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].

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]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Somalia has made macroeconomic progress, achieving a historic HIPC completion point with external debt falling to 6% of GDP in 2023, and joined the East African Community in March 2024, but growth has not been sufficient to increase GDP per capita [41] - Over half of the population lives below the national poverty line (54%), with the highest poverty rate among the nomadic population (78%) and the lowest in urban areas (46%) [42] - Non-monetary poverty is even higher than monetary poverty, with over three-quarters of the population considered non-monetary poor, particularly among the nomadic population (95%) [44] - Education inequality is significant, with regional differences driving inequalities in access to education and services [45] - The report focuses on three deep-dive topics: Somali livelihoods, shocks (particularly climate shocks), and the welfare conditions of the nomadic population [46] Summary by Sections Part A: Poverty and Economic Context - Poverty remains high in Somalia, particularly in rural and nomadic areas, with unchanged national poverty rates from 2017 to 2022 despite urbanization [42][43] - Demographic factors such as household size, IDP status, and education level are associated with poverty levels [43] - The economy is exposed to climatic shocks, affecting consumption and poverty rates [41] Part B: Livelihoods - The Somali labor market features very low labor force participation (LFP) and a high dependency on wage employment, with limited agricultural opportunities [47][48] - Household enterprises account for a significant share of employment but rarely generate sufficient profit to lift households out of poverty [51] - The dual labor market shows that better jobs are concentrated among educated individuals and those from wealthier households [50] Part C: Policy Recommendations - Continued economic progress and stability are essential for poverty reduction, with a focus on harnessing urbanization for improved service delivery and strengthening rural/nomadic livelihoods [57][58] - Policies should aim to increase labor demand for low-skilled workers and improve access to education and services for marginalized groups [59][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The combined brand value of the Australian Football League (AFL) and National Rugby League (NRL) is AUD2.3 billion, highlighting the significance of these sporting brands to the economy and the necessity for brand investment to enhance performance [8][9] - Strong sporting brands create fan demand, motivate stakeholders, and differentiate themselves in a competitive market, which is crucial given the equalisation policies in place within the AFL and NRL [9][10] - A strong brand can lead to improved business returns through increased customer loyalty, higher sales, and attracting top talent, providing a competitive advantage [10] AFL Ranking Analysis - Collingwood is the most valuable AFL brand with a valuation of AUD145 million, supported by its strong heritage and star player roster [21][22] - Carlton and Richmond follow as the second and third most valuable brands, valued at AUD115 million and AUD101 million respectively, with Carlton's brand strength impacted by a long Premiership drought [23][24] - West Coast Eagles lead the non-Victorian AFL brands with a value of AUD68 million, while Port Adelaide leads in South Australia with AUD67 million [27][29] NRL Ranking Analysis - Brisbane Broncos are the strongest NRL brand, valued at AUD124 million, despite recent on-field challenges, maintaining high commercial and match-day revenue [39][40] - Penrith Panthers have seen significant brand growth due to their recent premiership successes, valued at AUD108 million [40] - South Sydney Rabbitohs and North Queensland Cowboys follow, valued at AUD73 million and AUD72 million respectively, with both clubs benefiting from strong community engagement [40][41] Combined Brand Value Ranking - The top three brands across both leagues are Collingwood (AUD145 million), Brisbane Broncos (AUD124 million), and Carlton (AUD115 million) [53] - The report highlights the competitive landscape, with a total of 35 brands ranked, showcasing the financial strength and market presence of both AFL and NRL teams [53][54] Insights on AFL vs NRL - The AFL and NRL have a predominantly domestic audience, contrasting with international leagues, yet some teams have brand values comparable to those in the English Premier League due to Australia's affluent sports market [57]

Investment Rating - The report indicates a positive investment outlook for the e-commerce industry, particularly for companies that prioritize technology and innovation [2][3]. Core Insights - E-commerce is experiencing a fundamental transformation driven by technology, particularly generative AI, which is reshaping customer interactions and company operations [2][3]. - Leading companies are investing significantly in technology and digital channels, distinguishing themselves from laggards who are more focused on cost-cutting [5][11]. - The report outlines five critical truths for success in next-gen e-commerce, emphasizing the importance of strategic investment, internal talent development, and technology integration [2][3]. Summary by Sections Investment Strategies - Leaders in e-commerce are adopting an "attack" mindset, prioritizing investments in generative AI and digital channels, with nearly 20% of leaders making generative AI their top priority compared to less than 5% of laggards [5][6]. - Approximately 30% of leaders plan to allocate over 10% of their e-commerce budget to