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We are delighted to announce that our 9th Annual Digital Money Symposium will return in person on 31 March in London and REGISTRATION IS NOW OPEN.
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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.
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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;
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To register please<a href="https://icg.citi.com/icghome/what-we-think/leadership/insights/digital-money-symposium-2022"> click here</a>
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For any questions please contact <a href="mailto:kathryn1.brown@citi.com?subject=Citi's%20Digital%20Money%20Symposium" target="_blank" rel="noopener">kathryn1.brown @citi.com.</a>

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

<p class="carina-rte-public-DraftStyleDefault-block" style="margin: 0px; padding: 0px 0px 0.75em; border-width: 0px; box-sizing: border-box; color: #2d2d2d; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: left; background-color: #ffffff;">Information on one-on-one meetings will be sent to qualifying clients in July. Your Citi salesperson will provide a list of companies holding meetings and will enter the requests.
<p class="carina-rte-public-DraftStyleDefault-block" style="margin: 0px; padding: 0px 0px 0.75em; border-width: 0px; box-sizing: border-box; color: #2d2d2d; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: left; background-color: #ffffff;">In addition to one-on-one meetings, companies will conduct a 40-minute fireside chat led by the Citi research analyst with investor Q&amp;A.

Citi is pleased to announce its 2022 Global Technology Conference taking place LIVE and IN-PERSON on Wednesday September 7 – Friday, September 10 in New York. 

Citi's 2022 Global Technology Conference

Citi is delighted to host our 17th Annual BioPharma Conference.

Citi's 17th Annual BioPharma Conference

Citi's GEMS Conference 2022

Citi's Growth Conference

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

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

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

16th Annual Global Resources Conference 2022

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Citi GPS

So what suddenly changed to make space more accessible? Two things: the private sector entered the industry and launch costs declined. Until recently, the space industry had been dominated by government-sponsored programs, which focused more on military capability, and creating revenue and jobs. As more private companies enter the industry, they are prioritizing operational efficiency. Today&rsquo;s launch costs of $1,500 per kilogram ($1,500/kg) are about 30x less than the launch cost of NASA&rsquo;s Space Shuttle in 1981. Reusable rockets and launch vehicles, new materials and fuels, more cost-efficient production methods, and advancements in robotics and electronics systems are combining to drive these costs even lower. The authors of this report believe launch costs could to fall to $100/kg by 2040, and in a bullish scenario, to as low as $33/kg. With lower launch costs, the authors expect the space economy to generate over $1 trillion in annual sales by 2040, up from around $370 billion in 2020. The satellite market, which currently makes up over 70% of the current space industry, will continue to dominate but is expected to undergo a paradigm shift in demand. Traditional applications such as video broadcasting will cede to newer applications such as consumer broadband and space-as-a-service. Satellite imagery and better analysis tools for large amounts of data could be crucial in helping nations and companies address many of the UN Sustainable Development Goals, particularly monitoring greenhouse gas emissions, deforestation and biodiversity. But the fastest growth is expected to come from new space applications and industries, such as space-based solar power, space logistics, and Moon/asteroid mining, among others. These areas could generate ~$100 billion in annual sales by 2040.
<iframe src="https://ir.citi.com/gps/ekrxz7Xo8hLj1ExHij2tqzO2vrFF6XZ3pgDaS9hu2K0mpDciBYzWOIObavaSRJRg0ST3mQzveh4%3D" width="810" height="450"></iframe>
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Authors: Pavan Daswani,Charles J Armitage,Anita McBain,Samuel Burgess,Amit B Harchandani,Tahmid Islam,Anthony Nemoto,Nithin Pejaver, CFA,Jenny Ping,Ephrem Ravi,Michael Rollins, CFA,Sathish B Sivakumar,

We view more affordable launch costs as the primary enabler in making space accessible to a wider variety of applications. Launch costs are already 40x lower than they were in the 1980s. We expect them to fall an additional ~95% to around $100 per kilogram by 2040 driven by reusability, scale, lower input costs, and cost-efficient production methods.

Launch Costs are a Key Enabler

We expect the overall space industry to reach $1 trillion by 2040 — delivering 5% compound annual growth starting from 2020. Revenue from manufacturing, launch services, and ground equipment will make up the majority of the revenue growth in the satellite sector. However, the fastest growth rate is expected to come from new space applications and industries, with revenue forecast to rise from zero to $101 billion over the period.

