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Date of Publishing: 2021
No. of Pages: 137

 Resilience in the Dealer Sector, A Mid-Year Review presents the results of research on the global dealer sector carried out by Arts Economics in 2021. This research aims to provide some initial feedback on how the dealer sector has fared in the first half of 2021, focusing on employment and sales. As sales have continued to move online, and more art is sold outside of the traditional gallery and dealer framework, this report also offers an opportunity to reflect on why collectors still prefer to buy from dealers and the critical roles they play and value they add to the art market in 2021. It is based on a global survey of dealers conducted by Arts Economics in July 2021.

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 Contents:

1. Introduction and Methodology.
1.1. Description of the Dealers Surveyed.
2. Gallery Structures and Employment Trends.
2.1. Business Structures in the Dealer Sector.
2.2. Employment in the Dealer Sector.
2.3. Remote Working in the Dealer Sector.
2.4. Employment Outlook.
Exhibit 1: Recruitment Trends in the Gallery Sector 2021.
3. Sales.
3.1. Sales in the Dealer Sector.
3.2. Dealers' Sales Channels.
3.3. Online Sales.
3.4. Profitability and Outlook.
4. Collector Perspectives.
4.1. Description of the HNW Collector Sample. 
4.2. Description of Collections.
4.3. HNW Collector Expenditure.
4.4. Purchasing Channels.
5. The Role of Dealer in 2021.
5.1. The Role of Dealer.
5.2. Dealers’ Roles in Artists’ Careers.
5.3. Dealers’ Priorities in 2021.
Figure 1.1. Geographical Distribution of Survey Respondents.
Figure 1.2. Annual Sales Turnover (2020) of Survey Respondents.
Figure 1.3. Number of Years in Business.
Figure 2.1. Dealer Business Premises and Structures.
Figure 2.2. Operating Statuses of Dealers in 2020 and 2021.
Figure 2.3. Change in Dealer Employment in 2019-2020 and 2020-H1 2021.
Figure 2.4. Gender Profile of Dealer Employment in H1 2021.
Figure 2.5. Age Profile of Dealer Employment in H1 2021.
Figure 2.6. Gender Profile of Senior Management in the Dealer Sector in H1 2021. Figure 2.7. Share of Employees with Third-Level Degrees in the Dealer Sector in H1 2021.
Figure 2.8. Share of Businesses with Employees Engaged in Remote Work in the Dealer Sector in H1 2021.
Figure 2.9. Share of Remote Working as a Percentage of Total Employment in the US in June 2021.
Figure 2.10. Dealers’ Projected Change in Employment in H2 2021.
Figure 2.11. Share of Dealers’ Total Operating Costs 2019-2021.
Figure 3.1. Average Change in Sales by Dealer Turnover Segment H1 2020 to H1 2021.
Figure 3.2. Factors Negatively Affecting Dealer Sales in Europe.
Figure 3.3. Dealers’ Share of Sales by Value and Medium in H1 2021.
Figure 3.4. Share of Dealer Sales by Value by Sales Channel H1 2021.
Figure 3.5. Average Share of Online Sales by Dealer Annual Turnover Level.
Figure 3.6. Share of Online Sales by Buyer Category in H1 2021.
Figure 3.7.Predicted Change in Net Profitability in 2021 versus 2020.
Figure 3.8. Dealers’ Views on Future Sales.
Table 4.1. Outlook of HNW Collectors over the Short, Medium, and Long-Term 100 Figure 4.1. Age Profile of HNW Collectors Surveyed (All Markets).
Figure 4.2. Wealth Level of HNW Collectors Surveyed (All Markets).
Figure 4.3. HNW Collectors’ Allocation to Art in Overall Portfolio of Wealth.
Figure 4.4. Length of Time Collecting By Market.
Figure 4.5. Size of HNW Collectors’ Collections (Number of Works).
Figure 4.6. Collection Content: Share of Works Purchased by Medium.
Figure 4.7. Share of HNW Collectors Having Purchased Art, Collectibles, and Luxury Assets in Last Two Years.
Figure 4.8. Median Value of HNW Collector Expenditure on Art and Antiques.
Figure 4.9. HNW Collector Expenditure on Art by Medium in H1 2021.
Figure 4.10. Median Expenditure 2019 to H1 2021 by Male versus Female HNW Collectors ($ Thousand).
Figure 4.11. Most Common Price Range for Purchasing Works of Art in H1 2021.  Figure 4.12. Sales Channels used for Purchasing in 2020 and H1 2021.
Figure 4.13. HNW Collector First Preferences for Purchasing Art.
Figure 4.14. HNW Collector Preferences for Purchasing Art through a Gallery or Dealer Figure 4.15. Number of Galleries HNW Collectors Purchased from in 2020 and H1 2021.
Figure 4.16. HNW Collector Preferences for Local versus Overseas Galleries in H1 2021 Figure 4.17. HNW Collectors’ Focus Regarding Galleries during H1 2021.
Figure 4.18. Collectors’ Focus regarding Artists during H1 2021.
Figure 4.19. HNW Collectors’ Attendance at Exhibitions and Events in 2019, 2020, and Planned in 2021.
Figure 4.20. HNW Collectors’ Intentions for Purchases and Sales of Art in 2021.
Figure 4.21. HNW Collectors’ Intentions for Purchases of Art by Medium in 2021.
Figure 5.1.Sales of NFTs on Ethereum.
Figure 5.2. Share of NFT Sales by Value and Category.
Figure 5.3. Dealers’ Views on Sales on External Online Platforms.
Figure 5.4. Main Reasons for HNW Collectors Preferring to Purchase from a Dealer.  Figure 5.5. Most Important Role of a Dealer in Building Collections.
Figure 5.6. Perceived Importance of Institutions in Artists’ Careers.
Figure 5.7. Share of the Number of Exhibitions by Institutions at Artists’ Career Stages Figure 5.8. Number of Institutions Exhibiting at Artists’ Career Stages.
Figure 5.9. Share of Exhibitions of Top-Tier Galleries versus All Other Galleries for Star Artists.
Figure 5.10. Dealers’ Top Priorities for their Businesses (Share of Respondents).

