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<p style="text-align: left;">We are delighted to announce that our 9<sup>th</sup> Annual Digital Money Symposium <strong><u>will return in person on 31 March in London and REGISTRATION IS NOW OPEN.</u></strong></p>
<p style="text-align: left;">&nbsp;</p>
<p style="text-align: left;">With restrictions lifting we have been so pleased to hear from our clients that they are really keen to start meeting in person and networking again.&nbsp; We understand of course that restrictions are still in place in many parts of the world and as DMS is a truly global event we will also offer some virtual sessions throughout March and April and the event on 31 March will be live streamed.</p>
<p style="text-align: left;">&nbsp;</p>
<p style="text-align: left;">The event will consist of a series of fireside chats, presentations and panel discussions&nbsp; on a range of global FinTech topics. We seek to bring together various practitioners in the FinTech and digital money ecosystem including thought-leaders, academics, banks, corporates, policy makers and the rising stars of the FinTech world. We look forward to seeing you this year! &nbsp;</p>
<p style="text-align: left;">&nbsp;</p>
<p style="text-align: left;"><strong>To register please</strong><a href="https://icg.citi.com/icghome/what-we-think/leadership/insights/digital-money-symposium-2022"><strong> </strong><strong>click here</strong></a></p>
<p style="text-align: left;">&nbsp;</p>
<p style="text-align: left;">For any questions please contact<strong> </strong><a href="mailto:kathryn1.brown@citi.com?subject=Citi's%20Digital%20Money%20Symposium" target="_blank" rel="noopener">kathryn1.brown @citi.com.</a></p>

We are delighted to invite you to save the date for Citi's 9th Annual Digital Money Symposium.

Citi's 9th Annual Digital Money Symposium

Citi is proud to host our 14th Annual Australia & New Zealand Investment Conference.

Citi's 14th Annual Australia & New Zealand Investment Conference

<p style="text-align: left;">The conference will bring together senior management from leading Global Resources corporates and investors providing the opportunity to meet in a series of one-on-one and small group meetings over two days. We will also host a number of panel sessions with our Citi lead economists and research analysts from the industry.</p>

Citi is proud to host our 16th Annual Global Resources Conference.

16th Annual Global Resources Conference 2022

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Citi GPS

<h3 class="">In our first Home of the Future report <a href="https://www.citivelocity.com/citigps/home-of-the-future/"><em>Building for Net Zero</em></a>, we looked at innovation in homebuilding. In this new report, we turn our attention to innovation in the housing market. If you bought or sold a house in the past 20 years, it was likely a memorable experience. It typically includes dealing with real estate agents, mortgage brokers, title companies, insurance companies, lawyers, housing inspectors, and country clerks. There tends to be very little technology utilized throughout the process, and when it finally comes to closing day, you are faced a huge stack of documents that needed to be signed, initialed, stamped, and certified.</h3>
<p><br />For most people, buying a home is the biggest financial transaction they will make in their lifetime. This fact alone can lead to stress even before the buying process begins. The path to becoming a homeowner often starts with personal decisions like choosing a location, assessing how much to spend on a home, and deciding how much of the purchase price to finance. This is followed by finding a real estate broker, going to open houses, finding the right house, negotiating a purchase price, securing financing, and closing the transaction. The whole process gets even more complicated if the new house purchase relies on the sale of an existing house.<br /><br />Despite many industries welcoming the advancement of technology over the past decades, the process of buying and selling a home has for the most part remained unchanged. Real estate listings migrated online and home searches can now be done from the comfort of the sofa, but large-scale technological changes have not occurred. Given the housing market is hyperlocal by nature and heavily regulated, the potential upside from innovation seems limited. There is also a feeling that players are too small to benefit from innovation at scale.<br /><br />Similar to other industries, however, the pandemic has acted as a catalyst for change in the housing market. The prospect of remote work and the rush to move away from congested cities has led to growing demand in a housing market that already had tight supply. This has led to a significant decline in the amount of time houses spend on the market and stretched housing affordability.<br /><br />Supply-demand imbalances and affordability factors are driving technology adoption into the housing market. PropTech, or fintech for real estate, is being incorporated across the home buying experience to make real estate transactions more efficient. The total addressable market (TAM) for mortgage technology is an estimated $14 billion and the technology developed to make the mortgage process more efficient could lead to cost savings for mortgage originators, faster loan closing times, and faster processing times.<br /><br /><img class="alignnone size-full wp-image-11201" src="https://www.citivelocity.com/citigps/wp-content/uploads/2022/06/HoTF_Figure-1.png" alt="" width="650" height="462" /><br /><br />New PropTech solutions to help buyers finance their transactions and better manage the timing logistics when both buying and selling a home are also starting to take hold. Finally, the increase in institutional ownership in the rental market is driving the use of efficiency technology in property management. As a larger share of single-family rental homes are held by institutions, they are utilizing technology platforms to manage things like repairs and security, and maximizing efficiencies and profit margins.<br /><br />Strengthening the foothold of technology in the real estate market should help move the industry towards being &ldquo;frictionless&rdquo; and potentially drive democratization of information and data while improving on the legacy ways of doing business.</p>
<p>&nbsp;</p>
<p><iframe src="https://ir.citi.com/gps/ubXapUn4mTcLpHnMYIV814q2HofRmTWKJ4OShY8CoNmffMqhaGyN4kvr0%2BUi7Nqbx9TUlPs%2Br58%3D?embedcode=true&amp;autoscale=true&amp;autoplay=true&amp;touchControls=true" width="800" height="450"></iframe></p>
<p>&nbsp;</p>
<p><span class="authList" style="display: none;">Authors: Anthony Pettinari,Roger Ashworth,Michael Bilerman,Renata Cabral,Griffin Chan,Arren Cyganovich,Ami Galla,Nicholas Jones,Cindy Li,Chris Marazzo,Andre Mazini, CFA,Ken Yeung,</span></p>

Why Innovate in Housing? The housing sector drives economic growth like few other sectors of the global economy. But, despite its importance to GDP in developing and emerging economies, technology update has lagged other sectors. This is now changing as tight supply and growing demand for housing has intensified the need for faster transactions speeds.

The housing sector drives economic growth like few other sectors of the global economy. But, despite its importance to GDP in developing and emerging economies, technology update has lagged other sectors. This is now changing as tight supply and growing demand for housing has intensified the need for faster transactions speeds.

Why Innovate in Housing?

Innovation in the Housing Ecosystem With the housing/mortgage market comprised of an ecosystem of co-dependent firms and their legacy systems, wholesale innovation is difficult to implement. However, technological innovation is accelerating as (1) tech startups drive efficiency across the transaction process amid a tight housing market, and (2) institutional investors make property management more efficient for single-family rentals.

With the housing/mortgage market comprised of an ecosystem of co-dependent firms and their legacy systems, wholesale innovation is difficult to implement. However, technological innovation is accelerating as (1) tech startups drive efficiency across the transaction process amid a tight housing market, and (2) institutional investors make property management more efficient for single-family rentals.

Innovation in the Housing Ecosystem

Innovating Finance and Process Tech Real estate technology companies are now aiming to streamline various aspects of the real estate transaction. Mortgage underwriting, title insurance, and other processes are ripe for innovation with a combined total addressable market (TAM) for technology of $34 billion to $36 billion. Combining escrow and closing services on a tech platform, for example, could speed up closing times by 15%-25%. because of improved technologies and market efforts, some of the fastest-growing mortgage originators are digital-first lenders with 100% end-to-end digital underwriting processes.

Real estate technology companies are now aiming to streamline various aspects of the real estate transaction. Mortgage underwriting, title insurance, and other processes are ripe for innovation with a combined total addressable market (TAM) for technology of $34 billion to $36 billion. Combining escrow and closing services on a tech platform, for example, could speed up closing times by 15%-25%. because of improved technologies and market efforts, some of the fastest-growing mortgage originators are digital-first lenders with 100% end-to-end digital underwriting processes.

Innovating Finance and Process Tech

Innovating Property Management Since 2008, the institutional single-family rental (SFR) industry has growth from zero to ~480,000 homes, or 3% of the total SFR market in the U.S. Equity capital raised for SFR acquisitions hit $44 billion in 2021 versus just $3.6 billion combined in 2019 and 2020. Institutional ownership of SFRs is driving technology adoption at scale in a quest to increase efficiency and increase revenue through ancillary service offerings. However, institutional SFRs and build-for-rent practices have attracted environmental, social, and governance (ESG) scrutiny, especially around denying individuals opportunities for wealth creation in the home ownership arena.

Since 2008, the institutional single-family rental (SFR) industry has growth from zero to ~480,000 homes, or 3% of the total SFR market in the U.S. Equity capital raised for SFR acquisitions hit $44 billion in 2021 versus just $3.6 billion combined in 2019 and 2020. Institutional ownership of SFRs is driving technology adoption at scale in a quest to increase efficiency and increase revenue through ancillary service offerings. However, institutional SFRs and build-for-rent practices have attracted environmental, social, and governance (ESG) scrutiny, especially around denying individuals opportunities for wealth creation in the home ownership arena.

Innovating Property Management

Why Innovate in Housing? The housing sector drives economic growth like few other sectors of the global economy. But, despite its importance to GDP in developing and emerging economies, technology update has lagged other sectors. This is now changing as tight supply and growing demand for housing has intensified the need for faster transactions speeds. Innovation in the Housing Ecosystem With the housing/mortgage market comprised of an ecosystem of co-dependent firms and their legacy systems, wholesale innovation is difficult to implement. However, technological innovation is accelerating as (1) tech startups drive efficiency across the transaction process amid a tight housing market, and (2) institutional investors make property management more efficient for single-family rentals. Innovating Finance and Process Tech Real estate technology companies are now aiming to streamline various aspects of the real estate transaction. Mortgage underwriting, title insurance, and other processes are ripe for innovation with a combined total addressable market (TAM) for technology of $34 billion to $36 billion. Combining escrow and closing services on a tech platform, for example, could speed up closing times by 15%-25%. because of improved technologies and market efforts, some of the fastest-growing mortgage originators are digital-first lenders with 100% end-to-end digital underwriting processes. Innovating Property Management Since 2008, the institutional single-family rental (SFR) industry has growth from zero to ~480,000 homes, or 3% of the total SFR market in the U.S. Equity capital raised for SFR acquisitions hit $44 billion in 2021 versus just $3.6 billion combined in 2019 and 2020. Institutional ownership of SFRs is driving technology adoption at scale in a quest to increase efficiency and increase revenue through ancillary service offerings. However, institutional SFRs and build-for-rent practices have attracted environmental, social, and governance (ESG) scrutiny, especially around denying individuals opportunities for wealth creation in the home ownership arena.

PropTech solutions that drive efficiency throughout the real estate transaction are starting to take hold in the U.S. housing market.

Home of the Future 2 - CitiGPS

PropTech – Towards a Frictionless Housing Market?

