatments [9] Humanitarian Needs and Funding - 3.7 million people are in need of humanitarian assistance, including 2.2 million Lebanese, 1.3 million Syrian refugees, 119,000 Palestinian refugees, and 87,000 migrants [1] - The funding requirement for the 2025 humanitarian emergency is USD 48 million, with the largest allocation for safe and scalable care (USD 37,988,000) and essential health systems and services (USD 26,678,000) [26] WHO's Strategic Objectives and Activities - WHO's 2025 strategy focuses on strengthening disease surveillance, enhancing laboratory capacity, improving emergency response capabilities, expanding mental health support, and ensuring continuity of essential healthcare [15] - Key activities include training 500 healthcare workers in data collection, upgrading laboratories, distributing 100 trauma kits, and training 1000 health workers in trauma care and mass casualty management [15] - WHO aims to stabilize Lebanon's healthcare system, expand access to critical services, and foster collaboration with the Ministry of Public Health (MoPH) and partners [12] Achievements and Ongoing Efforts - In 2024, WHO delivered 225 metric tons of medical supplies, established mobile medical units, and strengthened disease surveillance, which helped detect and contain a cholera outbreak [18] - The Public Health Emergency Operation Centre (PHEOC) coordinated Lebanon's emergency health response during a Beirut explosion, directing 2800 victims to hospitals and managing logistics [8] - WHO has trained over 5600 healthcare workers in mass casualty management and supported the PHEOC with essential equipment and technical assistance [22] Partnerships and Coordination - WHO collaborates with MoPH, UNHCR, and 58 health partners under the health sector coordination mechanism, leveraging Lebanon's existing humanitarian and developmental architecture [20] - WHO's partnership with MoPH includes supporting Lebanon's transition to health resilience through early recovery efforts, such as restoring health infrastructure and addressing workforce shortages [19] Future Plans - WHO's 2025 strategy includes a dual approach to meet immediate health needs and early recovery goals, focusing on mass casualty management, trauma care, and sustaining essential healthcare services [28] - The strategy aligns with Lebanon's National Health Strategy Vision 2030, prioritizing strengthened health system governance, expanded primary healthcare, and greater self-sufficiency in essential medical supplies [3]

Humanitarian Crisis Overview - Somalia faces a severe humanitarian crisis with 6 million people in need and 4.6 million targeted for assistance, requiring $38 million in funding [2] - The crisis is driven by four principal shocks: conflict, drought, flooding, and disease outbreaks, leading to displacement and poor health outcomes [3] - Over three decades of armed conflict have weakened the health system, resulting in low immunization rates, a sparse health workforce, and high maternal and child mortality rates [4] - Climatic shocks in 2023 and 2024, including droughts and flooding, have disrupted food production, increased food insecurity, and led to widespread severe acute malnutrition [5] - The outlook for 2025 is concerning, with the La Niña weather pattern expected to induce drought, further displacement, and a rise in infectious diseases [6] WHO's Strategic Objectives and Response Strategy - WHO aims to strengthen inter-sectoral coordination, deliver life-saving health interventions, and enhance health system resilience to cope with future crises [11] - WHO will support Federal Member State Ministries of Health to improve coordination and response capacity for managing health emergencies [12] - WHO will sustain essential public health functions built during the COVID-19 pandemic, including collaborative surveillance, community protection, and access to medical countermeasures [13] - WHO will address gaps in essential health service delivery by training healthcare workers and procuring emergency health kits and medicines [14] Operational Presence and Partnerships - WHO Somalia operates with over 200 personnel across all Member States, with main offices in Mogadishu and sub-offices in Garowe, Hargeisa, and Baidoa [15] - WHO coordinates with around 50 active partners, including 18 international NGOs, 28 national NGOs, and 4 United Nations agencies, to address health needs and strengthen health systems [16] Key Activities for 2025 - WHO will coordinate with the Ministry of Health and cluster partners to conduct public health situation analyses, strengthen surveillance systems, and enhance laboratory capacity [20] - WHO will preposition critical medical supplies, provide case management training, and implement targeted interventions to prevent sexual exploitation, abuse, and harassment [20] - WHO will support outbreak control, mass casualty response, and data collection to inform decision-making and optimize response strategies [20] Achievements in 2024 - WHO and Action Against Hunger provided life-saving health and nutrition services to drought-affected regions, reaching almost 15,000 people in Banadir, Bay, and Lower Shabelle regions [21][26] - The project improved access to health and nutrition services, supported disease surveillance teams, and enhanced the availability of services at health facilities [24][25] Funding Requirements for 2025 - The total funding requirement for Somalia's humanitarian emergency in 2025 is $38.07 million, covering areas such as collaborative surveillance, diagnostics, community protection, and essential health systems [29]

