Industry Overview - Auto insurance CPI increased by 18.6% year-over-year (y/y) and 0.9% sequentially in July 2024 [1][3] - Used car prices declined by 10.9% y/y in July 2024, accelerating from -10.1% in June and -9.3% in May [4] - Auto repair cost inflation moderated to +3.4% y/y in July from +6.7% in June and +9.5% in May [4] - Medical care services inflation remained elevated at +3.3% y/y in July, consistent with June and May levels [4] Digital Advertising Trends - Digital ad spend has been trending higher, with increases observed at ALL, PGR, State Farm, and USAA, while GEICO and ROOT saw declines on a month-over-month (m/m) basis [4][17] - GEICO's digital ad spend declined y/y in June but remains up y/y for Q2 2024 [4] - PGR is increasing ad spend to drive new business, particularly in the direct distribution personal auto insurance market where GEICO is its biggest competitor [4][17] Company Performance and Outlook - Personal auto insurance margins are expected to improve throughout 2024 due to rate increases and stable to moderating loss cost inflation trends [3] - ALL and KMPR are top picks in personal lines, with expectations of improving margins and upward estimate revisions [7] - PGR is expected to gain market share in the near term by loosening underwriting restrictions faster than competitors, though growth may slow in H2 2024 due to increased competitive pressures [7] Historical Data and Trends - The Manheim Used Vehicle Value Index shows used car prices down 4.8% y/y in July 2024, decelerating from -8.8% in June and -12.1% in May [10] - From 2008-2019, the Manheim Index grew at a compound annual growth rate (CAGR) of +2.5% [10] - Hospital services inflation was +6.1% y/y in July, down from +6.9% in June and +7.2% in May [4]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry Core Insights - The U.S. semiconductor industry is a critical driver of economic strength, national security, and technology leadership, accounting for nearly half of the global market share [2][15] - The industry has shown steady growth, with worldwide semiconductor sales projected to reach $588.4 billion in 2024 and $654.7 billion in 2025, reflecting a compound annual growth rate of 6.0% from $139.0 billion in 2001 to $526.9 billion in 2023 [11][12] Section Summaries Section 1: Industry Overview - The U.S. semiconductor industry holds a 50.2% global market share, having regained its leadership position in the late 1990s after losing ground in the 1980s [15] - U.S.-based semiconductor company sales grew from $71.1 billion in 2001 to $264.6 billion in 2023, maintaining a compound annual growth rate of 6.0% [19] - Semiconductors are one of America's top exports, valued at $52.7 billion in 2023, making it the sixth-highest among U.S. exports [25] Section 2: Global Market - Global semiconductor sales reached $526.9 billion in 2023, driven primarily by consumer products such as laptops and smartphones [30] - The largest regional market for semiconductors is Asia Pacific, with China accounting for 53% of that market and 29% of the total global market [36] Section 3: Capital and R&D Investment - Total R&D and capital expenditures by U.S. semiconductor firms reached $107.5 billion in 2023, with a compound annual growth rate of approximately 5.9% from 2001 to 2023 [41] - U.S. semiconductor industry R&D expenditures totaled $59.3 billion in 2023, reflecting a consistent commitment to R&D despite market fluctuations [50] - Investment per employee in capital expenditures and R&D reached $223,500 in 2023, indicating a high level of capital intensity in the industry [47] Section 4: U.S. Jobs - The U.S. semiconductor industry accounts for approximately 338,000 direct jobs and supports over 1.9 million additional jobs in the economy [68] Section 5: U.S. Productivity - U.S.-based semiconductor firms have seen labor productivity more than double since 2001, with an average sales revenue per employee exceeding $632,000 in 2023 [74]

Aberdeen Office Market Q2 2024 Updated Quarterly, our dashboards provide a concise synopsis of activity in the UK regional office markets | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|---------------------------------|--------------------------------------------------|-----------------------------------------------------|--------------------------------|-------|----------------------------------|------------- ...

Global Respiratory Virus Activity Weekly Update N° 488 Summarizing data through Week 31, ending 04 August 2024 Summary Influenza In the Northern hemisphere, activity in temperate countries remained at interepidemic levels. Activity was elevated in a few countries in Central America and the Caribbean, Middle Africa, Western Africa, Southern Asia and South East Asia. Influenza A(H3N2) viruses predominated except in Western Asia, South East Asia and Southern Asia where A(HIN1)pdm09 viruses predominated. Activi ...

