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 We are proud to have been operating in Abidjan since 1976, and continue to support our institutional clients in one of the fastest growing economies in Africa. Listen to Otito Onuegbu as he provides insight into the vast character of this city.

Around the World with Citi: Abidjan 

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

Working alongside 1TX and Mostly AI, Citi Innovation Labs have successfully adopted a new capability for evaluating and onboarding tech start-ups.  Learn how this is benefitting clients across the world.

Working As One with 1TX and Mostly AI 

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.

Innovating As One

Citi is proud to have provided financing to Konfio that supports financial inclusion in Mexico, especially for women-owned small and medium enterprises alongside U.S. International Development Finance Corporation (DFC) and Ford Foundation.

Partnering with Konfio

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.

As One on Sustainability

<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>
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<h3 style="text-align: left;">Upcoming Virtual Events Live from the UNFCCC Pavillion:</h3>
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The session will be moderated by Bridget Fawcett, Global Co-Head of Sustainability &amp; Corporate Transitions at Citi, and speakers include the report&rsquo;s lead author, Liz Curmi, Global Thematic Analyst at Citi, Paul Bodnar, Global Head of Sustainable Investing at Blackrock, Brian O&rsquo;Hanlon, Climate-Aligned Finance Program at RMI, and Mr. Riccardo Puliti, Vice President for Infrastructure at the World Bank.
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<h4>Citi Oceans &amp; Climate Science Panel</h4>
<div>Thursday 10th November | Time: 14:00-15:00 (EET - Egypt)</div>
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The session will be moderated by Keith Tuffley, Global Co-Head of Sustainability &amp; Corporate Transitions at Citi, and speakers include Maria Misovicova, Head of Resource Mobilization and Partnership at UNFCCC, Professor Dr. Johan Rockstr&ouml;m, Director of the Potsdam Institute for Climate Impact Research, and the report&rsquo;s lead author, Dr Ying Qin of Citi&rsquo;s Global Insights team. We will also have opening remarks form Sylvia Earle, Marine Biologist, President of Mission Blue.&nbsp;
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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

The World Economic Forum 53rd Annual Meeting will take place January 16 &ndash; 20 in Davos-Klosters, Switzerland. As a proud Strategic Partner of the World Economic Forum, Citi is part of a global community of Strategic Partners selected for their commitment to improving the state of the world. &nbsp;&nbsp;
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In addition to the Citi Delegation (below), Citi Global Industry and Regional Heads will be present and look forward to engaging in thought leadership programs, meetings, and networking events.&nbsp; To inquire about meeting with Citi in Davos, please contact <a href="mailto:carly.rowand@citi.com" target="_blank" rel="noopener">carly.rowand@citi.com</a>.

The World Economic Forum 53rd Annual Meeting will take place January 16 – 20 in Davos-Klosters, Switzerland.  As a proud Strategic Partner of the World Economic Forum, Citi is part of a global community of Strategic Partners selected for their commitment to improving the state of the world.   

Citi at The World Economic Forum Annual Meeting 2023

This flagship event brings together various practitioners in the FinTech and digital money ecosystem including thought-leaders, academics, corporates, policy makers and the rising stars of the FinTech world.
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Join us as we discuss the Future of Finance, Web3, Blockchain applications, Neobanks, AI in Finance, the Metaverse and its Future, Crypto regulations, CBDCs, Stablecoins, Regulated Liability Networks and much more!
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To see the agenda <a href="https://custom.cvent.com/27F99940C7624D90A6E2E79253E5C15F/files/event/b8492dfe9236495e98ea73c7928ee219/b7e5103bed734852a2aecf4891b8e427.pdf" data-link-source="tiny">click here.</a>
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We are delighted to save the date for Citi's 10th Annual Digital Money Symposium.

Citi's 10th Annual Digital Money Symposium

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ChatGPT and Search 

With the announcement of OpenAI’s ChatGPT being integrated into both search engines and the broader web, we look at what generative AI is and how models like ChatGPT could be transformational in how we search for things on the web, use information, and communicate with each other. Generative AI has the potential to change the business model of search and how we access content on the web.

Generative AI

India is on track to become the world’s third largest economy in five years. A new report by Citi Research’s Surendra Goyal takes a closer look at what’s driving this growth. 

India’s Inexorable Ascent

Transcript 

The entrepreneur. The start-up founder. The disruptor. We have a clear, cultural idea of what &ldquo;innovators&rdquo; look like, but the pieces that come together to bring big ideas to life require more than just one exceptional leader. What needs to happen to go from game-changing idea to real-world impact?
&nbsp;
In this episode of Good Things Happen, we asked Christina Brun Petersen, Co-Founder and Chief People Officer of Worksome; Todd Keske, Chief Executive Officer of FSI and&nbsp;Tasnim Ghiawadwala, Global Head of Citi Commercial Bank, about the key ingredients to success &ndash; the strategy, mindset and resources that help entrepreneurs do what they do best.
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 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.
Citibank N.A.,&nbsp;FSI and Worksome are not affiliated and are independent companies. Citi has onboarded both FSI and Worksome as a client. The speakers' views are their own and may not necessarily reflect the views of Citi or any of its affiliates.