Investment Rating - LWSA is rated as "Buy" with a price target of R$7.20, applying a 21x multiple to 2026E net income [28][14] - NVIDIA is also rated as "Buy" with a price target of US$185, based on a ~30x P/E multiple on C2026E EPS of $6.22 [28][7] Core Insights - The latest UBS Evidence Lab survey indicates that overall AI adoption is increasing but at a slow pace, with 100% of respondents in the AI investigation stage and 61% live with AI products/apps in at least one functional area, up from 52% in May 2024 [4][6] - Despite the positive trend, only 11% of organizations are in production at scale with AI initiatives, with most expecting to move into production by 2H25/2026, which may disappoint investors looking for a significant AI lift in 1H25 [4][6] - Nvidia, Microsoft, and OpenAI continue to lead in the AI space, with Nvidia being the preferred AI compute platform for both training and inference [4][6] - The average expected increase in IT budgets for 2025 is 4.4%, down from 5.6% in the previous survey, indicating a stable spending backdrop [4][6] Summary by Sections AI Adoption and Market Dynamics - 100% of surveyed organizations are exploring AI, with 61% actively using AI products/apps, a significant increase from previous surveys [4][6] - The primary challenge for AI adoption is unclear ROI, which is causing delays in scaling production [4][6] Company Performance and Outlook - LWSA reported a 43% YoY increase in sales for online SMBs in December 2024, reinforcing a positive outlook for Q4 [8][9] - Nvidia's CEO highlighted the company's strong position in AI, emphasizing the need for accelerated computing and the potential for new industries to emerge from AI advancements [6][7] Financial Metrics and Valuation - LWSA's valuation is based on a 21x multiple to 2026E net income, reflecting a historical discount to global SaaS peers [14] - Nvidia's price target is based on a ~30x P/E multiple, indicating strong growth expectations despite recent supply chain concerns [7][13]

Industry Overview - The report focuses on the APAC Technology sector, with key events such as CES 2025 and updates on AI, PC gaming, and semiconductor developments [4] - CES 2025 is expected to feature over 4,000 exhibitors and 138k+ attendees, with keynotes from NVIDIA, Intel, Samsung, and AMD [4] - The report highlights Microsoft's planned $80 billion investment in data centers for AI and cloud-based applications in FY2025, with over half of the investment in the US [4][16] PC and Gaming Sector - NVIDIA is expected to launch RTX 50 gaming GPUs during CES 2025, focusing on PC gaming and AI advancements [4] - Intel, AMD, and Qualcomm are also expected to launch AI PC platforms, targeting both high-end and mainstream markets [4] - The PC market is projected to grow by 6% YoY in 2025, recovering from a flat to -1% YoY performance in 2024 [4] - Top picks in the PC space include Asustek, ASMedia, and Gigabyte [4] Semiconductor and Hardware - TSMC's 2nm process is on track, with wafer production starting in Q425 and output expected in H126 [15] - TSMC is expected to maintain a high market share in 2nm technology, serving major clients like Apple, Mediatek, Qualcomm, NVIDIA, and AMD [15] - NVIDIA's GB200 racks are expected to ramp up at ODMs in Q125, with GB300 ramps launching in June 2025 [4] China Smartphone Market - China may extend consumer subsidies to smartphones, tablets, and smartwatches, potentially boosting sales [5] - Smartphone sales in China declined by 9% YoY in November 2024, lagging behind the global growth estimate of 4% YoY [6] - The subsidy program could offer 15-20% of the retail price, up to 2,000 RMB per purchase, benefiting companies like Mediatek, Semco, ASE, and TSMC [6] Key Companies and Updates - Apple is offering discounts of up to 500 yuan on its latest iPhone models in China to compete with domestic rivals like Huawei [5] - Mediatek's next flagship Dimensity 9500 processor, launching in H225, may use TSMC's N3P process instead of N2 [7] - NVIDIA and Qualcomm are considering switching to Samsung's 2nm process for cutting-edge chips due to high costs and limited production capacity at TSMC [7]

