Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The rise of statewide school-day ACT testing programs has significantly increased participation rates, with an average increase of 28 percentage points in the first year of implementation across various states [4][10] - The ACT is now part of the statewide assessment program in twenty-three states, providing a more inclusive picture of college readiness by allowing more students from low-income and underserved populations to participate [2][5][6] - School-day testing has led to a more representative testing population, with 78 percent of the ACT 2024 graduating class participating in at least one school-day ACT administration [4] Summary by Sections Statewide School-Day ACT Programs - Since 2001, the implementation of statewide school-day ACT testing has allowed for a more inclusive assessment of student readiness, with significant increases in participation from diverse demographics [4][5][6] - The average participation rate in states with school-day testing rose by 28 percentage points in the first year, indicating a substantial shift in accessibility [10] Insights from a More Representative ACT Graduating Class - The expansion of school-day testing has revealed that 43 percent of students in the ACT graduating class of 2024 did not meet any College Readiness Benchmarks, highlighting the need for improved academic and workforce readiness [21][22] - Among students who reported no education or training plans after high school, 26 percent still enrolled in college, suggesting that school-day testing can influence students' postsecondary plans [25][26] - Students who completed a core curriculum scored an average of 2.6 points higher on the ACT compared to those who did not, emphasizing the importance of academic preparation [27][28] Conclusion - The implementation of statewide school-day ACT programs has transformed the understanding of postsecondary readiness, providing educators and policymakers with better data to drive interventions and resource allocation [29][30] - These programs represent a critical step toward ensuring that all students, regardless of background, have the opportunity to demonstrate their potential and succeed [31]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Nepal's economic growth accelerated to 4.9 percent in the first half of FY25, up from 4.3 percent in H1FY24, driven by growth in the agricultural and industrial sectors, despite a slowdown in the services sector [18][36] - Headline inflation eased to 5 percent in H1FY25 from 6.5 percent in H1FY24, primarily due to reduced non-food and services inflation, although food and beverage inflation remained elevated at 7.5 percent [20][30] - The current account surplus moderated from 2.8 percent of GDP in H1FY24 to 2.4 percent in H1FY25, influenced by declining remittance inflows and a narrowing trade deficit [21][69] - The fiscal deficit narrowed significantly, reaching near balance in H1FY25, driven by stronger revenue growth outpacing slower expenditure increases [24] Summary by Sections Recent Economic Developments - Real GDP growth accelerated to 4.9 percent in H1FY25, with significant contributions from agriculture and industry, while the services sector experienced a slowdown [18][36] - Natural disasters caused damages equivalent to 0.8 percent of GDP, impacting infrastructure and agriculture [19][42] - The monetary policy stance remained cautiously accommodative, with a reduction in the policy rate leading to record low lending rates [22] - The financial sector faced challenges with a non-performing loans (NPL) ratio reaching 4.9 percent, prompting increased loan-loss provisions [23] Outlook, Risks, and Challenges - Economic growth is projected at 4.5 percent in FY25, with the services sector expected to drive growth, although tourism disruptions may limit growth in accommodation and food services [26][27] - Inflation is expected to moderate to 5 percent in FY25, driven by lower non-food inflation and favorable agricultural output [30] - The current account surplus is projected to narrow over the medium term, primarily due to lower remittance and a widening trade deficit [31] - The fiscal deficit is expected to remain at 2.5 percent of GDP in FY25, with public debt projected to rise to 43.4 percent of GDP by FY27 [32] Real Sector - The agricultural sector grew by 3.6 percent in H1FY25, supported by increased paddy production despite the impact of floods [55] - The industrial sector expanded by 6.6 percent in H1FY25, driven by electricity and manufacturing sub-sectors [50] - The services sector grew by 5.1 percent in H1FY25, with notable declines in financial and insurance activities and accommodation and food services [46] External Sector - The current account surplus moderated to 2.4 percent of GDP in H1FY25, reflecting a decline in remittances and primary income [69] - Official remittance inflows decreased from 12.9 percent of GDP in H1FY24 to 12.4 percent in H1FY25, influenced by a reduction in migrant outflows [74] - Merchandise exports rose to 1.9 percent of GDP in H1FY25, primarily due to increased refined edible oil exports [91]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Lesotho has a unique