Investment Rating - The report indicates a positive outlook for the private credit market in Asia Pacific, highlighting its growing importance and potential for expansion [2][3][59]. Core Insights - Private credit is increasingly filling the financing gap created by higher funding costs and regulatory scrutiny on banks, particularly in the Asia Pacific region [2][3]. - The private credit market is expected to continue expanding, driven by institutional investors seeking returns and risk diversification [3][59]. - There is a notable trend towards sustainability-linked loans within the private credit sector, reflecting the growing importance of ESG considerations [4]. Summary by Region Australia - The private credit market is growing, filling the gap left by declining bank lending due to regulatory scrutiny [10]. - Sustainability-linked loans are expected to see steady growth [10]. Mainland China - The private credit market is becoming more active, with opportunities for offshore funds due to deregulation and increased foreign investment [12][13]. - Challenges include restrictions on borrowing by real estate companies and the need for court involvement for enforcement [13]. Hong Kong - The private credit market is expanding, with credit funds focusing on special situations [19]. - Non-banking entities can lend without a banking license under certain conditions [19]. India - The private credit market is gaining traction due to higher delinquencies faced by banks and liquidity issues in non-banking financial companies [30]. - Private companies can provide credit support for acquisitions, while public companies face stricter regulations [32]. Indonesia - The private credit market is growing, driven by increasing consumer demand and the expansion of financial services [33][34]. - Private credit is expected to play a significant role in financing economic development [34]. Japan - The private credit market remains limited due to strict regulations and the dominance of banks [38][39]. - Some alternative lenders are providing mezzanine financing in special situations [39]. Malaysia - The private credit market is constrained by heavy regulations, with most lending activities dominated by licensed banks [43][44]. - Offshore private credit transactions are more common during economic downturns [44]. New Zealand - The private credit market is gradually eroding the dominance of major banks, driven by international trends and increased awareness of private credit [48]. - Private credit is expected to continue growing as borrowers seek more flexible terms [48]. Philippines - The private credit market is developing, but lending activities are highly regulated [54]. - The Personal Property Security Act has improved the legal framework for secured transactions [54]. Singapore - The private credit market is experiencing significant growth, with credit funds increasing their portfolios [60]. - Funds can lend without a banking license under certain conditions, but must comply with local regulations [60][61]. South Korea - The private credit market is resilient, with government support addressing concerns about debt crises [64]. - There is a growing appetite for refinancing existing deals as interest rates are expected to ease [64]. Taiwan - The private credit market is limited due to strict regulations, but insurers are exploring lending opportunities [68]. - Foreign lenders face challenges in holding security over certain types of collateral [70]. Thailand - The private credit market is dominated by licensed banks, but foreign lenders can provide loans without a banking license under certain conditions [75][77]. - Companies can provide credit support for acquisitions, but must comply with legal requirements [77]. Vietnam - The private credit market is limited, with lending primarily conducted by licensed credit institutions [78]. - Offshore funds can provide loans without a banking license, but must navigate regulatory challenges [81].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The Egyptian Goodwill Committee is focused on enhancing child-friendly justice and addressing international parental child abduction cases, with a commitment to improving governance and legal frameworks [7][18]. - The report emphasizes the need for Egypt to consider ratifying the Hague Convention on International Child Abduction to align with international standards and improve cooperation with OECD member states [22][34]. Summary by Sections Executive Summary - The Goodwill Committee has managed approximately 200 international parental child abduction cases since its establishment in 2000, with around 85 still active [18]. - The review identifies opportunities for reform in governance arrangements, multilateral ratification, and addressing systemic barriers [19]. Assessment and Recommendations - The report outlines three main streams for reform: enhancing governance arrangements, reviewing multilateral ratification, and implementing prevention mechanisms [25]. - Recommendations include including new child justice institutions in the Committee, clarifying roles and responsibilities, and revising the Committee's mandate to prioritize the best interests of the child [30]. Understanding Child Rights and Child Abduction Frameworks - Egypt has ratified key international instruments for child rights, including the Convention on the Rights of the Child [40]. - The report discusses the complexities of international parental child abduction and the need for effective governance frameworks to manage such cases [45][51]. Strengthening