M Update Payments and Processing | North America August 26, 2024 12:39 PM GMT Stock Performance Review: V/ MA, PYPL, AFRM Morgan Stanley & Co. LLC James E Faucette Equity Analyst James.Faucette@morganstanley.com +1 212 296-5771 Shefali Tamaskar Research Associate Shefali.Tamaskar@morganstanley.com +1 212 761-4948 Meryl R Thomas, CFA Research Associate Meryl.Thomas@morganstanley.com +1 212 761-0774 Michael N Infante Equity Analyst Michael.Infante@morganstanley.com +1 212 761-4631 Antonio Jaramillo Research A ...

\ WORLD BANK GROUP BHUTAN COUNTRY ECONOMIC MEMORANDUM Maximizing Bhutan's Potential for Economic Diversification and Structural Transformation Bhutan Country Economic Memorandum © 2024 The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The Wor ...

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10900 Long-Term Growth Prospects in Peru Leveraging the Global Green Transition and the Reforms Needed to Become a High-Income Country Daniel Barco Bledi Celiku Paulo Chávez Arthur Mendes Steven Pennings Elena Resk Development Research Group & Macroeconomics, Trade and Investment Global Practice September 2024 Public Disclosure Authorized Policy Research Working Paper 10900 Abstract This pape ...

Investment Rating - The report does not provide a specific investment rating for the industry analyzed Core Insights - The study reveals that higher conflict exposure does not significantly impact firm profits, as it leads to reductions in both sales and total costs, indicating a decrease in overall economic activity despite stable profits [3][29] - The analysis utilizes longitudinal firm-level data from 91 countries between 2006 and 2019, focusing on the effects of conflict exposure on various firm outcomes [3][7] - The findings suggest that firms in countries with low-quality bureaucracy experience more pronounced negative effects from conflict exposure compared to those in countries with high-quality bureaucracy [9][29] Summary by Sections Introduction - The report highlights the prevalence of conflict and political violence affecting over 1.7 billion people globally, with significant economic activity continuing under such conditions [7] - It emphasizes the shift from macroeconomic to microeconomic analyses of conflict's effects on firms [7] Data - The primary data source is the World Bank Enterprise Survey (WBES), which includes information from approximately 180,000 firms across 148 countries, focusing on privately owned firms in the formal sector [12] - The study constructs a firm-specific measure of conflict exposure based on the number of political violence events within a 20 km radius of each firm's location [15] Empirical Strategy - The report employs a fixed-effects model to estimate the impact of conflict exposure on firm outcomes, including sales, total costs, and profits [20] - The identification strategy assumes that conflict events near a firm's location are uncorrelated with any latent determinants of its economic performance [20] Results - Increased conflict exposure leads to a significant reduction in median sales by 2.8% for a one-standard-deviation increase in conflict events [21] - Conflict exposure results in a significant reduction in total production costs, primarily due to diminished availability of inputs rather than lower input prices [22] - The null effect on profits indicates that firms adjust their production costs in response to reduced sales [23] Mechanisms - Conflict exposure reduces a firm's access to raw materials and intermediate inputs, particularly imported ones, leading to decreased output [31] - The analysis shows that conflict exposure results in a shift towards employing more unskilled workers, thereby reducing total labor costs [32]

Policy Research Working Paper 10899 Public Disclosure Authorized Public Disclosure Authorized Racial Peer Effects at Work Evidence from Worker Deaths in Brazil Katharina Fietz Aiko Schmeißer Social Protection and Jobs Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10899 Abstract This paper studies the impact of working with same-race coworkers on individuals' retention at firms. Using administrative employer-employee data from Brazil, t ...

Policy Research Working Paper 10897 Public Disclosure Authorized Public Disclosure Authorized A Literature Review on Productivity and Growth in Brazil Fernando Veloso Gabriel Zaourak Macroeconomics, Trade and Investment Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10897 Abstract Productivity growth in Brazil has not kept pace with developed and emerging economies, despite progress in achieving macroeconomic stability and implementing ...

Policy Research Working Paper 10895 Public Disclosure Authorized Public Disclosure Authorized Dynamic Exports and Labor Markets for Inclusive Growth in Cambodia Deeksha Kokas Jaime Alfonso Roche Rodriguez Gladys Lopez Acevedo Raymond Robertson Wendy Karamba Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10895 Abstract Cambodia's rapid economic growth in the past few decades has coincided with trade liberalization and ...