In our first Home of the Future report Building for Net Zero, we looked at innovation in homebuilding. In this new report, we turn our attention to innovation in the housing market. If you bought or sold a house in the past 20 years, it was likely a memorable experience. It typically includes dealing with real estate agents, mortgage brokers, title companies, insurance companies, lawyers, housing inspectors, and country clerks. There tends to be very little technology utilized throughout the process, and when it finally comes to closing day, you are faced a huge stack of documents that needed to be signed, initialed, stamped, and certified.

Home of the Future 2 - PropTech: Towards a Frictionless Housing Market?

Citi was the first international bank to obtain a full banking license to operate in Algeria in 1998. Since then, Citi has been a key lender in the Algerian market, arranging many projects that have been critical to the growth and vitality of the country. 

Around the World with Citi: Algiers

In this video series, you'll meet Citi employees and learn about their lives, the cities they call home, and how they strive to be the best banking partner to their clients. Working together, our world grows smaller and easier to navigate.

Around the World with Citi

World Youth Skills day was created to help raise awareness on the importance of equipping young people with skills for employment, decent work and entrepreneurship. 

World Youth Skills Day 2022

Citi’s Institutional Clients Group is continuously striving to find better, innovative, and sustainable ways to serve our clients. In these videos, we talk with Citi colleagues, clients and partners to hear more about innovation.

Innovation

Hear how Citi Community Capital makes a positive impact on society with lending to support affordable housing projects.

Sustaining As One

Citi’s Institutional Clients Group is continuously striving to find better, innovative, and sustainable ways to serve our clients. In these videos, we talk with Citi colleagues, clients and partners to hear more about sustainability.

Sustainability

Transcript

<h2 style="line-height: 120%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; word-break: normal;"><span style="font-size: 24px;">Traditionally speaking, disruption has a negative connotation, especially when it comes to money! But our guests on the Season 1 finale of Good Things Happen look at disruption as a positive change and ongoing necessity, especially in the digital age.&nbsp;</span></h2>
<h2 style="line-height: 120%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; word-break: normal;">&nbsp;</h2>
<h2 style="line-height: 120%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; word-break: normal;"><span style="font-size: 24px;">Don&rsquo;t miss our season wrap where Paco Ybarra, CEO, </span><span style="font-size: 24px;">Citi Institutional Clients Group </span><span style="font-size: 24px;">and Stuart Riley, Global Head of Technology from Citi Institutional Clients Group talk about the financial industry&rsquo;s evolution and the exciting changes and innovations ahead.</span></h2>
<h2 style="line-height: 120%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; word-break: normal;">&nbsp;</h2>
<p style="line-height: 120%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; word-break: normal;"><span style="font-size: 11pt;"><br /></span><span style="font-size: 16px;">The views expressed herein are those of the speakers and&nbsp;do not&nbsp;necessarily reflect the&nbsp;views of Citigroup Global Markets Inc. or its affiliates. All opinions are subject to change&nbsp;without notice. Neither the information&nbsp;provided&nbsp;nor any opinion expressed constitutes&nbsp;a solicitation for the purchase or sale of any security. The expressions of opinion&nbsp;are not&nbsp;intended to be a forecast of future events or a guarantee of future results.</span></p>

Bio: Paco Ybarra , Chief Executive Officer of Citi’s Institutional Clients Group Paco Ybarra is Chief Executive Officer of Citi’s Institutional Clients Group, which includes its Banking, Markets and Services businesses. He is a member of the Executive Management Team, Chairman of the Institutional Clients Group Risk Management Committee and serves as a Member of the Board of Grupo Financiero Citibanamex, S.A. de C.V.
Prior to assuming his current role in May 2019, Paco was Global Head of Markets and Securities Services. He joined the bank in 1987 in Spain as a Management Associate. During his career he has held positions in Spain, Mexico, Singapore, New York and London. In November 2006, he became Co-Head of Global Fixed Income, and in 2011 was appointed Global Head of Markets. In November 2013, his responsibilities were expanded to include the securities services businesses. He was appointed Deputy Head of the Institutional Clients Group in October 2018.
Paco holds a Bachelor of Arts degree in economics from the University of Valencia in Spain and a Master of Business Administration degree from I.E.S.E. in Barcelona. He is a member of the Board of Directors of EMPower in the United Kingdom, a non-for-profit organization that supports at-risk youth in Emerging Markets. He also sits in the Alumni Board of I.E.S.E.

Paco Ybarra is Chief Executive Officer of Citi’s Institutional Clients Group, which includes its Banking, Markets and Services businesses. He is a member of the Executive Management Team, Chairman of the Institutional Clients Group Risk Management Committee and serves as a Member of the Board of Grupo Financiero Citibanamex, S.A. de C.V.
Prior to assuming his current role in May 2019, Paco was Global Head of Markets and Securities Services. He joined the bank in 1987 in Spain as a Management Associate. During his career he has held positions in Spain, Mexico, Singapore, New York and London. In November 2006, he became Co-Head of Global Fixed Income, and in 2011 was appointed Global Head of Markets. In November 2013, his responsibilities were expanded to include the securities services businesses. He was appointed Deputy Head of the Institutional Clients Group in October 2018.
Paco holds a Bachelor of Arts degree in economics from the University of Valencia in Spain and a Master of Business Administration degree from I.E.S.E. in Barcelona. He is a member of the Board of Directors of EMPower in the United Kingdom, a non-for-profit organization that supports at-risk youth in Emerging Markets. He also sits in the Alumni Board of I.E.S.E.

Bio: Paco Ybarra , Chief Executive Officer of Citi’s Institutional Clients Group

Bio: Stuart Riley, Global Head of ICG Technology Stuart Riley is the Global Head of ICG Technology, an organization of ~59,000 people, responsible for processing over 4 billion transactions a year and supporting ~ 3,000 applications, representing ~$5bn of annual investment.
Stuart has a computer science background, holding a Bachelor’s degree in Software engineering and Management, and has spent the majority of his career in investment banking technology.
In 2010, Stuart joined Citi’s Sales and Trading organization to lead eCommerce. Having led the development and wide spread adoption of, the industry leading, Citi Velocity suite of products, Stuart moved into O&T, where he has held a variety of leadership positions across Capital Markets, Securities Services, Investment Banking, Trade and Treasury and Private Banking.  
A techie at heart, he drives product innovation, digital efforts for ICG and delivering leading services to our clients.  He is focused on using technology to change, simplify and strengthen the way we do business and operate – from onboarding to execution.  
In addition to our main internal initiatives including Cloud, Data, APIs, Blockchain, and Cyber, he is also actively engaged with external companies, start-ups, think-tanks and academics, as he is of the view that innovation is best achieved via connectivity.
Stuart is also passionate about the diversity, equity and inclusion agenda.  He co-leads Citi Women’s Affinity Network with Mary McNiff, Citi Compliance Officer, and serves as both an internal and external champion for this demographic.  And, he is an expert member of the Teach First’s Technology Committee, part of the Teach For All network, which aims at developing solutions to end educational disadvantage and create a fair education for all.

Stuart Riley is the Global Head of ICG Technology, an organization of ~59,000 people, responsible for processing over 4 billion transactions a year and supporting ~ 3,000 applications, representing ~$5bn of annual investment.
Stuart has a computer science background, holding a Bachelor’s degree in Software engineering and Management, and has spent the majority of his career in investment banking technology.
In 2010, Stuart joined Citi’s Sales and Trading organization to lead eCommerce. Having led the development and wide spread adoption of, the industry leading, Citi Velocity suite of products, Stuart moved into O&T, where he has held a variety of leadership positions across Capital Markets, Securities Services, Investment Banking, Trade and Treasury and Private Banking.  
A techie at heart, he drives product innovation, digital efforts for ICG and delivering leading services to our clients.  He is focused on using technology to change, simplify and strengthen the way we do business and operate – from onboarding to execution.  
In addition to our main internal initiatives including Cloud, Data, APIs, Blockchain, and Cyber, he is also actively engaged with external companies, start-ups, think-tanks and academics, as he is of the view that innovation is best achieved via connectivity.
Stuart is also passionate about the diversity, equity and inclusion agenda.  He co-leads Citi Women’s Affinity Network with Mary McNiff, Citi Compliance Officer, and serves as both an internal and external champion for this demographic.  And, he is an expert member of the Teach First’s Technology Committee, part of the Teach For All network, which aims at developing solutions to end educational disadvantage and create a fair education for all.

Bio: Stuart Riley, Global Head of ICG Technology

Bio: Paco Ybarra , Chief Executive Officer of Citi’s Institutional Clients Group Paco Ybarra is Chief Executive Officer of Citi’s Institutional Clients Group, which includes its Banking, Markets and Services businesses. He is a member of the Executive Management Team, Chairman of the Institutional Clients Group Risk Management Committee and serves as a Member of the Board of Grupo Financiero Citibanamex, S.A. de C.V.
Prior to assuming his current role in May 2019, Paco was Global Head of Markets and Securities Services. He joined the bank in 1987 in Spain as a Management Associate. During his career he has held positions in Spain, Mexico, Singapore, New York and London. In November 2006, he became Co-Head of Global Fixed Income, and in 2011 was appointed Global Head of Markets. In November 2013, his responsibilities were expanded to include the securities services businesses. He was appointed Deputy Head of the Institutional Clients Group in October 2018.
Paco holds a Bachelor of Arts degree in economics from the University of Valencia in Spain and a Master of Business Administration degree from I.E.S.E. in Barcelona. He is a member of the Board of Directors of EMPower in the United Kingdom, a non-for-profit organization that supports at-risk youth in Emerging Markets. He also sits in the Alumni Board of I.E.S.E. Bio: Stuart Riley, Global Head of ICG Technology Stuart Riley is the Global Head of ICG Technology, an organization of ~59,000 people, responsible for processing over 4 billion transactions a year and supporting ~ 3,000 applications, representing ~$5bn of annual investment.
Stuart has a computer science background, holding a Bachelor’s degree in Software engineering and Management, and has spent the majority of his career in investment banking technology.
In 2010, Stuart joined Citi’s Sales and Trading organization to lead eCommerce. Having led the development and wide spread adoption of, the industry leading, Citi Velocity suite of products, Stuart moved into O&T, where he has held a variety of leadership positions across Capital Markets, Securities Services, Investment Banking, Trade and Treasury and Private Banking.  
A techie at heart, he drives product innovation, digital efforts for ICG and delivering leading services to our clients.  He is focused on using technology to change, simplify and strengthen the way we do business and operate – from onboarding to execution.  
In addition to our main internal initiatives including Cloud, Data, APIs, Blockchain, and Cyber, he is also actively engaged with external companies, start-ups, think-tanks and academics, as he is of the view that innovation is best achieved via connectivity.
Stuart is also passionate about the diversity, equity and inclusion agenda.  He co-leads Citi Women’s Affinity Network with Mary McNiff, Citi Compliance Officer, and serves as both an internal and external champion for this demographic.  And, he is an expert member of the Teach First’s Technology Committee, part of the Teach For All network, which aims at developing solutions to end educational disadvantage and create a fair education for all.

