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]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Population mobility in the Sahel is crucial for livelihoods and economic security, driven by economic motives such as wage differences, as well as non-economic factors like marriage and education [2][6] - Insecurity and climate change have led to an increase in distressed migrants and internally displaced persons (IDPs) [2][3] - Adaptive Social Protection (ASP) programs need to be adjusted to support migrants and their families, ensuring they are not penalized [3][4] Summary by Sections Key Recommendations - Policy frameworks for social protection should reflect mobility-related considerations and improve access to basic services and information on safe migration practices [4][5] - Operational modifications to ASP programs should ensure that migrants do not miss out on benefits due to administrative blind spots [4] Introduction - Economic factors significantly influence population mobility in the Sahel, with many seeking better livelihoods due to poverty and unemployment [6][7] - Internal mobility can diversify income and enhance resilience against climate and conflict-related shocks [6] Describing Internal Mobility - Over 47 million individuals in the Sahel have previously resided elsewhere within their country, with internal migration patterns varying by country [8][10] - Economic motives are the primary driver of voluntary internal mobility, with 77% of surveyed migrants citing economic reasons [10] Patterns of Voluntary Internal Mobility - Migration predominantly occurs along an east-west axis towards labor-intensive work centers, with rural-to-rural migration being significant in several countries [13][14] - The willingness to migrate varies, with 20% in Mali to 41% in Senegal expressing a desire to move [13] Forced Migration - Violent conflict and climate change are increasing forced migration, with IDPs projected to rise from 3.4 million in 2022 to 4.2 million by 2025 [16] - Climate change exacerbates economic migration, intertwining voluntary and forced migration dynamics [16][17] Labor Market Profiles of Voluntary Internal Migrants - Unemployment is common among internal migrants in urban areas, with the tertiary sector being the most prevalent area of work [18][20] - Higher education correlates with higher wages in urban areas, although exceptions exist [20] Vulnerabilities Associated with Migration - Migrants face risks such as social isolation, lack of access to services, and exploitation during transit and at destinations [22][23] - Many migrants experience unemployment and underemployment, leading to economic precarity [23] Implications for Adaptive Social Protection Programs - ASP must be designed to support the needs of mobile populations, recognizing migration patterns and adjusting policies accordingly [24][28] - Program eligibility criteria should be reviewed to ensure internal migrants can benefit from ASP programs [29] Conclusion - Modifications to ASP programs should integrate mobility-related considerations to enhance support for migrants and maximize the benefits of population mobility in the Sahel [37]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - Internal migration is a significant and growing phenomenon, with an estimated 763 million internal migrants globally as of 2013 and 71.1 million internally displaced persons (IDPs) by the end of 2022, driven by urbanization and climate change [2][10] - Social protection programs often fail to adequately address the unique challenges faced by internal migrants and IDPs, highlighting the need for reforms in eligibility criteria and program design to better support these populations [3][11] - A comprehensive approach is necessary to integrate internal migration into social protection systems, ensuring that the needs of internal migrants and IDPs are effectively met [4] Summary by Sections Introduction - The rationale for the paper emphasizes the large scale of internal migration, with over 763 million people estimated to have migrated within national borders [10] - The global situation and trends in internal migration, particularly in the Sahel region, are discussed, noting the various forms of migration and the socio-economic factors driving these movements [12][17] Analytical Approach and Scope - The paper aims to advance knowledge on internal mobility and social protection, focusing on the Sahel region and its adaptive social protection systems [22] - Definitions of internal migration and internally displaced persons are provided, clarifying the scope of the review [23][24] Lessons Learned on Integrating Migrants in Social Protection Systems - Social protection can play a crucial role in supporting internal migrants, but many programs do not accommodate their specific needs [34][35] - Challenges in eligibility criteria, targeting methods, and enrollment processes are identified, with potential solutions proposed to enhance access for internal migrants [40][47][62] - The importance of dynamic social registries and community-based targeting is highlighted as a means to improve the inclusion of internal migrants in social protection programs [55][60]