Policy Research Working Paper 10868 Public Disclosure Authorized Public Disclosure Authorized Export and Labor Market Outcomes A Supply Chain Perspective—Evidence from Viet Nam Deeksha Kokas Gladys Lopez-Acevedo Ha Vu Poverty and Equity Global Practice August 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10868 Abstract Are changes in the labor market in response to changes in exports contained specifically within exporting industries, or do they disperse throug ...

This document is not final and may be subject to change in the future. User Manual · Apply to become a Football Agent This user manual will explain the main functionalities of the FIFA Agent Platform. You will learn how to perform various actions in the platform, such as registering on the FIFA Agent Platform, applying for a licence and checking the status of your application. Overview 1. Main page 2. Registration 3. Login 4. Home page 5. Licensing 6. Exam 7. Help Centre Main page To access the platform, yo ...

Strategy & Corporate Finance Practice The transformation imperative for midcap companies Transformations, when done right, can enable midmarket companies to unleash their full potential. August 2024 Midsize companies are the lifeblood of many economies but can often increase their scale and impact by undertaking transformations. In this episode of the Inside the Strategy Room podcast, three experts offer advice on how midcaps can reach a higher level of performance. Zak Gaibi, who leads McKinsey's Transform ...

Public Disclosure Authorized Policy Research Working Paper 10864 Measuring Legislative Predictability The Case of the Kingdom of Jordan and Implications for the MENA Region Mihály Fazekas Dominik Brenner Peter Ladegaard Public Disclosure Authorized Public Disclosure Authorized Governance Global Practice August 2024 Public Disclosure Authorized Policy Research Working Paper 10864 Abstract Laws and regulations represent a central tool for governments to achieve policy objectives, and they also represent a fun ...

Financial Services Practice Prudential embraces customer centricity: An interview with Priscilla Ng Prudential plc's shift to customer-centric insurance hinges on digital transformation, with data and artificial intelligence as key enablers and humans still playing a crucial role. August 2024 As Prudential plc embraces digital transformation, the 176-year-old insurance company finds itself navigating a delicate balancing act: harmonizing the power of AI with a human touch, essential to delivering exceptiona ...

2 – 8 August 2024 China Retail & E-commerce Weekly Update I. Sector Review..............................................................................................................2 Internet & E-commerce................................................................................................2 Taobao and Tmall test after-sales negotiation tools to help merchants reduce refund rates...................................................................................................................... ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Republic of Armenia (RoA) has committed to adopting the OECD Crypto-Asset Reporting Framework (CARF) and aims to initiate the first automatic exchange of information by 2027, necessitating domestic legislation [12][20] - Currently, there are no specific provisions for crypto assets in the RoA's tax code, leading to uncertainty in tax treatment and valuation of crypto asset transactions [13][21] - The mission team provided a structured risk assessment template to the State Revenue Committee (SRC) to identify gaps in tax compliance related to crypto assets [14][39] Summary by Sections Executive Summary - The RoA's commitment to CARF requires the enactment of domestic legislation to facilitate automatic information exchange by 2027 [12] Recommendations - Finalize and document the Risk Assessment on Crypto Assets by July 2024 [19] - Review the draft law to ensure comprehensive coverage of crypto-asset-related activities by December 2024 [19][48] - Implement a step-by-step roadmap for the new laws once passed [19] Background - The RoA has committed to CARF and must enact domestic legislation to fulfill its obligations [20] - The SRC has drafted amendments to the tax code, which are under peer review by OECD experts [20][24] Key Issues - The lack of clarity in the current tax code leads to inappropriate tax outcomes for crypto asset transactions [33] - The SRC has identified gaps in the current tax framework and the need for reliable data to enforce tax compliance [41] Proposed Legal Framework - The SRC's draft amendments include provisions for tax obligations, rates, and reporting requirements, aligning with the forthcoming "RoA Law on Crypto-assets" [43][44] - Close coordination between the SRC and the Central Bank of Armenia (CBA) is essential for effective implementation [44] Next Steps - The SRC aims to close identified gaps to enhance the effectiveness of the RoA's tax framework and ensure compliance with CARF [26] - The mission team emphasized the importance of understanding the technical aspects of crypto asset transactions for effective law design [22][40]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The Reserve Bank of New Zealand (RBNZ) has lowered its policy rate forecast for 2024 and 2025, now expecting a 25 basis points cut in both October and November meetings, totaling 175 basis points of cuts in 2025 [3]. - Inflation forecasts have been slightly increased for Canada, Hungary, the Philippines, and Brazil [3]. Economic Forecasts Summary - **United States**: Real GDP growth forecast for 2024 is 2.5%, with CPI at 2.9% and a fiscal balance of -6.9% [6]. - **Japan**: Real GDP growth forecast for 2024 is 0.0%, with CPI at 2.5% and a fiscal balance of -3.5% [6]. - **Canada**: Real GDP growth forecast for 2024 is 0.8%, with CPI at 2.6% and a fiscal balance of -1.2% [6]. - **Eurozone**: Real GDP growth forecast for 2024 is 0.6%, with CPI at 2.4% and a fiscal balance of -2.9% [6]. - **China**: Real GDP growth forecast for 2024 is 4.9%, with CPI at 0.4% and a fiscal balance of -4.6% [6]. - **India**: Real GDP growth forecast for 2024 is 7.0%, with CPI at 4.3% and a fiscal balance of -7.9% [6]. - **Latin America**: Real GDP growth forecast for 2024 is 1.9%, with CPI at 28.5% and a fiscal balance of -5.6% [6]. Global Assumptions - The EUR/USD exchange rate is projected to be 1.08 by the end of 2024 and 1.10 by the end of 2025 [7]. - The average Brent oil price is expected to be $84.0 in 2024 and $80.0 in 2025 [7].