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Date of Publishing: 2021.
No. of Pages: 54.

Welcome to the tenth annual report on the global diamond industry, prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company. This year’s edition covers industry performance in 2019, effects of the Covid-19 pandemic in 2020 and an update on consumer preferences and attitudes. We also assess potential recovery scenarios in 2021 and beyond. 

The report begins with key developments along the value chain, including industry trends that were accentuated or accelerated by the global pandemic. We review factors that influenced rough diamond production and sales, midstream performance, and global diamond jewelry demand in major markets. We updated our long-term outlook for the diamond industry through 2030. The 2030 supply-demand forecast
considers announced production plans, recent changes in mining operations, potential additional sources of supply, expected changes in global and regional macroeconomic parameters, and potential impacts from labgrown diamonds.

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Contents:

1. Note to readers.
2.  Recent developments in the diamond industry.
3. Cutting and polishing.
4. Diamond jewelry retail.
5. Key industry trends and effects of Covid-19.
6. Updated supply and demand model.

Figure 1. Revenues across the value chain trended downward in 2019 and 2020.
Figure 2. Covid-19 had major implications across the value chain, but repositioned the industry.
Figure 3. Profit margins were devastated across the value chain, except in the C&P segment.
Figure 4. Impacts of Covid-19 caused rough diamond sales to decline –33%.
Figure 5. In 2020, upstream inventories increased by ~17%, mostly driven by supply chain.
Figure 6: A slower decline of polished diamond prices vs. rough diamond prices supported stronger margins for the midstream.
Figure 7. Prices for higher-quality polished diamonds have outperformed lower-quality diamonds over the past two years.
Figure 8. Diamond production has been decreasing by ~5% since it peaked in 2017, with a drop of ~20% in 2020.
Figure 9. Production value decreased by ~30% in 2020, driven by declines in rough prices and production.
Figure 10. South Africa was the only country with increased diamond production in 2020.
Figure 11. Russia, Canada and Botswana had the biggest production decreases in 2020
Figure 12: Medium and large diamonds accounted for ~25% of production in carats but nearly 70%–80% in value in US dollars. 
Figure 13: Reduced sales activity in the first half of 2020 put significant pressure on profitability, which is expected to improve by year end.
Figure 14. Covid-19-related restrictions resulted in ~26% reduction of C&P activities globally, with India recovering the fastest.
Figure 15. In India, net imports of rough diamonds decreased by 27% in 2019 and 23% in 2020; recovery began in Q3 2020.
Figure 16. Due to a significant decrease in rough diamond sales, midstream inventories returned to some of the lowest levels in a decade.
Figure 17. Diamond financing continued to decrease, aligning with reduced activity levels in 2020.
Figure 18: Consumers delayed discretionary spending during the pandemic, but diamond jewelry retail was less affected than the personal luxury market.
Figure 19. After single-digit growth in recent years, the global diamond market was materially impacted by the pandemic and economic downturn in 2020.
Figure 20. Despite challenges in 2019 and the first half of 2020, key markets are showing signs of recovery.
Figure 21. After a significant drop at the start of 2020, key diamond jewelry markets demonstrated recovery trends in the second half of the year.
Figure 22. In 2020, diamond jewelry outpaced other jewelry segments due to the relatively strong performance of luxury jewelry in Asia.
Figure 23. Luxury bridal and luxury non-bridal diamond jewelry were the top-performing categories in the diamond jewelry market.
Figure 24. Covid-19 shaped and accelerated key diamond industry trends.
Figure 25. Covid-19 impacted diamond jewelry purchasing via lockdowns and an economic recession and stimulated changes in consumer behavior.
Figure 26. The current economic crisis is expected to be deeper than the one in 2009.