opportunity to build a new foundation for robust and inclusive growth following a decade of low and unsustainable growth [2][3] - The report emphasizes the critical role of fiscal policy in mitigating macroeconomic volatility and fostering sustainable and inclusive growth [22] - Effective prioritization of policies and investments, sound public financial management, and restoration of fiscal buffers are essential for seizing growth opportunities [21][32] Summary by Sections Part 1: The State of the Economy - Lesotho's economy has experienced a modest recovery, with GDP growth rebounding to an estimated 2.3 percent in 2024 after a contraction of 8.2 percent in 2020 [24][29] - High SACU revenues and renegotiated water royalties have led to fiscal surpluses of 7.1 percent of GDP in FY23/24 and 8.8 percent in FY24/25 [28][86] - The unemployment rate is persistently high at an estimated 16 percent, with significant underemployment in the informal sector [26][62] - Inflation has declined from 6.4 percent in 2023 to 6.1 percent in 2024, creating space for more accommodative monetary policy [25][74] Part 2: Special Focus on Fiscal Policy - The report identifies three reform areas to transform fiscal policy into an engine of inclusive growth: adopting fiscal rules, improving the allocation of spending, and enhancing the efficiency of public spending [40][41] - Implementing fiscal rules and establishing a stabilization fund could help mitigate macroeconomic instability and strengthen the government's long-term fiscal position [41] - The allocation of the education budget should focus on expanding access to quality early childhood care and development, particularly in rural areas [39][42]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report aims to provide actionable recommendations to enhance women's participation in the Croatian labor market, addressing barriers and leveraging successful international practices [17][59]. - Despite improvements in women's labor market participation over the past decade, significant gaps remain, particularly for younger and older women compared to EU averages [18][67]. - The gender pay gap in Croatia is 7.4% in 2023, lower than the EU average of 12.0%, but still presents challenges, especially in lower-skilled jobs [24][26]. Summary by Sections Executive Summary - The report identifies barriers to women's employment and outlines opportunities for enhancing their contributions to the labor market [17]. - Employment rates for young women (15-24) and older women (55-64) are significantly lower than their EU counterparts, with only 19.4% and 47.5% employed, respectively [18][67]. - The report highlights the widening gender employment gap for younger women, particularly affecting those with lower education and multiple children [18][71]. Barriers to Female Labor Force Participation - The report categorizes barriers into individual, sociocultural, structural, and institutional factors, emphasizing the interconnectedness of these challenges [27][31]. - Traditional norms regarding family responsibilities disproportionately affect women's labor force participation, with only 3.6% of men taking parental leave in 2023 [29]. - Childcare coverage is insufficient, with nearly 20% of children aged four to six not enrolled in early childhood education and care (ECEC) facilities [29]. Government's Planned Initiatives - The report discusses the government's initiatives to support women's contributions to the labor market, including improving childcare access and aligning coverage with working hours [39]. - It emphasizes the need for flexible work arrangements and support for women entrepreneurs to enhance their economic participation [42][45]. Actionable Recommendations - Recommendation 1: Transform social norms for greater equality in family roles and career choices, including promoting shared parental responsibilities and gender-neutral career guidance [35][37]. - Recommendation 2: Improve childcare access and align coverage with working hours to facilitate women's labor market participation [38][40]. - Recommendation 3: Facilitate smoother transitions back to work after parental leave and expand flexible work options [41][43]. - Recommendation 4: Enhance support for women in entrepreneurship and expand access to diverse income opportunities [44][46]. - Recommendation 5: Expand long-term care facilities and alternative support modes for the elderly to alleviate caregiving burdens on women [50][52]. - Recommendation 6: Design gender-sensitive active labor market policies and social protection measures to address unique barriers faced by women [53][55].