the Mandate and Institutional Arrangements - Recommendations include enhancing the Committee's capacity by including the National Council for Childhood and Motherhood and the Child Protection Bureau as permanent members [20]. - The report suggests streamlining access to the Committee's services and improving case management processes [21]. Enhancing Access and Participation - The report highlights the importance of developing a user-friendly communication strategy to raise awareness of the Committee's services [33]. - It also emphasizes the need for procedural improvements to facilitate access and participation in the justice process [4.4]. Considering a Transition to Multilateral Governance - The report recommends that the Government of Egypt assess the viability of ratifying the Hague Convention to strengthen its governance framework [34]. Removing Systemic Barriers and Considering Prevention Mechanisms - The report identifies systemic barriers such as child travel bans and suggests mechanisms to mitigate these issues, including requiring parents to register their contact details upon entry to Egypt [35].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes that business as usual is unsustainable, with plastic production projected to rise from 435 million tonnes (Mt) in 2020 to 736 Mt in 2040, while mismanaged waste is expected to increase from 81 Mt in 2020 to 119 Mt in 2040 [29][30] - It highlights the need for stringent policies across the plastics lifecycle to prevent growth in primary plastics production and nearly eliminate plastic leakage to the environment by 2040 [30][31] - The report outlines that global ambition has modest macroeconomic costs, with a projected 0.5% global GDP loss in 2040 compared to the baseline scenario, but with significant environmental benefits [30][31] Summary by Sections Executive Summary - The report investigates the potential benefits and consequences of varying levels of international policy ambition to tackle plastic pollution, emphasizing that partial measures are insufficient to end plastic pollution [28][29] - It presents a scenario where stringent policies can limit total plastics use to 508 Mt in 2040 and enhance recycling rates to 42%, nearly eliminating mismanaged waste [30][31] Chapter 1: Context and Objectives - The chapter discusses the dual role of plastics in society, providing benefits while also contributing to severe environmental and health issues [36][37] - It notes the international commitment to develop a legally binding instrument on plastic pollution, highlighting the urgency for comprehensive policy approaches [37][38] Chapter 2: Business-as-Usual is Unsustainable - The report projects that plastic waste will grow to 617 Mt by 2040, with significant leakage to the environment increasing to 30 Mt [29][30] - It emphasizes that current policies are inadequate to alter trends in plastic flows and pollution significantly [30][31] Chapter 3: Modelling Policy Packages - The chapter details the modelling framework used to analyze various policy scenarios, focusing on the lifecycle of plastics and the economic activities driving their use [43][44] - It presents ten policy instruments grouped into four pillars aimed at curbing plastic production and enhancing recycling [16][46] Chapter 4: Implications of Policy Scenarios with Partial Ambition - The report indicates that partial ambition scenarios fail to eliminate plastic leakage and can only modestly slow down primary plastics use [30][31] - It highlights the importance of strong policy commitments to achieve significant reductions in mismanaged plastic waste [30][31] Chapter 5: Implications of Policy Scenarios with High Ambition - The report asserts that ambitious integrated policies can decouple economic activity from plastics use and significantly reduce mismanaged plastic waste [30][31] - It emphasizes that all policy pillars are essential in achieving the goal of eliminating plastic waste by 2040 [30][31] Chapter 6: Comparison of Costs Across Scenarios - The analysis shows that policy packages targeting all stages of the plastics lifecycle are more cost-effective at the macroeconomic level [30][31] - It notes that non-OECD countries face higher investment needs to enhance waste management systems [30][31] Chapter 7: Challenges and Priorities - The chapter discusses the need for significant technical, economic, and governance improvements to implement ambitious policies globally [30][31] - It highlights the importance of international cooperation and financing to support developing countries in their policy efforts [30][31]

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - Ethiopia and Sudan experienced significant democratic openings in 2018 and 2019, respectively, which presented opportunities for U.S. support for democratization, but ultimately failed to lead to democratic consolidation and descended into civil wars [5][9] - The U.S. government missed opportunities to support peaceful democratic change and exacerbated conflict drivers through exclusionary and short-sighted policies [5][9] - The report emphasizes the need for the U.S. to better seize opportunities for democracy, aligning policies with high-level commitments and recognizing the role of emerging powers [5][10] Summary by Sections Introduction - The U.S. faces challenges in supporting democratic openings in fragile and conflict-affected states, particularly in the context of a global democratic recession and competing interests [8] Four Key Lessons - The report outlines four key lessons for