外文报告-PDF版

凯捷（Capgemini）：2020年度财务报告（英文版）（377页）.pdf

凯捷在近50个国家拥有27万名男女员工，是一家负责任、多元文化的全球领导者。其宗旨：通过技术释放人类能量，创造一个包容和可持续的未来。作为企业的战略合作伙伴，凯捷已经利用技术的力量实现了50多年的业务.

2020-12-01 377页 5星级

路孚特（Refinitiv）：2020年及以后美国公司治理变化格局报告（英文版）（30页）.pdf

在这份报告中，Refinitiv致力于评估美洲不同部门和次区域的治理绩效。我们将与Andreas Hoepner教授和他的金融数据科学同事Gabija Zdanceviciute一道，分享2020年4.

2020-12-01 30页 5星级

OPHI：2020年从多维贫困中规划路径报告-实现可持续发展目标 （英文版）（67页）.pdf

翻译结果2010 年由牛津大学的牛津贫困与人类发展倡议和联合国发展计划的人类发展报告办公室为旗舰人类发展报告推出。全球多维贫困指数 (MPI) 衡量贫困人口生活的复杂性，无论是个人还是集体，每年都如此。这份报告发布 10 年后发布，重点关注多维贫困是如何下降的。它提供了涵盖 50 亿人口的多维贫困全球趋势的综合图。它探讨了国家之间和国家内部的模式，并通过指标。展示了取得进步的不同方式。连同每天 1.90 美元的贫困率数据，这些趋势以不同的形式监测全球贫困。这是研究非货币贫困如何下降的关键时刻。距 2030 年还有 10 年，也就是可持续发展目标 (SDG) 的到期日，该目标的首要目标是在世界各地消除一切形式的贫困。这一年，大流行和经济放缓正在将更多人推入贫困，而幽灵种族主义仍然存在，蝗虫等环境威胁激增。多维贫困与其他可持续发展目标挑战密切相关。集中在农村地区，多维贫困人口倾向于表现出较低的疫苗接种率和中学成绩。

2020-12-01 52页 5星级

世界粮食计划署（WFP）：粮食计划署菲律宾国家成就2020年度报告（英文版）（44页）.pdf

对于世界粮食计划署在菲律宾和全球各地的同事来说，我们必须找到办法，查明和接触那些在家中默默受苦的人，远离电视屏幕，那里的社区受到自然或人为灾害的袭击，需要我们的帮助，从隐身状态中突然出现。我很自豪地看到，世界粮食计划署的同事们，现在是诺贝尔和平奖获得者，如何迎接这些独特的挑战，以满足社区和政府的需要。从热情友好的当面会议和论坛到虚拟渠道，特别是在快速发展的紧急情况下，我们知道我们必须保持势头，保持我们的精力，因为如果说这场流行病成功地强调了一件事，那就是行为体之间的协调确实拯救了生命。从字面上说，2020年开始，伴随着塔尔火山爆发的一声巨响，火山的复杂性与肆虐的大流行密不可分。这一年以两次强台风结束，给伤口加了盐。台风“罗利”(Goni)和“尤利西斯”(Vamco)带来的双重打击加剧了数千名菲律宾人的处境，一年来，他们一直在为这场大流行的影响而心有余悸。为了减轻他们的痛苦，粮食计划署支持政府以现金援助向受灾社区提供救济援助，表明现金的有效性，使受灾社区有能力和尊严地自行决定他们的最大需要，无论是粮食、药品、住房维修和其他必需品。

2020-12-01 44页 5星级

印度政府财政部：2020年2月21日印度经济调查报告（英文版）（561页）.pdf

2020-21年经济状况：宏观视角。2020年，全世界掀起了一场新型COVID-19病毒的狂潮，威胁到了所有被认为理所当然的事情行动、安全和正常生活本身。这反过来又给印度和全世界带来了一个世纪以来最严.

2020-12-01 561页 5星级

路孚特：2020年及以后公司治理变化前景分析报告（英文版）（29页）.pdf

正如我们的分析所揭示的，企业韧性依赖于 E、S 和 G 三大支柱的可持续性，治理支柱得分最高的企业、企业社会责任和可持续性报告的表现始终优于同行。Emea 的治理支柱得分已大幅上升，但这并不意味着企业.