Figure 27. Interest in diamond jewelry dropped for three months, then reverted to 2019 levels in July.
Figure 28. Most consumers plan to spend the same amount or more on diamond jewelry when the pandemic ends.Figure 29: Diamond jewelry recovery is expected in the next two to four years, with the market returning to its pre-pandemic level in 2022 or 2023.Figure 30. Diamond jewelry recovery depends on the epidemiology of Covid-19, government actions and consumer behavior.Figure 31. E-commerce experienced a major boost in 2020.
Figure 32. Consumer shopping preferences are slowly shifting to online, however, specialized brand stores remain the most popular channels.
Figure 33. Consumers would buy diamond jewelry online from trustworthy brands that offer additional discounts.
Figure 34. Digital is part of the purchasing experience for more than half of buyers; only 25%–35% of younger consumers make in-store purchases without it.
Figure 35. Covid-19 accelerated the convergence of online and offline channels, forcing retailers to retool the customer engagement experience for the new normal.
Figure 36. The diamond industry’s sustainability agenda is set by multiple stakeholders: consumers, international organizations, investors and local communities.
Figure 37. Between 60% and 70% of younger generations consider sustainability when making a purchase decision.
Figure 38. When purchasing diamond jewelry, sustainability concerns could be a deal-breaker for consumers.
Figure 39. Fair working conditions, conflict-free products, the environment and carbon footprint are the most important sustainability factors for consumers.
Figure 40. Across the value chain, industry players focused on green energy, sustainable water consumption and biodiversity.
Figure 41. Social efforts are focused on traceability, human rights and local community support.
Figure 42. Lab-grown diamond capacity is increasing across the globe; current production is around 6 to 7 million carats. 
Figure 43. Retail price discounts for lab-grown diamonds vs. natural diamonds have slightly increased in the past year.
Figure 44. However, lab-grown diamonds still evoke mixed associations; most consumers deem them artificial and affordable.
Figure 45. Consumers across key markets do not see substantial differences in sustainability between lab-grown and natural diamonds.
Figure 46. The lab-grown segment is developing rapidly due to technological advancements and rising acceptance across the value chain.
Figure 47. “Diamond engagement ring” searches show stability despite downward-trending marriage rates; however, overall interest in “diamond jewelry” is declining.
Figure 48. In India and China, jewelry remains one of the most desirable presents.
Figure 49.  Self-purchase emerged as a top reason to buy diamond jewelry in the US and China.
Figure 50. Diamond marketing is becoming more sophisticated as retailers and other players address both traditional and emerging pressures.
Figure 51.  New marketing strategies should focus on intangible values and personalized communications.
Figure 52. Marketing spending in the diamond industry is around 1%–2% of retail sales and lags marketing efforts in other industries.
Figure 53.The Natural Diamond Council re-launched generic marketing efforts with new focused campaigns.
Figure 54. Marketing messages about exclusivity and rarity disproportionally resonate with consumers, while origin and sustainability trends are quite new.
Figure 55. A number of important recent trends will influence the whole value chain’s future.
Figure 56. Covid-19 impacted key markets in the short term, but the industry’s long-term macroeconomic and consumption outlooks remain positive.
Figure 57. Long-term scenarios for natural rough diamond demand and supply rely on key assumptions.
Figure 58. The long-term outlook for real global GDP and PDI is positive; both are expected to grow at 3% per year despite the Covid-19 recession.
Figure 59. Middle class and high-net-worth household growth in China and India will reinforce positive long-term demand.
Figure 60. Supply is expected to be almost flat over the next 10 years, with very few new projects coming online.
Figure 61. The supply-demand outlook is moderately optimistic.