Investment Rating - The report indicates an expectation of three 25 basis point rate cuts in 2024, specifically in the September, November, and December FOMC meetings [2][16][47] Core Insights - The FOMC is reassessing the degree of monetary policy restrictiveness, with Chair Powell expected to advocate for a gradual withdrawal of such policies [3][4][16] - The current economic outlook suggests a slowdown in growth, with real GDP projected to decrease from over 3% in 2023 to approximately 1.5% in 2024 [21][23] - Inflation is anticipated to stabilize around 2.6% to 2.7% for the remainder of the year, with core PCE inflation expected to touch 2.0% by Q2 of the following year [12][18] Summary by Sections Economic Outlook - The FOMC has indicated a slow removal of policy restraint, with the unemployment rate currently at 4.25% and real GDP growth ranging from 1.8% to 2.1% [8][12] - A significant increase in nonfarm payroll employment (114K) and a three-month moving average of 170K are seen as sufficient to shift risk assessments [5][30] Inflation and Wage Growth - The core PCE price increase in July was slightly lower than previous estimates, with nominal wage growth slowing to a year-over-year change of 3.6% [7][12] - The report suggests that inflation may appear sticky due to base effects and residual seasonality, but underlying progress is viewed as encouraging [7][12] Labor Market Dynamics - The labor market is expected to slow in response to the broader economic slowdown, with projections indicating an average pace of nonfarm payroll employment of 165K in Q3 and 130K in Q4 [30][32] - Concerns are raised about the vulnerability of the expansion, particularly as consumer spending is projected to slow due to pressures on lower-income households [27][29] Policy Implications - The FOMC's policy outlook is expected to be updated at the upcoming Jackson Hole meeting, with a focus on recalibrating monetary policy to align with economic conditions [16][48] - The report emphasizes that if inflation continues to move toward the 2% target, it would be appropriate to gradually lower the federal funds rate to avoid overly restrictive conditions [13][18]

Investment Rating - Neutral rating maintained with a price target of ¥2,850 [4][7] Core Insights - The report indicates that Mabuchi Motor's Q2 operating profit (OP) was ¥5.3 billion, exceeding forecasts by 15% and consensus by 20%, driven by a weaker yen and higher volumes in the life & industrial products segment [1][2] - Automotive electrical equipment volume in H1 FY12/24 fell 5.2% below guidance, leading to a 1.4% cut in the full FY12/24 volume outlook, which is projected to grow by 1.3% year-on-year [2] - Management noted intensified competition in China, while market share in the US and Europe remains stable due to competitor withdrawals [2] - Manufacturing-related costs are expected to exceed initial estimates by ¥2.2 billion, influenced by delayed productivity improvements and rising overseas personnel costs [2] - The company's FY12/24 OP guidance was slightly raised from ¥18.8 billion to ¥18.9 billion, reflecting positive H1 performance [3] Summary by Sections Financial Performance - Q2 OP margin improved from 8.6% in Q1 to 10.5% in Q2, attributed to higher volumes, a weaker yen, price increases, and a better product mix [1] - The forecast for automotive electrical equipment volume in Q3 is an 8% quarter-on-quarter increase, but a decline of 8% is budgeted for Q4 [3] Valuation Metrics - The report provides a valuation based on a FY12/24E price-to-earnings ratio (PER) of 23X, with a current share price of ¥2,252 [4][7] - Forecast price appreciation is estimated at 26.6%, with a dividend yield of 3.6%, leading to a total forecast stock return of 30.2% [10] Company Overview - Mabuchi Motor, founded in 1954, has shifted its focus from consumer electronics to automotive products, with automotive electronics now accounting for nearly 70% of sales [11]