On the Season 1 finale of Good Things Happen, we look at disruption as a positive change and ongoing necessity, especially in the digital age. 

Good Things Happen, Episode 7: Disruption in the Financial Industry  

Executive Summary

Elizabeth Curmi

Jason Channell

Ying Qin

<h3 style="box-sizing: inherit; margin: 0px 0px 0.5rem; padding: 0px; line-height: 1.4; text-rendering: optimizelegibility; font-size: 1.25rem; background-color: #ffffff;">What comes to mind in a discussion about greenhouse gas (GHG) emissions? A dirty factory smokestack spewing out brown smoke or a car idling in traffic on a highway pumping out exhaust fumes? Looking through media articles on the effects of GHG emissions on climate change, the associated images are typically of cars, buses, and factories polluting the environment. These images link the use of fossil fuels with activities that endanger the environment. From a public policy standpoint, mitigation measures for emissions also focus on fossil fuels. Government actions to reduce climate footprints focus on renewable energy to replace coal and gas-powered electricity generation and electric vehicles to replace internal combustion engines.</h3>
<p>&nbsp;</p>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;">Only occasionally, it seems, the focus strays from fossil fuels to methane emissions from cows. But images of green farmland are not what comes to mind when thinking about harmful emissions. Unfortunately, the global food system&mdash; agriculture and food production collectively &mdash; is responsible for one-third of global greenhouse gas emissions. This means a global solution to climate change must also address how the world produces and distributes food to its population. As the population of the world and the demand for food increase, the need to find solutions for mitigating emissions from the global food system becomes even more important.</p>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;">The two largest sources of emissions from the global food sector are from deforestation, particularly land clearing for crop production or pasture for cattle farming, which release carbon dioxide; and enteric fermentation, which emits methane during the production of meat. Emissions are also found through the full food supply chain, including in processing, transportation, and household consumption.</p>
<h4 style="box-sizing: inherit; margin: 0px 0px 0.5rem; padding: 0px; line-height: 1.4; text-rendering: optimizelegibility; text-transform: uppercase; font-size: 1.125rem; background-color: #ffffff;">SOLUTIONS FOR MITIGATING EMISSIONS</h4>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;">Given the complexity of the global food ecosystem &mdash; not just in overall size of the system but in the number of players &mdash; there is no single solution to reducing emissions. In the report that follows, we look at six potential solutions to this challenge. These include (1) regenerative agriculture, (2) low carbon livestock, (3) halting deforestation, (4) reducing food waste, (5) investing in low carbon technology to decarbonize energy-related emissions, and (6) investing in innovation.</p>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;"><img class="alignnone size-full wp-image-11270" style="box-sizing: inherit; border-width: 0px; vertical-align: middle; display: inline-block; max-width: 100%; height: auto; margin-bottom: 30px;" src="https://www.citivelocity.com/citigps/wp-content/uploads/2022/07/Fig-33-Reducing_GHG_Emissions_v1.png" alt="" width="1240" height="830" /></p>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;">Implementing just the first four solutions noted above could lead to emissions mitigation of between 6.9 gigatonnes of carbon dioxide equivalent (GtCO2e) and 8.1 GtCO2e, or between 58% and 68% of current levels of equivalent emissions from the global food system. This would be an enormous step towards reducing emissions to net zero.</p>
<h4 style="box-sizing: inherit; margin: 0px 0px 0.5rem; padding: 0px; line-height: 1.4; text-rendering: optimizelegibility; text-transform: uppercase; font-size: 1.125rem; background-color: #ffffff;">COORDINATION IS KEY</h4>
<p style="box-sizing: inherit; margin: 0px 0px 20px; padding: 0px; font-size: 16px; line-height: 1.35; text-rendering: optimizelegibility; font-weight: 300; background-color: #ffffff;">Bringing mitigation solutions to life will require coordination between companies, governments, and consumers. Financial institutions will also play a key role by providing options to meet the estimated $300 billion to $400 billion required for this transformation. Research organizations and international institutions also have an important role in supporting change.</p>
<p><span class="authList" style="display: none;">Authors: Elizabeth Curmi,Jason Channell,Ying Qin,</span></p>

The Global Food System and Climate Change The global food system has far-reaching impacts on climate, emissions, nutrition, and livelihoods. It has also altered our planet more than any other human activity. Food insecurity is a large and growing concern, but it cannot be solved for without reducing greenhouse gas (GHG) emissions and addressing the effects of climate change.

The global food system has far-reaching impacts on climate, emissions, nutrition, and livelihoods. It has also altered our planet more than any other human activity. Food insecurity is a large and growing concern, but it cannot be solved for without reducing greenhouse gas (GHG) emissions and addressing the effects of climate change.

The Global Food System and Climate Change

Finding Solutions and Taking Action We explore six solutions for reducing GHG emissions, including four — regenerative agriculture, low carbon livestock, halting deforestation, and reducing food waste — that could mitigate almost 70% of current emissions. Companies, governments, and consumers can take specific actions to help implement these solutions. Collaboration is key, and financial institutions, research organization, and international institutions play critical roles in supporting change. These solutions can also work towards UN Sustainable Development Goals by achieving benefits such as safeguarding biodiversity and improving livelihoods, all of which would lead to greater food security.

We explore six solutions for reducing GHG emissions, including four — regenerative agriculture, low carbon livestock, halting deforestation, and reducing food waste — that could mitigate almost 70% of current emissions. Companies, governments, and consumers can take specific actions to help implement these solutions. Collaboration is key, and financial institutions, research organization, and international institutions play critical roles in supporting change. These solutions can also work towards UN Sustainable Development Goals by achieving benefits such as safeguarding biodiversity and improving livelihoods, all of which would lead to greater food security.

Finding Solutions and Taking Action

The Global Food System and Climate Change The global food system has far-reaching impacts on climate, emissions, nutrition, and livelihoods. It has also altered our planet more than any other human activity. Food insecurity is a large and growing concern, but it cannot be solved for without reducing greenhouse gas (GHG) emissions and addressing the effects of climate change. Finding Solutions and Taking Action We explore six solutions for reducing GHG emissions, including four — regenerative agriculture, low carbon livestock, halting deforestation, and reducing food waste — that could mitigate almost 70% of current emissions. Companies, governments, and consumers can take specific actions to help implement these solutions. Collaboration is key, and financial institutions, research organization, and international institutions play critical roles in supporting change. These solutions can also work towards UN Sustainable Development Goals by achieving benefits such as safeguarding biodiversity and improving livelihoods, all of which would lead to greater food security.

Creating Sustainable Food Systems for a Net Zero Future

What comes to mind in a discussion about greenhouse gas (GHG) emissions? Food, agriculture, and climate change are inextricably linked – not only is the sector one of the largest contributors of greenhouse gas (GHG) emissions, but conversely, climate change will have a detrimental impact on food production in many regions. 

Food and Climate Change

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<p>TORONTO, ON &ndash; Citi has launched Citi Commercial Bank (CCB) in Canada as part of a global expansion announced earlier in 2022. CCB delivers Citi&rsquo;s wide array of institutional products and solutions to meet the evolving needs of mid-size corporates as they grow rapidly and expand internationally.</p>
<p>A division of Citi&rsquo;s Institutional Clients Group (ICG), Citi Commercial Bank was established in 2011 as a global coverage business to reach the vast middle market space. It has grown significantly to support companies headquartered in nearly 40 countries, now including Canada, and their global subsidiaries around the world in over 90 countries. CCB recently announced plans to hire 900 people, including more than 400 commercial bankers, over the next three years globally.</p>
<p>Citi has recently hired Casey Coates as the Head of CCB for Canada. Previously, Casey was a Managing Director at another Canadian firm, where he led coverage for Global Corporate and Institutional Banking clients.</p>
<p>&ldquo;Around the world, medium-sized companies are quickly outgrowing the capabilities of local and regional banks,&rdquo; said Raymond Gatcliffe, Head of CCB North America. &ldquo;We are pleased to be able to offer these clients the same capabilities that we offer the world&rsquo;s largest companies, customized to their specific needs.&rdquo;</p>
<p>&ldquo;As mid-sized organizations increasingly look to offer their products and services in the global markets, this is the perfect time for us to enter this important business segment in Canada,&rdquo; said John Hastings, CEO of Citibank Canada. &ldquo;Citi Commercial Bank is complementary to our existing institutional banking and Citi Private Bank offerings. As a result, we expect to be able to hit the ground running.&rdquo;</p>
<p>Citi is one of Canada&rsquo;s largest and longest-serving foreign banks, and a significant employer across the country, with seven business lines and offices in Toronto, Mississauga, Montreal, Calgary and Vancouver. -30- Citi Commercial Bank Citi Commercial Bank puts 200 years of experience to work for midsized, globally oriented companies by delivering actionable insights and ideas, comprehensive banking solutions and a truly global network.</p>
<p>The Commercial Bank helps mid-sized companies with revenues starting from $10M address the challenges of rapid growth and international expansion, enabling them to scale faster, grow larger and spur economic activity in their home markets.</p>
<p><strong>Citi </strong></p>
<p>Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States.</p>
<p>Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.</p>
<p>Additional information may be found at <a href="https://www.citivelocity.com/citicms/www.citigroup.com" target="_blank" rel="noopener">www.citigroup.com</a> | Twitter: @Citi | YouTube: <a href="https://www.citivelocity.com/citicms/www.youtube.com/citi" target="_blank" rel="noopener">www.youtube.com/citi</a> | Blog: <a href="http://blog.citigroup.com" target="_blank" rel="noopener">http://blog.citigroup.com</a> | Facebook: <a href="https://www.citivelocity.com/citicms/www.facebook.com/citi" target="_blank" rel="noopener">www.facebook.com/citi</a> | LinkedIn: <a href="https://www.citivelocity.com/citicms/www.linkedin.com/company/citi" target="_blank" rel="noopener">www.linkedin.com/company/citi</a></p>

Business to focus on mid-market clients with global ambitions

Citi has launched Citi Commercial Bank (CCB) in Canada as part of a global  expansion announced earlier in 2022.

Citi Commercial Bank Launches in Canada

<p>Matthew expects internet users to spend significant share of their lives in the Metaverse for work, leisure, etc. and the use-cases could go beyond gaming to include manufacturing, digital twins, education, etc. Matthew believes the envisioned Metaverse poses significant networking, computational and hardware limitations and will probably take a long time to see mass adoption, similar to the mobile internet adoption curve. The envisioned Metaverse needs extremely low latencv to deliver new render every 40-50ms, high computational power to engage more sensors and user-friendly hardware interface which is lightweight, has enough sensors and battery life. Matthew emphasizes the need to separate the concept of Web3/Decentralization from the 3D real-time virtual world aka the Metaverse, as the former is not a &ldquo;strict requirement" to build/run the latter.</p>
<p>For more information on this subject, please see <a href="https://icg.citi.com/icghome/what-we-think/citigps/insights/metaverse-and-money_20220330">Metaverse and Money: Decrypting the Future</a>.</p>
<p>&nbsp;</p>

Matthew Ball on Metaverse: Interview

Matthew Ball, author of recently released book "The Metaverse And How It Will Revolutionize Everything" defines Metaverse as a 3D internet. 