Space Industry Could be $1 Trillion by 2040

In the satellite sector, we see the strongest contrast among various end-markets over the next 20 years within the satellite services business. Advancements in smaller satellite launches, better tools to analyze large amounts of data, and a growing range of applications, including using satellite imagery to tackle a host of environmental issues, are expected to drive growth in new industries such as Earth Observation and broadband.

A Paradigm Shift in the Satellite Market

As lower launch costs and technology advancements drive widespread accessibility, new applications are set to emerge and could generate $100 billion annually by 2040. Investment is also supportive as flows shift from being dominated by government agencies and the wealthiest nations, towards more private funding.

Growth in New Industries

Space is likely to become a trillion dollar industry by 2040 propelled by growth across the satellite industry. New applications will also be a driver.

Space - CitiGPS

The Dawn of a New Age

Today’s generation is at the forefront of a new space era — one that will be far-reaching, inclusive, and potentially more disruptive. We have finally come to a stage where the dreams around space from childhood are turning into reality. Space tourism could really become more accessible to the average person. Mining on the Moon or on an asteroid is seriously being considered. And powering the Earth with solar power collected from satellites is on the horizon.

SPACE: The Dawn of a New Age

<h2>Get Ready to Run the River! - <a href="https://events.kronosports.uk/event/96/app/page/rtr22">Register Here&nbsp;</a></h2>
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It's been 10 years since the first Run the River took place on the banks of the River Thames and for the ninth year, Citi will once again be supporting this iconic run. The fight to put an end to wasted potential is far from over. That's why more people than ever need to take part this September. But what and who would you be running for?
 Well, imagine you're out for a run with a friend. Their half of the route is clear, yet yours is lined with hurdles. Unfair, right? But that's what the education system is like for the poorest schoolchildren. They're less likely to have access to the teachers, leaders and role models they need to thrive. And, since the pandemic, the hurdles preventing them from succeeding at school &ndash; and in life &ndash; are even higher.
 With in-person and virtual running options to choose from, there's never been an easier way to take part. Sign- up and get involved your way to make our education system work for every child.&nbsp;
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1. Sign up
Start your registration and select &lsquo;in-person 5km' or &lsquo;in-person event 10km'. Your registration fee covers the costs of the event, including the event village with an unmissable atmosphere, your technical t-shirt, and your finisher's medal
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2. Support any way you can
Donate or fundraise to support Teach First. Let your friends, family and colleagues know you'll be taking part and get their support
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3. Join us on event day
Head to Potter's Fields Park, London, for 6:00pm on Wednesday 21 September. You and your fellow runners will be cheered over the finish line and receive your finisher's medal
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4. Not based in London?
<a href="https://events.kronosports.uk/event/96/app/page/rtr22" target="_blank" rel="noopener">Click here</a> to register and complete your 5km or 10km run in a location of your choosing during event week. You can pledge your support for Teach First or your chosen Teach For All global partner. It doesn&rsquo;t matter where you run. It just matters that you run.&nbsp;
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SIGN UP TO RUN THE RIVER 2022 TO HELP EVERY YOUNG PERSON GET THE OPPORTUNITIES THEY DESERVE!
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The In person event is taking place in London on 21 September 2022. You can also participate in a location of your choice via the virtual option from 19-25 September 2022.

Run the River

Watch Video 

CNBC’s Geoff Cutmore speaks with Jane Fraser and other top leaders on the headwinds and tailwinds facing the global economy and what mix of policies are needed in this new volatile context.

Watch IMF chief Kristalina Georgieva and Citigroup CEO Jane Fraser discuss the global economy

Chuck Adams, Citi’s global head of healthcare, consumer and retail investment banking, talks about the tectonic shifts taking place across the healthcare and consumer landscape, and how the bank is responding.

Citi Transforms its Healthcare and Consumer Offering

Life, the Metaverse and Everything | Citi ICG

The metaverse could transform the internet, according a Citi Research report, beckoning its users into a virtual world where they can socialize, work and play.