Industry Overview - Youth unemployment is a significant global challenge, particularly in Bhutan where nearly half the population is below the age of 30 [1] - The study focuses on understanding the challenges faced by Bhutanese youth, especially women, in accessing employment opportunities [1] - The research highlights the economic benefits of increasing female labor force participation and identifies challenges across different economic sectors [1] Research Methodology - The study employs a qualitative approach, utilizing focus group discussions and key informant interviews across three areas: Thimphu (services), Chukha (industry), and Dagana (agriculture) [4] - Primary and secondary data are used to analyze youth and female unemployment, with a focus on urban and rural issues [4] Key Findings Education and Skills - The education system in Bhutan struggles to equip youth with practical skills needed for the job market, leading to a mismatch between education and employment [5] - There is a notable gender bias in STEM subjects, with fewer females pursuing careers in these fields due to societal expectations [32] - Students with disabilities face significant barriers in accessing education and employment opportunities [46] Female Employment Challenges - Women employees, particularly working mothers, face challenges due to the lack of childcare facilities at workplaces [6] - Women perform 71% of unpaid household and care work, which limits their ability to engage in income-generating activities [35] - Gender pay gaps persist, with females earning less than males in both urban and rural areas [54] Economic Sectors - The agriculture sector employs 49.2% of the labor force but contributes only 20% to GDP, highlighting inefficiencies [18] - The tourism sector, a major contributor to GDP, has been negatively impacted by policy changes such as the increase in the sustainable development fee (SDF) [82] - Technological advancements are reshaping the job market, with many traditional jobs being automated or outsourced [64] Youth Migration - Out-migration of the working-age population, particularly to Australia, is a major concern, with 70% of registered jobseekers seeking overseas employment [70] - This trend could lead to a loss of skilled workers, reduced tax revenues, and underutilization of infrastructure, posing long-term economic challenges [72] Policy Recommendations - Integration of TVET (Technical and Vocational Education and Training) into the mainstream education system to better align skills with market demands [75] - Workplace support for female employees, including childcare services and flexible work arrangements [75] - Addressing social challenges through confidence-building initiatives and mentoring programs to improve youth employability [83] Conclusion - The study provides valuable insights into the complex factors contributing to youth and female unemployment in Bhutan, emphasizing the need for targeted interventions to enhance employment opportunities and sustainable development [73][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1][2][3] Core Viewpoints - Vietnam aims to achieve upper middle-income status by 2030 and high-income status by 2045, requiring gross capital investments to account for 32-35% of GDP, with government investment at 7.3% of GDP annually to support infrastructure development [14] - Public investment in Vietnam has declined from 8% of GDP in 2011 to 6% in 2022, with chronic under-execution of investment budgets and significant delays and cost overruns in major projects [15][16] - Vietnam's infrastructure quality lags behind regional peers, with low expressway density and high road transport costs, which could impact its attractiveness as an FDI destination [19][20] - The public investment management (PIM) and intergovernmental fiscal (IGF) systems in Vietnam suffer from allocative inefficiencies, lack of coordination, and weak enforcement mechanisms, leading to suboptimal investment outcomes [28][29][30] Public Investment Trends - Vietnam's public investment has been declining, with the share of public investment in GDP falling from 8% in 2011 to 6% in 2022, while the economy remains capital-scarce compared to upper middle-income and high-income countries [24][25] - The central government's share in total government investment has decreased from 40% seven years ago to 20% in 2022, with provinces accounting for 80% of infrastructure investment [16][52] - Vietnam's infrastructure quality ranks 77th globally, behind regional peers like China, India, and Malaysia, with road transport costs being the highest in the region [19][20] Inefficiencies in PIM and IGF Systems - Allocative inefficiencies are evident in strategic infrastructure, with provinces over-investing in low-value projects like industrial parks and provincial ports, while national infrastructure spending has been squeezed [16][30] - There is a lack of investment in environmental protection and climate adaptation, with Vietnam being among the top 10 countries most affected by climate change, yet public investment in disaster protection is only 0.05% of GDP [40][41] - Implementation inefficiencies are significant, with an average delay of 5 years and cost overruns double the original budget for large-scale transport projects [42][45] Systemic Problems in Subnational PIM and IGF Systems - The lack of a conducive intergovernmental fiscal framework has led to fragmented investment decisions, with provinces holding 78-85% of public