<p>China&rsquo;s already strong influence on commodity markets is magnified by its role as a massive marginal consumer and, in some cases, marginal supplier of commodities. Currently global prices of energy are high but low for metals. The Citi report discusses recent fundamentals across energy, metals and agricultural markets in China and highlights five key Chinese policies worth paying attention to: petroleum product exports, crude oil imports, domestic coal production, property sector support, and zero-COVID policies.</p>
<p>&nbsp;</p>
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<h6><span style="font-size: 0.875rem;">China monthly PMI and Industrial Production (LHS: NBS PMI, Caixin PMI; RHS: IP y/y change)</span></h6>
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<td style="width: 0%; height: 81px;" valign="top">
<h6><span style="font-size: 0.875rem;">China Total Social Financing (CNY trillion), 2019-present</span></h6>
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<p><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62f2762b0188a81c561c447a" /></p>
</td>
<td style="width: 0%; height: 404px;" valign="top">
<p><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62f275fd4b38c00c611de765" /></p>
</td>
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<tr style="height: 12.35pt;">
<td style="width: 0%; height: 58px;" valign="top">
<p><span style="font-size: 0.875rem;"><sub>&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</sub></span></p>
<p><span style="font-size: 0.875rem;"><sub>Source: Citi Research, NBS, Wind </sub></span></p>
</td>
<td style="width: 0%; height: 58px;" valign="top">
<p><span style="font-size: 0.875rem;"><sub>&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</sub></span></p>
<p><span style="font-size: 0.875rem;"><sub>Source: Citi Research, NBS, Wind </sub></span></p>
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<p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt;">&nbsp;</p>
<p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt;"><span style="font-size: 16px;">Here&rsquo;s a little more on the five policies in focus.</span></p>
<ol style="margin-top: 1.0pt; margin-bottom: 6.0pt;">
<li style="margin: 1pt 0cm 6pt 0px; font-size: 12pt;"><span style="font-size: 16px;">China could loosen up the global oil market and help ease inflation by exporting more petroleum products, particularly diesel. China exporting more diesel could kill three birds with one stone. Product exports fell to a 6-year low in June. But as the only major refining centre still with sizable spare capacity, if China were to export more diesel, then global diesel cracks should fall more. A looser diesel market could loosen the crude oil market, similar to how a tight diesel market in 2008 was a reason for high oil prices. As Russian natural gas supply cuts have tightened global natural gas markets further, potentially adding to more natural gas to diesel switching, having more diesel supply would help. </span></li>
<li style="margin: 5pt 0cm 6pt 0px; font-size: 12pt;"><span style="font-size: 16px;">If China decides instead to only stock up on more oil due to energy security concerns, as it plans to add more than 200-mbbl of crude oil storage capacity between 2021 and 2023, the oil market could stay tighter in the absence of higher petroleum product exports from China.<strong> </strong>&nbsp;As the world&rsquo;s largest oil importer, the possibility of filling newly constructed storage capacity to tank-tops by mid-2023 could add 0.6 to 0.7-mb/d to China&rsquo;s crude oil imports.</span></li>
<li style="margin: 5pt 0cm 6pt 0px; font-size: 12pt;"><span style="font-size: 16px;">It&rsquo;s robust domestic coal production policy should help keep some coal prices low and could help keep LNG imports modest, leaving more for the rest of the world, when global markets for both thermal coal and LNG are tight. Lifting coal production by 300-mt this year looks very likely. While much of the coal produced looks to be of lower quality, which has not helped much to lower prices of high quality thermal coal, at least prices of lower quality coal have moderated. LNG imports could stay weak if facilities that could burn lower quality coal could displace natural gas demand elsewhere. </span></li>
<li style="margin: 5pt 0cm 6pt 0px; font-size: 12pt;"><span style="font-size: 16px;">Strong support for the property sector would give metals and bulks demand a major boost. The property sector has been a key growth engine for years, with many related upstream and downstream sectors, such as appliance sales. <a style="text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2Qrn3" target="_blank" rel="noopener">Limiting any contagion</a> is key, as the current severe weaknesses in land purchases and new housing starts do not bode well for commodities demand and imports.</span></li>
<li style="margin-right: 0cm; font-size: 12pt; margin-left: 0px;"><span style="font-size: 16px;">Zero COVID policies are the most well-known and consequential.<strong> </strong>There are signs of further easing, which should help rebuild consumer confidence and improve business productivity. However, inconsistent policy signals and the likely hesitancy of local officials to relax stringent COVID-related controls remain a concern. Citi Research&rsquo;s Economics team does not expect any major COVID-policy loosening until Mar&rsquo;23. </span></li>
</ol>
<p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt;"><span style="font-size: 16px;"><span>The full report offers greater detail on the macro backdrop as well as analysis on implications for bulk commodities, natural gas and base metals, among others. Here&rsquo;s it is. </span><a style="text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2RHZq" target="_blank" rel="noopener"><span style="background: white;">China Commodities - Five policies from the world&rsquo;s largest commodity consumer and large producer could change 2022 commodity markets globally</span></a></span></p>
<p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt;"><span style="font-size: 16px;"><strong><span>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click </span></strong><a style="text-decoration: underline;" href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener"><strong>here</strong></a><strong><span>.</span></strong></span></p>

A new report from Citi Research’s Anthony Yuen looks at five key Chinese policies that could have profound impact on global commodities markets over the rest of this year. 

China Commodities: Five Policies in Focus

Wall Street continues to fill for digital-asset roles despite the lingering crypto bear market.

Citigroup Furthers Crypto Push With Two Digital-Asset Hires

<p>Citi&rsquo;s new&nbsp;Super-Sector analysis identifies five themes that could reshape the future of the global healthcare sector, namely:</p>
<ol>
<li>Gene therapy:</li>
<li>siRNA</li>
<li>cell therapy</li>
<li>artificial organs</li>
<li>AI drug development.</li>
</ol>
<p>Commercialization of these themes in China looks promising, the Citi report says, supported both by government policies as well as capital investments. By comparing leading Chinese companies in these areas with their overseas counterparts, the full report argues that with enhanced tech advantages Chinese companies can in turn transform the global market. The themes were chosen based on their total addressable market, primary-market funding and technology breakthroughs in therapeutics.</p>
<p>Primary-market financing for the five segments has leapt by &gt;70% CAGR since 2015. And in China&rsquo;s buoyant VC/PE investment market, capital has been flowing into gene therapy, siRNA, cell therapy, artificial organs, and AI drug development sub-segments since 2013. Their share in China&rsquo;s total healthcare financing surged to 21% in 2021 from 1.4% in 2013.</p>
<p>Additionally, the government has introduced supportive policies, which tend to bode well for faster regulatory approvals and municipal government endorsements. Affordability in these emerging areas is also expected to improve as more cities introduce secondary payment structures.</p>
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<p style="margin: 0in 0in 10pt; line-height: 15.75pt; font-size: 11pt;"><strong><span style="font-size: 11.5pt;">China healthcare primary market financing structure and trend</span></strong></p>
</td>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p style="margin: 0in 0in 10pt 0.5in; text-indent: -0.25in; line-height: 15.75pt; font-size: 11pt;"><strong><span style="font-size: 11.5pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/63124e6f15a07421d2738a49" alt="Figure 5. China healthcare primary market financing structure and trend Source: Citi Research, Pharmcube If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-800-5008 (TTY: 711), from outside the US +1-210-677-3788." width="602" height="375" /></span></strong></p>
</td>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p style="margin: 0in 0in 10pt; line-height: 15.75pt; font-size: 11pt;"><strong><span style="font-size: 11.5pt;">&nbsp;</span></strong></p>
</td>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<p style="margin: 0in 0in 10pt; line-height: 15.75pt; font-size: 11pt;"><strong><span style="font-size: 9.0pt;">Source: Citi Research, Pharmcube</span></strong></p>
</td>
</tr>
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<td style="padding: .75pt .75pt .75pt .75pt;">
<ul style="margin-top: 0in; margin-bottom: 0in;" type="disc">
<li style="margin-bottom: 10pt; line-height: 107%; margin-top: 0in; margin-right: 0in; font-size: 11pt;"><span><strong><span style="font-size: 10pt; line-height: 107%;">Big addressable market in China and the rest of world:&nbsp;</span></strong><span style="font-size: 10pt; line-height: 107%;">The TAMs of<strong>&nbsp;</strong>gene therapy, cell therapy and siRNA will climb to US$2.8bn, US$1bn and US$300m by 2025 in China, respectively, according to Frost &amp; Sullivan and CIC. The global TAM for artificial organs will grow to US$29.2bn in 2027, according to Technavio, and for AI drugs to US$1.4bn in 2024, according to marketsandmarkets.</span></span></li>
<li style="margin-bottom: 10pt; line-height: 107%; margin-top: 0in; margin-right: 0in; font-size: 11pt;"><span><strong><span style="font-size: 10pt; line-height: 107%;">Meaningful breakthroughs in therapeutics:</span></strong><span style="font-size: 10pt; line-height: 107%;">&nbsp;Cutting-edge technologies in siRNA and in gene and cell therapies are being explored to cure so-far incurable illnesses with common medicines. For example, RNA therapy can target almost any genetic component within the cell, many of which may be considered beyond cure using small molecules and antibodies. Artificial organs critically provide alternatives for patients awaiting organ transplants and save lives. AI drug development is also showing promise to significantly improve efficiency/success rates of molecules before clinical trials.</span></span></li>
</ul>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0in 0in 10pt; line-height: 107%; background: white; font-size: 11pt;">&nbsp;</p>
<p>Supportive policies and improving affordability should give a fillip to the five themes, says the Citi report.</p>
<p>Along with public medical insurance, which has broad coverage (97% of China&rsquo;s total population), the widely introduced Huiminbao (government-backed, urban customized health insurance underwritten by commercial insurance companies) now provides extra coverage to participants for more expensive therapeutics.</p>
<p>The full report examines in depth each of the five themes including the scientific context and background along with greater detail on financing and several company profiles.</p>
<p>Please read it here <a href="https://www.citivelocity.com/t/r/eppublic/2RuLq" target="_blank" rel="noopener">China Healthcare - Five Emerging Themes Set to Shake Up Sector</a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.</strong></p>

China Healthcare: Five Emerging Themes 

A recent report by a Citi Research team led by John Yung picks five themes that could shake up the global healthcare industry, examining prospects for their commercialisation in China versus peers elsewhere in the world