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report outlines the principles for determining equitable compensation in the event of early termination of concession contracts, emphasizing that the defaulting party should not benefit from the termination and the non-defaulting party should recover reasonable costs incurred due to the termination [5][14][26] Summary by Sections 1. Authority Default - In cases of early termination due to Authority Default, the Concessionaire should not be better or worse off, with compensation calculated based on the present value of forecast pre-tax nominal net operating cashflows, costs of materials ordered, redundancy payments, and other reasonable costs incurred [9][11][12] 2. Concessionaire Default - For early termination due to Concessionaire Default, the Authority should also not be better or worse off, with careful consideration needed to define Material Default events to avoid excessive consequences [14][15] - Two approaches for calculating termination sums are outlined: Retendering Approach and No Retendering Approach, with the former allowing the Authority to retender the contract and the latter requiring an independent expert to assess the Estimated Market Value [17][20] 3. Force Majeure - In the event of termination due to Force Majeure, the compensation to the Concessionaire is based on the Fair Value of completed Installation Works and Equipment, with specific deductions and additions outlined [26][28] 4. Glossary of Terms - Definitions provided include "Fair Value," which refers to the depreciated value of capital expenditure incurred by the Concessionaire, and "Sub-Contractor Breakage Costs," which are losses incurred due to early termination [29][31]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The manufacturing industry is undergoing a significant transformation driven by Industry 4.0 technologies, including AI, IoT, and advanced robotics, which enhance operational efficiency and sustainability [3][42] - The global market for AI in manufacturing is projected to grow from $3.2 billion in 2023 to $20.8 billion by 2028, indicating a strong trend towards the integration of AI technologies in manufacturing processes [9] - Manufacturers are increasingly adopting digital twins and edge computing to optimize operations, reduce costs, and improve decision-making through real-time data analysis [12][31] Group 1: Industry 4.0 Overview - Industry 4.0 represents the dawn of smart manufacturing, characterized by the integration of technologies such as IIoT, AI, and robotics, which enhance productivity and sustainability [3][4] - Embracing cutting-edge IT trends is essential for manufacturers to remain competitive, as these innovations can significantly improve operational efficiency and reduce costs [4] Group 2: Transformative Technologies - AI and machine learning are pivotal in automating tasks and enabling predictive maintenance, leading to a 5% reduction in defect rates and a 30% decrease in consumables for manufacturers [8][10] - Digital twins allow manufacturers to simulate production processes and optimize supply chains, resulting in over a 10% reduction in lead time variability [13] Group 3: Advanced Robotics - Advanced robotics and automation are crucial for meeting the demands for faster production and enhanced accuracy, with 75% of large enterprises expected to incorporate smart robots by 2026 [19] - Robotic process automation (RPA) initiatives have shown significant improvements in operational efficiency across various business functions [23] Group 4: Cybersecurity - The integration of connected devices in manufacturing raises cybersecurity challenges, necessitating advanced protocols and regular security audits to protect sensitive data [24][25] Group 5: Sustainability and Green IT - Manufacturers are increasingly pressured to adopt sustainable practices, with IT solutions playing a key role in optimizing energy consumption and minimizing waste [28][30] - A global oil and gas provider improved electricity consumption by 50% through AI-driven energy management systems, significantly reducing their carbon footprint [30] Group 6: Cloud and Edge Computing - Cloud and edge computing are essential for harnessing data's full potential, enabling real-time data processing and enhancing operational agility [31][34] - A major supermarket chain reduced manual efforts by 53% and lowered total cost of ownership by 21% through the implementation of cloud-based data analysis and predictive maintenance [32] Group 7: Smart Manufacturing - The connectivity revolution, driven by IIoT, allows manufacturers to gain real-time insights and adopt predictive maintenance strategies, leading to significant cost savings [36][37] - A global mining corporation optimized operations through IoT, resulting in savings of over $10 million and a 30% increase in operational efficiency [38] Group 8: Future Outlook - The manufacturing industry is at a pivotal point, with only 16% of manufacturers scaling their digitization efforts, indicating a significant opportunity for growth and innovation [45]