investment resources, leaving the central government with limited capacity to fund national infrastructure [52][53] - There is no enabling legal framework for vertical and horizontal investment coordination, with the State Budget Law banning the transfer of investment funds between provinces, creating financing gaps for regional projects [59][60] - The absence of effective incentive and enforcement mechanisms has resulted in a race-to-the-bottom competition among provinces, leading to wasteful investments in uneconomic projects [62][63] Recommendations and Next Steps - The report recommends rebalancing infrastructure investment from provincial to central levels, addressing legal loopholes, and establishing robust monitoring mechanisms to improve public investment efficiency [16][75] - It suggests adopting effective instruments for vertical and horizontal coordination, such as co-financing arrangements and matching grants, to enhance regional investment coordination [80][81] - The report also calls for a review of expenditure responsibilities and the establishment of a regional Public Investment Program to align with integrated masterplans and improve investment outcomes [78][79]

Industry Investment Rating - The report does not explicitly provide an industry investment rating [1][2][3] Core Viewpoints - The report focuses on economic empowerment and how companies can benefit more people by improving income and affordability [1][9][16] - It analyzes 120 economies, covering 90% of the global population, categorized into lower-income (GDP per capita < $5,000), middle-income ($5,000-$20,000), and higher-income (>$20,000) groups [2] - The empowerment line is defined as the private cash expenditure required for basic needs, including a 10% allocation for recreation and a 5% savings buffer [3][5] - The report estimates the share of the population below the empowerment line using consumption and distribution data [6] - It highlights the importance of stable jobs with sufficient wages and affordable essential goods (housing, food, transportation, healthcare, education) for economic empowerment [12][16] Income Analysis - The report uses four labor market metrics: working-age population, labor force participation, unemployment rates, and stable jobs with sufficient wages [12] - For countries with GDP per capita > $10,000, it considers time-related underemployment and low-pay rates, while for those < $10,000, it focuses on formal employment share [13] - The analysis identifies best-performing countries based on labor market metrics and estimates the population that could be lifted to empowerment by improving one element [14][15] Cost Analysis - The report calculates a "lowest-cost line" for essential goods and services, excluding statistical outliers and identifying top-quartile economies [18][19] - It estimates the population that could achieve empowerment through improved affordability by comparing costs to the lowest-cost line [20] Cost-to-Impact Ratios - The report evaluates cost-to-impact ratios for initiatives aimed at economic empowerment, using external data and academic assumptions [21] - It notes that ratios may improve with better targeting or more substantial benefits, such as supporting housing for low-wage employees [22]

Industry Overview - The Mosaic by ACT Social Emotional Learning Screener assesses social emotional skills in elementary, middle, and high school students, measuring skills such as Sustaining Effort, Getting Along with Others, and Maintaining Composure [9] - The screener also evaluates two dimensions of school climate: Relationships with School Personnel and School Safety [9] - The elementary school screener uses image-based Likert items, while middle and high school screeners use forced-choice items for social emotional skills and text-based Likert items for school climate perceptions [9] - The screener can be completed online in 5–7 minutes, with elementary school screener containing 23 items and middle/high school screeners containing 30 items each [9] Framework and Definitions - Social emotional skills are defined as interpersonal, self-regulatory, and task-related behaviors important for adaptation and success in educational and workplace settings [12] - These skills are linked to the Behavioral Skills portion of ACT's Holistic Framework, which is based on the Big Five personality factors [13] - The framework aligns with the five competencies outlined by the Collaborative for Academic, Social, and Emotional Learning (CASEL) [14] - School climate dimensions, such as Relationships with School Personnel and School Safety, are positively associated with student motivation, self-regulation, and social engagement [15] Assessment and Scoring - The elementary school assessment measures three social emotional skills and two school climate dimensions using Likert items, with 12 items for social emotional skills and 8 items for school climate [17][18] - Middle and high school assessments measure five social emotional skills and two school climate dimensions, with 30 items for social emotional skills and 