2020-12-01 29页 5星级

英国安理国际律师事务所（Allen &ampamp； Overy）：2020年第四季度全球并购洞察报告（英文版）（20页）.pdf

M&AInsightsQ4 2020Towards a new M&A Insights | Q4 2020 | Towards a new era2ContentsM&A market shows signs of recovery in second half 04Global M&A snapshot 06Biden election set to boost investor confidence 08Financial services: towards digitalisation and consolidation 10Connecting data centres: attracting investors 11Global deal flows 14Healthcare accent is on smaller deals 15U.S. and China relations will take time to mend 16UK national security regime: scrutiny of transactions tightens activity across regions and sectors came to a near standstill in H1 as the pandemic spread rapidly around the globe. The effect of that has been to depress both deal value and volume for the year as a whole, down by 8% and 9% respectively.Strong recovery in deal activity But those figures obscure an extraordinarily strong recovery in deal activity that began in the late summer and has continued through the rest of the year, with private equity funds playing a particularly active role in the turnaround.Against that background we are seeing something of a recovery in the value of cross-border transactions, which have been under pressure for some time. However deal volume for the year remains depressed.Despite the uncertainties caused by Covid-19 and a highly divisive presidential election, the U.S. remains the most active outbound investor and the leading target nation for inbound investment.In some sectors we are seeing investors do a larger number of smaller transactions.Megadeals have therefore declined, having underpinned overall market growth in recent years. The value of deals over USD5 billion has declined by 8%. The value of deals in excess of USD10bn have fallen by 21%.Will the market recovery last? The big question is: can the recovery in deals be sustained?There seems good reason to believe it can. Global stock markets have soared, both on the election of Joe Biden and on news that three potential vaccines have proven highly effective in late trials.Markets seem to welcome the return of a more predictable kind of politics and the fact that a Democratic President will probably be held in check by a Republican Senate.But there are reasons to be cautious as well.The pandemic is far from under control and the scope for severe long-term economic shocks in its wake remain very real. Market conditions could stay pretty choppy in 2021 as a result and investors nerves will continue to be tested in the months ahead.M&A market shows signs of recovery in second half2020 has been a year of two very distinct halves but signs of recovery give grounds for optimism.Decrease in global deal value Q4 2020 vs. Q4 2019 Decrease in global deal volume Q4 2020 vs. Q4 20198%9ta provided by Note: Figures represent deals announced between 1 January 2020 and 7 December 2020. M&A Insights | Q4 2020 | Towards a new era4David Broadley Global Co-Head, Corporate/M&ATel 44 20 3088 3258 Dirk MeeusGlobal Co-Head, Corporate/M&ATel 32 2780 2432 For more information, please contact: M&A snapshotCEE and CISDeal value: USD65bnCEE and CISU.S.Deal value: USD1.2tnU.S.MENADeal value: USD61bn MENAGreater ChinaDeal value: USD523bnGreater ChinaLatin AmericaDeal value: USD41bn Latin AmericaAPAC (excl. China)Deal value: USD392bnAPAC (excl. China)Sub-Saharan AfricaDeal value: USD10bn Sub-Saharan AfricaSplit of global M&A deals by value51SH9V%3.4% change from Q4 2019Western EuropeDeal value: USD822bnWestern Europe288%2&%2%1%0.3%M&A Insights | Q4 2020 | Towards a new era602004006008001,000Life SciencesReal EstateFinancial ServicesConsumer and RetailEnergy and InfrastructureTMT93683947643024822711,5789,4874,3622,7003,4478,874Number of deals Value (USDbn)Deal value % change from Q4 2019Global M&A by sector, Q4 2020Energy and Infrastructure20%Financial Services8%Consumer and Retail31%TMT27%Real Estate27S%Life S election set to boost investor confidenceDecrease in U.S. deal value Q4 2020 vs. Q4 201927crease in U.S. deal volume Q4 2020 vs. Q4 20192%The election of Joe Biden is likely to usher in an era of more stable and predictable politics in the U.S., increasing the kind of investor confidence on which M&A transactions thrive.In terms of likely policy outcomes, much will depend on the make-up of Congress. Control of the Senate will not be decided until January. Traditionally the U.S. market prefers to see government divided between the administration and Congress (in this case, a Democratic administration and a Republican Senate) but will probably adapt easily whatever the outcome turns out to be, given that this looks set to be finely balanced in any event.However, we can expect a change of direction in key policy areas, including: greater antitrust enforcement, particularly for consumer-facing industries action forcing the big internet companies to change their business models, although falling far short of break up possible tougher regulation on the big banks extension of the Affordable Care Act (Obamacare) could increase pricing pressure on the healthcare sectorSome of these measures could put a damper on M&A activity, but largely the effect should be relatively mild.The drivers of M&A activity will remain largely unchanged. Drivers include: the search for ways to accelerate growth pressure to consolidate within sectors to improve efficiency and costs the need to deploy pent up reserves of liquidity continuing access to affordable debt finance for the right dealBut the biggest threat to activity remains Covid-19. Any positives or negatives arising from the election will be overshadowed by whether the pandemic is brought under control and if the economy is forced to withstand lockdowns.New policy directionsCovid-19 is the biggest unknownAs such, we expect the strong growth in activity that we have witnessed over recent months to continue once the transition to a new administration is finally complete.M&A Insights | Q4 2020 | Towards a new services: towards digitalisation and consolidationMorgan Stanley has been most active, building both its asset and wealth management arms. Following its USD13bn acquisition of E*TRADE, the online stock brokerage, earlier in the year, it also recently announced the acquisition of asset manager Eaton Vance in a near USD7bn deal.Whether other banks will follow a similar path is yet to be seen. Goldman Sachs indicated that it will look to grow its asset management business organically but does not rule out dealmaking. J. P. Morgan has indicated that it could, in principle, be interested in acquiring an asset manager.More activity is likely in both asset management and wealth management as achieving scale and cost synergies drives consolidation across both industries.Independent mid-sized and domestic wealth management companies continue to be aggressive in pursuing growth opportunities through acquisitions, seeking to fend off challenges from the bigger industry players. Economies of scale and the