U.S. policymakers: align policy with high-level commitment, factor in the role of emerging powers, recognize underlying structural factors, and prioritize inclusivity [10][11] Ethiopia - Ethiopia's democratic opening was marked by significant reforms under Prime Minister Abiy Ahmed, but internal political fragmentation and external influences complicated the transition [33][39] - The U.S. response to Ethiopia's opening was characterized by a lack of high-level commitment and insufficient resources, leading to missed opportunities for supporting democratization [50][52] Sudan - Sudan's democratic opening faced similar challenges, with the U.S. failing to adequately engage with emerging powers and misreading the political landscape, which contributed to the eventual coup [10][21] - The report highlights the importance of recognizing structural factors and the need for inclusive policies to support democratic transitions in both countries [25][30] Conclusion - The report concludes that the U.S. must learn from these cases to improve its approach to supporting democratic openings in the future, emphasizing the importance of commitment, inclusivity, and understanding local contexts [5][10]

Industry Overview - The report focuses on **Transit-Oriented Development (TOD)** in emerging cities, emphasizing the integration of land use and transport planning to create sustainable, walkable, and transit-friendly urban environments [17][18] - Emerging cities, which house 75% of the global urban population, are expected to grow significantly, particularly in Asia and Africa, adding 2.3 billion urban dwellers by 2050 [21][86] - Urban transport is a major contributor to greenhouse gas (GHG) emissions, with private vehicles being the least carbon-efficient mode of transport per passenger-kilometer [22][87] Core Findings - **Low-carbon mobility** is already prevalent in many developing cities, with high modal shares of walking, biking, and public transport, and low motorization rates compared to developed countries [25][90] - **Density** in developing cities is a key advantage, with many informal settlements exceeding 60,000 inhabitants per km², supporting public transport and active mobility [26][92] - Despite these advantages, many emerging cities face challenges such as **inefficient urban planning**, **scattered development patterns**, and **lack of integration between transport and land use policies**, leading to increased motorization and congestion [29][93] Theoretical Framework - The report uses a **3-Value Framework (3V)** to analyze TOD, focusing on **node value** (transit ridership), **place value** (urban quality and walkability), and **market potential value** (real estate development potential) [36][128] - **Urban economics** highlights the trade-off between travel costs and rent, with higher densities near transit hubs generating demand for public transport [33][108] - **Land Use Regulations (LUR)** play a critical role in shaping urban development, with zoning, floor area ratios (FAR), and parking policies influencing transit ridership and walkability [38][162] Sandbox Model Insights - A **sandbox model** was developed to simulate the impact of LUR on transit ridership, showing that **higher FAR** and **plot coverage ratios** increase public transport use, while **setback requirements** and **parking mandates** reduce it [40][42] - The model predicts that **transit-friendly LUR** throughout the city, not just near transit corridors, is essential for creating a compact, transit-oriented urban form [43][72] Recommendations for TOD - **Accessibility analyses** should be conducted to evaluate the impact of transport investments and urban form on mobility, particularly for vulnerable groups like women [68] - **Housing affordability** should be tracked through the ratio of median income to median housing prices, with LUR adjusted to allow for more housing supply [70] - **City-wide TOD strategies** should adopt LUR that maximize node, place, and market values, including high FAR, low setbacks, and mixed land uses, to promote transit-oriented development [75][77] Case Studies and Examples - **Japan's zoning system** allows mixed land uses and high FAR in all zones, promoting densification around transit stations and affordable housing [38][162] - **Barcelona's Superille (Super-Island)** concept demonstrates how transit-friendly LUR can improve public transport ridership and urban walkability [43][62] - **Curitiba and Bogota** are examples of cities that started with arterials and sidewalks, later upgrading to bus rapid transit systems as demand increased [62][64]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The document serves as a user guide for the Amended Common Reporting Standard (CRS) XML Schema, which facilitates the automatic exchange of financial account information between tax administrations [6][11] - The CRS is designed to enhance transparency and combat tax evasion by enabling jurisdictions to obtain and exchange financial information on reportable accounts [11][12] - The XML schema is structured to support the reporting requirements of the CRS, including detailed specifications for data elements and their attributes [12][13] Summary by Sections Introduction - The OECD, in collaboration with G20 countries, developed a common standard for reporting and exchanging financial account information [11] - The schema is a technical solution for holding and transmitting information electronically [11][12] CRS Schema Information - The schema includes a message header, details about account