<p><strong>Ofgem: how bad can it get? &mdash; </strong>Ofgem recently raised the energy price cap from October to &pound;3,549 a year. Citi expects further increases to &pound;4,567 in January and then &pound;5,816 in April. The risks here remain skewed to the upside.</p>
<p><strong>Will policy offset the impact? &mdash; </strong>With rising affordability concerns, the question is what policy responses will prove most palatable and effective.</p>
<p>Policymakers are essentially juggling three types of intervention:</p>
<p>1) changes in indirect taxation</p>
<p>2) direct (and more widespread) measures to cap increases in energy bills</p>
<p>3) ex-post (often targeted) cash transfers.</p>
<p>The fundamental trilemma is between finding measures that are both affordable and provide the right demand incentives, but also minimize the risk of more persistent inflation. While the precise final balance is tricky, the focus on measures such as sweeping VAT cuts could strike a suboptimal balance. Citi analysts think the focus should remain on targeted cash support, and a cap on further increases in household bills &ndash; if at higher than current prices.</p>
<p>Any government response is likely to involve substantially more fiscal firepower (around &pound;40bn, Citi analysts say). Offsetting the energy increase in full would cost around &pound;30bn for the coming six months (1.4% of GDP). The issue for inflation is whatever fiscal space is deployed is likely to be squeezed between weaker medium-term forecasts and the desire to cut taxation. This means disinflationary measures are likely somewhat further down the pecking order.</p>
<p><strong>How will the Bank react?&nbsp; &mdash;</strong> Even with the UK economy softening, recent data has re-affirmed the continued risk of pass-through from headline inflation into wage and domestic price setting could accelerate. Citi analysts expect the MPC will conclude the risks surrounding more persistent inflation have intensified, meaning a rising risk of rates heading into restrictive territory.</p>
<p style="line-height: 107%; margin-right: 0in; margin-left: 0in; font-size: 12pt;"><span style="font-size: 10.0pt; line-height: 107%;">&nbsp;</span></p>
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<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;"><a target="_blank" name="_bkm_f55307d81a0e4ec99c38a665bdc23f11"></a>UK <span style="font-size: 10.0pt;">&ndash;</span> Real Household Disposable Income Hit By Decile</p>
</td>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;">UK <span style="font-size: 10.0pt;">&ndash;</span> RHDI (%YY), 1955-2025</p>
</td>
</tr>
<tr>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6317a8ef2e1121005651dd2e" alt="Uploading image..." width="411" height="264" /></p>
</td>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6317a91c21b03d45fa70afc5" alt="Uploading image..." width="381" height="241" /></p>
</td>
</tr>
<tr>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 0in 0in 1pt; font-size: 7pt;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</p>
</td>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 0in 0in 1pt; font-size: 7pt;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</p>
</td>
</tr>
<tr>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, ONS</p>
</td>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, ONS</p>
</td>
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</tbody>
</table>
<p>Understanding the scale of the issue &mdash;&nbsp;The recent rally in European gas prices means the UK is now in the midst of one of the most severe terms of trade shocks in its modern economic history. With UK gas prices having increased nearly tenfold since the Q3-2021, the share of nominal spending on gas in the UK is set to increase from 0.5% of GDP in 2019 to 7.6% in 2022. Even with a demand response, the share of spending could increase to a little over 6%. For electricity, the equivalent increase is a little less extreme &ndash; increasing from 2.2% to 7.3% absent a demand response. But even so recent price increases still leave the non-energy component of the UK economy nearly 10% worse off, say Citi economists.</p>
<p>For more information on this subject, please see the following notes <a href="https://www.citivelocity.com/t/r/eppublic/2SnWf" target="_blank" rel="noopener">UK Economics - Monthly Inflation Profiles</a> and <a href="https://www.citivelocity.com/t/r/eppublic/2SnVQ" target="_blank" rel="noopener">UK Economics - What is policy to do?</a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.</strong></p>

UK Economy: Profiles in Policy

A recent report from Citi Research’s Ben Nabarro looks at surging energy prices in the UK and the possible policy responses. 

<p>The outlook for Russian crude oil and condensates production remains uncertain. With exports resilient, Citi analysts see a turning point with a possible inability to sustain a steep discount for the longer term. With the looming EU embargo in Dec&rsquo;22 for crude oil and in Feb&rsquo;23 for refined products, a decline in Russian oil output could be more evident by year-end, with Russian oil producers trying to maximize profits westward while retaining market share eastward.</p>
<p>Despite financial and logistical restrictions implemented by the US, UK, Canada, and Australia, or restrictions set to take place in the next six months (the EU), Russian oil production has been rising since March-April.</p>
<p>Russia&rsquo;s Ministry of Economic Development recently provided its latest long-term outlook for the country&rsquo;s oil and condensate production, sharply revising upward its expectations compared to its <a href="https://www.reuters.com/business/energy/exclusive-russia-sees-its-oil-output-falling-by-up-17-2022-document-2022-04-27/" target="_blank" rel="noopener">Apr'22 report</a>. &nbsp;These official projections tend to be on the conservative side.</p>
<table class="CIRTable" style="border-collapse: collapse; border-color: white; border-style: none; height: 320px; width: 98.5658%;" border="0" cellspacing="0" cellpadding="0">
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<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;">Russian oil production outlook</p>
</td>
<td style="width: 0%; padding: 0in 0.05in;" valign="top">
<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;">Urals, CPC and ESPO differentials</p>
</td>
</tr>
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<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6317893e2e1121005651dd0b" alt="charts|JSON##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##" width="331" height="213" /></p>
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<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6317895221b03d45fa70af9f" alt="charts|JSON##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##" width="343" height="222" /></p>
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<p style="line-height: 8pt; margin: 0in 0in 1pt; font-size: 7pt;"><span>&copy;</span> 2022 Citigroup Inc. No redistribution without Citigroup<span>&rsquo;</span>s written permission.</p>
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<p style="line-height: 8pt; margin: 0in 0in 1pt; font-size: 7pt;"><span>&copy;</span> 2022 Citigroup Inc. No redistribution without Citigroup<span>&rsquo;</span>s written permission.</p>
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<p style="line-height: 8pt; margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, EIA, IEA, OPEC, Russian Ministry of Economic Development</p>
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<p style="line-height: 8pt; margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, Bloomberg</p>
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<p>&nbsp;</p>
<p>Citi analysts note that smaller oil producers in Russia lack resources and are not able to compete with the country&rsquo;s larger producers by offering equivalent steep discounts and covering higher costs of shipping and insurance.</p>
<p>Export flows have also been quite volatile, with multiple turns during 2022. In the last six months, energy companies in Russia have been working on diverting their flows from European and the US/UK markets to other parts of the world.</p>
<p>In Jul&rsquo;22-Aug&rsquo;22 Russian seaborne exports to Italy, Bulgaria and Turkey rose, as Russian companies directed flows to their own refineries in those countries. Lack of any coordinated response to the EU sanctions policy (each member country decides its own level of criminal, administrative, or financial liability) could provide a loophole for Russian products to continue to flow in some form.</p>
<p>According to Platts, Russian fuel flows directed to Fujairah increased, with the eastern port now a key supplier of fuel oil to the US and the EU. And Saudi Arabia has been snapping up cheap Russian fuel oil for power burn in order to re-market its own crude oil and increase exports.</p>
<p>Since Mar&rsquo;22 it&rsquo;s become apparent that Russia can divert its flows to China and India en masse, with the main variable being the price at which it is willing to sell its supplies.</p>
<p>Brazil is looking to start buying Russian diesel in the second half of the year. Afghanistan is offering a barter trade for ~25-k b/d for Russian products (gasoline and diesel) in return for raisins, raw material for medicines and minerals.</p>
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<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;">Russian seaborne oil exports to the world</p>
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<p style="margin: 3pt 0in 0in; line-height: 12pt; break-after: avoid; font-size: 9pt; font-weight: bold;">Only a few countries in the EU are accepting Russian supplies</p>
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<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/631788d72e1121005651dcff" width="395" height="276" /></p>
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<p style="margin: 0in; text-align: center; line-height: 12pt; break-after: avoid; font-size: 9pt;"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/631788ef2e1121005651dd03" width="397" height="272" /></p>
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<p style="line-height: 8pt; margin: 0in 0in 1pt; font-size: 7pt;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</p>
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<td style="width: 255.75pt; padding: 0in .05in 0in .05in;" valign="top">
<p style="line-height: 8pt; margin: 0in 0in 1pt; font-size: 7pt;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</p>
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<p style="line-height: 8pt; margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, TankerTrackers.com</p>
</td>
<td style="width: 255.75pt; padding: 0in .05in 0in .05in;" valign="top">
<p style="line-height: 8pt; margin: 1pt 0in; font-size: 8pt;">Source: Citi Research, TankerTrackers.com</p>
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<p>&nbsp;</p>
<p>Russia continues to play a pivotal role within OPEC+ and likely its cooperation will be extended after 2022. However, Russia has been lagging on its agreed quotas of raising oil production by 26-k b/d and underperforming now by over ~1-m b/d.</p>
<p>G7 members are trying to orchestrate ways to cut Russia&rsquo;s oil revenues, while keeping the oil flowing in order to deprive Russia of its energy revenues and make it back down on its military efforts, <a href="https://www.citivelocity.com/t/r/eppublic/2S4jS" target="_blank" rel="noopener">as Citi noted previously</a>. The idea is to impose a maximum official selling price for Russian oil, which would be enforced either via punitive tariffs on crude oil and petroleum product imports from Russia or via shipping insurance. Citi analysts have already expressed scepticism that such a price cap can be imposed rigorously even if the G7 are apparently striving to get it done. The US could enforce secondary sanctions, limiting Russian revenues by pushing supply off the market, though this could have detrimental consequences. Meanwhile. granting waivers to China and India to tame the impact would de facto nullify the intent of the secondary sanctions.</p>
<p>For more information on this subject, please see <a href="https://www.citivelocity.com/t/r/eppublic/2Snl3" target="_blank" rel="noopener">Energy Weekly - Russian oil at a crossroads with steady exports for now, but a looming EU embargo pointing to output erosion, not a collapse</a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, click <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.</strong></p>

A new report by Citi Research’s s Arkady Gevorkyan looks at the prospects for Russian oil - finding output could erode under an EU embargo, but probably not collapse.

