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].

Investment Rating - The investment rating for Melco International Development is "BUY" with a target price of HKD 5.60 based on a 2025E EV/EBITDA of 7.0x [7][30]. Core Insights - Melco Resorts & Entertainment reported a net income of USD 1,160 million in 2Q24, reflecting a 4.3% quarter-over-quarter increase. The adjusted property EBITDA was USD 303 million, up 1.3% quarter-over-quarter, achieving 68% of the 2Q19 level. The property EBITDA margin stood at 26.2% [2][3]. - The projected GGR for 2025 and 2026 is estimated at HKD 36,991 million and HKD 40,293 million, which corresponds to 79% and 86% of the 2019 levels. The recovery in VIP, mass market, and slot revenue is expected to reach 29%, 123%, and 96% of 2019 levels respectively [2][3]. - The report indicates that Melco's GGR recovery is lagging behind the industry, with mass-market and slot growth showing signs of slowing down [2][3]. Financial Performance - For 2Q24, Melco's GGR was USD 1,223 million, which is 70% of the 2Q19 level, compared to the sector's 77%. VIP revenue decreased by 5% year-over-year but increased by 15% quarter-over-quarter, recovering to 25% of the 2Q19 level [3][4]. - City of Dreams Macau was the largest contributor to net income, accounting for 50% with an EBITDA margin of 29%. Studio City contributed 30% of net income with an EBITDA margin of 23% [4][5]. - In July, inbound tourist trips reached 3,028,000, averaging 98,000 daily, which is 85.8% of the level in the same period of 2019, indicating a potential strengthening of the gaming industry [5][6]. Revenue and Profit Projections - Revenue projections for Melco International Development are as follows: HKD 34,823 million for 2024E, HKD 38,400 million for 2025E, and HKD 42,344 million for 2026E [6][15]. - The net profit attributed to the parent company is expected to be HKD 1,014 million in 2024E, HKD 1,822 million in 2025E, and HKD 1,631 million in 2026E [6][15]. - The diluted EPS is projected to be HKD 0.51 for 2024E, HKD 0.92 for 2025E, and HKD 0.82 for 2026E [6][15].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies, but it highlights the underpenetrated B2B payments opportunities relevant to investors [1][3][11]. Core Insights - The B2B payments landscape is evolving with significant growth potential, particularly in accounts payable (AP) and accounts receivable (AR) automation, which presents opportunities for companies like Billtrust, Finexio, Mesh Payments, and ProfitSolv [1][3][11]. - The revenue models of the discussed companies vary, with some relying heavily on subscription fees while others are transitioning towards a mix of payments and software revenue [1][2][3][5]. - Virtual card usage is on the rise, with companies reporting strong growth without significant pressure on fees, indicating a favorable market environment for B2B payment solutions [1][2][3][5]. Company Summaries Billtrust - Billtrust is a leader in AR automation and B2B payments, processing over $1 trillion in invoices since its inception in 2001, with a 2022 total payment volume (TPV) exceeding $100 billion, reflecting a 35% year-over-year increase [1][2][11]. - The company operates a revenue model split approximately 50/50 between payments and software, with a focus on accelerating cash flow and improving customer satisfaction [2][11]. Finexio - Finexio specializes in end-to-end AP payment solutions, primarily serving middle-market to enterprise businesses, with a current payment volume run rate of approximately $3.5 billion [3][13]. - The company has experienced around 100% revenue growth in 2023 and has a virtual card penetration rate of about 12% of its volumes [3][13]. Mesh Payments - Mesh Payments offers an all-in-one travel and expense management platform, integrating corporate cards and expense management for global enterprises [4][15]. - The company has over 1,500 enterprise customers and has recently launched new products to enhance its service offerings [4][15]. ProfitSolv - ProfitSolv provides a suite of billing, payments, and software solutions for professional services firms, with approximately 94% of its revenue coming from subscriptions [5][17]. - The company has made significant acquisitions to expand its product offerings and currently serves over 100,000 professionals across various sectors [5][17].