holders, and reporting financial institutions [13] - It reuses elements from the FATCA schema, indicating some elements are optional for CRS reporting [15] Guidance on Correction Process - The user guide provides instructions on how to correct data items within a file that can be processed automatically [12][16] Appendix A - Contains diagrams representing the CRS XML Schema with all its elements [17] Appendix B - Includes a glossary of namespaces for the CRS XML Schema [17]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The document outlines the Crypto-Asset Reporting Framework (CARF) approved by the OECD in 2023, which facilitates the automatic exchange of information between tax administrations regarding crypto-assets [6][12]. - The CARF XML Schema is designed for the exchange of information reported under CARF between competent authorities and can also be used for domestic reporting by Reporting Crypto-Asset Service Providers [13][12]. - The CARF Body contains information on Reporting Crypto-Asset Service Providers, Crypto-Asset Users, and relevant transactions, ensuring compliance with tax reporting requirements [67]. Summary by Sections Introduction - The CARF User Guide links to the CARF XML Schema, which is divided into logical sections detailing specific data elements and attributes [12]. CARF XML Schema - The schema includes a Message Header, Organisation Party type, Person Party type, and the CARF Body, which collectively facilitate the reporting process [12][67]. Message Header - The Message Header identifies the sender, recipient, message type, and reporting period, ensuring clarity in communication between tax administrations [18][19]. Organisation Party Type - This section defines the information related to Entity Reporting Crypto-Asset Service Providers and Entity Crypto-Asset Users, including residence country codes and tax identification numbers [26][29]. Person Party Type - The Person Party Type provides identification information for individual Reporting Crypto-Asset Service Providers and Crypto-Asset Users, including tax identification numbers and addresses [44][49]. CARF Body - The CARF Body includes details on Reporting Crypto-Asset Service Providers and Crypto-Asset Users, as well as information on relevant transactions, ensuring comprehensive reporting [67]. Annexes - The report includes diagrams and a glossary of namespaces related to the CARF XML Schema, aiding in understanding the structure and requirements of the schema [16][8].

Investment Rating - The report does not provide a specific investment rating for the industry discussed Core Insights - The first year of the Gaza conflict has resulted in the forced displacement of 85% of the population, with nearly two million people displaced and over 41,000 deaths reported [3][4] - The displacement is characterized as a strategic objective of the conflict, aimed at territorial expansion and intended to be permanent, with no possibility of return for the displaced [8][10] - The situation in Gaza exemplifies a failure of international humanitarian law and asylum protections, highlighting the inadequacies of the international response to the crisis [3][15] Summary by Sections Displacement and Conflict - The conflict has led to a significant humanitarian crisis, with the UN declaring the situation in Gaza as reaching unprecedented emergency levels [4][5] - The mechanisms of forced displacement include evacuation orders from the Israeli government, bombings destroying civilian infrastructure, and severe limitations on access to basic necessities [4][12] Historical Context - The expulsion and expansion dynamic has been a constant in Palestinian history since the establishment of Israel in 1948, with previous instances of mass displacement occurring during the Nakba and subsequent conflicts [11][16] - The report draws parallels between the situation in Gaza and other historical cases of organized forced migration, such as the Rohingya crisis in Myanmar [8][9] International Law and Responsibility - The report critiques the failure of international law to protect civilians in conflict, emphasizing the need for a reevaluation of the roles of UN agencies like UNRWA and ACNUR in providing refugee protection [17][19] - The geopolitical implications of the refugee crisis are significant, with neighboring countries reluctant to accept Palestinian refugees, further complicating the humanitarian response [21][22] Geopolitical Dynamics - The conflict has led to a geopolitization of migration, where states use migration policies as tools for negotiating international relations, particularly in the context of Egypt's role in managing refugee flows [21][24] - The report highlights the economic pressures on Egypt and the potential for international financial agreements to influence its refugee policies [22][25] Public Opinion and Future Implications - There is a growing disconnect between official government positions and public opinion regarding the conflict, particularly in Western countries, which may influence future political outcomes [29]

