Investment Rating - The report does not explicitly provide an investment rating for the tourism industry in Spain. Core Insights - Tourism is a cornerstone of Spain's economy, with international tourist arrivals reaching 85.0 million in 2023, exceeding pre-pandemic levels by 1.8%, and generating EUR 108.8 billion in international tourist expenditure [20][21] - The report emphasizes the need for a balanced approach to tourism that maximizes positive impacts while minimizing negative environmental and social effects [21][25] - A tailored indicator framework has been developed to measure and monitor the sustainability of tourism in four Spanish regions: Andalusia, Catalonia, Navarra, and the Region of Valencia [25][26] Summary by Sections Foreword - The OECD has supported four Spanish regions in developing a system of indicators to measure tourism sustainability, funded by the European Union [6][10] - The project aims to build a more sustainable, resilient, and digital tourism ecosystem in Europe post-COVID [6] Chapter 1: Policy Context - The chapter outlines the policy context and aims of the initiative, highlighting the challenges faced by regional governments in measuring tourism's economic, social, and environmental impacts [29][33] - It discusses the National Recovery, Transformation and Resilience Plan, which aims to modernize and build a sustainable tourism sector [31][32] Chapter 2: Existing Frameworks - This chapter reviews existing sustainability initiatives and indicator frameworks globally, identifying gaps in measuring tourism sustainability beyond economic factors [22][23] Chapter 3: Indicator Framework - A system of indicators has been developed, structured around 11 policy issues, including economic benefits, local community sentiment, and environmental management [26][27] - The framework includes 21 core indicators and 9 supplementary indicators, with a focus on regional specificities [26][27] Chapter 4: Compilation Guide - Detailed guidance is provided for compiling indicators across governance, economic, social, and environmental dimensions [34][35] Chapter 5: Future Development - The report outlines avenues for refining indicator methodologies and addressing data gaps related to cultural heritage, greenhouse gas emissions, and digitalization [28][39]

Investment Rating - The report does not explicitly provide an investment rating for the public procurement industry in Hungary. Core Insights - The report highlights that public procurement in Hungary accounts for 16.4% of GDP and 33.8% of government expenditure, indicating its significant role in the economy [7] - The Hungarian government has committed to reducing the share of public procurement resulting in single bids to below 15% for both EU and national funded projects [17] - The report emphasizes the need for a multifaceted approach to improve competition in public procurement, addressing various root causes of low supplier participation [8] Summary by Sections Executive Summary - Hungary has a high rate of single-bid procedures, with a drop to 33% in 2022 from around 40% during 2019-2021 [17] - The government is implementing reforms to enhance competition, including a monitoring tool and a performance measurement framework [17][18] Chapter 1: The Role of Competition - Competition is essential for achieving value for money in public procurement, with significant cost savings associated with competitive processes [27] - The prevalence of single-bid procedures is a major concern, with single bidding increasing prices by approximately 9.6% [31] Chapter 2: State of Competition in Hungary - The report analyzes the existing frameworks for measuring competition, including the Single-bid Reporting Tool and the Public Procurement Performance Measurement Framework [45] - It provides an overview of competition levels across various sectors and regions in Hungary [45] Chapter 3: Strengthening Collaboration - The report discusses the need for better coordination among key stakeholders in the public procurement system to enhance competition [21] - It suggests that the government should streamline monitoring and control systems to avoid overlaps and ensure consistent interpretation of laws [21] Chapter 4: Enhancing Capacities - Recommendations include improving the capacities of contracting authorities and bidders to make procurement opportunities more attractive [24] - The report emphasizes the importance of training for both public procurement officials and private sector participants, especially SMEs [24] Chapter 5: Recommendations - The report outlines specific measures for enhancing competition, including mandatory market consultations and action plans for contracting authorities [34] - It stresses the importance of continuous monitoring and assessment of the impact of implemented measures on competition levels [22]