Russian Oil at a Crossroads

<h3 style="text-align: left;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href="https://icg.citi.com/rcs/icgPublic/storage/public/hackathon2022-flier-1-copy-002-.pdf">More Details&nbsp;</a> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="https://hackolosseum.apixplatform.com/h1/2022alliancehack%0D">Apply Now</a>&nbsp;</h3>
<p style="text-align: left;">Women represent the world&rsquo;s largest and fastest growing market and one that has been largely overlooked by the incumbent and fintech sectors alike.</p>
<p style="text-align: left;">As Financial Alliance for Women research in 2020 and 2021 has demonstrated, fintechs are well-positioned to tap into the vast, underserved women&rsquo;s market.</p>
<p style="text-align: left;">Financial Alliance for Women launched the annual Hackathon in 2020 to help fintechs capitalize on this multi-trillion dollar opportunity while supporting women, their families, and communities.</p>
<p style="text-align: left;">The Alliance Hack in its third edition draws on the deep expertise of Alliance members&mdash;a network of 85+ financial services providers, including commercial banks, payments, insurance companies and fintechs&mdash;in order to support more fintechs in designing gender-intelligent solutions.</p>
<div style="text-align: left;">&nbsp;</div>
<div style="text-align: left;">Registration and proposal submission: August 15 &ndash; September 15</div>
<div>
<div style="text-align: left;">Team selections announced: September 27</div>
<div style="text-align: left;">Hackathon: September 27 &ndash; October 20</div>
<div style="text-align: left;">Demo Day: October 25</div>
<div style="text-align: left;">Winner announced: November 3 at the Financial Alliance for Women Annual Summit 2022</div>
<div style="text-align: left;">&nbsp;</div>
<div style="text-align: left;">
<div><strong>Why participate</strong></div>
<div>Participating fintechs will have the opportunity to pitch to financial services executives and network with industry leaders from around the world. You will also enhance your expertise on serving the women&rsquo;s market by taking part in business development and tech clinics and receiving guidance from experts in the space.</div>
<div>Past Alliance Hack winners such as TymeGlobal and LXME have gone on to see major achievements, citing the Alliance Hack at a milestone in their success.</div>
<div>&nbsp;</div>
<div><strong>Who participates</strong></div>
<div>Formally registered tech-based start-ups firms primarily serving the financial services industry (fintechs), that possess a minimum viable product (MVP). This hackathon is open to fintechs in early to mid-stage development, including seed stage, raising/raised funds, or in the process of scaling.</div>
</div>
<div>
<h4 style="text-align: left;">&nbsp;</h4>
<h4 style="text-align: left;"><strong>Prizes and Benefits</strong></h4>
<div style="text-align: left;"><strong>Cash Prize</strong></div>
<div style="text-align: left;">The winning fintech will receive a US$25,000 cash prize.</div>
<div style="text-align: left;">&nbsp;</div>
<div style="text-align: left;"><strong>Accelerator Program</strong></div>
<div style="text-align: left;">The three winners are invited to join the Equinix Metal Accelerator Program which includes up to US$100,000 in credits plus &ldquo;white glove&rdquo; support and engagement with Equinix partners and engineering teams.</div>
<div style="text-align: left;">Shortlisted participants will get one year free subscription to the APIX platform.</div>
<div style="text-align: left;">&nbsp;</div>
<div style="text-align: left;"><strong>Networking &amp; Support</strong></div>
<div style="text-align: left;">The three finalists will win one year&rsquo;s complementary membership to the Financial Alliance for Women, enabling access to a network of global financial services providers and proprietary tools and knowledge products. All participants will receive one-on-one mentoring from a highly experienced mentor cohort and take part in peer learning events focused on how to build a successful women-centered strategy.</div>
</div>
</div>

Citi is proud to support The Financial Alliance For Women - Hackathon

Alliance Hack: Hackathon

<p>In a recent note, Global Chief Economist Nathan Sheets and the Citi Research economics team study the possibility that central banks may have to battle stagflation&mdash;defined as the combination of persistently high inflation with growth that&rsquo;s recessionary or significantly below trend&mdash;and what form a stagflationary episode might take.</p>
<p>The authors observe that the global economy is struggling under the weight of adverse supply shocks that have included COVID-19 challenges, supply-chain pressures and disruptions from the Russia-Ukraine war. The magnitude and persistence of these shocks suggest the possibility of further downside risks, including periods of stagflation. Having considered the probability of an outright stagflationary episode as low, the team decided to perform a more rigorous analysis to &ldquo;kick the tires&rdquo; on their assessment. Among the questions that interested them were to what extent supply shocks and ensuing stagflationary pressures were proving stronger than expected; and how confident they were that central banks would respond with the vigor necessary to meet the challenge.</p>
<h3><strong>Central Banks&rsquo; Vigorous Response</strong></h3>
<p>Sheets and his fellow economists believe the global economy&rsquo;s adjustment to the supply shocks is likely to be painful, but add that they expect it will be less painful than what was seen in the 1970s and early 1980s. Then, central banks&rsquo; initial responses weren&rsquo;t vigorous enough, a failing that caused inflation expectations to rise, bringing about even higher inflation and a more severe downturn. And the authors note that today&rsquo;s central banks can&rsquo;t directly reverse the supply shock but can only operate on the demand side, leaving them with a painful choice: accommodate the supply shock and accept high inflation, or extinguish the shock and risk recession.</p>
<p>The authors note that central banks have responded vigorously to the pandemic&rsquo;s inflation challenges, though the effects of their responses have varied by region. In the U.S., vigorous monetary and fiscal policy shifted the aggregate demand curve out, reinforcing inflationary pressures. The euro area&rsquo;s policies were less vigorous, leaving that economy facing a more &ldquo;pure&rdquo; supply shock that was then amplified by spillovers from the Ukraine conflict. And in Asia, shipping disruptions made it harder for firms to get goods to market, acting like an external demand shock. These differences have played out in core inflation rates: the most acute pressures have come in the U.S., followed by Europe and then Asia.</p>
<h3><strong>Two Stagflation Scenarios</strong></h3>
<p>The authors ponder two scenarios in which we might see full-blown stagflation similar to what happened decades ago. In the first, central banks fail to raise rates sufficiently or back away from restrictive policy too quickly. In the second, central banks do their best, but inflation expectations&mdash;whose underpinnings have proved elusive for economists&mdash;surge higher nonetheless.</p>
<p><strong>Nominal Policy Rates | Nominal Policy Rates Deflated by Headline CPI Inflation</strong></p>
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<td style="width: 49.4567%; height: 18px;"><span style="font-size: 13px; font-weight: bold; text-align: left; display: inline;">Nominal Policy Rates</span></td>
<td style="width: 49.4567%; height: 18px;"><span style="font-size: 13px; font-weight: bold; text-align: left; display: inline;">Nominal Policy Rates Deflated by Headline CPI Inflation</span></td>
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<tr style="height: 18px;">
<td style="width: 49.4567%; height: 18px;"><img src="https://www.citivelocity.com/rendition/eppublic/akpublic/documents/output/30105128/fgImages/image9.emf.svg?ts=1662563929469&amp;version=1" alt="Figure 6. Nominal Policy Rates Source: Citi Research, National Statistical Sources, Haver Analytics If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-800-5008 (TTY: 711), from outside the US +1-210-677-3788." /></td>
<td style="width: 49.4567%; height: 18px;"><img src="https://www.citivelocity.com/rendition/eppublic/akpublic/documents/output/30105128/fgImages/image10.emf.svg?ts=1662563929469&amp;version=1" alt="Source: Citi Research, National Statistical Sources, Haver Analytics If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-800-5008 (TTY: 711), from outside the US +1-210-677-3788." /></td>
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<p class="x-rsch-paragraph CIRCopyright   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 7pt; line-height: 1;"><span class="x-rsch-run CIRCopyright" style="box-sizing: border-box;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</span></p>
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<div class="gallery-note" style="box-sizing: border-box; clear: both; text-align: left; padding: 10px 0px; font-size: 13px;">
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<p class="x-rsch-paragraph CIRSourceNote   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 11px; line-height: 14px; padding: 0px 0px 15px;"><span class="x-rsch-run CIRSourceNote" style="box-sizing: border-box; font-size: 11px; line-height: 14px;">Source: Citi Research, National Statistical Sources, Haver Analytics</span></p>
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<p class="x-rsch-paragraph CIRCopyright   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 7pt; line-height: 1;"><span class="x-rsch-run CIRCopyright" style="box-sizing: border-box;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</span></p>
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<p class="x-rsch-paragraph CIRSourceNote   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 11px; line-height: 14px; padding: 0px 0px 15px;"><span class="x-rsch-run CIRSourceNote" style="box-sizing: border-box; font-size: 11px; line-height: 14px;">Source: Citi Research, National Statistical Sources, Haver Analytics</span></p>
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<p>The Citi economists conclude that central banks in developed markets haven&rsquo;t tightened policy nearly enough to keep up with inflation&rsquo;s surge, while their counterparts in emerging markets have done better at matching its pace. But they are more sanguine about inflation expectations, noting that they have remained fairly well anchored.</p>
<p>To these scenarios, the authors add a caveat: the possibility of a period of &ldquo;transitionary stagflation,&rdquo; a painful quarter or two in which growth slows before inflation drops. That could happen, the authors note, even if central banks remain aggressive and inflation expectations stay well anchored.</p>
<p><span style="font-size: 24px;"><strong>Revisiting Projections</strong></span></p>
<p>Having assessed stagflationary scenarios, Sheets and team revisit their projections for global growth and global inflation&mdash;which have been lowered and raised, respectively&mdash;to consider what they imply for stagnation&rsquo;s risks.</p>
<p>The Citi economists now expect the global economy to expand by 2.9% this year and 2.2% next year, a level of growth that looks soft and vulnerable to further shocks. Global inflation, meanwhile, is forecast at 7.1% in 2022 and 5.4% next year, well above its average in recent decades. Put those two forecasts together, and the global economy looks to be moving in a distinctly stagflationary direction. But the authors note that high inflation is unlikely to remain stubbornly persistent in the absence of an upward lurch in inflation expectations.</p>
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<td style="width: 49.4567%; height: 14px;"><span style="font-size: 13px; font-weight: bold; text-align: left; display: inline;">DM: Change in 2023 Forecasts (2022 Aug vs. 2021 Nov) </span></td>
<td style="width: 49.4567%; height: 14px;"><span style="font-size: 13px; font-weight: bold; text-align: left; display: inline;">EM: Change in 2023 Forecasts (2022 August vs. 2021 Nov) </span></td>
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<td style="width: 49.4567%; height: 381px;"><img src="https://www.citivelocity.com/rendition/eppublic/akpublic/documents/output/30105128/fgImages/image16.emf.svg?ts=1662563929469&amp;version=1" alt="Source: Citi Research If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-800-5008 (TTY: 711), from outside the US +1-210-677-3788." /></td>
<td style="width: 49.4567%; height: 381px;"><img src="https://www.citivelocity.com/rendition/eppublic/akpublic/documents/output/30105128/fgImages/image17.emf.svg?ts=1662563929469&amp;version=1" alt="Source: Citi Research If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-800-5008 (TTY: 711), from outside the US +1-210-677-3788." /></td>
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<p class="x-rsch-paragraph CIRCopyright   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 7pt; line-height: 1;"><span class="x-rsch-run CIRCopyright" style="box-sizing: border-box;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</span></p>
</div>
</div>
</div>
</div>
</div>
<div class="gallery-note" style="box-sizing: border-box; clear: both; text-align: left; padding: 10px 0px; font-size: 13px;">
<div style="box-sizing: border-box;">
<p class="x-rsch-paragraph CIRSourceNote   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 11px; line-height: 14px; padding: 0px 0px 15px;"><span class="x-rsch-run CIRSourceNote" style="box-sizing: border-box; font-size: 11px; line-height: 14px;">Source: Citi Research, National Statistical Sources, Haver Analytics</span></p>
</div>
</div>
</td>
<td style="width: 49.4567%; height: 18px;">&nbsp;
<div class="figure-gallery-container" style="box-sizing: border-box;">
<div class="single-img" style="box-sizing: border-box;">
<div style="box-sizing: border-box;">
<div class="image-copyright-container" style="box-sizing: border-box; font-stretch: condensed; font-size: 10px; line-height: 14px; margin-top: 2px; margin-bottom: 2px;">
<div style="box-sizing: border-box;">
<p class="x-rsch-paragraph CIRCopyright   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 7pt; line-height: 1;"><span class="x-rsch-run CIRCopyright" style="box-sizing: border-box;">&copy; 2022 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.</span></p>
</div>
</div>
</div>
</div>
</div>
<div class="gallery-note" style="box-sizing: border-box; clear: both; text-align: left; padding: 10px 0px; font-size: 13px;">
<div style="box-sizing: border-box;">
<p class="x-rsch-paragraph CIRSourceNote   paragraph-with-content" style="box-sizing: border-box; margin: 1pt 0px; font-size: 11px; line-height: 14px; padding: 0px 0px 15px;"><span class="x-rsch-run CIRSourceNote" style="box-sizing: border-box; font-size: 11px; line-height: 14px;">Source: Citi Research, National Statistical Sources, Haver Analytics</span></p>
</div>
</div>
</td>
</tr>
</tbody>
</table>
<p>So far there&rsquo;s no evidence of such a change, which the authors see as a hopeful sign.</p>
<p>And it&rsquo;s not the only one they see: Central banks are fully engaged in fighting inflation and seem committed to moving as needed, and the labor market&rsquo;s performance continues to look strong, supporting growth and consumer spending. Taken together, such factors give Sheets and his fellow economists hope that inflation won&rsquo;t take the kind of self-reinforcing turn seen in the late 1970s.</p>
<p>A global recession may be in the cards, the authors note, but they expect slowing growth and rate hikes will bring inflation back to target. The next six months will be pivotal in the fight to achieve that, with political pressures building on policymakers as the painful consequences for growth and spending become more evident. The authors expect rate hikes to gain traction and inflation to start to slow, but warn that policymakers and investors alike will likely encounter challenges and uncertainties ahead.</p>
<p><strong>For more in depth analysis, please see</strong> <a href="https://www.citivelocity.com/t/r/eppublic/2T7e6">https://www.citivelocity.com/t/r/eppublic/2T7e6</a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research. The comments expressed herein are summaries and/or views on selected thematic content from a Citi Research report. For the full CGI disclosure, click</strong> <a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener">here</a>.</p>