Christina Brun Petersen, Co-Founder and Chief People Officer of Worksome Christina Brun Petersen co-founded Worksome in 2016. Today she leads the flexible revolution as Worksome&rsquo;s Chief People Officer. Her focus is on creating and delivering a flexible, supportive, and inclusive environment for employees and a best in class hiring experience for candidates.&nbsp;
As a thought leader and changemaker for the global HR community, Christina is passionate about making the future of work a reality. To do so she believes in supporting four fundamental initiatives at work: &nbsp;A people-first company culture that is inclusive, authentic and sustainable; trust and strength based leadership; a flexible workplace that fosters agility and autonomy; and innovation driven by diversity and inclusion. &nbsp;
Christina has spent 12+ years working in the HR space, helping people unlock their potential at all stages of their career - from student interns to executives. &nbsp;Before co-founding Worksome, Christina worked in Higher Education and IT as an HR consultant, teacher, and certified executive coach. &nbsp;Christina earned her Bachelors and Masters from Copenhagen Business School where she specialized in Human Resources Management. She also contributes to Forbes, as part of their esteemed HR council. &nbsp;Christina resides in Copenhagen with her husband and three boys.

Christina Brun Petersen co-founded Worksome in 2016. Today she leads the flexible revolution as Worksome&rsquo;s Chief People Officer. Her focus is on creating and delivering a flexible, supportive, and inclusive environment for employees and a best in class hiring experience for candidates.&nbsp;
As a thought leader and changemaker for the global HR community, Christina is passionate about making the future of work a reality. To do so she believes in supporting four fundamental initiatives at work: &nbsp;A people-first company culture that is inclusive, authentic and sustainable; trust and strength based leadership; a flexible workplace that fosters agility and autonomy; and innovation driven by diversity and inclusion. &nbsp;
Christina has spent 12+ years working in the HR space, helping people unlock their potential at all stages of their career - from student interns to executives. &nbsp;Before co-founding Worksome, Christina worked in Higher Education and IT as an HR consultant, teacher, and certified executive coach. &nbsp;Christina earned her Bachelors and Masters from Copenhagen Business School where she specialized in Human Resources Management. She also contributes to Forbes, as part of their esteemed HR council. &nbsp;Christina resides in Copenhagen with her husband and three boys.

Christina Brun Petersen, Co-Founder and Chief People Officer of Worksome

Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) for Citi's Institutional Clients Group (ICG). Within this role, she leads efforts in strategy and market growth for CCB, including the enrichment of Citi&rsquo;s digital platforms and molding client-centric solutions to differentiate Citi in this rapidly-evolving marketplace.
Tasnim rejoins Citi after two years at Barclays as their firm&rsquo;s UK Corporate Bank Head, responsible for all UK Corporates, including Public Sector and Real Estate. Prior to joining Barclays, Tasnim was at Citi as EMEA Commercial Bank Head, where she led the transformation of the Commercial Bank to an efficient growth business. Tasnim spent 21 years at Citi and held Senior roles in Investment Banking, Corporate and Commercial Banking as well as Regional Management roles. Before Citi, Tasnim was at JP Morgan and is a Chartered Management Accountant.

Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) for Citi's Institutional Clients Group (ICG). Within this role, she leads efforts in strategy and market growth for CCB, including the enrichment of Citi&rsquo;s digital platforms and molding client-centric solutions to differentiate Citi in this rapidly-evolving marketplace.
Tasnim rejoins Citi after two years at Barclays as their firm&rsquo;s UK Corporate Bank Head, responsible for all UK Corporates, including Public Sector and Real Estate. Prior to joining Barclays, Tasnim was at Citi as EMEA Commercial Bank Head, where she led the transformation of the Commercial Bank to an efficient growth business. Tasnim spent 21 years at Citi and held Senior roles in Investment Banking, Corporate and Commercial Banking as well as Regional Management roles. Before Citi, Tasnim was at JP Morgan and is a Chartered Management Accountant.

Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) 

Todd Keske, CEO of FSI (Foam Supplies Inc.) 2nd Generation Family Business Owner/President. &nbsp;Experience and extensive record of working in the polyurethanes industry. Grew up on the business, worked from bottom up. &nbsp;Expertise includes PU technology including, Rigid, Flexible, and Integral Skin Foams, Coatings, Adhesives, Sealants &amp; Elastomers, Processing Equipment and Field Technical Service. &nbsp;Educational background in Business Development with a Master of Business Administration (M.B.A.) focused in Business Management, Marketing, Strategy and Change Management from Bradley University

2nd Generation Family Business Owner/President. &nbsp;Experience and extensive record of working in the polyurethanes industry. Grew up on the business, worked from bottom up. &nbsp;Expertise includes PU technology including, Rigid, Flexible, and Integral Skin Foams, Coatings, Adhesives, Sealants &amp; Elastomers, Processing Equipment and Field Technical Service. &nbsp;Educational background in Business Development with a Master of Business Administration (M.B.A.) focused in Business Management, Marketing, Strategy and Change Management from Bradley University

Todd Keske, CEO of FSI (Foam Supplies Inc.)