continued rise of index and ETF products are all putting additional pressure on asset managers to consolidate in order to compete.Fintech remains a sector with significant opportunities. M&A, consortium deals and minority investments have continued despite the Covid-19 disruption. Banks are searching the globe to find transformative digital technologies and are not alone in their interest in this area venture capitalist (VC) and corporate investors are equally focused on fintech.Large corporates have been active in the space: Visa Inc acquired Plaid Inc for USD4.9bn. Mastercard announced its acquisition of open banking company Finicity. U.S. payments companies have been receiving particular interest, with Stripe, Chime, Nubank, Bakkt and Varo raising significant funds. In addition, challenger banks Revolut and N26 joined the fray, entering the U.S. market.Fintech is one to watch, especially in the coming months as the economy recovers, confidence builds and the market continues to diversify.Fintech deals dominateWhile the largest U.S. banks have been unable or unwilling to engage in M&A activity in the banking sector, there is evidence of renewed life for domestic banking mergers: PNCs recently announced USD11bn acquisition of BBVAs U.S. banking arm First Citizens USD2.2bn acquisition of CITThe need for growth to compete with the larger banks and the pressure to search for profitable business in a low interest rate environment will continue to drive consolidation among the mid-sized regional banks in the U.S. Bank consolidationThe election of Joe Biden is unlikely to have a significant impact on U.S. financial services M&A in the short term. With control of the Senate likely to stay in Republican hands, legislation that could impact transactions in the sector is unlikely to be passed. While tougher regulation or enforcement in the financial sectors could dampen activity, especially for larger institutions, the implications of increased regulatory activity would not be immediate and would not change many of the key M&A drivers. The need for continued consolidation among mid-sized banks, asset managers and wealth managers, as well as the growing influence of technology on the financial sector, will remain.Election effect on M&A marketU.S. financial services sector M&A picked up in the second half of 2020, in line with the wider U.S. market. Asset management and fintech investments led the way, with regional bank mergers also showing signs of growth.M&A Insights | Q4 2020 | Towards a new era10With the explosive growth in connected working and living, data centres are attracting an increasingly wide range of investors and activity looks set to grow.Connecting data centres: attracting investorsThere are few parts of the global M&A market that have weathered the pandemic quite so powerfully as the data centre sector. Deal activity has continued to grow despite the tough trading conditions caused by the Covid-19 coronavirus.The first quarter of 2020 saw 15 data centre deals close, with a value of some USD15bn, exceeding levels seen in the whole of 2019, according to Synergy Research Group.Indeed, with transactions continuing throughout lockdown and with further deals in the pipeline, it is predicted that 2020 deal values could exceed the previous peak year of 2017.Its not surprising given the speed at which people have moved to remote working and adopted online services in the long months of lockdown.Add to that the explosive growth of cloud computing in recent years, the advent of 5G mobile technology, advances in AI and increasing deployment of Internet of Things devices, and its easy to see why investment in this area is rocketing and attracting an increasingly diverse range of data centre boom has been led by the giant tech companies, including Google, Amazon, Facebook, Microsoft, Alibaba and Tencent. Their need for data processing on a massive scale has seen them build campuses across the globe, usually self-financed.We are seeing continued growth amongst these so-called “hyperscale” operators. For instance, Google, which already operates seven campuses outside the U.S., including five in Europe, was reported to have bought a 33-acre parcel of land north of London in October, thought to be a potential site for its first UK data centre.A raft of independent “neutral host” data centre operators (known also as collocation operators) has emerged in recent years, building, managing and operating centres on behalf of clients across the globe.Again, they continue to be very active in both acquiring assets on their own behalf and seeking investment from a range of sources to progress expansion plans.Deals this year include: Digital Realitys USD8.4bn acquisition of Interxion, the biggest data centre transaction on record Equinixs acquisition of 13 Canadian data centres for USD780 million in October from BCE IncWe are also seeing alternative investment funds looking at data centres and other parts of data network infrastructure as a long-term investment opportunity.Here PE funds have been particularly active, dominating data centre transactions in 2019 and continuing to invest heavily this year.Recent developments include: KKR announcing plans for a USD1bn investment in European data centres through a newly created platform, Global Technical Reality EQTs acquisition of EdgeConnexNow the range of funds circling this market is growing, with real estate investors and dedicated infrastructure funds joined by pension and sovereign wealth funds in looking for investment opportunities.Funds interest in the market follows a period of re-evaluation of what constitute core and core-plus infrastructure assets.Traditionally core assets constituted water and power networks delivering predictable, long-term index-linked returns. Now new kinds of assets that replicate these reliable returns are being added to the core category.Increasingly the view is that data centres and associate network infrastructures, although not monopolistic in nature, do share some of the qualities of utility businesses. The pandemic has provided proof that these digital assets have not only become an indispensable part of modern life but are also resilient to the types of disruption caused by Covid-19.It remains relatively early days for some funds. These are often complex deals requiring multi-disciplinary skills across real estate, infrastructure, technology, data and finance. Not all funds have worked out where data infrastructure fits into their broader portfolios. As such, it is too early to say if we will see a wall of money deployed in this market in the next five to ten years, but that certainly seems to be the direction of travel.Major tech companies lead data centre boomCore asset re-evaluationM&A Insights | Q4 2020 | Towards a new era12We are seeing a range of deals in the market.They include: continued greenfield developments by the hyperscale players further expansion by co-location operators, often