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RUSSIAN LANGUAGE

Date of Publishing: December 2021
No. of Pages: 38

В фокусе Основных направлений 2022 – 2024 годов – дальнейшее развитие конкуренции на финансовом рынке, повышение доступности, качества и ассортимента финансовых услуг, снижение рисков и издержек в финансовой сфере, повышение уровня конкурентоспособности российских технологий при одновременном обеспечении кибербезопасности и поддержании финансовой стабильности. Реализация Основных направлений 2022 – 2024 годов будет осуществляться Банком России во взаимодействии с государственными органами, участниками финансового рынка и иными организациями.

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1. Введение
2. Итоги реализации Основных направлений развития финансовых технологий на период 2018 – 2020 годов.
3. Международные тренды.
4. Трансформация потребностей и поведения клиентов.
5. Формирование экосистем финансовых и нефинансовых сервисов.
6. Применение открытых API в финансовых и нефинансовых секторах экономики.
7. Повсеместное применение технологий.
8. Ужесточение регулирования криптовалют и развитие цифровых валют центральных банков.
9. Усиление операционных рисков и рисков в области информационной безопасности.
10. Уровень цифровизации финансового рынка в России.
11. Приоритеты развития рынка финансовых технологий для участников рынка.
12. Цели и основные направления цифровизации финансового рынка на 2022 – 2024 годы.
13. Развитие регулирования.
13.1. Развитие правового обеспечения Цифрового профиля.
13.2. Развитие правового обеспечения национальной платежной системы.
13.3. Развитие регулирования системы «Маркетплейс».
13.4. Регулирование открытых API.
13.5. Развитие регулирования в области оборота данных.
13.6. Правовое обеспечение создания Единой информационной системы проверки сведений об абоненте.
13.7. Развитие правового обеспечения экспериментальных правовых режимов.
13.8. Создание правовых условий для электронного хранения документов.
13.9. Регулирование экосистем.
13.10. Развитие регулирования цифровых финансовых активов и краудфандинга.
13.11. Правовое обеспечение цифрового рубля.
13.12. Правовое обеспечение создания сервиса Знай своего клиента.
13.13. Совершенствование законодательства в целях цифровизации исполнительного производства.
13.14. Совершенствование законодательства в целях цифровизации страховой медицины.
14. Реализация инфраструктурных проектов.
14.1. Развитие Единой биометрической системы.
14.2. Развитие инфраструктуры Цифрового профиля.
14.3. Развитие Системы быстрых платежей.
14.4. Развитие Национальной системы платежных карт.
14.5. Развитие системы «Маркетплейс».
14.6. Развитие открытых API.
14.7. Создание платформы коммерческих согласий.
14.8. Цифровизация ипотеки.
14.9. Разработка и пилотирование платформы цифрового рубля.
14.10. Создание сервиса «Знай своего клиента».
14.11. Цифровизация платежей и начислений ЖКХ.
14.12. Цифровизация исполнительного производства.
14.13. Цифровизация страховой медицины.
15. RegTech, SupTech.
16. Экспериментальные правовые режимы.
17. Информационная безопасность.
17.1. Обеспечение возможности использования сервиса облачной УКЭП участниками финансового рынка.
17.2. Обеспечение всех поднадзорных организаций УКП
17.3. Формирование среды доверия при удаленном предоставлении финансовых услуг и сервисов.
17.4. Снижение уровня потерь по операциям, совершаемым с использованием дистанционных каналов обслуживания, включая социальную инженерию.
17.5. Внедрение института киберучений как основного механизма стресс-тестирования при осуществлении надзора в части оценки киберрисков.
17.6. Развитие информационного обмена ФинЦЕРТ с участниками кредитно-финансовой сферы в части противодействия компьютерным атакам.