Investment Rating - The report indicates a positive outlook for infrastructure investment, with 70% of respondents expecting an increase in fundraising and investment activities over the next 24 months, and 30% anticipating a substantial increase [3][10]. Core Insights - The infrastructure asset class has experienced significant growth, with a compound annual growth rate in assets under management averaging 16% over the past decade, reaching over USD 1.1 trillion [2][6]. - The global infrastructure gap is estimated at USD 15 trillion through 2040, necessitating increased private financing to bridge this gap [2][18]. - Key drivers for future investment include the energy transition, digitalisation, and demographic changes, with 54% of respondents identifying energy transition as a primary investment catalyst [3][24]. Summary by Sections Part 1: Infrastructure: Into the Mainstream - Infrastructure has become one of the fastest-growing asset classes, with M&A activity increasing from 551 deals valued at USD 148.5 billion in 2015 to 2,105 deals worth USD 658.4 billion by 2022, representing increases of 282% in volume and 343% in value [7][6]. Part 2: Key Driver 1: The Road to Energy Transition - The International Energy Agency (IEA) projects that annual investments in renewable energy need to triple to around USD 4.5 trillion by 2030 to achieve net zero emissions by 2050 [25][26]. - Solar photovoltaic (PV) and onshore wind are expected to attract the most investment, with 61% and 58% of respondents indicating these technologies as priorities [27][28]. Part 3: Key Driver 2: Digital Watch - Digitalisation is viewed as a primary investment driver by 36% of respondents, particularly in Europe, where it surpasses the energy transition in importance [37][38]. - Data centre investments reached USD 22 billion in the first five months of 2024, indicating strong growth in this sector driven by cloud computing and AI [40][41]. Part 4: Regions in the Spotlight - The Middle East is identified as the most attractive region for infrastructure investment, with 60% of respondents viewing it as highly attractive due to political stability and ambitious development plans [3][10]. - North America and Europe are expected to see the greatest investment in digital infrastructure, with 62% and 61% of respondents respectively indicating this trend [38][42]. Part 5: The Healthcare and Social Deficit - The COVID-19 pandemic has highlighted significant deficits in healthcare and social infrastructure, prompting 35% of respondents to expect increased investment in these sectors, particularly in the Asia Pacific region [3][10]. Part 6: The Sustainability Imperative - ESG considerations are becoming increasingly significant, with 47% of respondents expecting the importance of ESG to grow significantly in the next two years, particularly in Africa and APAC [3][10]. Part 7: A Journey to the Core - Investors are increasingly focusing on core infrastructure assets for their stability and predictable cash flows, with 66% planning to increase exposure to core-only assets [3][10]. Part 8: Risky Business - Geopolitical risks remain a top concern for infrastructure investors, with 35% citing these as the biggest potential impediment to investment [3][10]. Part 9: Tackling a Risky Business - Investors are employing proactive asset monitoring and management strategies to mitigate risks, with at least two-thirds of respondents relying on these methods [3][10]. Part 10: Conclusion: Where Do We Go From Here? - The report concludes with cautious optimism for a continued rebound in infrastructure investment, supported by stabilising interest rates and the pressing need for renewable energy infrastructure [5][10].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The integration of AI in critical infrastructure (CI) presents both opportunities and risks, necessitating careful management and strategic implementation [3][4][27] - Resource disparities among CI providers significantly affect AI adoption and risk management capabilities, highlighting the need for support programs for less resourced entities [5][6][39] - The ambiguity in defining AI risk management responsibilities within corporate structures complicates the effective governance of AI systems [7][50] Summary by Sections Executive Summary - AI capabilities are improving, prompting CI operators to integrate AI systems, which can enhance operations and cyber threat detection while introducing new vulnerabilities [3] - The executive order from the previous year mandates assessments of AI-related risks in critical infrastructure sectors [3] Background - The report discusses the current and potential future use of AI technologies in various CI sectors, emphasizing the need for clarity on AI system types being utilized [15][19] Risks, Opportunities, and Barriers - AI risks are categorized into malicious use and system vulnerabilities, with concerns about AI enabling new attack vectors for cyber threats [28][30] - Opportunities for AI adoption include improved operational efficiency and enhanced threat detection capabilities [33] - Barriers to adoption include data privacy concerns, regulatory compliance challenges, and the need for skilled personnel [35][37] Observations - Disparities in resources between large and small CI providers impact AI adoption and cybersecurity resilience [39][40] - The unclear boundary between AI and cybersecurity complicates risk management and incident reporting [46] Recommendations - Cross-cutting recommendations emphasize the importance of information sharing and developing a skilled workforce to support AI integration in CI [60][64] - Government actors are encouraged to harmonize regulations and tailor guidance for specific sectors to facilitate AI adoption [67][69] - CI sectors should develop best practices and expand mutual assistance initiatives to support smaller providers [72][73] - Individual organizations are advised to integrate AI risk management into existing frameworks and designate clear ownership of AI risks [75][76]