seeking investment from funds to finance their growth and increasingly targeting hyperscale clients investment in existing, but under-utilised, centres where the owner is looking to monetise spare capacity by bringing in new partnersPlatform deals are also becoming more common in line with a trend we are also seeing in the renewable energy sector. Here, funds are looking to gain entry into the market by buying a group of data centre campuses within a region, often keeping the current management on board to operate the business. For example, in April Macquarie Infrastructure and Real Assets acquired an 88% stake in AirTrunk to develop and expand its network of data centres across Asia. Data centres are notoriously energy hungry. They are estimated to have accounted for some 1% of global electricity usage in 2018. Although data centre design is becoming more energy efficient, the risk of tougher environmental regulation remains real as efforts to tackle climate change become more urgent.Infrastructure funds are under sometimes competing pressure from their investment committees. They are urged to deploy capital at scale, but are also expected to take account of sustainability or environmental, social and governance issues as they do so. This is likely to be a factor when considering whether this is a market they do indeed want to invest in.All the signs to date show that a growing number of funds believe the investment opportunities in this area far outweigh the risks.Deal varietiesSustainability deal flowsValue of deals USDmNumber of deals* (Position by deal value in Q4 2019) Number of dealsValue of deals USDm(*)050,000100,000150,000200,000250,000Norway (-)Singapore (14)Hong Kong SAR (13)Spain (12)Italy (-)Switzerland (10)Canada (3)India (8)Australia (6)Mainland China (7)France (9)Germany (4)Netherlands (5)UK (2)U.S. (1)05001,0001,5002,0009153206033865033783684841833082831802521291,683Inbound target markets, Q4 2020Outbound acquirer nations, Q4 2020 Number of dealsValue of deals USDm050,000100,000150,000200,000250,000300,000350,000Italy (13)Australia (10)South Korea (-)Singapore (11)Spain (15)Sweden (14)Hong Kong SAR (9)Mainland China (8)Luxembourg (-)Canada (4)France (2)Japan (3)Germany (5)UK (6)U.S. (1)(*)05001,0001,5002,0009153206033865033783684841833082831802521291,6832,5001,0102,195611487531162657394395134444173310124251M&A Insights | Q4 2020 | Towards a new era14Healthcare accent is on smaller dealsTransactions in the U.S. healthcare space rebounded in autumn, although with a greater proportion of smaller deals than in recent years.In the year to date, deal value has fallen sharply, but volume has decreased only marginally.Megadeals, common in the sector two or three years ago, are less frequent now. However, we did see some sizeable deals in Q3, including cross-border transactions, following the plummet in activity when Covid-19 first gripped.These included: Gileads USD21bn acquisition of Immunomedics Siemens Healthineers purchase of Varian for USD16.4bn Bristol-Myers Squibbs USD13bn MyoKardia takeover Sanofis USD3.4bn purchase of Principia BiopharmaThe prevailing trends are smaller bolt-on acquisitions and a growth in consortium deals (where partners pool IP and R&D to spread costs, striking licensing and revenue share agreements once products go to market).Here certain areas are ripe for transactions, particularly digital medicine, pharma companies digitising operations, IT businesses anxious to enter the healthcare space, genetics, viral treatments and vaccines.It remains to be seen how far a Biden administration can push its plans to extend the Affordable Care Act (Obamacare). Much will depend on whether Republicans hold sway in the new Senate.Although there may be pricing pressure on the sector, we do not expect this to be an overly significant burden on pharma companies, insurers or health care providers at least in the nearer term. By and large they have benefited from healthcare reforms.The Covid-19 crisis has forced a wide range of companies to divert resources towards developing a vaccine, perhaps at the expense of funding other R&D programmes. Getting these back on track could actually act as a stimulus to collaborative deals.Affordable careAs trade tensions between the U.S. and China gradually ease, we expect to see more interest from Chinese companies in the U.S. healthcare sector.With the exception of some biotech deals, investments in this area have escaped deep scrutiny by the Committee on Foreign Investment in the U.S. (CFIUS).With the U.S. likely to take a more multilateral approach to international affairs, once the presidential transition is complete, we could see well-financed Chinese inbound investors returning to the U.S. market for the first time in many months.Cross-border investment“ With the U.S. likely to take a more multilateral approach, we could see well-financed Chinese inbound investors returning to the U.S. market for the first time in many months.” and China relations will take time to mendBut the complexities of the current relationship mean that it might take longer than one presidential term to achieve some kind of dtente, if indeed that is possible.Relations have soured dramatically during the Trump era.But it is important to remember that some of the issues at stake, such as IP, technology and the desire to protect sensitive personal data, pre-date President Trumps tenure and it was always inevitable that they would rise to the surface at some point. They are now in full bloom.As the trade war between the two countries has intensified, we have seen both sides clash on a range of issues, such as: capital market controls currency export controls and sanctions technology national securityChina, still intending to continue opening its economy, has matched the U.S. in implementing measures allowing it to retaliate. Recently, in the wake of the forced sale of TikTok, it set up its own sanctions regime and introduced tech export controls.The new U.S. administration is expected to pursue, at least in terms of engagement and communication, a more conventional diplomatic approach. Nevertheless, Biden still has to take account of a sizeable domestic constituency that is hawkish about China and the legacy positions of the Trump administration. The difficult fundamental issues over which the two countries have clashed will need hard negotiations to reach an understanding. In future its unlikely, for instance, that CFIUS will be any less scrupulous.Retaliatory trade warsThe arrival of Joe Biden in the White House will give the U.S. and China a chance to put their political and trade relations on a new footing.M&A Insights | Q4 2020 | Towards a new era16Three possible scenariosConflicts may continue in contentious areas and move into new sectors such as finance. But Chinas response would likely remain measured to protect foreign investment and pursue its long-term goal of moving from an export-orientated economy to