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Date of Publishing: 2021
No. of Pages: 313

The recent trends and developments covered in this report indicate that art and finance industry will thrive from new innovations and technological advancement and adoption in the next 5 years, as well as a growing interest in art and collectibles. On a more macro level, there are strong signs that art and culture could become a key driver for socio-economic growth and help address many of our societal issues and challenges. This could open the art and cultural sector to a far broader spectrum of financial services, such as the growing market for impact investments, cultural bonds and new philanthropy models, which are underpinned by technology.

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Contents:
1. Introduction.
1.1. Key Report Findings 2021.
1.2. Priorities.
1.3. The Big Picture.
2. Wealth and The Global Art Market.
2.1. Highlights.
2.2. Introduction.
2.2.1. Art and Collectible Walt Review.
2.2.2. Global Art Market Review.
3. Art Wealth Protection, Estate Planning and Philanthropy.
3.1. Highlights.
3.2. Introduction.
3.2. Art and Wealth Protection.
3.3. Art and Estate Planning and Philanthropy.
4. Culture and Social Impact Investment and Sustainability.
4.1. Highlights.
4.2. Introduction.
4.2.1. Global Shifts in Sustainability.
4.2.2. CCS and Sustainable Impact Investment.
4.2.3. Reinventing Smart Cities Through Culture.
5. Art-Secured Lending.
5.1. Highlights.
5.2. Introduction
5.3. Size and Structure of the Art Lending Market.
5.4. Survey Findings 2021.
6. Art and Investment.
6.1. Highlights.
6.2. Introduction.
6.2.1. A Post-pandemic Look at the Performance of Art as an Asset Class.
6.2.2. Survey Findings 2021.
6.2.3. New Developments: Art Investment Products and Services.
7. Art and Technology.
7.1. Highlights.
7.2. Introduction.
7.2.1. Survey Findings 2021 - Technology.
7.2.2. Blockchain and Tokenization.
7.2.3. Data and Technology Ecosystem.
8. Risk Management and Regulation.
8.1. Highlights.
8.2. Introduction.
8.2.1. Survey Findings 2021.
8.2.2. Regulation - A Focus on AML Efforts.
8.2.3. Risk Management Legal and Regulatory Developments.

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Date of Publishing: November 2020.
No. of Pages: 16.

With the US election largely settled, Goldman Sachs Research has updated its global economic outlook. It is above consensus forecasts for growth in most major economies in 2021. At the most basic level, Goldman Sachs Research views the coronavirus recession as much more V-shaped than previous postwar cycles. Just as the global economy rebounded quickly (albeit partially) from the lockdowns in the spring, the expectation is for the current weakness to give way to much stronger growth when European lockdowns end and a vaccine becomes available. One important assumption underlying the forecast is that governments continue to do a reasonable job replacing private sector income lost in the disruption. In the United States, Goldman Sachs Research expects a $1 trillion stimulus package, potentially enacted before President-elect Joe Biden’s inauguration on January 20. While this is less than half of what might have been seen under a Democratic sweep in the election, it should suffice for a small positive fiscal impulse to US growth in coming quarters.