Life, the Metaverse and Everything

China faces the spectre of missing its annual GDP growth target this year by a wide margin,&nbsp;a first since it began setting targets.
Given the headwinds in consumption, property and exports, infrastructure investment is probably the only driver the Chinese government can count on, according to Citi analysts. On a long view, China remains underdeveloped and unbalanced even in traditional infrastructure. Its industrial upgrading and energy transition can&rsquo;t be achieved without compatible new and green infrastructure, says Citi.
China still enjoys low labour costs and high efficiency in construction. This presents an opportunity to strengthen the weak links in infrastructure and build the foundation for future development. Pro-investment infrastructure policy actions seem to be real, according to the Citi report.
Infrastructure investment strength in China will hinge on:&nbsp;
[1]&nbsp;replenishment of sizeable fiscal revenue;&nbsp;
[2]&nbsp;effectively pushing (policy) bank &amp; nonbank lending; and&nbsp;
[3]&nbsp;a meaningful recovery in local government financing vehicles (LGFVs) &amp; PPP finance. 
Citi expects timely and concrete actions soon to sustain momentum. 
Policy execution will also be critical, with downside risks from:&nbsp;
[1]&nbsp;prolonged deep declines in land sales;&nbsp;
[2]&nbsp;over-concerns about implicit local debt risks;&nbsp;
[3]&nbsp;ambiguous political incentives balancing fiscal discipline with growth; and&nbsp;
[4]&nbsp;Covid disruptions.
Mainly driven by the government &ndash; and given it can be lifted within a short period, especially compared with sticky consumption &ndash; infrastructure spending is often used as a countercyclical tool in China.&nbsp;
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The past two decades saw two policy-driven super cycles and one mini cycle of infrastructure investment in China
<img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62b5c990b6ca6d23a3b96015" alt="cid:image002.png@01D88305.BE6D2A10" width="476" height="346" />
In 2008-09, the government launched a &ldquo;RMB4trn&rdquo; stimulus in response to the global financial crisis, with infrastructure investment as a key focus. 
As LGFVs took off, infrastructure investment surged &gt;60%YoY in mid-2009.&nbsp;In 2012-13, China started another round of expansion as GDP growth started to drop below 8% on the back of the earlier tightening on local borrowings. Partly fuelled by shadow finance, infrastructure investment soared as high as 30%YoY in early 2013. In 2018-19, the government again looked to it to offset the pressures from the US-China trade tensions but was not ready to unwind the deleveraging efforts. 
Amid the Omicron waves, the recovery road for consumption, especially consumer services, will likely be bumpy ahead, Citi analysts say. And they add that the strong performance of exports may struggle to sustain as competing production bases reopen. To some extent, infrastructure investment becomes the only key driver for aggregate demand the government can count on this year, says the Citi report.
As early as September 2021, Vice Premier Liu He&nbsp;<a style=" text-decoration: underline;" href="http://english.www.gov.cn/statecouncil/liuhe/202109/06/content_WS6135af9fc6d0df57f98dfc4a.html" target="_blank" rel="noopener">started to change</a>&nbsp;the policy guidance amid the property downturn, suggesting to &ldquo;appropriately advance infrastructure investment&rdquo;.&nbsp;<a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2NpNp" target="_blank" rel="noopener">The Central Economic Work Conference</a>&nbsp;and&nbsp;<a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2JseM" target="_blank" rel="noopener">the NPC</a>&nbsp;as well as&nbsp;<a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2MiEc" target="_blank" rel="noopener">the recent Politburo meeting</a>&nbsp;all further reiterated the pledge to step up infrastructure investing. Moreover, on April 26, President Xi chaired the 11th meeting of&nbsp;<a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2MXwP" target="_blank" rel="noopener">the Central Committee for Financial and Economic Affairs</a>&nbsp;(CFEA) and called for &ldquo;all-out efforts to build a modern infrastructure system&rdquo;, deeming China&rsquo;s infrastructure still incompatible with the demand for national development and security
China&rsquo;s industrial upgrade can only be achieved with compatible new infrastructure, say the Citi analysts.&nbsp;The purpose of infrastructure changes as the economic structure shifts. Just as traditional infrastructure investment has supported China&rsquo;s emergence as a global manufacturing centre, so new infrastructure will likely be the foundation for its technological &amp; structural upgrading. For more information on this subject, please see <a style=" text-decoration: underline;" href="https://www.citivelocity.com/t/r/eppublic/2OxjC" target="_blank" rel="noopener">China Economics / FX &amp; Rates / Equity View - Infrastructure: Renewed Push as Macro Slips</a>
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">here</a>.

Infrastructure investment is emerging as perhaps the only growth driver the Chinese government can count on, according to a new report by Citi Research’s Xiangrong Yu. 

