Investment Rating - The report indicates a modest overall fiscal impulse from the One Big Beautiful Bill Act (OBBBA), suggesting a cautious investment outlook for the affected sectors [5][6][27]. Core Insights - The OBBBA is expected to provide significant cash flow benefits primarily through upfront R&D expensing and bonus depreciation, particularly benefiting sectors like technology, communication services, and healthcare [5][10][12]. - The fiscal impulse from the OBBBA is projected to add approximately 0.4 percentage points to real GDP in 2026, although this is not sufficient to offset drags from trade and immigration policies [27][45][57]. - The report identifies potential beneficiaries among companies with substantial R&D and capital expenditures, focusing on those with significant pre-tax earnings and meaningful cash taxes [5][24][25]. Summary by Sections Fiscal Implications - The OBBBA implies higher incremental deficits than previously anticipated, with a projected 2026 deficit of 7.1% of GDP, influenced by increased tariff revenues [6][12][59]. - The bill's provisions are expected to lead to front-loaded deficits and back-loaded surpluses, indicating a short-term fiscal impulse that may later turn into a fiscal drag [5][38][57]. Sectoral Impacts - Clean Tech: The final bill is viewed positively for most subsectors, alleviating investor concerns regarding the repeal of IRA tax credits [7]. - Consumer: Smaller cuts to SNAP in the final bill reduce headwinds for packaged foods, beverages, retail, and restaurants [7]. - Software: The reinstatement of upfront R&D expensing is likely to provide a cash flow tailwind for large-cap corporates [7][10]. Tax Provisions - Upfront R&D expensing allows companies to accelerate cash tax savings, particularly benefiting sectors like tech and healthcare [10][12]. - The reinstatement of 100% first-year bonus depreciation for qualified property and equipment is expected to positively impact capital-intensive sectors such as aerospace and defense, telecom, and energy [10][12]. Cash Flow and Earnings - The report emphasizes that the majority of OBBBA policies will impact cash flows rather than reported earnings, with significant cash tax savings anticipated in the near term [8][10][12]. - The cash tax rate is expected to potentially reach new lows due to the reinstated and expanded expensing provisions [9][12]. Deficit and Rates - The report notes that concerns regarding fiscal policy under the new administration have somewhat diminished, with the 10-year yield remaining below 4.50% [14][57]. - The OBBBA is projected to result in a lower fiscal deficit in 2025 compared to prior forecasts, while maintaining a broadly unchanged deficit forecast for 2026 [59][60].

Core Insights - IQSTEL Inc. has launched IQ2Call, an AI-powered call center service aimed at enhancing customer engagement by eliminating wait times and providing scalable solutions [1][2][3] - The global call center services market is valued at approximately $496 billion in 2024 and is projected to exceed $750 billion by 2030, driven by increasing demands for customer experience and automation [3] - The launch of IQ2Call aligns with IQSTEL's strategy to expand beyond traditional telecom services and focus on high-tech, high-margin solutions [4][5] Company Strategy - IQ2Call represents a vertical integration of IQSTEL's telecom services and AI solutions, positioning the company uniquely in the global call center industry [5] - The company aims to leverage its global infrastructure and commercial relationships to create new value streams and margin expansion opportunities [4][8] - IQSTEL has grown its revenue from $13 million in 2018 to nearly $300 million in the previous year, indicating a strong growth trajectory [8] Product Features - IQ2Call offers zero wait time, auto-scaling capabilities, and 24/7 coverage with AI agents fluent in over 50 languages [6] - The service includes features such as live monitoring, performance analytics, and smart escalation from AI to human agents when necessary [11][12] - It is designed to serve various sectors including Telecommunications, Healthcare, Finance, and E-commerce, enhancing operational excellence and brand value [7] Market Opportunity - The launch of IQ2Call is positioned to address the long-standing limitations of traditional call centers, such as long wait times and inconsistent service quality [3][4] - The increasing shift towards automation in customer service presents a significant opportunity for disruption in the call center market [3]

The digital economy as we know it was born out of post Cold-War optimism and globalization. Liberal democracy would continue to spread. Governments and companies were accustomed to global market access and frictionless trade. The likes of Google and Facebook were born out of the belief that borderless innovation and limited interference by governments were preordained. But rather than a new normal of uninterrupted globalization destined to continue forever, the book argues that this period of globalization ...