Christina Brun Petersen, Co-Founder and Chief People Officer of Worksome Christina Brun Petersen co-founded Worksome in 2016. Today she leads the flexible revolution as Worksome&rsquo;s Chief People Officer. Her focus is on creating and delivering a flexible, supportive, and inclusive environment for employees and a best in class hiring experience for candidates.&nbsp;
As a thought leader and changemaker for the global HR community, Christina is passionate about making the future of work a reality. To do so she believes in supporting four fundamental initiatives at work: &nbsp;A people-first company culture that is inclusive, authentic and sustainable; trust and strength based leadership; a flexible workplace that fosters agility and autonomy; and innovation driven by diversity and inclusion. &nbsp;
Christina has spent 12+ years working in the HR space, helping people unlock their potential at all stages of their career - from student interns to executives. &nbsp;Before co-founding Worksome, Christina worked in Higher Education and IT as an HR consultant, teacher, and certified executive coach. &nbsp;Christina earned her Bachelors and Masters from Copenhagen Business School where she specialized in Human Resources Management. She also contributes to Forbes, as part of their esteemed HR council. &nbsp;Christina resides in Copenhagen with her husband and three boys. Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) Tasnim Ghiawadwala is Head of Citi Commercial Bank (CCB) for Citi's Institutional Clients Group (ICG). Within this role, she leads efforts in strategy and market growth for CCB, including the enrichment of Citi&rsquo;s digital platforms and molding client-centric solutions to differentiate Citi in this rapidly-evolving marketplace.
Tasnim rejoins Citi after two years at Barclays as their firm&rsquo;s UK Corporate Bank Head, responsible for all UK Corporates, including Public Sector and Real Estate. Prior to joining Barclays, Tasnim was at Citi as EMEA Commercial Bank Head, where she led the transformation of the Commercial Bank to an efficient growth business. Tasnim spent 21 years at Citi and held Senior roles in Investment Banking, Corporate and Commercial Banking as well as Regional Management roles. Before Citi, Tasnim was at JP Morgan and is a Chartered Management Accountant. Todd Keske, CEO of FSI (Foam Supplies Inc.) 2nd Generation Family Business Owner/President. &nbsp;Experience and extensive record of working in the polyurethanes industry. Grew up on the business, worked from bottom up. &nbsp;Expertise includes PU technology including, Rigid, Flexible, and Integral Skin Foams, Coatings, Adhesives, Sealants &amp; Elastomers, Processing Equipment and Field Technical Service. &nbsp;Educational background in Business Development with a Master of Business Administration (M.B.A.) focused in Business Management, Marketing, Strategy and Change Management from Bradley University

Season 2

The entrepreneur. The start-up founder. The disruptor. We have a clear, cultural idea of what “innovators” look like, but the pieces that come together to bring big ideas to life require more than just one exceptional leader. What needs to happen to go from game-changing idea to real-world impact?

Good Things Happen Episode 8: Enabling the Entrepreneur’s Journey 

Learn more

Platform Will Help Improve Access to Capital for Walmart’s U.S. Supplier Base through Network of over 70 lenders, Including 20+ Diverse Financial Institutions

Walmart and Citi Introduce the Bridge built by Citi® platform to Walmart Suppliers

Read our 2022 Task Force on Climate-Related Financial Disclosures (TCFD) report.

Our Approach to Climate Change and Net Zero

Download

Jason B Bazinet

Thomas A Singlehurst, CFA

Ronald Josey

Ygal Arounian

For over 600 years, innovations spawned new forms of entertainment. The printing press (invented around 1436) unleashed book publishing. Later, radio and movies (1895), TV (1927), and video games (1958) sprung onto the scene. However, amidst all this innovation, one thing remained constant: Content creation was both curated and centralized.
With the advent of the internet and smartphones, social media was born. For the first time, content creation was no longer centralized. It was distributed. As such, gatekeepers &mdash; like studio heads or masthead editors &mdash; were no longer required. Crucially, however, social media platforms &mdash; like Meta or TikTok &mdash; did not share the spoils with the content creators. They kept all the revenues for themselves.&nbsp;
This is beginning to change. Across industries &mdash; publishing, podcasting, esports, and education &mdash; content creators are finding ways to monetize their content directly with their fans. This new ecosystem is often called the creator economy. While it barely existed five years ago, today there are over 120 million content creators. In 2022, we expect the creator economy to generate about $60 billion of revenue per year with ~9% growth per year through 2024 when it may approach $75 billion of revenue. Around half of the revenues stem from ad-based video platforms, like YouTube. The other half is spread across a wide array of industries: publishing, education, and podcasting, among others.
The creators do need help, and platforms can assist. However, the platforms charge fees that can vary from less than 10% of creator&rsquo;s revenues (Patreon, Spotify, and Unity) to as high nearly 85% (Roblox). The variance often depends on the value the platform provides across five functions: (1) creation, (2) hosting, (3) distribution, (4) promotion, and (5) monetization. The more functions these platforms perform, the higher the fees.
Today, the creator economy is diverse, vibrant, and growing. However, across many of the creator economy platforms, a similar pattern emerges. The lion&rsquo;s share of the revenue is captured by a very small portion of the content creators. Far more than 80% of the revenues are created by far fewer than 20% of the creators. In short, the Pareto principle, or 80/20 rule, does not apply. The creator economy is &ldquo;winner takes most.&rdquo;
Going forward, we think there are three areas worth watching. First, traditional social media firms may begin to share some of the spoils with content creators. That is, platforms like Twitter may begin to emulate YouTube&rsquo;s business model. Or, as Instagram and Facebook push further into e-commerce, they will create opportunities for content creators to share in the economic spoils.
Second, Web 3.0 may create opportunities for creator economy platforms to leverage augmented reality, blockchain, crypto, and NFTs to alter the economics of the creator economy. These tools can help facilitate a direct relationship between content creators and fans with a diminished role for digital intermediaries. In short, Web 3.0 may help improve the economics of content creators.
Third, artificial intelligence may alter the creator economy in several ways including by helping with content creation and helping brands find the right influencer or helping consumer find the right content. It will be interesting to watch. With that, let&rsquo;s dig into the details.