a green, hi-tech and consumer-orientated one.A Biden focus on developing a team of seasoned veterans to prioritise and concentrate on China will be crucial to setting the tone. From the appointments already announced, this approach seems to be playing out. The President-elects determination to re-join the Paris climate accord and re-engage with the World Health Organisation are two areas where consensus may be found and are hopeful signs of a more multilateral approach.Meanwhile, we expect Chinese outbound investors to become more active in the U.S., in non-contentious sectors that are likely to withstand CFIUS scrutiny, if a cooperative environment can be created. China will also seek to continue attracting inbound investors as its economy transforms.Companies operating in different markets could be caught between the two giants, as we saw with the Huawei/5G scenario.For those operating in Asia, securing supply chains is key. Singapore offers a centre to target Southeast Asian markets, and Hong Kong SAR acts as a gateway to Mainland China.Notwithstanding the potential for continued flare-ups, we expect a modest easing of U.S.-China tensions to create a more receptive deal environment in the short to medium term.Implications for dealsWe see three possible ways the relationship could develop in the coming years:1. antagonistic rivalry escalates, with severe impact on the tech sector and the global economy2. two countries enter a fragmented engagement, the most likely outcome in the short term3. cooperation in areas of mutual concern (i.e. climate change)Worst caseAntagonistic rivalry accelerated decoupling and bifurcation equivalent retaliation multi-polar tensionMedium caseFragmented engagement sustained tension over technology, IP and other sensitive areas cooperation over areas of mutual interest no comprehensive framework of cooperationBest casePartial agreement and accommodation active cooperation on shared global issues compromise reached over difficult issues (technology and trade) national security regime: scrutiny of transactions tightens Laying out its proposals on 11 November in the new National Security and Investment Bill, the UK government stressed it does not want to discourage foreign investment.The new regime, applicable to domestic and foreign investors alike, is intended to catch only transactions raising national security concerns, and aims to ensure that the UK remains an “attractive place to invest”. With these proposals, the UK joins a growing band of countries that are strengthening or introducing national security screening regimes, including the U.S., Australia, France and Germany. But the potentially far-reaching measures will certainly add a new level of administrative burden and potentially also transaction risk to M&A activity in the UK.The UK government has finally delivered on its promise to tighten the scrutiny of transactions on national security grounds.Civil nuclear powerData infrastructureArtificial intelligence Cryptographic authenticationCommunicationsEnergyAutonomous roboticsAdvanced materialsDefenceTransportComputing hardwareQuantum technologiesEngineering biologyCritical suppliers to the governmentMilitary or dual use systemsSuppliers to the emergency servicesSatellite and space technologiesUnder the proposed legislation it will be mandatory to notify any qualifying transaction in 17 so-called “sensitive” sectors:Mandatory notificationAcquisitions that involve the acquirer taking 15% or more of the targets votes/shares (and subsequent specified step increases), or gaining the ability to influence resolutions governing the targets affairs, will be caught by the mandatory regime.M&A Insights | Q4 2020 | Towards a new era18“Call-in” powersThe Bill also introduces both a “call-in” power and a voluntary notification system for an extremely wide range of transactions that qualify as trigger events across all sectors of the economy. Minority acquisitions, asset purchases, IP licences, loans and conditional deals are among the transactions that could be caught.Voluntary notification of deals that potentially raise national security concerns will be through an online portal to a new Investment Security Unit, set up in the Department for Business, Energy and Industrial Strategy.The government will have the power to call-in any qualifying transaction completed on or after 12 November 2020 for up to five years, or within six months of the government becoming aware of it. This retrospective power will not be exercisable until the Bill becomes law, probably early in 2021, but is not anticipated to affect a large number of transactions.There are no turnover or market share thresholds attached to either the mandatory scheme or the call-in powers. The target only needs to operate or supply customers in the UK to fall into the net.EnforcementAs with the current system, the UK government will be able to impose remedies or even halt a transaction completely.But there will be tough new sanctions for non-compliance, including: fines of up to 5% of global turnover or GBP10m, whichever is greater up to five years imprisonment for individual offendersTransactions subject to the mandatory notification requirement will be void if they take place without clearance. National security vetting will be separate from, and may run in parallel with, review under the merger control regime by the Competition and Markets Authority (CMA). But the proposals effectively mean that national security issues can trump competition concerns (although the CMA will still be able to review deals on other public interest grounds such as financial stability and media plurality).The government predicts that the proposed measures will potentially generate over 2,000 “early engagements” with it, resulting in over 1,800 notifications each year, with up to 95 transactions called in for detailed review and ten involving remedy decisions. It remains to be seen if that is an accurate estimate. The Bill is far more radical than a mere tweak to existing procedures as it establishes an entirely new regime with PRESENCEAllen & Overy is an international legal practice with approximately 5,500 people, including some 550 partners, working in over 40 offi ces worldwide.Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered in England and Wales with registered number OC306763. Allen & Overy (Holdings) Limited is a limited company registered in England and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated by the Solicitors Regulation Authority of England and Wales.The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case, an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLPs affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are designated as partners, and a list of the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.UK Allen & Overy LLP 2020. This document is for general guidance only and does not constitute definitive advice.CS2010_CDD-61777_ADD-93454