Investment Rating - The report emphasizes the need for an estimated investment of USD 183.85 million to integrate decentralized renewable energy (DRE) solutions across five priority agricultural value chains in Malawi [23]. Core Insights - The agricultural sector in Malawi faces significant energy challenges, with high demand for DRE solutions identified across various value chains, including olericulture, dairy, rice, legumes, and aquaculture [15][18]. - The study highlights that many smallholder farmers are willing to pay for DRE solutions if the economic benefits are clearly communicated, indicating a strong market potential for these technologies [20]. - DRE technologies can significantly enhance productivity, reduce post-harvest losses, and improve food security, thereby contributing to the economic growth of Malawi [22][24]. Summary by Sections Executive Summary - Access to reliable energy is a critical challenge in Malawi, particularly in rural areas, which constrains agricultural productivity [15]. - The government has prioritized renewable energy to diversify energy sources and drive rural electrification [15][16]. - The report presents findings from a feasibility study on deploying DRE technologies in selected agricultural value chains [17]. Country Context - Agriculture is vital to Malawi's economy, accounting for 23% of GDP and employing about 77% of the workforce [44]. - The reliance on rain-fed systems leads to food shortages, highlighting the potential for DRE solutions to enhance agricultural productivity [45][46]. Methodology - The assessment involved a multi-stakeholder process, including desktop reviews, stakeholder consultations, and data collection to identify opportunities for DRE integration [53][54][55]. Mapping Energy Needs - The report identifies specific energy demands at each stage of agricultural value chains, allowing for targeted DRE interventions [73]. - Key agricultural value chains analyzed include olericulture, dairy, rice, legumes, and aquaculture, each with distinct energy requirements and potential for DRE solutions [73]. Recommendations - A coordinated approach is recommended to boost DRE implementation, including tax incentives, subsidies, and the establishment of a "Green Finance Facility" [28][29]. - Development partners should support DRE demonstration projects and provide capacity-building for farmers [29][30]. - Financial institutions are encouraged to create tailored financial products for DRE solutions, facilitating access for smallholder farmers [30]. Investment and Scaling Potential - The report outlines the required investments for each value chain, with specific amounts allocated for DRE solutions targeting cold chain, processing, and irrigation [26]. - The potential market size for DRE in agriculture is projected to be around USD 185 million, indicating significant opportunities for investment [66].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The One Hundred Year Study on Artificial Intelligence aims to assess AI's current state and its future impacts on society, focusing on ethical, economic, and cognitive challenges [2][4] - AI technologies are expected to significantly influence various domains, including transportation, healthcare, and education, by 2030, with a focus on enhancing human capabilities and societal benefits [18][24] - The report emphasizes the importance of developing public policies that ensure the equitable distribution of AI's benefits while addressing ethical concerns [53][60] Summary by Sections Section I: What is Artificial Intelligence? - AI is defined as the activity devoted to making machines intelligent, with intelligence viewed as a multi-dimensional spectrum [62][72] - The field has evolved significantly, with current research focusing on human-aware and trustworthy intelligent systems [75][76] Section II: AI by Domain - **Transportation**: AI is expected to revolutionize urban mobility with self-driving vehicles, reducing traffic congestion and altering urban landscapes [31][25] - **Healthcare**: AI applications are anticipated to improve health outcomes through better data utilization and patient interaction, although challenges in trust and integration remain [32][28] - **Education**: AI technologies promise to enhance personalized learning experiences, but must be integrated with traditional teaching methods [33][28] - **Low-resource Communities**: AI can address social issues through predictive modeling and data-driven solutions, requiring trust-building with communities [36][28] - **Public Safety and Security**: AI will play a crucial role in law enforcement and surveillance, necessitating careful consideration of civil liberties and bias [36][28] - **Employment and Workplace**: AI is likely to replace certain tasks while creating new job opportunities, prompting discussions on economic equity [37][28] - **Home/Service Robots**: Advances in robotics will lead to more capable home assistants, though technical limitations may restrict broader applications [31][28] - **Entertainment**: AI is transforming entertainment through personalized and interactive experiences, raising questions about its impact on social interactions [38][28] Section III: Prospects and Recommendations for AI Public Policy - The report advocates for increased technical expertise in government regarding AI and encourages research on fairness, security, and societal implications [53][54] - It highlights the need for policies that promote democratic values and equitable sharing of AI's benefits, while addressing potential biases in AI systems [59][56]