From Central to Distributed The rise of the internet and smartphones has shifted the supply of entertainment from being centrally produced to a distributed model. This means creators are no longer focusing on the largest, most lucrative markets but instead can serve micro-markets and niches, leading to a &ldquo;creator economy.&rdquo;

The rise of the internet and smartphones has shifted the supply of entertainment from being centrally produced to a distributed model. This means creators are no longer focusing on the largest, most lucrative markets but instead can serve micro-markets and niches, leading to a &ldquo;creator economy.&rdquo;

From Central to Distributed

Creator Utilize Services to Generate Revenue Monetization in the creator economy comes from ads, subscriptions, donations, purchases, and sponsorship. The generate revenues, creators need help and often use large platform so assist in creation, hosting, distribution, promotion, and monetization.

Monetization in the creator economy comes from ads, subscriptions, donations, purchases, and sponsorship. The generate revenues, creators need help and often use large platform so assist in creation, hosting, distribution, promotion, and monetization.

Creator Utilize Services to Generate Revenue 

Winner Takes Most Services fees charged for creator services vary greatly by platform. A creator&rsquo;s average net revenue is inversely proportional to the number of creators that use that platform, making the creator economy highly concentrated.

Services fees charged for creator services vary greatly by platform. A creator&rsquo;s average net revenue is inversely proportional to the number of creators that use that platform, making the creator economy highly concentrated.

Winner Takes Most 

Sizing the Creator Economy The market for the creator economy is currently around $60 billion per year and should grow nearly 9% through 2024, when it should approach $75 billion. The largest segment of the creator economy is ad-based video. Some segments of the market &mdash; podcasts, education, mobile games, Metaverse, and publishing &mdash; are poised to grow 20% or more per year.

The market for the creator economy is currently around $60 billion per year and should grow nearly 9% through 2024, when it should approach $75 billion. The largest segment of the creator economy is ad-based video. Some segments of the market &mdash; podcasts, education, mobile games, Metaverse, and publishing &mdash; are poised to grow 20% or more per year.

Sizing the Creator Economy

From Central to Distributed The rise of the internet and smartphones has shifted the supply of entertainment from being centrally produced to a distributed model. This means creators are no longer focusing on the largest, most lucrative markets but instead can serve micro-markets and niches, leading to a &ldquo;creator economy.&rdquo; Creator Utilize Services to Generate Revenue Monetization in the creator economy comes from ads, subscriptions, donations, purchases, and sponsorship. The generate revenues, creators need help and often use large platform so assist in creation, hosting, distribution, promotion, and monetization. Winner Takes Most Services fees charged for creator services vary greatly by platform. A creator&rsquo;s average net revenue is inversely proportional to the number of creators that use that platform, making the creator economy highly concentrated. Sizing the Creator Economy The market for the creator economy is currently around $60 billion per year and should grow nearly 9% through 2024, when it should approach $75 billion. The largest segment of the creator economy is ad-based video. Some segments of the market &mdash; podcasts, education, mobile games, Metaverse, and publishing &mdash; are poised to grow 20% or more per year.

Getting Creative and Growing

The internet and smartphones have changed content generation from a central model to one that's more distributed. This distributed model allows for more "niche" content to be produced, leading to a "creator economy." We find that net revenues to the creator are inversely related to the number of creators on a platform, making the creator economy highly concentrated. New tools and platforms utilizing Web 3.0 and AI could help creators increase their revenue.

The Creator Economy

Learn more at <a href="https://icg.citi.com/icghome/what-we-think/commercial-bank/insights/enabling-growth-and-progress-for-flywire" data-link-source="tiny">Enabling Growth and Progress for Flywire</a>&nbsp;

Small- and Medium-sized Enterprises (SMEs) are a powerful driving force behind economic growth, fostering creativity and contributing significantly to job creation. This is why Citi is dedicated to supporting its clients by responsibly providing them with financial services to help them succeed. Citi has put this mission into action, which can be seen through its relationship with Flywire, a global payments enablement and software company.  With Citi as their banking partner, Flywire has been able to grow to over 1,000 employees across 14 offices globally, and expand into new business sectors worldwide, including education, healthcare, travel and B2B. 