2020-12-01 20页 5星级

哥伦比亚清洁计划（cleanBC）：2020年气候变化责任报告（英文版）（48页）.pdf

这份2020年气候变化责任报告总结了不列颠哥伦比亚省的行动，以及为建设一个更强大、更清洁的未来所取得的进展。我们与合作伙伴一道，已经在实施该计划方面取得了良好进展，并为建立一个更清洁、更强大的低碳经济奠定了基础。通过迎接气候变化的挑战，我们保护了我们的社区，扩大了不列颠哥伦比亚省的经济，为全省人民创造了就业机会。本报告主要内容如下：1.在过去的两年里，我们与许多组织，政府和社区合作，将我们的哥伦比亚清洁计划付诸行动。今年，我们还为在新的气候准备和适应战略下应对气候风险的新行动奠定了基础。2.虽然本报告主要侧重于2019-2020财政年度的行动，但重要的是要认识到新型冠状病毒肺炎流行病对2020年余下时间内政府举措的影响。摆脱新冠肺炎的阴影后，我们走向更清洁未来的道路更加重要。3.随着不列颠哥伦比亚省经济开始复苏，温室气体排放量可能在2021年趋于平稳。在2022年随着更加清洁的政策开始生效，继续保持下降的趋势。

2020-12-01 48页 5星级

Chambers：全球生命科学指南之中国篇（英文版）（19页）.pdf

中国规范药品的主要法规是药品管理法(DAL)。Te最新的DAL修订自2019年12月1日起生效。Te DAL及其实施规则，即DAL实施条例，管理各种药物相关活动，包括药物开发、注册、制造和分销。为了满.