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Contents: 

1. GDP Forecast 2020 - 2022: Goldman Sachs vs. the Bloomberg.
2. A Small fiscal US stimulus ahead: Impact on Budget Deficit & Impact on HDP level. 
3. Sharp Rises in Hospitalizations and Infections following colder weather.
4. Renewed Partial Lockdowns in Europe and US.
5.Super-forecasters and Experts  Remain Constructive on Vaccine Outlook.
6. Frontline Healthcare Workers, Essential Workers and the Elderly Would Get Vaccine First.
7. A Larger Vaccine GDP Boost to the US and the Europe to China.
8. Limited Increases in Unemployment in Europe and Japan and Sharp Declines in North America. 
9. Surprisingly  Few Bankruptcies and  Elevated Business Formation.
10. Low inflation and Policy Rates in Coming Years.

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Date of Publishing: 2021.
No. of Pages: 128.

For the fashion industry, 2020 was the year in which everything changed. As the coronavirus pandemic sent shockwaves around the world, the industry suffered its worst year on record with almost three quarters of listed companies losing money. Consumer behaviour shifted, supply chains were disrupted and the year approached its end with many regions in the grip of a second wave of infections. A turbulent and worrying year has left us all looking for silver linings — both in life and in business — knowing full well that we will need to make the most of them in the year ahead.
Indeed, according to McKinsey Global Fashion Index analysis, fashion companies will post approximately a 90 percent decline in economic profit in 2020, after a 4 percent rise in 2019. Given the ongoing uncertainty, our predictions for industry performance next year are focused on two scenarios. 

The first, more optimistic “Earlier Recovery” scenario envisages that global fashion
sales will decline by between 0 and 5 percent in 2021 compared to 2019. This would be predicated on successful virus containment in multiple geographies and a relatively rapid transition to economic recovery. In this scenario, the industry would return to 2019 levels of activity by the third quarter of 2022. 

Our second, “Later Recovery” scenario would see sales growth decline by 10 to 15 percent over the coming year compared with 2019. In this case, the virus would continue to wreak havoc despite widespread containment measures and fashion sales would only revert to 2019 levels in the fourth quarter of 2023.

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Contents:

1. Executive Summary.
2. Industry Outlook.
3. GLOBAL ECONOMY.
3.1. Living with the Virus.
3.3.1. Balancing speed with a discipline in a crisis.
3.2. Diminished Demand.
3.2.1. Covid-19 and the New Era of Luxury.
4. CONSUMER SHIFTS.
4.1. Digital Sprint.
4.1.1. Kering: Fast-Tracking a Digital Upgrade.
4.1.2. Alibaba: Innovating for China’s Advanced Ecosystem.
4.2. Seeking Justice.
4.2.1. Louis Vuitton: Hardwiring Accountability in a State of Flux.
4.3. Travel Interrupted.
4.3.1. Selfridges Group: Managing the Pivot to Local Shopping.
5. FASHION SYSTEM.
5.1. Less is More.
5.1.1. A More Circular Fashion Industry Will Require a Collective Effort.
5.2. Opportunistic Investment.
5.3. Deeper Partnerships.
5.3.1. Shahi Exports: Reforming the Fashion Supply Chain.
5.3.2. Risk, Resilience and Rebalancing in the Apparel Value Chain.
5.4. Retail ROI.
5.4.1. H&M Group: Making Retail More Resilient.
5.4.2. Mapping the Retail Portfolio of the Future.
5.5. Work Revolution.
6. THE STATE OF BEAUTY 2021.
7. MCKINSEY GLOBAL FASHION INDEX.