generative AI in the next year, while fewer than 10% of laggards are making similar commitments [5][6]. Technology and Talent - Companies are increasingly recognizing the need to build internal tech talent rather than relying on external vendors, with about 50% more leaders increasing investment in hiring technical talent compared to laggards [17]. - Leaders are twice as likely as laggards to prioritize technology as a strategic asset, with nearly 20% planning to invest over $100 million in e-commerce technology infrastructure [17][18]. Digital Channels and Customer Engagement - Leaders are extending their digital touchpoints, with significant investments in online marketplaces (60% vs. 54% for laggards) and social commerce (63% vs. 50% for laggards) [11][12]. - More than 40% of leaders derive significant revenue from shopping events, while almost 25% of laggards do not participate in such events [12][14]. Integration and Omnichannel Strategy - Successful companies are integrating online and offline channels to enhance customer experiences, with 15% of leaders reporting well-integrated channels compared to only 2% of laggards [20][21]. - The report emphasizes the importance of a centralized operating model that empowers autonomous teams to drive e-commerce initiatives effectively [22][23].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Social protection programs in the Sahel have been shown to improve various outcomes for beneficiaries, including consumption, productivity, resilience to climate change, and health and education for future generations. These programs also positively impact local economies and can strengthen social cohesion by addressing poverty and vulnerability [2][10][36]. Summary by Sections Part 1: Conceptual Framework - Social cohesion is defined as the relationships among members of society and the state, characterized by trust, inclusive identity, and cooperation for the common good [11][12]. - Social protection can affect social cohesion through various pathways, including direct program activities and indirect outcomes such as reduced poverty [16]. Part 2: Current Evidence on Social Protection's Impact on Social Cohesion - **Horizontal Social Cohesion – Within Groups** - Safety nets in Mauritania improved trust and cooperation among community members [21]. - Economic inclusion interventions in Niger and Burkina Faso increased trust and cooperation for the common good among program participants [22]. - Beneficiaries in Mali increased resource-sharing with non-beneficiaries, indicating cooperation for a larger good [23]. - **Horizontal Social Cohesion – Between Groups** - Limited evidence exists on the impacts of social protection on social cohesion between displaced communities and host communities [29]. - **Vertical Social Cohesion – Between Citizens and State** - Perceptions of fairness in selection processes vary significantly, influencing trust in the implementing agency [31]. - In Niger, a majority of non-selected individuals exhibited vertical trust regarding the beneficiary identification process [31]. Conclusions and Next Steps - Social protection has demonstrated positive impacts on social cohesion in the Sahel, but negative dynamics can also occur. The evidence base has gaps, particularly regarding the experiences of non-beneficiaries and the impacts on social cohesion between different communities [36][37]. - Future research will focus on understanding the mechanisms through which social protection impacts social cohesion and identifying design features that can enhance these impacts [38].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the urgent need to expand retirement savings coverage for informal workers in Indonesia, highlighting that informal workers constitute 60% of the total workforce, yet less than 10% actively contribute to retirement savings schemes [11][12][14] - It identifies the challenges faced by informal workers in participating in retirement savings programs, including low income, geographical barriers, and lack of financial literacy [15][17][59] - The report suggests that a tailored approach is necessary to address the diverse needs of informal workers, as a one-size-fits-all strategy is ineffective [15][60] Summary by Sections A. Introduction - Indonesia's National Social Security System (SJSN) was launched in 2004, aiming to provide protection against health and employment-related risks for all workers [9][10] - Despite the establishment of various social security programs, the coverage for informal workers remains low, with only 7.5% contributing to annuitized pension programs and 9.4% enrolled in public defined contribution pensions [12] B. Who are Indonesia's Informal Workers? - Informal workers are defined primarily by their employment status, with approximately 78 million informal workers identified in 2021 [18] - The report categorizes informal workers into four groups based on their employment characteristics, with non-digital non-salaried workers being the largest group [28] C. Informal Workers' Retirement Savings Coverage - On average, 43% of informal workers have some form of retirement savings, but only 17% contribute to a retirement savings scheme managed by BPJS or other private plans [43][44] - Coverage is highest among salaried workers with contracts (74%) and digital non-salaried workers (64%), while it is lowest among non-digital non-salaried workers [44] D. Understanding the Challenges to Retirement Savings Participation - The report identifies unavailability of funds as the primary reason for not saving for retirement, with 84% of respondents citing this issue [57] - Other challenges include unfamiliarity with the JHT program, perceived ineligibility, and concerns over income irregularity [58][60]