McKinsey McKinsey Sustainability Practice Creating a how-to guide for climate tech start-ups and scale-ups How can a climate tech company get funding—and scale up—quickly? The Climate Brick, an open-source manual for entrepreneurs and investors, aims to provide some answers. October 2024 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Togo's economy has shown resilience with an average growth rate of 5.1% since 2013, although it has faced challenges such as high public debt and structural issues that hinder faster growth [9][10][11] - The agricultural sector, which employs 40% of the workforce, remains crucial for poverty reduction and economic transformation, but it suffers from low productivity and vulnerability to climate change [13][30] - The report emphasizes the potential of agroforestry as a nature-based solution to enhance agricultural productivity, food security, and carbon sequestration, requiring significant initial investments [15][16] Summary by Sections Chapter I – Towards Sustainable Poverty and Debt Reduction - Economic activity in Togo has been resilient, with growth projected to moderate to 5.3% in 2024 due to fiscal consolidation and regional uncertainties [11][23] - The poverty rate is expected to decline gradually, with a projected decrease of 4.4 percentage points from the 43.8% rate observed in 2021 [11][12] - Structural factors, including low investment rates and disparities in economic opportunities, continue to hinder Togo's growth compared to regional peers [10][29] Chapter II – Agroforestry and Climate Change: The Natural Solution? - The agricultural sector's productivity is stagnant, with climate change posing significant risks to yields, particularly for rain-fed crops [13][30] - Scaling up agroforestry could significantly enhance food security and farmer welfare, with potential benefits including increased crop production and carbon sequestration [15][16] - Investment needs for a national agroforestry plan are estimated to reach about 0.8% of GDP, with the potential to triple crop production from converted areas [15][16]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Effective and efficient management and sale of distressed assets are crucial for minimizing risks to financial stability and supporting economic growth. The experiences of deposit guarantee funds in Serbia and Ukraine, along with practices from Western European asset management companies, provide valuable insights for improving bank liquidation frameworks [20][25][31]. Summary by Sections Executive Summary - The paper summarizes the asset management and divestment experiences of deposit guarantee funds in Serbia and Ukraine, highlighting key factors for successful distressed asset management, including sound governance, comprehensive strategies, active asset management, transparent valuation, and competitive sales [20][26]. Chapter 1: Introduction - The introduction outlines the importance of addressing non-performing loans (NPLs) for financial stability and economic growth, emphasizing the need for effective asset management and divestment strategies [29][30]. Chapter 2: Asset Sales - Serbia's Experience - Serbia's NPL resolution strategy was initiated in 2015, leading to a significant reduction in NPLs from a peak of 21.6% to below 5% within three years. The Deposit Insurance Agency (DIA) played a crucial role in managing distressed assets, overseeing a portfolio valued at approximately EUR 8.2 billion in 2016 [37][40][42]. - The DIA's governance framework is based on the Law on the Deposit Insurance Agency, ensuring autonomy and independence in its operations [43][44]. - The DIA's strategic plan focuses on maximizing recovery value through efficient asset management and frequent distribution of proceeds to creditors [46]. Chapter 3: Asset Sales - Ukraine's Experience - The report does not provide specific details on Ukraine's experience in this section. Chapter 4: Important Aspects of Asset Management and Divestment - Key aspects include the establishment of clear legal frameworks, comprehensive asset management strategies, active management to maximize returns, and transparent asset valuation processes [25][26]. Chapter 5: Key Recommendations for Agencies Responsible for Bank Liquidation - Recommendations emphasize the need for strategic planning in asset management, including setting clear objectives, optimizing disposal processes, and ensuring transparency in sales [26][29]. Annexes - Annex 1 provides an overview of bank resolution and liquidation frameworks in Central, Eastern, and South-Eastern European countries, while Annex 2 summarizes asset management practices from various European asset management companies [35][36].

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Global Poverty Monitoring Technical Note 39 September 2024 Update to the Poverty and Inequality Platform (PIP) What's New Danielle V. Aron, R. Andres Castaneda Aguilar, Carolina Diaz-Bonilla, Tony H. M. J. Fujs, Diana C. García R., Ruth Hill, Lali Jularbal, Christoph Lakner, Gabriel Lara Ibarra, Daniel G. Mahler, Minh C. Nguyen, Samuel Nursamsu, Carlos Sabatino, Zurab Sajaia, William Seitz, Bambang Suharnoko Sjahrir, Samu ...

