Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The study investigates the impact of export changes on labor market outcomes in Vietnam, focusing on both direct and indirect effects through supply chain linkages [6][12][57] - Findings indicate that both direct and indirect exposure to exports significantly enhance wages and employment while reducing inactivity and inequality [23][57] - The analysis highlights that wage premiums for college education decrease and the gender wage gap narrows as a result of increased export exposure [23][57] Summary by Sections Introduction - The report discusses the integration of developing nations into global trade and its implications for labor markets, particularly in Vietnam, which has experienced significant export-led growth [10][16] Conceptual Framework - A shift-share approach is utilized to assess the effects of trade shocks on labor markets, focusing on total export receipts exposure rather than just direct export exposure [25][56] Data - The analysis combines data from UN COMTRADE, input-output tables, and Vietnam's Labor Force Survey from 2010 to 2019 to evaluate labor market outcomes [28][30] Identification - The empirical strategy employs a two-stage least squares regression model to analyze the relationship between export exposure and labor market outcomes, controlling for various demographic factors [38][41] Results - **Impact on Wages**: Direct exposure leads to a US$32.5 increase in annual wages for every US$1,000 rise in direct exposure, while indirect exposure results in a US$31.14 increase [43] - **Impact on Employment**: Total exposure increases the likelihood of employment by 0.2 percentage points for every US$1,000 increase, with indirect exposure showing a more significant effect [45] - **Heterogeneity by Education**: Workers with lower education levels see greater employment gains, while college graduates experience a decrease in employment likelihood with increased export exposure [46][48] - **Heterogeneity by Economic Sector**: Employment gains are most pronounced in the Household Farm sector, while wage increases are notable in the Household Business sector [49] - **Heterogeneity by Income Level**: The lowest income quantile experiences the most significant wage improvements, with employment opportunities increasing across all income levels [50] Conclusion - The report concludes that both direct and indirect export exposure significantly influence labor market dynamics in Vietnam, highlighting the importance of supply chain connections in understanding these effects [56][58]

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Investment Rating - The report emphasizes the necessity for midcap companies to undertake transformations to enhance their performance and impact on the economy, indicating a positive investment outlook for those willing to adapt and innovate [2][3]. Core Insights - Midcap companies, defined as those with revenues between $200 million and $2 billion, represent approximately 30% of global GDP and employ nearly 40% of the global workforce, highlighting their significance in the economy [2][3]. - The report identifies seven key challenges faced by midcap companies, including limited access to talent, innovation, and capital, as well as a lack of experience in managing change programs [3][4]. - Successful transformations require setting bold aspirations and a clear purpose, which should resonate throughout the organization to mobilize efforts effectively [4][5]. - The importance of creating a fact base through data and benchmarking is emphasized, as it helps organizations understand their performance and identify areas for improvement [5][6]. - Aligning incentive structures with transformation goals is crucial, as it motivates employees and ensures that initiatives are valued and recognized [5][6]. Summary by Sections Challenges Faced by Midcap Companies - Midcap companies struggle with assessing their full potential due to unclear peer sets and often lack diversification, making them vulnerable to market disruptions [2][3]. - Governance issues arise from the close ties between management and ownership, complicating the setting of priorities [3][4]. Strengths of Midcap Companies - Midcap companies possess advantages such as organizational agility, deep expertise in specific segments, and a strong employee culture that fosters loyalty [4][5]. Key Factors for Successful Transformation - Establishing a bold aspiration and purpose is essential for driving transformation efforts [4][5]. - Companies should prioritize initiatives and tackle them in waves to manage limited leadership resources effectively [9][10]. - Investing in talent and technology, particularly in areas like generative AI, can significantly enhance operational efficiency and competitive positioning [6][9]. Governance and Strategic Planning - As midcap companies evolve, governance structures may need to adapt, especially when preparing for public offerings or significant growth phases [7][8]. - Scenario planning and stress-testing business models are recommended to ensure resilience against market fluctuations [8][10].

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 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or Prudential plc Core Insights - Prudential plc is undergoing a customer-centric transformation driven by digital transformation, with a focus on data and artificial intelligence as key enablers while maintaining the importance of human interaction [1][3] - The company aims to enhance customer experiences through personalized, proactive, and efficient services, leveraging data-driven insights to drive sustainable growth across global markets [3][4] - AI is recognized as a transformative force in the service industry, simplifying processes, enhancing customer interactions, and improving operational efficiency [4][5] Summary by Sections Customer-Centric Transformation - Prudential is prioritizing customer-centricity by establishing a new customer function to centralize data-driven approaches and enhance customer experiences [3][6] - The company emphasizes the importance of a customer-centric culture, requiring a shift in mindset, skill set, and tool set among employees [6][8] Role of Data and AI - Prudential has been leveraging AI and data analytics for several years to improve decision-making, manage risks, and enhance customer experiences [4][5] - The company is building a unified data platform to gain a comprehensive view of customers, ensuring consistent data governance across its 24 markets [8][9] Employee Engagement and Training - Prudential is focusing on equipping employees with the necessary skills and tools to effectively serve customers, including internal training and attracting external talent [6][7] - The company encourages staff to engage directly with customers to gather feedback and insights, fostering a culture of customer-centricity [9]

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]