Infrastructure Holds Key to China Growth

<h3 class="">In our first Home of the Future report <a href="https://www.citivelocity.com/citigps/home-of-the-future/">Building for Net Zero</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>
 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. 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. 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. 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. <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" /> 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. 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.
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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,

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?

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

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

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

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?

A unique, diverse city full of character and personality, Kuala Lumpur has been an important part of Citi’s Malaysian history for over 60 years. Watch video here: 

Around the World With Citi: Kuala Lumpur

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;">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;</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;">Don&rsquo;t miss our season wrap where Paco Ybarra, CEO, Citi Institutional Clients Group 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.</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>
 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.

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

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

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  

read in full 

Citigroup Inc. plans to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic. 

Citigroup Plans to Hire 4,000 Tech Staff to Tap Into ‘Digital Explosion’

See full details 

In a year that saw landmark transactions and regional expansion for our Securities Services franchise, we are proud to deliver a seamless client-centric experience powered by technology, an unparalleled global network, and the expertise of our people.
Citi has won 17 awards at the Euromoney Awards for Excellence 2022, including three global awards for:
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<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Bank for Diversity and Inclusion</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Bank for Securities Services </li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Digital Bank</li>
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The full list is below. 
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Citi: Euromoney Awards for Excellence 2022
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<ul style="margin-top: 0cm; margin-bottom: 0cm;" type="disc">
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Bank for Diversity and Inclusion</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Bank for Securities Services </li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">World's Best Digital Bank</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Africa's Best Bank for Financing</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Asia's Best Bank</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Asia's Best Bank for Transaction Services</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Asia's Best Bank for Financing</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Middle East's Best Bank for Transaction Services</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">CEE's Best Investment Bank</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Central America and Caribbean Best Investment Bank</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Latin America's Best Bank for Financing</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">North America's Best Digital Bank</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Best Investment Bank in the UAE</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Best Investment Bank in India</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Best Investment Bank in Turkey</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Best Investment Bank in Finland</li>
<li style="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0cm; font-size: 11pt;">Best Investment Bank in Ireland</li>
</ul>
Read more in Euromoney:&nbsp;<a href="https://www.euromoney.com/article/2a3ry31fha8ql66guwbgg/awards/awards-for-excellence/the-worlds-best-bank-for-securities-services-2022-citi" target="_blank" rel="noopener">https://www.euromoney.com/article/2a3ry31fha8ql66guwbgg/awards/awards-for-excellence/the-worlds-best-bank-for-securities-services-2022-citi</a> 
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Citi has won 17 awards at the Euromoney Awards for Excellence 2022, including three global awards for:  World's Best Bank for Diversity and Inclusion, World's Best Bank for Securities Services  and World's Best Digital Bank