Stagflation risks are rising, but what would such an episode look like? Sustained high inflation and weak growth is possible, but so is “transitionary stagflation,” a brief period in which a slowdown in global growth runs ahead of a retreat in inflation.

Central Banks Face Challenge of Stagflation Risks

<p style="text-align: left;">Sibos is an annual conference, exhibition and networking event organized for the financial industry by the global provider of secure financial messaging services, SWIFT. Sibos 2022 returns to an in-person event centering on &ldquo;Progressive finance for a changing world&rdquo;, with over 250 speakers debating major industry topics including embracing the digital landscape, succeeding in uncertain times and driving sustainability and ethics.</p>
<p style="text-align: left;">&nbsp;</p>
<h3 style="text-align: left;"><strong>Additional Speakers</strong></h3>
<p style="text-align: left;"><strong>Meet the Experts Sessions Speakers: </strong>Thursday, 13 October, 10:00-10:45</p>
<ul style="text-align: left;">
<li><strong>Davida Heller </strong>&ndash; The future of sustainable investment</li>
</ul>
<p style="text-align: left;"><strong>SWIFT at Sibos Speakers: </strong>TBD</p>
<ul style="text-align: left;">
<li><strong>Sebastian Kucharek </strong>&ndash; SWIFT Go Insights Session</li>
</ul>
<p style="text-align: left;"><strong>SWIFT Insights Session Speakers: </strong>Wednesday, 12 October, 15:30-16:00</p>
<ul style="text-align: left;">
<li><strong>Vikram Paranjpe </strong>&ndash; Case Management Experience Panel</li>
</ul>
<p style="text-align: left;"><strong>Exhibitor Stage Speakers: </strong>Wednesday, 12 October, 13:45-14:15</p>
<ul>
<li style="text-align: left;"><strong>Vikram Paranjpe </strong>&ndash; Case Management with PegaSystems</li>
</ul>
<p>&nbsp;</p>
<p>&nbsp;</p>

FIND US The Citi Stand at Sibos is located in the Main Exhibition Hall at location D36. Our product innovation experts can also be found at the entrance to the Discover Zone. Big Issue Debate Speaker | Monday, 10 October, 16:00-17:00 Digital Value - Hype vs reality: how can digital value solve real world problems?  The Great Return: A key moment for talent and culture Tuesday, 11 October, 10:30 – 11:15  Foreign exchange (FX) for a changing world Tuesday, 11 October, 11:15 – 12:15  Overcoming fragmentation in the tokenised assets market  Tuesday, 11 October from 15:15-16:00  Sustainable Finance: Impact of ESG towards a better future  Wednesday, 12 October, 15:30 – 16:15  Should global trade finance go de-centralised?  Thursday, 13 October, 11:15 – 12:30  Growth in global payments: And the winners are… Thursday, 13 October, 14:00 – 14:45   Sibos TV https://www.sibos.com/conference/hub/topic/sibosupdate/video  <h3>&nbsp;</h3>
<h3><strong>Additional Speakers</strong></h3>
<p><strong>Meet the Experts Sessions Speakers: </strong>Thursday, 13 October, 10:00-10:45</p>
<ul>
<li><strong>Davida Heller </strong>&ndash; The future of sustainable investment</li>
</ul>
<p><strong>SWIFT at Sibos Speakers: </strong>TBD</p>
<ul>
<li><strong>Sebastian Kucharek </strong>&ndash; SWIFT Go Insights Session</li>
</ul>
<p><strong>SWIFT Insights Session Speakers: </strong>Wednesday, 12 October, 15:30-16:00</p>
<ul>
<li><strong>Vikram Paranjpe </strong>&ndash; Case Management Experience Panel</li>
</ul>
<p><strong>Exhibitor Stage Speakers: </strong>Wednesday, 12 October, 13:45-14:15</p>
<ul>
<li><strong>Vikram Paranjpe </strong>&ndash; Case Management with PegaSystems</li>
</ul>

FIND US The Citi Stand at Sibos is located in the Main Exhibition Hall at location D36. Our product innovation experts can also be found at the entrance to the Discover Zone.

The Citi Stand at Sibos is located in the Main Exhibition Hall at location D36. Our product innovation experts can also be found at the entrance to the Discover Zone.

FIND US

Bringing the global financial community together. 

Big Issue Debate Speaker | Monday, 10 October, 16:00-17:00 Digital Value - Hype vs reality: how can digital value solve real world problems? 

Digital Value - Hype vs reality: how can digital value solve real world problems?

Big Issue Debate Speaker | Monday, 10 October, 16:00-17:00

The Great Return: A key moment for talent and culture Tuesday, 11 October, 10:30 – 11:15 

The Great Return: A key moment for talent and culture

Foreign exchange (FX) for a changing world Tuesday, 11 October, 11:15 – 12:15 

Foreign exchange (FX) for a changing world

Overcoming fragmentation in the tokenised assets market  Tuesday, 11 October from 15:15-16:00 

Overcoming fragmentation in the tokenised assets market 

Sustainable Finance: Impact of ESG towards a better future  Wednesday, 12 October, 15:30 – 16:15 

Sustainable Finance: Impact of ESG towards a better future 

Should global trade finance go de-centralised?  Thursday, 13 October, 11:15 – 12:30 

Should global trade finance go de-centralised? 

Growth in global payments: And the winners are… Thursday, 13 October, 14:00 – 14:45  

Growth in global payments: And the winners are…

Sibos TV https://www.sibos.com/conference/hub/topic/sibosupdate/video 

https://www.sibos.com/conference/hub/topic/sibosupdate/video

Sibos TV

<h3>&nbsp;</h3>
<h3><strong>Additional Speakers</strong></h3>
<p><strong>Meet the Experts Sessions Speakers: </strong>Thursday, 13 October, 10:00-10:45</p>
<ul>
<li><strong>Davida Heller </strong>&ndash; The future of sustainable investment</li>
</ul>
<p><strong>SWIFT at Sibos Speakers: </strong>TBD</p>
<ul>
<li><strong>Sebastian Kucharek </strong>&ndash; SWIFT Go Insights Session</li>
</ul>
<p><strong>SWIFT Insights Session Speakers: </strong>Wednesday, 12 October, 15:30-16:00</p>
<ul>
<li><strong>Vikram Paranjpe </strong>&ndash; Case Management Experience Panel</li>
</ul>
<p><strong>Exhibitor Stage Speakers: </strong>Wednesday, 12 October, 13:45-14:15</p>
<ul>
<li><strong>Vikram Paranjpe </strong>&ndash; Case Management with PegaSystems</li>
</ul>

Citi at Sibos 2022

<div style="text-align: left;">Egypt's COP27 presidency vision is to move from negotiations and planning to implementation.</div>
<div style="text-align: left;">Seek to accelerate global climate action through emissions reduction, scaled-up adaptation efforts and enhanced flows of appropriate finance.</div>
<div style="text-align: left;">Aiming that progress on delivery of annual USD 100 billion will build more trust between developed and developing countries.</div>
<div style="text-align: left;">&nbsp;</div>
<h4 style="text-align: left;"><strong><span class="lmn-font-overpass-bold">Upcoming Virtual Events:</span></strong></h4>
<div style="text-align: left;"><strong>Citi GPS Launch Energy &amp; Climate Finance&nbsp;</strong></div>
<div style="text-align: left;">
<div>Wednesday 9th November 2022 | Time: TBC&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>REGISTER&nbsp;&nbsp;&nbsp;&nbsp;JOIN EVENT &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div><strong>Citi Oceans &amp; Climate Science Panel</strong></div>
<div>Thursday 10th November | Tine: TBC&nbsp;</div>
<div>&nbsp;</div>
<div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>REGISTER&nbsp;&nbsp;&nbsp;&nbsp;JOIN EVENT &nbsp; &nbsp; &nbsp;</div>
</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
</div>

From 6th to 18th November, Egypt will host the 27th Conference of the Parties of the UNFCCC (COP27). 
This will take place in Sharm El-Sheikh, with a view to building on previous successes and paving the way for future ambition. 