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The publication serves as an introduction to key concepts related to sexual and gender diversity, health, and human rights, aimed at policymakers, researchers, educators, health workers, and advocates [17][19] - It emphasizes the importance of recognizing and respecting the diversity of sexual orientation, gender identity, and expression, which contributes to overall well-being and health [44] Summary by Sections About this FAQ - The FAQ aims to clarify key concepts and terminology in health, gender identity, and sexual diversity, and their relation to rights [17][18] What is SOGIESC? - SOGIESC stands for sexual orientation, gender identity, gender expression, and sex characteristics, highlighting the complexity and fluidity of these concepts [20][21] Terms Used to Describe Diversity in SOGIESC - The report outlines various terms used to describe sexual and gender diversity, including lesbian, gay, bisexual, transgender, intersex, and queer/questioning [24][28] Forms of Stigma and Discrimination - Sexual and gender minorities face significant stigma and discrimination, which can lead to serious human rights violations and health disparities [35][36] Human Rights Protections - The report discusses the human rights protections available for people of diverse SOGIESC, emphasizing the obligation of UN Member States to uphold these rights [39][40] Gender and Sexual Diversity Relation to Health - Gender and sexual diversity significantly impact health outcomes, with sexual and gender minorities experiencing higher rates of disease burden and barriers to accessing healthcare [45][46] Health Barriers Faced by Sexual and Gender Minorities - The report identifies inequities in health outcomes for sexual and gender minorities, stemming from stigma, discrimination, and lack of access to appropriate healthcare services [53][55] HIV and Key Populations - The report highlights the increased risk of HIV among men who have sex with men (MSM) and transgender individuals, emphasizing the need for targeted health interventions [62][64]

Investment Rating - The report does not explicitly provide an investment rating for the retail banking industry Core Insights - Retail banks globally are experiencing a period of profitability, with returns on equity (ROEs) reaching approximately 12 percent in 2023, the highest since the 2008 financial crisis, up from 10 percent between 2013 and 2020 [3][10] - The retail banking sector is facing three major challenges: cost inflation, increased fraud, and uncertainty regarding interest rates, which will compress margins and increase operational costs [4][28] - Banks are expected to focus on enhancing primary customer relationships and protecting margins through traditional and next-generation capabilities, including digitization and AI [4][7] Summary by Sections 1. The State of Global Retail Banking - The retail banking sector has seen significant growth, with global revenues surpassing $3 trillion in 2023, reflecting an annual growth rate of about 8 percent [12] - Regions such as Latin America and Emerging Asia have led in revenue growth, with Latin America achieving a 19 percent compound annual growth rate (CAGR) from 2020 to 2023 [12][10] 2. Challenges Ahead - Retail banks are expected to face sluggish deposit growth due to a high-interest-rate environment and tightening monetary policies [15] - The report anticipates margin declines of 5 to 10 percent by 2026 across various geographies, driven by rising costs and regulatory pressures [18][28] 3. Strategies for Success - Banks should adopt a mobile-first integrated distribution strategy to enhance customer engagement and streamline operations [34][36] - Developing relationship-based incentives and rewards can help banks deepen customer relationships and counter competition from fintechs [43] 4. The Role of Technology - Investment in technology, particularly in digitization and AI, is crucial for banks to improve pricing, mitigate losses, and enhance productivity [7][8] - The report highlights the importance of mastering mobile channels to orchestrate customer journeys and improve service delivery [41][42] 5. Competitive Landscape - Fintechs continue to pose a competitive threat, capturing significant market share in areas like payment services and remittances [21][22] - Traditional banks must focus on building deeper customer relationships and offering low-cost services to remain competitive [23][24]