Investment Rating - The report does not explicitly provide an investment rating for the electronics manufacturing industry Core Insights - The electronics manufacturing industry is experiencing rapid growth, valued at $1.275 trillion in 2023, with a growth rate of 7.5% driven by digitization and automation [7] - The industry is responsible for over 4% of global greenhouse gas emissions, highlighting the need for energy efficiency to mitigate environmental impact [7][9] - Energy efficiency is identified as a critical lever for reducing emissions, with potential energy savings of 25% to 30% achievable in fabrication facilities without compromising quality [8][12] - Effective management of energy use across the supply chain is essential for achieving net-zero emissions, as consumer electronics suppliers account for over 77% of the industry's total emissions [9] Summary by Sections 1. Why Supply Chain Energy Management Matters in the Electronics Manufacturing Industry - The global electronics market is growing rapidly, with significant contributions from the Asia-Pacific region and North America [7] - China's electronics manufacturing industry reached RMB 37.72 trillion (US$5.2 trillion) in 2023, with over 41,200 companies [7] - The sector's environmental impact is significant, necessitating innovation in energy technologies to support a low-carbon economy [7][8] 2. Retrofitting Existing Facilities for Energy Efficiency - Existing FATP facilities require urgent energy upgrades, particularly those built 10-20 years ago [24] - International and national standards are becoming stricter, necessitating compliance for energy management systems [24][25] - A structured process for optimizing energy efficiency includes conducting energy audits, project implementation, and savings verification [28][29] 3. Planning for Optimum Energy Efficiency in New Facilities - New FATP facilities should adopt an integrated design approach to maximize energy efficiency [6] - Key considerations include building layout, system and equipment selection, and control and monitoring strategies [6] 4. Managing Energy Efficiency in FATP Facilities - FATP facilities consume energy primarily through production, HVAC, and process air systems [18] - The production system accounts for 32% of energy consumption, while HVAC and process air systems account for 30% and 28%, respectively [20] - Implementing energy efficiency measures can significantly reduce energy consumption and costs [16][22] 5. Energy Efficiency Measures (EEMs) - EEMs can achieve substantial energy savings across various systems, including HVAC, process air, and production processes [62] - Case studies demonstrate that comprehensive energy-efficiency programs can lead to over 30% energy savings in FATP facilities [62][63] 6. Project Implementation and Acceptance - Effective project execution requires addressing challenges such as production schedule impacts and high upfront investments [66] - Collaboration with OEMs can enhance project success and streamline implementation [67] 7. Savings Verification - A rigorous measurement and verification process is essential for validating energy savings from implemented measures [72][73] - Engaging external auditors can enhance the credibility of the energy-efficiency program [75]

Investment Rating - The report does not explicitly provide an investment rating for the FIFA Club World Cup 2025 Core Insights - The FIFA Club World Cup 2025 is expected to generate significant socio-economic impacts, with a total attendance of approximately 3.7 million people and an estimated event-related expenditure of $7.2 billion [8][10] - The overall economic impact is projected to reach $41.3 billion globally, with a gross domestic product (GDP) contribution of $21.1 billion and the creation of 432,000 full-time equivalent jobs [8][39] - The Social Return on Investment (SROI) is calculated at 4.34, indicating that for every dollar invested, society is expected to benefit by $4.34 [9][64] Economic Impact - The macroeconomic analysis estimates the monetary impacts of spending, focusing on indicators such as gross output, GDP, labor income, and employment [14] - The total economic impact in the USA is projected at $17.1 billion, with a GDP contribution of $9.6 billion and 105,000 full-time equivalent jobs created [10][39] - The event is expected to generate direct, indirect, and induced economic contributions, with significant benefits for sectors such as wholesale & retail, accommodation & food, and defense & security [43] Social Impact - The social impact analysis highlights non-financial benefits, including improvements in health, well-being, and social connections within communities [26][71] - The total social benefits are estimated at $3.36 billion, with tourism-related benefits accounting for $2.43 billion, sport benefits at $0.58 billion, and entertainment benefits at $0.35 billion [60][62] - The event is anticipated to foster increased physical activity, leading to long-term health benefits and potential savings in public health costs [72][73] Methodology - The analysis employs the Social Return on Investment (SROI) methodology aligned with OECD guidelines, incorporating stakeholder engagement and outcome mapping [4][9] - Data sources include FIFA expenditure forecasts, tourism reports, and international benchmarks from organizations such as the World Bank and OECD [6][8] - The study utilizes an inter-country Social Accounting Matrix (SAM) to evaluate the economic impact across 45 productive sectors and 76 countries [5][15]