How Citi Helped Flywire Expand Internationally

It has been a decade since corporate governance was introduced into Japan&rsquo;s national growth strategy as part of the Japan Revitalization Strategy.
Since then, revisions and updates have been made and there has been some progress. For example, compared with 2015 there has been a big uptick in the proportion of companies with independent or outside directors. Indeed, almost 82% of prime market companies had an independent director share of at least one-third as of 2022 (see chart below).
But the fact remains that Japanese firms are still lagging compared with international firms. &nbsp;
Ratio of listed companies in Japan with independent directors, nomination committees, and remuneration committees
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6409a8b87f880b38d666f561" width="766" height="442" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission. Source: JPX, Citi Research 
The proportion of female directors is rising but was still only 11% in 2021 compared with 30%-40% for the US and Europe.
Cross shareholdings are a particular feature in Japan, and they count as negative in ESG index governance items. Modest progress has seen the average number of names held fall from 65 in 2010 to 43 in 2019, but sales have been limited to small holdings.
Meanwhile, the Bloomberg governance scores show improvement for Japanese companies but persistently low levels compared with US and European counterparts.
Japanese ESG scores are generally comparatively low but particularly so for governance (see chart below).
Comparison of Bloomberg E, S, and G scores in Japan, the US, and Europe
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6409a9227f880b38d666f564" width="775" height="678" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission. Source: Bloomberg, Citi Research
Citi Research analysts highlight the TSE&rsquo;s Council of Experts Concerning the Follow-up of Market Restructuring as a vehicle with the potential to make more progress.
On January 30, the TSE published a summary of its discussions over recent months including how steps should be taken to make the &ldquo;comply or explain&rdquo; provision of the Corporate Governance Code (CGC) widely known and highlight instances of inadequate explanations, among other measures.
At a February meeting, the Council of Experts released its specific requirements for initiatives to improve capital efficiency and stock prices, the details of which are outlined in the full report. Ideas discussed included promoting competition among companies by including a PBR benchmark of 1.0x in the standards for listing on the prime market and restricting the number of stocks in the TOPIX.
International comparison of 12m forward PER (by RoE level)
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6409a97c8dd0b46aa609bda8" width="779" height="382" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission. Note: Compiled using stocks for which data items are available. RoE on a 12m trailing basis. Source: Bloomberg, Citi Research
Japanese companies suffer discounts despite high RoE
The earnings multiples of Japanese companies are lower than those in the West across the board, and this tendency also affects companies with RoE in excess of 15% (see chart below).
One reason companies with high RoE are discounted relative to overseas peers is that the sheer number of companies with RoE below the cost of capital makes the Japanese equity market less attractive overall, thereby hindering the inflow of funds.
International comparison of 12m forward PER: median (by RoE level)
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/6409a9ec7f880b38d666f568" width="793" height="390" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission. Note: Compiled using stocks for which data items are available. RoE on a 12m trailing basis. Source: Bloomberg, Citi Research
If the latest initiatives by the JPX promote capital policy reviews and business model reforms at companies with low RoE, it could lead to the medium- to long-term re-rating of Japanese equities and the rectification of the current discount, the analysts note. 
For more information on this subject, please see: <a style="text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2cFv7" target="_blank" rel="noopener" data-link-source="tiny">Japan Equity Strategy - Japan&rsquo;s corporate governance reforms about to enter new phase</a> (21 February 2023)
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 style="text-decoration: underline;" href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener" data-link-source="tiny">here</a>.

A new report from Citi Research’s Ryota Sakagami looks at the long-standing issue of corporate governance standards in Japan - finding progress but also more work to be done. 

Japan’s Corporate Governance Enters New Phase 

Many of Citi&rsquo;s clients have significant activities in these areas and AI innovations such as ChatGPT have increased debate around future paths. Please see below for topics discussed:
<ul type="disc">
<li>In which areas will Large Language Models (LLMs) add most value in the Research Industry &nbsp;</li>
<li>What are the implications of LLMs for the Research Industry </li>
<li>What areas will humans maintain comparative advantage vs computers </li>
<li>Will AI augment or substitute Cognitive Labour</li>
</ul>

Please join us in conversation with Professor Anton Korinek to discuss the implications of Artificial Intelligence (AI) on the Research Industry and Cognitive Labour following his research papers on these topics. 

Implications of Artificial Intelligence on Research and Knowledge Workers: Interview with Professor Anton Korinek