2020-12-01 19页 5星级

Federated Hermes：2020第四季度固定收益季度报告（英文版）（22页）.pdf

第二波冠状病毒感染正在席卷全球，企业违约率正在上升，复苏率远低于历史平均水平。与此同时，美国大选后权力交接存在风险，无协议脱欧的幽灵似乎越来越可能出现。有时，我觉得很少有人认同我对市场的看法。正是在这段时间里，我觉得最重要的是呼吁从众行为这种行为在群体恐惧时期往往会增加。套用罗马皇帝和斯多葛派哲学家马库斯奥雷利乌斯的话，我坚信生活的目标不是站在大多数人一边，而是逃避自己被蒙蔽的行列。在今天这种前所未有的不确定气氛中，这种现象是显而易见的。毫无疑问，增长与价值之间的关系被拉长了，一些估值似乎处于或正在走向泡沫领域。与此同时，各国央行正在通过注入流动性来操纵市场，希望它们能够支持需求和信心(最终支持通胀)。出于偶然或设计，他们的行动正在抑制波动性，并使确定直接的旅行方向变得非常困难。我可以肯定的一点是，中长期的波动性会更高，而大多数资产类别的回报率可能会更低。从各信用等级的相对价值排名来看，本季度的变化似乎并不是特别具有革命性。大多数资产被抛售后又被收回，正是这些子资产类别与其长期平均值之间的关系可能解释了目前的排名鉴于我不相信均值回归，我觉得有些令人沮丧。总的来说，我们倾向于表现比可比证券差但不构成高损失风险的资产。银行和某些结构性信贷工具就是最好的例子，尽管在这一子资产类别层面上也存在较大的分散性。这意味着，我们的分析师在通过细粒度、自下而上的安全选择生成alpha方面扮演着特别重要的角色。

2020-12-01 22页 5星级

Hiscox：2020年公司中期报表（英文版）（22页）.pdf

在连续三年遭受重大自然灾害损失之后，2020年又带来了另一场灾难。现代第一次全球大流行病的爆发触及了经济的每一个部分，改变了我们生活、工作和相互交往的方式。我们的保险业经受住了资产负债表中资产和负债方面的冲击，其作为全球风险分担机制的作用再次受到关注，保险公司集体支付了数十亿美元的索赔。Hiscox在上半年预留了2.32亿美元用于COVID-19的索赔，并在这一期间为集团带来了1.389亿美元的税前亏损（2019年：利润1.680亿美元）。虽然该集团在2020年前六个月以固定货币计算的毛保费减少了4%，降至22.355亿美元（2019年：23.375亿美元），但基本情况更加微妙。在充满挑战的环境下，Hiscox Retail表现强劲，五家零售企业中有四家实现了增长，该部门贡献了超过1亿美元的利润（不包括与COVID-19相关的净索赔）。继4月和5月新业务预期下降后，由于世界各国政府暂停经济，6月交易有所改善，非COVID-19债权符合预期。COVID-19进一步推动了大票线路市场的发展。在希斯考克斯伦敦市场，我们的承销商取得了很好的成绩，获得了强劲的利率增长，累计增长了13%，并在利率最高的地区实现了增长，这远远抵消了房地产绑定和一般负债业务的减少。在再保险方面，我们一直保持谨慎，保持冷静，因为我们预计定价、条款和条件方面的改善将继续。这两项业务的投资组合行动开始产生影响，但需要时间才能在损益表中体现出来。COVID-19危机非常清楚地告诉我们，保险业的未来是数字化的，不仅在于我们如何经营业务，而且在于我们如何接触客户。我们在数字基础设施方面的长期投资正在这里进行，特别是在伦敦市场和Hiscox美国，我们在数字分销和提高效率方面处于领先地位。许多业内人士认为，这可能是历史上最大的保险损失，其规模正逐渐显现，因此我们预计整个（再）保险链上的风险偏好将持续萎缩。随着风力季节的临近，我们拥有雄厚的资本、多样化的业务，能够在所有市场抓住机遇。股息、资产负债表和资本管理面对前所未有的经济不确定性，审慎的资本管理对于确保我们能够继续为客户服务、支付有效的债权并在机会允许的情况下实现增长至关重要。在流感大流行之前和之后，我们都采取了一系列积极主动的管理行动，以进一步加强Hiscox稳健的资产负债表，并为我们的增长做好准备。今年4月，我们宣布决定撤回2019年的最终股息，集团将不会提议中期股息支付，或在2020年进行任何进一步的股份回购。董事会并没有轻视这一决定，他们清楚地意识到股息作为我们的其他股东（包括许多私人股东和通过养老基金持有股票的股东）收入来源的重要性。董事会承诺尽快恢复派息，并将在年底重新评估该职位。在股息恢复之前，执行董事将不会领取任何现金红利。

2020-12-01 22页 5星级

任仕达：2020年全球工作方式和劳动力应对监察报告（英文版）（40页）.pdf

新冠肺炎疫情爆发以来的一年，全球劳动力损失巨大。由于数十亿人面临现有或新的限制，全球各地的公司被迫以新的具有挑战性的方式经营，即使是我们当中最具复原力的人也感受到了这一大流行病的压力。现在在家工作已经.