COP27: 2022 United Nations Climate Change Conference

<h4><strong>Five Recession</strong><strong>s</strong><strong>: Each Different, But All With Something in Common</strong></h4>
<p>Since the mid-1970s, the European economy has suffered five recessions: (1) A property and financial collapse in 1973-75, (2) A shallower slump in 1992-93; (3) A deeper and more widespread downturn in 2008-09 due to the Global Financial Crisis; (4) A sovereign debt crisis in 2011-13 and (5) The Covid-led recession of 2020-21.</p>
<p>Each cycle was different, yet all shared common themes. In each cycle, the banking sector suffered significant credit losses, albeit in the latter these proved artificial due to new IFRS 9 accounting standards. Helped by substantial fiscal support, including extensive furlough measures, banks have subsequently taken large write-backs in 2021-22 and many are still holding large overlay provisions on their balance-sheets.</p>
<p>In almost all of the cases above, the post-recession corporate strategy was framed in terms of avoiding the most recent mistake, be it reducing property exposure, structured credit exposure and/or peripheral sovereign debt exposure. The 2008-09 downturn also led to a wide ranging re-appraisal by global regulators, which led to the introduction of revised capital requirements, new liquidity requirements, greater focus on lending limits, and the undertaking of regular bank stress tests.</p>
<h4><strong>1974-75</strong></h4>
<ul>
<li>The source of the property and secondary market banking collapse of the mid-1970s was a combination of an unsustainable economic boom and an external economic shock. The first oil shock (in which oil prices tripled), subsequent recession and the puncturing of an asset price bubble (especially in property) severely damaged credit quality across Europe. During this period, Euro Area GDP declined by 2.5% while the unemployment rate rose from 2.6% to 3.3%.</li>
</ul>
<h4><strong>1992-93</strong></h4>
<ul>
<li>A slowdown in exports, a sharp increase in oil prices due to the Gulf war, the aftermath of Black Wednesday (UK withdrawing from the European Exchange Rate Mechanism) and a severe banking crisis in the Scandinavian countries following the liberalization of the financial sector and rapid expansion of credit led to a widespread but shallower economic slowdown in the region. Euro Area GDP declined by 0.2% while the unemployment rate rose from 9.0% to 10.8%.</li>
</ul>
<h4><strong>2008-09</strong></h4>
<ul>
<li>The worst economic crisis since the Great Depression saw the collapse of the US housing market have a cascading effect on the global economy, especially on the Euro Area. Real GDP fell 5.7% from its peak in 1Q08 to its trough in 2Q09, while the unemployment rate rose from 7.4% in Mar-08 to 10.3% in Mar-10.</li>
</ul>
<h4><strong>2011-13</strong></h4>
<ul>
<li>European sovereign debt crisis started with the collapse of the banking system in Iceland and then spread to other European countries such as Portugal, Italy, Ireland, Greece and Spain. During this period, the Euro Area GDP declined by 1.7% while the unemployment rate rose from 10.7% to 12.2%.</li>
</ul>
<h4><strong>Absolute Earnings Trends During the Recessions</strong></h4>
<p>In the Euro Area&rsquo;s five major recessions since 1970s, banks&rsquo; trailing earnings declined by up to 66% yoy and dividends were cut by up to 62% yoy:</p>
<ul>
<li><strong>1974-75</strong>: reported earnings declined-31% yoy by Sep 1974 and dividends were cut -4% yoy by May 1976.</li>
<li><strong>1993:</strong> earnings declined and dividends were cut -22% yoy by August 1993.</li>
<li><strong>2008-09:</strong> earnings declined -66% yoy at end-July 2009 and dividends were cut -62% yoy by September 2009.</li>
<li><strong>2011-13</strong>: earnings declined -32% yoy by March 2013 and dividends were cut -24% yoy by July 2012.</li>
<li><strong>2020-21</strong>: earnings declined and dividends were cut -52% and -57% yoy, respectively, by end-December 2020.</li>
</ul>
<p>For more information on this subject, please see <a href="https://www.citivelocity.com/t/r/eppublic/2TYw6" target="_blank" rel="noopener">European Banks </a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, </strong><a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener"><strong>click here</strong></a><strong>.</strong></p>

A new report from Citi Research’s Andrew Coombs looks at what past recessions have meant for European banks. 

European Banks and Past Recessions

See more here

<p>Citi&rsquo;s report says the healthcare system &ndash; broadly defined &ndash; is going to change significantly in the coming years.</p>
<p>Consumers will exert greater pressure, partly because they are better informed about their own situation, and partly because they have become accustomed to rapid, personalized service in other areas like online banking.</p>
<p>And another fundamental driver is the &ldquo;Data Revolution&rdquo;. This is fuelled by the increase in granularity of health and lifestyle data on each individual, machine learning algorithms, and real-time communication to patients, their clinicians, and public health authorities. A third driver is the ongoing innovation in medical science &ndash; for example, the falling costs of &ldquo;omic&rdquo; data.</p>
<p>&nbsp;</p>
<p><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/632c976f25f5b334d93e7dea" alt="" width="602" height="470" /></p>
<p><span style="font-size: 0.875rem;"><sub>Source: Citi Global Insights</sub></span></p>
<p>&nbsp;</p>
<p><strong>Many healthcare systems were already under strain thanks to their costs and inefficiency, but recently a number of new catalysts have appeared</strong> &ndash; Not only are healthcare systems increasingly expensive, they also focus on treating sickness, not preventing it. Several catalysts are accelerating change. Covid, for example, forced a reimagining of the system. An increasing amount of capital is being invested in disruptive start-ups. And in the U.S., change is also being driven by new federal regulations, like the imposition of price transparency and data interoperability, plus the move to value-based care.</p>
<p><strong>Forces driving convergence of health, consumer and tech</strong>: The full Citi report showcases examples of this convergence. Consumer company skills are needed in health because of the importance of engaging with people in their everyday lives. Tech companies are also needed because they bring a relentless focus on data, machine learning, and rapid execution.</p>
<p>Several products are bridging the gap between health and consumer and tech. In the future, successful products will combine attractive physical design, simple-to-use software and advanced analytics. The way health is being delivered is also changing fast, with greater focus on patient convenience. Companies are using advanced data analytics to make sure they&rsquo;re serving the right person in the right way at the right time. And Citi&rsquo;s Spielman argues that the BioPharma industry will be deeply affected. AI will change drug discovery much more than most executives seem to believe; and better diagnosis of rare diseases will be transformative.</p>
<p><strong>Keeping the transformation in context</strong>: The human touch is &ndash; and will remain &ndash; vital in healthcare. And a lot of what matters in healthcare, and possibly most of what matters, is driven by bottom-up specialty-specific developments, not the sort of top-down big picture changes on which the full Citi report focuses. Many aspects can&rsquo;t be replaced by digital products. Furthermore, change happens slowly in healthcare. Clinicians are often conservative; incumbents benefit from the existing system.</p>
<p><strong>Nonetheless, change looks set to accelerate</strong>: Consumers <em>are</em> different now because they are increasingly impatient with their health system. The power of data is also different, both in scale and because of advances in analytics. And there has never been so much capital provided to disruptive start-ups. In so many industries, digital has been a game-changer. Will healthcare really be so different?&nbsp;</p>
<p>For more in-depth information on this subject, please see the <a href="https://www.citivelocity.com/rendition/digidoc/eppublic/public/pdfRenderContainer.do?data=ZG9jaWQ9MzAxMDMxNTImdGl0bGU9VkdobElGUnlZVzV6Wm05eWJXRjBhVzl1SUc5bUlFaGxZV3gwYUNBNklFaHZkeUJEYjI1emRXMWxjaUJRY21WemMzVnlaU0JoYm1RZ2RHaGxJRVJoZEdFZ1VtVjJiMngxZEdsdmJpQkJjbVVnUTJoaGJtZHBibWNnU0dWaGJIUm9ZMkZ5WlNCbWIzSWdkR2hsSUVKbGRIUmxjaUE9JmRldmljZVR5cGU9REVTS1RPUCZwZGZGaWxlTmFtZT0mcGxhdGZvcm09MTA5JnNvdXJjZV9pZD0wJnZpZXdPcHRpb249cGRmT25seSZjaGFubmVsPWNpdGl2ZWxvY2l0eSZzdWJDaGFubmVsPVdlYg==" target="_blank" rel="noopener">full report here</a></p>
<p><strong>Citi Global Insights (CGI) is Citi&rsquo;s premier non-independent thought leadership curation. It is not investment research; however, it may contain thematic content previously expressed in an Independent Research report. For the full CGI disclosure, </strong><a href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener"><strong>click here</strong></a><strong>.</strong></p>

Citi’s Adam Spielman takes a detailed look at the global healthcare system as empowered consumers and the data revolution drive the convergence of health, consumer and tech. The prognosis: almost every aspect of healthcare is facing fundamental change. 

Healthcare: How Consumer Power and Data Are Forcing Seismic Change

See full details

<p><strong>Below is a listing of the Global Awards:</strong></p>
<ol start="1" type="1">
<li><strong>World&rsquo;s Best Digital Bank</strong></li>
<li><strong>Best Corporate/Institutional Digital Bank</strong></li>
</ol>
<p><strong>&nbsp;</strong></p>
<p><strong>Below is a listing of the Regional Best Corporate/Institutional Digital Bank Wins:</strong></p>
<ol start="1" type="1">
<li><strong>Africa</strong></li>
<li><strong>Asia-Pacific</strong></li>
<li><strong>Latin America</strong></li>
<li><strong>Middle East</strong></li>
<li><strong>North America</strong></li>
<li><strong>Western Europe</strong></li>
</ol>
<p><strong>&nbsp;</strong></p>
<p><strong>Below is a listing of Best Sub Category Winners for Best Corporate/ Institutional Digital Bank:</strong></p>
<ol start="1" type="1">
<li><strong>Best Online Investment Management Services</strong></li>
<li><strong>Best Online Cash Management Services</strong></li>
<li><strong>Best Online Treasury Services</strong></li>
<li><strong>Best Mobile Banking Adaptive Site</strong></li>
<li><strong>Most Innovative Digital Bank</strong></li>
<li><strong>Best Open Banking API&rsquo;s</strong></li>
</ol>

Global Finance has selected the World’s Best Global and Regional Corporate/Institutional Digital Banks and Consumer Digital Banks as part of its 23rd Annual World’s Best Digital Bank Awards program. The overall Global Sub-category honorees and the Best Regional Islamic Digital Banks have also been chosen.

Citi has been named the overall World’s Best Digital Bank

Citi GPS: Global Perspectives & Solutions

Global Insights

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