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Date of Publishing: June 2021.
No. of Pages: 19.

The federal classification of cannabis as a narcotic drug has long stigmatized it and tended to obscure the history of cannabis as a widely respected and clinically utilized medicine. The Cannabis plant has been cultivated throughout recorded history for industrial and medicinal use, but what may be even more surprising to readers today is that cannabis was once a popular and accepted medicine in the modern United States. It took decades of anti-cannabis activism by the federal government—first by the Federal Bureau of Narcotics beginning in the late 1920s, and later by the Nixon administration—to change the mainstream opinion within the medical community that cannabis was a relatively harmless substance with numerous therapeutic applications. 

In 2019, a Pew Research Poll found that over 90% of Americans support legalizing medical cannabis, while an even more recent Gallup poll found that 68% also support legalizing cannabis for recreational use.1 2 Most states have now legalized some form of cannabis use, allowing the U.S. cannabis market to grow substantially. The 2020 cannabis industry was estimated at 20 billion USD, with projections that the industry may exceed 40 billion USD by 2024.3 As cannabis use expands in the U.S., issues that require the guidance of scientists and clinicians are rapidly arising. Patients are looking to their medical providers for information on cannabis safety, potential for interactions with pharmaceuticals, and therapeutic applications. However, the existing legal environment significantly hinders the ability of clinicians to engage with cannabis research or offer clear guidance. The U.S. federal government continues to classify cannabis as a Schedule I Controlled Substance, by definition meaning it has no accepted medical use and is unsafe to use even under medical supervision.4 This position cripples the ability of clinicians to advise patients or to influence the burgeoning cannabis industry.

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Contents:

1. INTRODUCTION & OBJECTIVES.

2. A BRIEF HISTORY OF MEDICAL CANNABIS.

3. THE IMPORTANCE OF THE ENDOCANNABINOID SYSTEM (ECS) IN HEALTH.

4. THE COMPLEX NATURE OF THE CANNABIS PLANT.

4.1. PHYTOCANNABINOIDS.

4.2. TERPENES & FLAVONOIDS.

4.3. SYNTHETIC CANNABINOIDS.

5. CLINICAL USES FOR MEDICAL CANNABIS.

5.1. PAIN.

5.2. ANXIETY & DEPRESSION.

5.3. AUTISM SPECTRUM DISORDER.

5.4. DEMENTIA.

5.5. NEOPLASIA.

5.6. IMPACT ON THE OPIOID CRISIS.

5.7. PTSD & IMPACT ON U.S. VETERAN POPULATION.

5.8. SAFETY CONSIDERATIONS & CLINICAL CAUTIONS.

6. KEY TAKEAWAYS.

7. RESEARCH INITIATIVES.

8. POLICY RECOMMENDATIONS.

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Date of Publishing: September 2021
No. of Pages: 82

The Mayor’s Office of Media and Entertainment (MOME) launched the NYC Film & Television Economic Impact Study to provide a detailed assessment of the size, characteristics, and trends of the New York City film and television industry.

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Contents:

1. Executive Summary
2. Introduction
3. Film and Television Industry Framework
4. Total Economic Impact
5. Direct Economic Impacts by Sector
6. Motion Picture & Video Production
7. Talent
8. Subscription Programming
9. Television Broadcasting
10. Advertising & Media Buying
11. Postproduction & Other Services
12. Distribution & Consumption
13. Broader Economic Impacts
14. Challenges
15. COVID-19 Impacts
16. Recommendations
17. Conclusion

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Date of Publishing: 2021
No. of Pages: 11

New York’s life sciences industry has performed exceptionally well during the COVID-19 pandemic  and  will be  a  significant source  of  new jobs  and  business formation as communities across New York City and state rebuild their economies in the wake of the pandemic. The success of New York-headquartered Pfizer and Regeneron in producing the first coronavirus vaccine and effective therapeutic treatments for the virus have highlighted the region’s emerging leadership in one of the world’s fastest-growing industries.