The health of the global economy continues to offer food for thought. &nbsp;
The growth outlook in China is stronger and less uncertain than Citi analysts envisioned a few months ago. And the euro area, rather than a full-on contraction, is seeing something more like stagnation. Recent data from the US also suggests resilience.
That said, the global campaign against inflation still has a long way to go. Specifically, consumer spending on services&mdash;and the resultant tight labor markets and services inflation&mdash;have momentum.
&nbsp;
<h3>Global Growth Forecasts </h3>
<img src="https://www.citivelocity.com/rendition/eppublic/akpublic/documents/output/30135883/fgImages/image4.emf.svg?ts=1677040146791&amp;version=1" alt="Figure 1. Global Growth Forecasts 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." width="498" height="388" />
Source: Citi Research &copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission
&nbsp;
Citi Research economists now see a &ldquo;less hard&rdquo; landing for the global economy. They see global growth slowing this year to a below-trend 2.2% pace, from 3% in 2022. This projection is up more than 0.25 of a percentage point from late last year. Even with that upgrade, global growth would remain in the bottom quartile of performance during the past forty years, for context.
Next year, Citi Research economists see overall growth rising to 2.6% as the global economy bounces back, albeit slowly. And they recently marked down their probability of a synchronized global recession to 30%. But they still project &ldquo;rolling&rdquo; country-level recessions and weakness through the year ahead.
Specifically, outright recessions are expected in the United States, Canada, Mexico, Brazil, Chile, Germany, Italy, the United Kingdom, Korea, and Russia.
But the timing and trajectory of these downturns is likely to vary.
In China, the re-opening from Covid is proceeding full steam ahead. The data indicate strong household spending through Chinese New Year. For example, despite the public health challenges that prevailed, movie ticket sales exceeded levels posted both last year and in 2019.
In the US, recent data have generally pointed to economic resilience. The January payrolls report showed booming job creation of 517,000; the unemployment rate fell to 3.4%.
In the Euro area, gas prices have fallen from peaks six months ago, and measures of economic sentiment are climbing back. Fourth-quarter real GDP growth came in at 0.4% (annualized). Germany, in contrast, saw a mild contraction. Accordingly, growth this year is poised to run at 1%, up from our forecast&nbsp;of -0.4% at the end of last year.
&nbsp;
<h3>Central banks&mdash;Focused on Subduing Inflation&nbsp;</h3>
DM central banks are in the midst of a vigorous tightening cycle. The Federal Reserve over the past year has lifted rates by 450 basis points. Going forward, Citi expects 25 basis point rate increases at each of the Fed&rsquo;s next three meetings. &nbsp;
Similarly, Citi Research expects the ECB to push the deposit rate to 3&frac12;%, its highest setting in two decades, and sees it holding that well into 2024, until inflation is clearly on its way back to the 2% target. In the UK, Australia, and Canada, policy has also tightened appreciably&mdash;and is likely to remain tight.
The Bank of Japan remains an important outlier among the DM central banks, with its policy rate still in negative territory.
For the EM economies, policy is historically tight among many in Latin America and some in emerging Europe. These central banks began their hiking cycles in 2021 and have remained aggressive, as they have faced domestic as well as global price pressures.
In contrast, central banks in emerging Asia have been less vigorous, as domestic inflation has been more muted. &nbsp;
As DM central banks eventually pause their tightening, and global inflationary pressures ebb, the EM central banks where policy is particularly tight should have scope for rate cuts. For more information on this subject, please see <a href="https://www.citivelocity.com/t/r/eppublic/2d4OQ" target="_blank" rel="noopener" data-link-source="tiny">Global Economic Outlook &amp; Strategy - Inflation Is Not Yet Defeated</a> (21 Feb &rsquo;23)
&nbsp;
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" data-link-source="tiny">here</a>.

A recent report from Citi Research’s Nathan Sheets, finds pockets of positivity in the global economy, against a backdrop of a continuing battle with inflation. 

Inflation: Not Vanquished Yet

Flipping Book 

The corporate landscape across Asia has rarely appeared more complex. Companies, big and small, face significant challenges; and how they go about overcoming them will determine their success or failure over the coming years. 
This publication will provide Asian corporates telling insights from research conducted on leading businesses in the region. The research, carried out by Citi in partnership with East &amp; Partners, identifies companies&rsquo; principal concerns as they look towards 2023 and beyond. The following articles also offer clear and practical steps that companies should consider to overcome today&rsquo;s most pressing challenges. 
Costs are rising, liquidity remains stretched and supply chains suffer disruption from a myriad of factors, including geopolitics. But strategies and solutions are at hand to manage these hindrances. Throughout this magazine, we have presented unique findings on how companies can discover ideas for improving credit terms and using structured products to lower their cost of capital and manage risk simultaneously. They can also learn how to invest effectively in digitalization and optimize working capital by improving efficiency via active payables and receivables management. 
Put together, the data from our survey and the practical advice from some of our trusted partners can help companies define and activate the quickest route out of today&rsquo;s complexity; for a route that offers greater clarity of the future and sets companies up for better times ahead.

The corporate landscape across Asia has rarely appeared more complex. Companies, big and small, face significant challenges; and how they go about overcoming them will determine their success or failure over the coming years.

Supply Chain Synergy

Citi Appointed as Depositary Bank for the GDR Program of Fangda Carbon New Material Co., Ltd.

Jeff Tijssen, Global FinTech Head at Bain has helped build & scale many FinTechs/neobanks and joined us to discuss current FinTech trends. FinTechs raised money at high valuations during easy access to capital making future business roadmap and capital raise difficult. FinTech IPOs in the US dropped from 41 in 2021 to 1 in 2022, reducing exit opportunities. This led to a wave of M&A activity as incumbents or investors have an opportunity to acquire good businesses and/or teams. Jeff expects the wave of FinTech consolidation to continue driven by the rate environment, macro headwinds, dry powder running out, etc.