Policy Research Working Paper 10896 Public Disclosure Authorized Public Disclosure Authorized Economic Transformation in Africa The Role of North-South and South-South Trade Woubet Kassa Gideon Ndubuisi Solomon Owusu Africa Region Office of the Chief Economist September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10896 Abstract This paper contributes to the discussion on Africa's pathways to economic transformation by examining the roles of trade patterns—spe ...

Industry Investment Rating - The report highlights a significant opportunity for banks, insurers, multi-family offices (MFOs), asset managers, and WealthTechs to serve the growing number of family offices in Hong Kong and Singapore, driven by an estimated $5.8 trillion intergenerational wealth transfer in the Asia–Pacific region by 2030 [4][6] Core Viewpoints - The Asia–Pacific region is experiencing a family office boom, with the number of single-family offices in Hong Kong and Singapore quadrupling since 2020 to approximately 4,000 [4] - Ultra-high-net-worth (UHNW) families are expected to account for about 60% of the total wealth transfer, with UHNW and high-net-worth (HNW) families increasingly setting up family offices to manage their wealth [4][6] - The growth of family offices presents opportunities for financial service providers to offer differentiated services, including estate planning, investments, philanthropy, and tax management [4] - Hong Kong and Singapore are key hubs for family offices in the Asia–Pacific region, accounting for approximately 15% of the world's single-family offices, supported by tax benefits, clear regulations, and mature financial ecosystems [12][13] Industry Analysis Wealth Transfer and Family Office Growth - Between 2023 and 2030, UHNW and HNW families in the Asia–Pacific region are expected to transfer $5.8 trillion in wealth, with UHNW families accounting for 60% of this transfer [4][6] - The number of single-family offices in Hong Kong and Singapore has quadrupled since 2020, reaching approximately 4,000, driven by the need to manage intergenerational wealth transfers [4] Key Differences Between Asia–Pacific and Western Family Offices - Family offices in Asia–Pacific are less professionalized compared to their Western counterparts, with only about 5% of UHNW households having single-family offices, compared to over 15% in Europe and North America [10] - Wealthy families in Asia–Pacific prefer single-family offices for tighter control over their wealth, while Western families are more open to multi-family offices for cost efficiency [10] - Asian family offices show a rising interest in alternative investments, with about 30% allocated to alternatives, compared to 50% in Europe [10] Hong Kong and Singapore as Family Office Hubs - Hong Kong and Singapore manage approximately $1.3 trillion each in offshore assets, making them key players in the global financial ecosystem [13] - Wealth flowing into these hubs primarily comes from mainland China, India, and Indonesia, with increasing interest from Europe and North America as Asia–Pacific is seen as a third safe haven for portfolio diversification [13][16] Family Office Archetypes - Single-family offices in the Asia–Pacific region fall into four main archetypes: Visionary Entrepreneur, Traditional Business Owner, Embedded, and Professionalized family offices, each with distinct investment preferences and operational models [16][19] - Professionalized family offices, with in-house chief investment officers and higher assets under management (AUM), account for the largest proportion of family offices in the region [19] Challenges and Opportunities for Service Providers - Family offices face challenges such as weak governance, rising operational costs, limited access to bespoke alternative investments, and outdated technology [17][22][26] - Service providers, including banks, insurers, MFOs, and WealthTechs, can address these challenges by offering tailored solutions, improving governance structures, and leveraging technology for operational efficiency [17][22][26] Provider Types Serving Family Offices - Five types of providers serve family offices: banks with integrated or à la carte approaches, insurers, MFOs, and WealthTechs, each offering differentiated services and fee structures [28][32][36][37] - WealthTechs, in particular, are gaining traction by using technology to transform investment management and offering scalable solutions at competitive rates [37] Framework for Serving Family Offices - Providers should focus on scalability, solutions, service, and security to effectively serve family offices, with banks and insurers enhancing their operating models through partnerships, technology, and tailored offerings [43][46]

Brand Finance® 100 2024 Việt Nam Báo cáo thường niên về các thương hiệu mạnh và giá trị nhất Việt Nam Tháng 9 năm 2024 Nội dung Giới thiệu về Brand Finance 5 Lời nói đầu 6 Alex Haigh, Giám đốc điều hành, Brand Finance Châu Á Thái Bình Dương Phân tích Xếp hạng 12 Phân tích Ngành 23 Xếp hạng Giá trị Thương hiệu (triệu USD) 32 Tiêu điểm Thương hiệu 35 Ngân hàng TMCP Quân đội 36 Phỏng vấn ông Phạm Như Ánh, TGĐ Phương pháp 41 Dịch vụ của chúng tôi 49 © 2024 Mọi quyền được bảo lưu. Brand Finance Plc. brandirector ...