Group 1: Partnership and Technology Integration - KT Corporation has partnered with Trimble Inc. to enhance precise positioning services in South Korea, integrating Trimble RTX Fast with KT's telecom infrastructure [1][8] - Trimble RTX Fast provides real-time centimeter-level positioning, significantly improving safety and performance in critical applications compared to traditional GPS [2][3] - The collaboration aims to support automotive OEMs in developing Advanced Driver Assistance Systems (ADAS) and Vehicle-to-Everything (V2X) applications, ensuring ASIL-certified accuracy [3][4] Group 2: KT's Strategic Initiatives - KT is transforming into an AICT company, launching a Korean AI model with Microsoft and enhancing its media business through AI innovations, resulting in a 10.2% year-over-year increase in AI/IT revenues in Q1 2025 [5][6] - The company is focusing on B2B growth by launching KT Secure Public Cloud and targeting various sectors to accelerate AI and cloud adoption [6] - KT has streamlined its operations by selling two subsidiaries and cutting low-margin businesses to concentrate on growth areas [5][6] Group 3: Market Performance - KT's stock has increased by 21.6% over the past three months, outperforming the Zacks Wireless Non-US industry, which grew by 17.5% [7]

Japanese telecom giant NTT sold $17.7 billion of dollar and euro bonds, marking the biggest-ever offering by an Asian corporate in the global debt market https://t.co/6vtUyglmTI ...

Summary of J.P. Morgan Japan Equity Strategy Conference Call Industry Overview - The conference call primarily discusses the **Japanese corporate sector**, focusing on the findings from the **June BOJ Tankan survey** regarding business sentiment and corporate earnings forecasts. Key Points and Arguments Impact of US Tariffs - The June BOJ Tankan indicates that **US tariffs have not significantly dampened corporate sentiment**, with a business conditions diffusion index (DI) for large manufacturers remaining steady at **13 points**, surpassing the Bloomberg consensus of **10 points** [1][4] - However, corporate earnings forecasts predict a **10% drag on net profit**, particularly affecting the **manufacturing sector**, especially **automobiles** and other processing industries [1][4] Corporate Earnings Forecasts - The FY2025 net profit growth forecast for large enterprises is revised to **-5.3%**, down from **-1.3%** in the March survey, aligning with the broader TSE Prime constituents' forecast of **-5.8%** [1][4] - **Manufacturers** lowered their profit growth forecast to **-9.8%**, while **non-manufacturers** raised theirs to **-0.8%** from **-2.0%** [1][4] Sales and Capital Expenditure (Capex) - Both manufacturers and non-manufacturers have increased their sales forecasts, with capex plans revised sharply upward to **+11.5% YoY** overall for large enterprises, driven by investments in **semiconductors**, **automation**, and **power transmission/distribution** [1][5] - Capex growth for manufacturers is projected at **+14.3%**, while non-manufacturers expect **+9.9%** [5] Foreign Exchange and Inflation Outlook - The corporate forex estimate for FY2025 is set at **¥145/$**, indicating a **4% YoY strengthening of the yen**, which is expected to negatively impact EPS by approximately **2 percentage points** [5][30] - The inflation outlook has slightly decreased, with companies expecting general prices to rise by **2.4%** in one year, down from **2.5%** previously [5][31] Sector-Specific Insights - Business conditions DI worsened in sectors more exposed to US tariffs, such as **automobiles** and **machinery**, while sectors like **materials** (paper & pulp, steel, oil & coal) and **construction** showed improvement [4][5] - The market consensus appears more cautious than company outlooks in sectors like **steel**, **services**, and **paper & pulp**, while being relatively optimistic for **electric & gas utilities**, **real estate**, and **communications** [4][5] Overall Corporate Sentiment - Despite the challenges posed by tariffs, corporate earnings remain resilient, particularly in domestic non-manufacturing sectors, which aligns with the investment strategy focusing on domestic demand sectors and potential upside in **semiconductors** and **machinery** [1][5] Additional Important Information - The report highlights the **limited impact of tariffs** on business conditions, with a flat DI for manufacturers and slight deterioration for non-manufacturers, which was in line with market expectations [4][5] - The report also notes that the **FY2025 TOPIX consensus EPS** has seen downward revisions in overseas demand sectors, particularly **automobiles**, which have been lowered by **18%** over the past three months, yet still shows a modest **+3.3% YoY profit growth forecast** as of end-June [4][5] This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state of the Japanese corporate sector and its outlook amidst external pressures.