Is 2023 the Year for Fintech M&A

What a difference a year makes. When it&rsquo;s a year as tumultuous as this past one, that&rsquo;s even truer.
Almost anywhere you look across commodities are indications of just how drastic the impact of Russia&rsquo;s invasion of Ukraine has been.
In Jan. &lsquo;22 Russia was the 1st, 2nd or 3rd largest exporter of &gt;30 commodities, including being 1st in combined crude/petroleum products, natural gas and wheat.
Russia crude oil exports, 2021-2023E (m-b/d)
&nbsp;
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/641c241adb08f41b3731b375" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission.
Source: Citi Research. Oilx
Fast forward to Jan. &rsquo;23, and the US is the world&rsquo;s largest exporter of combined crude/petroleum products and natural gas. And Citi Research analysts say they believe Russia has essentially no hope of regaining its position in natural gas or oil for the rest of this decade.
In Jan 2022, 80% of Russian oil/products and natural gas was supplied to the Atlantic Basin, 20% to East of Suez; now those percentages have been reversed, with scant hope the old normal will return at all, or if it does, not for several years.&nbsp;
For most commodities, Russia&rsquo;s sales now look eastward, at a discount to western sales, cutting Russia&rsquo;s overall income from commodities sales.
Russian pipeline gas exports to Europe, 2021-2023E (mcm/d)
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/641c2485dfc8a9734e13fc44" />
&copy; 2023 Citigroup Inc. No redistribution without Citigroup&rsquo;s written permission
Source: Citi Research, Bloomberg
Battlefield outcomes aside, Russia will potentially never regain its position as the world&rsquo;s number one exporter of some of the world&rsquo;s most critical materials.&nbsp; 
Indeed, regardless of if Moscow might try to revert to its historical position as a long term and reliable source of resources such as food, fuel, precious or industrial metals, the fallout from the war means several of Russia&rsquo;s major commodities buyers are adopting the Chinese position that in the interests of resource strategy and security require imports from any single supplier must be limited to no more than 15%. 
Critical uncertainties over potential outcomes of the Russia/Ukraine crisis initially led to a surge in commodities prices, especially in sectors in which Russia is among the 3 largest global suppliers. These include commodities in which Russia/Ukraine constitute the largest exporter: wheat, barley, natural gas, processed nickel, fertilizers, seed oils; or the 2nd largest: crude oil/products, palladium/platinum; lumber, refined copper, ammonia, steel, uranium/thorium, titanium; or 3rd largest: aluminum, coal. 
Russia and China&rsquo;s combined GDP share of 17.07% compares to the 55.88% share of NATO and allies in the Pacific 
excluding emerging market countries economically tied to the latter. That&rsquo;s likely to make a big difference as the dust &nbsp;settles and China decides where its major advantages lies.
For more information on this subject, please see <a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2d84K" target="_blank" rel="noopener" data-link-source="tiny">Global Commodities - The Brave New World of Commodities: Assessing Global Tectonic Shifts on the 1st Anniversary of the Russia/Ukraine Crisis</a> (6 Mar &rsquo;23) and please also see <a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2dGVe" target="_blank" rel="noopener" data-link-source="tiny">Global Commodities - Wildcards 2023: Global and domestic shifts could make 2023 a banner year for the unexpected</a> (6 Feb &rsquo;23) for further reading.
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 style=" text-decoration: underline;" href="https://ir.citi.com/6A3IURUaezPxFLppsgdBkqidjLaLn558JwHISYaDZcTfE9XMRB1isDDDVorqrxpR%2fTnEi4RUCl8%3d" target="_blank" rel="noopener" data-link-source="tiny">here</a>.
&nbsp;
&nbsp;

A new report from Citi Research’s Ed Morse and team highlights just how much things have changed across the commodities complex in the past year. 

The Brave New World of Commodities 

<p style="box-sizing: border-box; margin: 0px 0px 9.8px; font-size: 14px; text-align: left; padding: 0px; border-width: 0px; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-color: #ffffff;">In this episode of Inspiring Entrepreneurs, Rachel Kelly speaks to Richard Koh, Founder &amp; Group CEO, M-DAQ Global about his journey and his thoughts on the importance of culture in the workplace.
<p style="box-sizing: border-box; margin: 0px 0px 9.8px; font-size: 14px; text-align: left; padding: 0px; border-width: 0px; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-color: #ffffff;">Inspiring Entrepreneurs series brought to you by Citi Commercial Bank in celebration of International Women&rsquo;s Day.
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<p style="box-sizing: border-box; margin: 0px 0px 9.8px; font-size: 14px; text-align: left; padding: 0px; border-width: 0px; font-stretch: inherit; line-height: inherit; vertical-align: baseline; background-color: #ffffff;"><a title="VIEW ALL INSIGHTS" href="https://icg.citi.com/icghome/what-we-do/commercial-bank/insights?pk_campaign=view_all_insights" data-link-source="tiny"><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/63f661c2bcbcdf129897ab7b" alt="VIEW" /></a>

MONEY FM Podcast, presented by Citi Commercial Bank. INSPIRING ENTREPRENEURS: Importance of Culture in the Workplace