Investment Rating - The report does not explicitly provide an investment rating for the industry [7]. Core Insights - Tonga's economic growth has been historically weak and has faced significant challenges due to multiple shocks, including natural disasters and the COVID-19 pandemic, which have potentially reversed previous welfare gains [22][54]. - Despite these challenges, poverty and inequality in Tonga fell substantially between 2015 and 2021, with the national poverty rate declining from 27.4% to 20.6% [25][26]. - The report highlights the critical role of remittances in poverty reduction, indicating that without them, the number of poor individuals would have been 50% higher [35][38]. Summary by Sections Executive Summary - The report utilizes the 2021 Household Income and Expenditure Survey (HIES) to assess poverty and inequality in Tonga, filling critical knowledge gaps [22]. - Improvements in monetary well-being were observed, with household ownership of key assets increasing and access to basic services improving [28]. - The report identifies remittances as a significant driver of poverty reduction, with nearly 90% of households receiving them [35][38]. Introduction - Tonga is classified as an upper-middle-income nation with a GNI per capita of US$7,160, facing unique developmental challenges due to its geographical isolation [53]. - The economic growth rate has historically lagged behind other Pacific Island countries, with a series of shocks significantly hindering growth [54][56]. Poverty and Inequality Patterns - The poverty rate declined across both rural and urban regions, with urban Tongatapu having a lower poverty rate compared to 'Eua and Ongo Niua [25]. - Spatial disparities in well-being persist, with urban areas accommodating a significant portion of the impoverished population [25][28]. Human Capital and Labor Market - Labor force participation remains low, and there are significant skills mismatches in the domestic labor market, impacting employment opportunities [30]. - The average child born in Tonga is projected to be only 53% as productive as they could be under optimal conditions, highlighting the need for improved human capital [30][31]. Poverty and Social Protection - Current social assistance programs have limited coverage and impact on poverty reduction, necessitating policy changes to increase benefit levels and coverage [32][34]. - The report suggests that substantial increases in remittances have been a more significant factor in poverty reduction than social assistance programs [35]. Conclusion and Recommendations - The report emphasizes the need for developing effective social protection systems and enhancing human capital to ensure sustainable poverty reduction [47][50]. - It calls for a more in-depth investigation of the impacts of temporary labor schemes on the private sector and overall household outcomes [51].

Investment Rating - The report does not explicitly provide an investment rating for the offshore wind industry in Romania, but it highlights significant potential for growth and development in this sector, suggesting a favorable outlook for investment opportunities. Core Insights - Offshore wind (OSW) technology can deliver large volumes of energy at competitive prices compared to conventional generation technologies, with Romania having the potential for up to 7 GW of OSW capacity by the early 2030s [18][19] - The Black Sea region is expected to develop a regional market for OSW, which could provide further opportunities for Romanian suppliers [19] - The report emphasizes the need for a robust policy framework and clarity on energy strategy to fully leverage Romania's offshore wind resources [25][31] Summary by Sections Renewable Energy in Europe - The EU aims for at least 60 GW of OSW capacity by 2030 and 300 GW by 2050, with the Black Sea identified as a key area for development [20][21] - The European Commission's REPowerEU Plan seeks to accelerate OSW development in response to geopolitical challenges [21][22] Renewable Energy in Romania - Romania's electricity supply has transitioned significantly, with a target of 30.7% renewable energy in gross final energy consumption by 2030, which is expected to increase [24] - The report models a potential installation of 15 GW of OSW by 2050, alongside significant onshore wind and solar capacity [24] The Opportunity and Potential Impact of Offshore Wind in Romania - OSW can provide a local, competitively priced, large-scale clean electricity source and create long-term jobs [25][30] - The report outlines the need for clarity on energy strategy, including targets for OSW deployment and significant upgrades to the transmission network [25][30] Roadmap for Offshore Wind in Romania - The report provides a strategic vision for OSW development, considering both low and high growth scenarios, with recommendations for enabling actions by the government [35][36] - Key recommendations include establishing OSW energy areas, developing a new OSW law, and upgrading the transmission network [25][38]