Investment Rating - The global public health risk of influenza A(H5N1) viruses is assessed as low, with a low to moderate risk of infection for occupationally exposed individuals depending on risk mitigation measures in place [2][31][30]. Core Insights - The A(H5N1) virus has been detected in various animal species, including dairy cattle, leading to significant ecological consequences and health risks in both wildlife and livestock [3][12][14]. - Human infections with A(H5N1) viruses have been limited, with 35 cases reported since 2021, primarily associated with exposure to infected animals or contaminated environments [20][29]. - The ongoing spread of A(H5N1) in dairy cattle in the USA has raised concerns about potential zoonotic transmission, necessitating a One Health approach to effectively manage avian influenza [4][30]. Summary by Sections Infections in Animals - A(H5N1) viruses, particularly clade 2.3.4.4b, continue to diversify and spread, causing mass die-offs in wild birds and infections in various mammal species [11][12]. - As of July 2024, 162 dairy cattle herds in 13 states in the USA tested positive for A(H5N1), with clinical signs observed in 10 to 15% of affected cows [14][31]. Detections in Humans - Since 2021, 35 human cases of A(H5N1) have been reported, with most cases linked to direct exposure to infected animals [20][29]. - The majority of human cases have been asymptomatic or mild, with no evidence of sustained human-to-human transmission [22][25]. Virus Characteristics - Virus sequences from human cases have not shown markers for reduced susceptibility to antiviral treatments, indicating limited adaptation to mammalian hosts [26][30]. - Genetic markers associated with mammalian adaptation have been identified in some cases, warranting ongoing monitoring [17][26]. Recommended Actions - Increased surveillance for A(H5) influenza viruses in domestic and wild birds is recommended, along with prompt reporting of HPAI events [34][35]. - Countries are advised to implement biosecurity measures in livestock holdings and ensure proper hygiene practices when handling animal products [35][37].

крие Unlocking the Scoue 6 opportunity Insights from Asia Pacific businesses kpmg.com/unlockingscope3 Table of contents 03 Foreword 04 Executive Summary 06 Part I - Rise of Scope 3 09 Part II - Scope 3 emissions reporting in Asia Pacific 13 Part III - Key considerations in setting ESG standards 23 16 Part IV - Approaches to measuring Scope 3 18 Part V - An organization- wide toolkit for tackling Scope 3 emissions 21 Part VI - Talking to the supply chain 24 Methodology 30 31 Acknowlegments Conclusion Support ...

HVSFASIVET Immigratio 2024-168 | August 14, 2024 European Union – Visa Requirement for Holders of Certain Serbian Passports Removed On 22 July 2024, the European Council concluded the legislative process by adopting a regulation ensuring that the whole Western Balkan region is subject to the same visa regime. 1 Therefore, it decided to remove the exclusion previously applied to passports issued by the Serbian Coordination Directorate. Holders of Serbian passports issued by the Serbian Coordination Directora ...

( 日本MA) Al for Africa: Use cases delivering impact July 2024 Ezoomic 3454 3584 GSMA The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change. Our vision is to unlock the full power of connectivity so that people, industry, and society thrive. Representing mobile operators and organisations across the mobile ecosystem and adjacent industries challenges, the GSMA delivers for its members acros ...

Investment Rating - Maintain BUY rating with a target price of USD 124.50, indicating a potential upside of 60% from the current price [57]. Core Insights - The report highlights a significant decline in Alibaba's market share in China's e-commerce sector, dropping from 71.4% in 2018 to 39.4% in 2023, with a projected further decline to 37.2% in 2024, suggesting a stabilization of share loss [2]. - The competition from content-based e-commerce platforms like Douyin and Kuaishou, as well as Pinduoduo, has intensified, impacting Taobao and Tmall's market position [5][6]. - Alibaba's strategy is shifting from "helping make business" to "helping improve business," focusing on enhancing efficiency and profit margins rather than solely driving GMV growth [11]. - The total retail sales of consumer goods in China increased from RMB 29 trillion in 2015 to RMB 47 trillion in 2023, with Alibaba's GMV rising from RMB 3 trillion in FY16 to approximately RMB 8 trillion in FY24, indicating its growing importance in the retail landscape [13]. Summary by Sections E-commerce Market Dynamics - The e-commerce market in China is experiencing a shift, with content-based platforms gaining traction and affecting traditional e-commerce models [5][6]. - Pinduoduo's rapid growth is attributed to its focus on low-tier cities and effective demand creation strategies, similar to Taobao's early days [6][7]. Financial Performance - T&T Group achieved a revenue growth of 5.2% year-on-year for FY24, with expectations of high-single-digit GMV growth for the retail business in FY25 [40]. - The adjusted EBITA for T&T Group increased by 3.0% year-on-year, with a margin of 44.8%, reflecting the impact of revenue mix changes [41]. Future Outlook - The report anticipates a positive cycle for Alibaba driven by user subsidies and improved monetization tools, which could enhance profit margins and support growth [54]. - The potential inclusion in the Hong Kong Stock Connect is expected to attract significant capital inflows, further bolstering Alibaba's market position [55].

Equity Research Report Melco International Development (200 HK) GGR Rally Underperformed Sector's in 2024 Huatai Research 15 August 2024 | China (Hong Kong) Quick Take Gambling BUY, target price of HKD5.60 based on 2025E EV/EBITDA of 7.0x Melco Resorts & Entertainment (MLCO US), subsidiary of Melco International Development, has released 2Q24 results; net income was USD1,160mn (+4.3% qoq), adjusted property EBITDA was USD303mn (+1.3% gog; 68% of 2Q19 level), and property EBITDA margin was 26.2% (2Q19/1Q24: ...