As businesses become more digitally connected, their exposure to cyber threats increases. Managing these risks is a complex endeavor due to the rising costs of investment in equipment, software, and cyber talent.
In this report, we focus on the causes and consequences of the increase in cyber skills demand. Our first chapter highlights the factors that have increased companies&rsquo; exposure to cyberattacks, as well as the costs associated with this exposure. We highlight two notable trends that have drastically changed the landscape and importance of cybersecurity. First, the impact of geopolitics and the emergence of cyberwarfare. Second, consumers&rsquo; rising attention toward the security of their personal data. In the second chapter, we discuss how global and regional labor markets fare in the face of steep competition for cybersecurity talent. Using information extracted from the profiles of the active cyber professional population, we measure the supply of cyber skills and examine the characteristics of cyber professionals. Our spatial analysis focuses on recruitment difficulties across states and cities. In our last chapter, we turn to regulation, business strategy, and governance. We discuss the importance of compliance and how failure to comply with regulation can substantially increase the cost of a cyberattack.
We evaluate the costs and benefits of strict regulatory measures and explore alternative measures. We argue that cybersecurity is a public good and that firms should implement a resilient cybersecurity defense as their social responsibility.
<ul>
<li>Cyberattack costs have started to bite: Apart from the direct costs, supply chain disruptions and reputational damage can be substantial.</li>
<li>Cyberattack exposure risks and material costs have increased significantly in the healthcare industry.</li>
<li>Geopolitical risks and the emergence of cyberwarfare have reached new levels, disrupting production networks and causing cross-border economic damage.</li>
<li>Consumer attention toward privacy and personal data has peaked, magnifying the impact of reputational damage for firms impacted by security breaches.</li>
<li>Asia is now the second largest market for cyber skills, surpassing Europe.</li>
<li>Cyber skill demand rose significantly for many managerial positions. One-tenth of cyber job postings also require data privacy knowledge.</li>
<li>The cyber workforce is relatively young &mdash; half of all cyber professionals have less than six years of experience.</li>
<li>Excluding North America, cyber job openings take longer than other information technology (IT) positions to fill.</li>
<li>Stringent data breach regulations, which emerged globally through a mix of better enforcement and heftier fines, make non-compliance a non-option.</li>
<li>Data breach regulation can induce firms to increase investment in cyber skills, but it slows down business creation and increases exit rates.</li>
</ul>

The Cyber Problem Cyberattacks are increasing &mdash; in number, complexity, and cost &mdash; driven by geopolitics and cyber warfare. By sector, there has been a distinct surge in cyber risk in the healthcare industry and cybersecurity is increasingly becoming a concern for firms globally.&nbsp;

Cyberattacks are increasing &mdash; in number, complexity, and cost &mdash; driven by geopolitics and cyber warfare. By sector, there has been a distinct surge in cyber risk in the healthcare industry and cybersecurity is increasingly becoming a concern for firms globally.&nbsp;

The Cyber Problem

Rise of Demand for Cyber Skills Because businesses are increasing their digital footprints at the same time cyberattacks are increasing, the need for a workforce with digital skills is growing &mdash; both regionally and by industry.

Because businesses are increasing their digital footprints at the same time cyberattacks are increasing, the need for a workforce with digital skills is growing &mdash; both regionally and by industry.

Rise of Demand for Cyber Skills

Supply of Cyber Skills Not Meeting Demand in the U.S., job listing data indicate there is rising demand for workers with cyber skills. In 2021, the aveage U.S. state saw 2.6 cyber job postings per cyber professional. In addition, compared to IT prefessionals, the age of the cyber-related workforce is relatively younger and job postings for cyber jobs are open for longer.

in the U.S., job listing data indicate there is rising demand for workers with cyber skills. In 2021, the aveage U.S. state saw 2.6 cyber job postings per cyber professional. In addition, compared to IT prefessionals, the age of the cyber-related workforce is relatively younger and job postings for cyber jobs are open for longer.

Supply of Cyber Skills Not Meeting Demand

Addressing the Market Failure in the Provision of Cybersecurity Exposure to cyberattacks depends on a firms' own cyber resilience as well as that of its partners and suppliers. The optimal provision of this public good can be addressed by government intervention via regulations, or by encouraging firms to integrate cybersecurity as part of the corporate social responsilbilty agenday. Demand for cyber skills rapidly increase in industries highly exposed to enforcement.&nbsp;

Exposure to cyberattacks depends on a firms' own cyber resilience as well as that of its partners and suppliers. The optimal provision of this public good can be addressed by government intervention via regulations, or by encouraging firms to integrate cybersecurity as part of the corporate social responsilbilty agenday. Demand for cyber skills rapidly increase in industries highly exposed to enforcement.&nbsp;

Addressing the Market Failure in the Provision of Cybersecurity

The Cyber Problem Cyberattacks are increasing &mdash; in number, complexity, and cost &mdash; driven by geopolitics and cyber warfare. By sector, there has been a distinct surge in cyber risk in the healthcare industry and cybersecurity is increasingly becoming a concern for firms globally.&nbsp; Rise of Demand for Cyber Skills Because businesses are increasing their digital footprints at the same time cyberattacks are increasing, the need for a workforce with digital skills is growing &mdash; both regionally and by industry. Supply of Cyber Skills Not Meeting Demand in the U.S., job listing data indicate there is rising demand for workers with cyber skills. In 2021, the aveage U.S. state saw 2.6 cyber job postings per cyber professional. In addition, compared to IT prefessionals, the age of the cyber-related workforce is relatively younger and job postings for cyber jobs are open for longer. Addressing the Market Failure in the Provision of Cybersecurity Exposure to cyberattacks depends on a firms' own cyber resilience as well as that of its partners and suppliers. The optimal provision of this public good can be addressed by government intervention via regulations, or by encouraging firms to integrate cybersecurity as part of the corporate social responsilbilty agenday. Demand for cyber skills rapidly increase in industries highly exposed to enforcement.&nbsp;

Causes and Consequences of the Rise in Cyber Skill Demand

As businesses become more digitally connected, their exposure to cyber threats increases. Managing these risks is a complex endeavor due to the rising costs of investment in equipment, software, and cyber talent. In this report, we focus on the causes and consequences of the increase in cyber skills demand.

Please contact your Citi representative for more information. 

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