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning through various industries including telecom, banking, technology, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the value of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes companies with large user bases and extensive content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting a belief in the significance of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved future performance [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing investments rather than frequent buying and selling [1] - The philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to free up capital for new opportunities [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]

Welcome back to Next Africa. I'm Jennifer's ambassador in Johannesburg. Ever since joining Bill Gates and Warren Buffett's Giving Pledge in 2007, Sudanese born billionaire and former tech mogul Mo Ibrahim has dedicated his time to his foundation, focused on encouraging better governance in Africa.This year's annual Ibrahim Governance Weekend brought together heads of state and business leaders to explore carving a more self-reliant way ahead for the continent. I sat down with Mo in a wide ranging discussion ...

Core Viewpoint - The overall expectation for the A-share market in the second half of 2025 is a continuation of the current oscillation and rapid rotation of hot topics, with no systemic large-scale rally anticipated [2][3] Market Assessment - Multiple institutions predict that the market will likely maintain a fluctuating pattern with significant thematic rotation [3] - The uncertainty surrounding the recovery of corporate profit growth is a key factor limiting the potential for a broad market rally [3] - The focus on corporate earnings performance is expected to contribute positively to market dynamics, with fundamental factors likely to outperform historical averages [3][4] Investment Strategy - A consensus strategy among professional institutions is to adopt a balanced allocation to manage risks while selectively focusing on structural opportunities for returns [5] - The importance of monitoring macroeconomic highlights is emphasized, with adjustments to investment strategies based on key areas such as investment, consumption, and exports [4][5] Key Directions for Investment - Institutions identify four main investment directions: 1. Deepening investments in the technology sector, particularly in areas like AI, semiconductors, and military technology [6] 2. Capitalizing on the new consumption wave, including experiential and AI-enabled consumption models [6] 3. Focusing on stable dividend assets in a weak recovery environment [6] 4. Following national policy directions, particularly in sectors like power generation and coal chemical industries [6] Short-term Outlook - Some institutions maintain an optimistic short-term outlook, suggesting a "dual-line layout" strategy that includes focusing on sectors with improving industry conditions and stable earnings [7] - The A500 index is highlighted as a key investment vehicle for capturing growth in emerging sectors [7] Long-term Perspective - Long-term confidence in the market is supported by signs of fundamental improvement and potential capital inflows [8][9] - The low valuation of the Chinese stock market compared to global peers is expected to attract both traditional and new foreign investments [9]

Group 1 - Optiva Inc. announced the election of six new members to its board of directors during the annual meeting of common shareholders [1] - The elected directors include Patrick DiPietro, Lee Matheson, Simon Parmar, Robert Stabile, Barry Symons, and Birgit Troy, with voting results showing a high approval rate ranging from 96.35% to 96.42% [2] - KPMG LLP was re-appointed as the auditor of the Company, with the board authorized to determine the auditor's remuneration [3] Group 2 - Optiva Inc. is a leading provider of cloud-native, AI-powered revenue management software for the telecommunications industry, established in 1999 and listed on the Toronto Stock Exchange [5]