Global Research and Evidence Lab 14 August 2024 LatAm Oil & Gas LightHouse: PBR, EC, YPF, RRRP, RECV, RAIZ, SMTO, TTEN, ORBIA, Fuel Dist. (3x), Agri. (2x), Global Oil Integrated and Junior E&P: PBR, EC, YPF, RRRP, RECV PBR: Government participates in Petrobras' strategic decisions. EC: We published a report on Ecopetrol's 2Q24 earnings result; see "Strong output now, but challenging horizons". YPF: CEO expects Vaca Muerta Sur (VMS) oil pipeline to be the first RIGI investment. RRRP: Jive Investments holds a ...

Investment Rating - The investment rating for TOTVS is Neutral, with a price target of R$33.50, implying a ~24x multiple to 2025E earnings [16]. Core Insights - The acquisition of Linx by TOTVS is seen as strategically positive, as it complements TOTVS' portfolio and could unlock new growth avenues, particularly in the TechFin vertical [4][7]. - Linx's current monetization is only 0.3% of its estimated R$350 billion GMV, indicating significant room for expansion [3]. - The integration of Linx's software solutions into TOTVS' offerings will require adaptation for small and medium-sized businesses (SMBs), which may necessitate further investments [3][4]. Summary by Sections TOTVS and Linx Acquisition - The CEO of TOTVS stated that acquiring Linx remains strategic, as Linx's capabilities complement TOTVS' offerings [1]. - Linx was acquired by Stone in 2020 for R$6.8 billion, and the integration has been ongoing since then [1][2]. Market Position and Client Base - Linx serves approximately 70,000 mid-large retailers with a GMV of R$300 billion, providing a new client base for TOTVS [1]. - Most of Linx's clients are larger enterprises, with only 11% being SMBs, which presents a challenge for scaling Linx's solutions to TOTVS' typical client base [3][4]. Financial Metrics and Growth Potential - The average monthly ticket for clients using Linx's ERP/POS software is R$160, supporting the potential for increased cross-selling opportunities [2]. - The report highlights that 50% of Linx's sub-acquiring clients have migrated to Stone, indicating successful integration efforts [2]. Valuation and Market Outlook - The valuation for Stone is based on a 2025E PE target multiple of 11x, reflecting the broader economic environment and regulatory changes impacting the Brazilian financial sector [8]. - The report suggests that TOTVS could benefit from future cross-selling of Business Performance solutions to Linx's customer base [4].

Investment Rating - The report assigns a 12-month rating of "Sell" for Victoria's Secret & Co (VSCO) with a price target of US$13.00 [2][12][14] Core Viewpoints - Victoria's Secret & Co pre-announced Q2 2024 EPS guidance of $0.34-$0.39, exceeding previous expectations of $0.05-$0.20, while net sales are expected to decline by 1-2% year-over-year [2][4] - The appointment of Hillary Super as CEO is viewed positively, as she has a track record of turning around brands, which may enhance market sentiment [2][4] - Despite the positive short-term outlook, the report maintains a "Sell" rating due to ongoing structural issues and market share loss in North America [2][4] Summary by Sections Financial Performance - For FY22, Victoria's Secret generated approximately $6.5 billion in revenue [4] - The forecast for revenues shows a decline from $6,182 million in FY24 to $5,978 million in FY25 [2] - EBIT is projected to decrease from $327 million in FY24 to $255 million in FY25 [2] Valuation Metrics - The report indicates a forecast stock return of -31.8% with a market return assumption of 8.9% [3] - The P/E ratio is expected to rise from 10.8x in FY24 to 12.3x in FY25 [2] - The net debt to EBITDA ratio is projected to improve from 1.2x in FY25 to 0.9x in FY29 [2] Market Dynamics - The industry structure is rated as stable (3 on a scale of 1-5) over the next six months, indicating no significant changes expected [7] - The report highlights increased competition in the intimates market and a shift in consumer preferences towards off-price and mass merchants [2][4]