Citi wins 17 awards at the Euromoney Awards for Excellence 2022

High energy prices are taking their toll on European demand &ndash; which is falling as consumers look to make savings. But, as uncertainties mount over future supplies of Russian gas, the debate is rapidly moving from one of price-led rationing of demand to mandated rationing.
European governments are having to face the uncomfortable trade-off between preserving industrial output and ensuring adequate energy supplies for winter heating demands.
<h3>Gas meets one-quarter of Europe&rsquo;s energy needs</h3>
Gas is a key pillar of Europe&rsquo;s energy mix, used for residential heating and cooking, industrial heating and feedstock and as a fuel for power generation.
Residential gas usage is captive &ndash; in other words, it cannot be switched to alternatives &ndash; as is much of what is used by industry given the role of gas in feedstock or high-heat processes.
Gas used in power generation competes more with other energy sources, and in particular demand tends to swing inversely with the output from renewables and hydro.
<h3><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62e2d89b5169d0349f48b3bd" alt="" width="790" height="625" /></h3>
<h3>Europe has a high reliance on Russian gas&hellip;</h3>
Europe&rsquo;s gas industry grew up around agreements to take supply from the USSR in the 1960s. While supply sources have since expanded through a combination of domestic production (mainly the UK), alternative imports (Norway, Algeria, Libya) and LNG, there is still a heavy reliance on imports from Russia. Today a large, legacy pipeline infrastructure brings gas from East (i.e. Russia) to West across Europe.
While Europe&rsquo;s oil and coal supply also relies on Russia, these fuels are pretty fungible in the way they are moved around the world.
In contrast, gas delivered by pipeline creates a supply chain that is much less flexible. As such, the EU&rsquo;s sanctioning of Russian energy has focused on oil and coal, taking advantage of inherent flexibility, whereas politicians have been much more <a target="_blank" name="bkm_PageNum_3"></a>circumspect when it comes to how to deal with Europe&rsquo;s reliance on Russian gas.
<h3>&hellip;but Russian gas exports to Europe are dropping rapidly</h3>
Looking at the data, it is hard to think that Russia is not politicizing its gas sales into Europe. Exports to Europe are down 40% 1H22 vs 1H21.
Exports have dropped off almost completely recently, with the scheduled annual maintenance (by Russia) of the key pipeline. That maintenance is scheduled to last through 21 July, although given the behaviours of recent months, the market has concerns over whether those exports will re-start as planned. Russian gas at zero is a big ask for Europe as a whole to replace, although most impactful to Germany and Italy.
<h3><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62e2d8b45169d0349f48b3c1" alt="" width="863" height="643" /></h3>
<h3>German gas demand already seeing price-rationing effects</h3>
Switching from the supply side to the demand-side of the equation, the trends across Europe have been negative. German gas demand is down 16% YTD or around 10% on a weather-adjusted basis (2H winter was warmer than normal, so heating demand was lower). The decline reflects a combination of higher output from renewables (better climatic conditions) and demand-destruction from record-high gas prices.
Because of the use of gas for residential heat, winter demand is 3x that of mid-summer (now). That is based on average demand. A cold-snap can bring daily demand even higher.
And this is where Europe relies on gas inventories to help balance the market. Inventories are filled in spring and summer, and drawn down in winter. A loss of Russian supply this time of year means that there is a risk that inventories will not fill ahead of peak demand, and this could create untold problems in winter, especially if the climatic conditions are colder than normal.
<h3><img src="https://icg.citi.com/rcs/v1/media/icgPublic/akpublic/storage/retrieveMediaFile/62e2d8ccfd85d9340929182c" alt="" width="922" height="630" /></h3>
<h3>Industrial demand for gas is broad-based across sectors</h3>
While energy rationing is an unheralded concept in developed Europe, it has been relatively commonplace in South Africa, India and China over the past couple of decades. Experience suggests that, where it is organized, industry and supply-chains cope much better; disorganised cuts have ended up with nightmarish situations such as mine workers trapped (South Africa).
Rationing will likely see considerable horse-trading between industries and market regulators. It is not clear exactly how industrial demand for gas splits in countries like Germany &ndash; the data is not very granular &ndash; but the European picture is one where demand is broad-based over a number of sectors. The full Citi report goes sector-by-sector through the ramifications of scaling back demand.
The additional consideration to rationing is the second-order effects. Industrial Germany has developed into a just-in-time economy, so the partial shutdown of one section of the supply-chain can have amplified effects through the rest of the chain.
Part of the consideration therefore to any rationing is to what extent that supply-chain can be supplemented elsewhere in Europe. For more information on this subject, please see <a href="https://www.citivelocity.com/t/r/eppublic/2QN5S" target="_blank" rel="noopener">European Gas Rationing: A look at Sector-Level Impacts</a>
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>.
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Gas Mandated Rationing Looms, Europe Energy Price Shifts | Citi ICG

A new report from Citi Research’s Alastair Syme looks at how debate over Europe’s energy supply is shifting from prices to availability.

Gas: Mandated Rationing Looms

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>
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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.
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.
<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>
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.
<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" />
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.
<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>
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.
Authors: Elizabeth Curmi,Jason Channell,Ying Qin,

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

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

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

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

Global recession is, indisputably, a clear and present danger.

Global Recession Is a Clear and Present Danger

We expect several major economies, including the U.S. and the euro area, to slip into recession over the next 12 to 18 months. We see these downturns as relatively mild, with the global economy avoiding a synchronized slump—though the risks look skewed heavily to the downside.

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.
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>.
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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. 

Stresses in the crypto markets quickly grab headlines. But, as pointed out in a new report from Citi Research’s Joseph Ayoub, it’s worth pausing to keep the crypto markets and their potential broader impact in context.

Keeping Crypto in Context

Global Recession Watch – Latest Thoughts - Citi ICG

A new report by Citi Research’s global chief economist Nathan Sheets and team looks at expectations that major economies will slip into recession over the next 12-18 months, but points out that timing and severity remain unclear.   

Global Recession Watch: Latest Thoughts

Citi GPS: Global Perspectives & Solutions

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