15 items for school climate [20][22] - Scores are norm-based, with students receiving scores from 1 (Developing) to 4 (Mastering) for each skill and school climate area [24][25] - Reports flag students who score 1 in any category, indicating a need for further skill development [25] Reliability and Validity - Reliability estimates for elementary school screener scales range from α = .63 to α = .79, with similar reliability found in middle and high school screeners [35][64][88] - Convergent, discriminant, and criterion validity evidence supports the screener's effectiveness, with social emotional skills correlating most highly with their respective Big Five factors [38][66][92] - Students scoring at the Developing level for social emotional skills or school climate had significantly lower academic performance and less positive attitudes toward school [43][44][72][107] Subgroup Differences - Subgroup differences by grade, gender, and race/ethnicity were evaluated, with small but significant differences observed across various scales [48][52][55][74][77][109][112][114] - Females scored higher than males on Getting Along with Others and Relationships with School Personnel, while males scored higher on Maintaining Composure [52][112] - White students generally scored higher than other racial/ethnic groups on most scales, with Black students scoring lower on several measures [55][114]

Industry Investment Rating - The report highlights a strong focus on digital transformation and sustainability, indicating a positive outlook for industries adopting these trends [2][5][11] Core Report Viewpoints - The report emphasizes the shift towards Equipment-as-a-Service (EaaS) and embedded finance as key drivers of industry transformation [2][5] - Digital platforms and B2C expansion are identified as critical for scalable growth and enhanced customer engagement [7][106] - Green asset financing and sustainability are reshaping the investment landscape, with a focus on eco-friendly assets and regulatory compliance [11][12] Trend Summaries Equipment-as-a-Service (EaaS) - EaaS is driven by digitization and demand for customized solutions, offering operational efficiency and customer value through equipment, digital tools, services, and OEM know-how [2] - The auto finance industry has seen early adoption of servitization, with mobility-as-a-service and connected cars becoming popular offerings [2] - EaaS requires business transformation, including better asset management, agile billing, and technological agility [2] Embedded Finance - Embedded finance integrates financial services seamlessly into the purchase process, enhancing convenience and accessibility for customers [5] - The rise of digital platforms and APIs has accelerated the adoption of embedded finance, particularly in equipment leasing [5] - Companies like HP and Lenovo are integrating leasing options directly into their e-commerce platforms, offering flexible financing plans [68] B2C Channel Expansion - Advances in digital technology enable leasing companies to create robust online platforms, expanding their reach to a broader audience [7] - Embedded finance allows for seamless integration of financial services into digital interfaces, improving customer experience [7] - Traditional B2B-focused leasing companies are now investing in digital infrastructure to scale B2C operations profitably [7] Green Asset Financing - Green asset financing is driven by rising environmental awareness and customer demand for sustainable investments [11] - Investments in electric vehicles, solar panels, and energy-efficient machinery are contributing to a greener economy [11] - Regulatory incentives, such as tax credits and green bonds, make green financing cost-effective for companies [11] Digital Transformation - Data-driven decision-making and AI are central to digital transformation, enabling better customer engagement and risk management [84] - Companies like John Deere and Hitachi are leveraging AI and IoT for predictive maintenance and flexible consumption models [85] - Simplifying and standardizing processes across geographies is essential for scalable AI and ML implementations [87] Balancing Automation with Human Expertise - Automation through AI and ML is effective for repetitive tasks, while human expertise remains crucial for complex decision-making [131] - Combining automation with human oversight enhances efficiency without losing the personal touch in customer interactions [131] - Companies like Caterpillar and Rolls-Royce are using AI to monitor asset performance and optimize maintenance schedules [88] Regulatory Landscape - The EU and US have differing regulatory environments, with the EU leading in cohesive sustainability frameworks and the US facing a fragmented approach [98] - Financial institutions must invest in systems to meet rising compliance costs from ESG, risk management, and data protection regulations [98] - Lenders are prioritizing financing for low-emission, sustainable assets to align with regulatory requirements and capitalize on green finance opportunities [98]