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 ...

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The study investigates the impact of working with same-race coworkers on employee retention, revealing that a decrease in the non-white share of coworkers significantly reduces the retention of non-white workers, while white workers' retention remains unaffected [4][12][46] - The findings suggest that peer dynamics contribute to racial segregation in workplaces, with non-white workers more likely to leave for jobs with a higher proportion of same-race peers [4][13][46] - The analysis utilizes administrative employer-employee data from Brazil, focusing on the effects of unexpected worker deaths as exogenous shocks to peer group composition [4][12][27] Summary by Sections Introduction - The paper examines how the presence of same-race peers influences worker retention, positing that individuals prefer to work with those of similar racial backgrounds [8][9] Background and Data - Brazil exhibits significant racial segregation in labor markets, with about 80% of white workers' colleagues being white, compared to 50% for non-white workers [9][21] - The study uses data from the Relação Anual de Informações Sociais (RAIS), which includes comprehensive records of formal employment in Brazil [26][27] Empirical Strategy - The research exploits unexpected deaths of workers to analyze changes in peer group racial composition and its effects on retention [27][37] - The study focuses on small peer groups to ensure that the death of one worker significantly impacts the racial composition [33][34] Results - The death of a non-white coworker leads to a 1.1 percentage point decrease in the retention of non-white incumbents, equating to a 1.8% drop relative to the control mean [12][46] - The retention rates of white incumbents show no significant changes following the death of either a white or non-white coworker [12][46] - The study finds that non-white workers tend to leave for new jobs with a higher share of same-race peers, indicating a preference for racial homophily in workplace settings [13][46]

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]

Investment Rating - The report maintains a HOLD rating for NIO Inc. with a target price reduced from US$5.60 to US$5.10, indicating a potential upside of 5.2% from the current price of US$4.85 [2][3]. Core Insights - NIO's 2Q24 earnings were mixed, with a quarter-over-quarter rise in gross profit offset by increased R&D and SG&A expenses, leading to a net loss of RMB5.1 billion [2]. - The company is projected to see significant sales volume growth in FY25/26, with estimates of 324,000 and 400,000 units respectively, driven by new brands Onvo and Firefly [2]. - Despite the anticipated sales growth, the report expresses skepticism about NIO's ability to achieve breakeven due to high ongoing expenses related to R&D and SG&A, particularly with the introduction of new brands [2]. Financial Summary - Revenue projections for FY24E are set at RMB66,730 million, with a year-over-year growth of 20.0%, and for FY25E at RMB89,501 million, reflecting a 34.1% increase [3][7]. - Gross margin is expected to improve from 5.5% in FY23A to 9.7% in FY24E and further to 11.1% in FY25E [3][7]. - The net profit forecast for FY24E is a loss of RMB18,693 million, improving to a loss of RMB16,734 million in FY25E [3][7]. Earnings Revision - The report revises FY24E revenue upwards by 7.6% and FY25E revenue by 12.1% compared to previous estimates [6]. - Gross profit estimates for FY24E and FY25E have been increased significantly, reflecting a 38.6% and 30.8% rise respectively [6]. - Operating and net profit forecasts remain negative, with operating losses projected at RMB19,909 million for FY24E and RMB17,991 million for FY25E [6]. Sales Volume and Margins - NIO's sales volume for 2Q24 was reported at 57,373 units, a 143.9% increase year-over-year, although the average selling price (ASP) decreased by 18.5% [6]. - The gross profit for 2Q24 was RMB1.689 billion, marking a significant year-over-year increase of 1842.0% [6]. - The report anticipates that even with a projected sales volume of 400,000 units annually, NIO may still struggle to achieve profitability due to high costs [2][6].

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 ...

Policy Research Working Paper 10892 Public Disclosure Authorized Public Disclosure Authorized | --- | --- | --- | --- | |-------|-----------------------|----------------------------|------------------------------------------| | | | | | | | | | Small Area Estimation of Poverty in Four | | | | | | | | | | West African Countries by Integrating | | | | Survey and Geospatial Data | | | | | | | | | Ifeanyi Edochie | | | | | David Newhouse | | | | | Nikos Tzavidis | | | | | Timo Schmid | | | | | Elizabeth Foster | ...

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10891 The Accumulation and Utilization of Human Capital over the Development Spectrum Federico Rossi Michael Weber Public Disclosure Authorized People Practice Group Human Capital Project September 2024 Policy Research Working Paper 10891 Abstract This paper reviews how human capital is accumulated and used over the process of development. It highlights that differences in worker productivity ...

Policy Research Working Paper 10890 Public Disclosure Authorized Public Disclosure Authorized Sustaining Poverty Gains A Vulnerability Map to Guide the Expansion of Social Registries Oscar Barriga-Cabanillas Thomas Bossuroy Paul Andres Corral Rodas Carlos Rodríguez-Castelán Emmanuel Skoufias Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10890 Abstract Poverty maps are a useful tool for targeting social programs on ar ...