2020-12-01 40页 5星级

欧洲风能协会：2020年欧洲风能统计及2021-2025年展望（英文版）（36页）.pdf

2020年，欧洲新增风电装机容量为14.7GW。这比2019年减少了6%，比我们之前预计的减少了19%。EU27安装了10.5 GW，80%的新风电装置在陆上。2020年，风能占电力消耗的16%(欧盟.

2020-12-01 36页 5星级

欧盟委员会：欧盟委员会竞争总署2020年度活动报告（英文版）（51页）.pdf

欧盟委员会负责制定和实施欧盟竞争政策。委员会与国家竞争主管机构和国家法院一道，根据欧洲联盟运作条约第101-109条执行欧盟竞争规则。在欧盟委员会内，DG Competition主要负责执行这些直接执.

2020-12-01 51页 5星级

Sibanyestillwater：2020年公司综合报告（英文版）（316页）.pdf

本综合年度报告包含了我们的可持续发展信息，描述了锡班耶静水有限公司(锡班耶静水)在2020年1月1日至2020年12月31日财政年度的运营、财务、社会、环境和治理绩效和活动。如有相关情况，分享到2021年4月的信息，以及生产和其他指导或目标。在本报告中，我们将深入了解Sibanye Stillwater的战略、风险和机遇管理、领导力和治理结构、绩效以及在实现战略目标、创造和分享价值方面取得的进展。我们报告了我们认为在过去一年中对Sibanye Stillwater最重要的事项。在编写本报告时，我们遵守了国际综合报告理事会(IIRC)的国际综合报告框架、2016年King IV南非公司治理报告(King IV)、全球报告倡议(GRI)标准，JSE上市要求和南非公司法，2008年第71号，修订版(公司法)。一份单独的King IV披露报告在网上发布。此外，根据我们在纽约证券交易所的上市情况，向美国证券交易委员会(SEC)提交了表格20-F。在2020年2月被接受为ICMM成员后，我们已尽一切努力确保本报告符合ICMM的要求。我们还报告了联合国全球契约的十项原则，我们在这一年中签署了该契约。

2020-12-01 316页 5星级

印度政府财政部：2020年1月21日印度经济调查报告（英文版）（353页）.pdf

2020-21年经济概览是对不朽的人类坚韧不拔的精神和同情心的热烈赞颂，这种精神体现在我们的前线COVID-19战士与流行病的不懈斗争中。在现代历史上经历的最深不可测的全球卫生紧急情况中，每个印度人的.

2020-12-01 353页 5星级

OMFIF：2020年性别均衡指数（英文版）（36页）.pdf

尽管有令人鼓舞的语言和提高认识，两性平等仍然是决策者和企业的一个具有挑战性的目标。法国总统马克龙将打击性别歧视作为其任务的支柱之一，并赋予两性平等“国家事业”的地位。要消除阻碍赋予妇女经济和职业权力的.

2020-12-01 36页 5星级

亚太经社会（ESCAP）：2020年亚洲及太平洋可持续发展地理空间实践报告（英文版）（182页）.pdf

亚太经社会发布了2020年亚洲及太平洋可持续发展地理空间实践报告。本报告分为10个部分。主要内容介绍如下：1.地理空间信息: 亚太区域的宝贵资源。地理空间信息是参照地球上地理特征的位置的数据。从地图上.

2020-12-01 182页 5星级

中国贸促会研究院：2020年度中国营商环境研究报告（英文版）（238页）.pdf

二二一年四月C H I N A C O U N C I L F O R T H E P R O MO T I O N O F I N T E R N A T I O N A L T R A D E C.

2020-12-01 238页 5星级

欧洲风能协会（Wind Europe）：2020年欧洲风能产业投融资趋势报告（英文版）（44页）.pdf

尽管新冠肺炎疫情给欧洲带来了诸多挑战，但2020年欧洲对新风电场的投资仍达到428亿欧元，为有记录以来的第二高年度投资额。对海上风力发电场的投资达到创纪录的263亿欧元，为710万千瓦的新海上发电能力.

2020-12-01 44页 5星级