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Contents:

1. Private Investment into New York State Life Sciences.

2. Public Finding into New York State Life Sciences.

3. Ratio of Public to Private Investment. 

4. Economic Impact.

5. Contribution to Gross City Product. 

6. New Business Formation.

7. Employment.

Chart 1. New York State Life Sciences Venture Capital Funding.

Chart 2. New York Attracted Record NIH Funding in 2020.

Chart 3. Ratio of Private (VC) Investments to Public (NIH) Funding in Select States.

Chart 4. New York City Life Sciences Gross City Product.

Chart 5. New York City Life Sciences Employment.

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Date of Publishing: January 2021.
No. of Pages: 35.

Contents:

1. Key Takeaways.
2. Key Risks
3. Credit Conditions.
4. S. Election Impact.
5. Ratings Distribution.
6. 2021 Forecast.
7. Profitability.
8. Allowances and Asset Quality.
9. Commercial Real Estate, Energy and Consumers.
10. Capital Ratios.
11. Deposits.
12. LIBOR.
13. Mergers and Acquisitions.
14. Digitization.
15. Subgroups and Related Research.

Chart 1: US Economic Forecast Overview 2021- 2023.
Chart 2: Holding Company Rating Distribution.
Chart 3: Operating Bank Rating Distribution.
Chart 4: Holding Company Outlook Distribution.
Chart 5: Operating Company Outlook Distribution.
Chart 6: All FDIC – Insured Banks: Historical and Forecasted Performance.
Chart 7: Index of Bank Low Growth.
Chart 8: The Path of the Allowance for Loan Losses for FDIC-Insured Banks.
Chart 9: 2020 Q2 Deferral Rate Distribution.
Chart 10: 2020 Q3 Deferral Rate Distribution.
Chart 11: Asset Quality of US Banks.
Chart 12: Provisions To Loans: Current Period Versus The Financial Crisis.
Chart 13: How Allowances And Provisions Compare To DFAST Loan Losses And Provisions.
Chart 14: Bank’s Allowances For Credit Losses.
Chart 15: Sensitivity Chart: Bank CRE Losses To Tier 1 Capital.
Chart 16: Energy and Related Exposure, Quarterly Change.
Chart 17: Energy and Outstanding Exposure Greater than $900 Million At Select US Banks, Q32020.
Chart 18: Household Debt Over Disposable Personal Income.
Chart 19: Total Consumer Debt Balance and Composition.
Chart 20: Credit Card Debt.
Chart 21: Median CET1 of Rated Banks.
Chart 22: Common Dividend Payout Ratio And Permissible Share Repurchases.
Chart 23: Common Equity Tier 1 Ratio – Basel III Fully Phased in.
Chart 24: Loans to Deposits.
Chart 25: Volume And Share of LIBOR – Tired Products.
Chart 26: Merger Activity of US Banks.

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Date of Publishing: 2021.
No. of Pages: 57.

We have been extensively researching the wine business since 1991 and making public forecasts for 20 years. Some years we properly characterize a market change. In other years, our findings might be off in timing or even wrong. The events of 2020 introduced more chaos than anyone could have predicted, but we will once again review the forecasts made last year, just to keep score.

To say 2020 was a difficult year is an understatement. While bruised, most of us are back at our craft with hopeful anticipation as we move toward a COVID-free world. While I can say with confidence that 2021 will be better, I can also say that “normal,” when we get there, will be different from what we left. There are new issues that need to be planned for. We believe this report will inform your team’s thinking about the niche you occupy within the wine business, help you anticipate potential 2021 scenarios that will require planning and guide you toward joining other successful wineries that have adapted to changed market conditions and new opportunities. We hope it will inspire you to get creative about possibilities with your strategic planning, and that engaging in that process may help you improve your chances of success in the year ahead.
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Contents:

1. Introduction.
2. 2020 predictions in review.
2.1. What we got right.
2.2. What we got partially right.
2.3. What we got wrong.
3. 2021 US wine business predictions and observations
3.1. Top-level forecast.
3.2. Supply.
3.3. Price.
3.4. Seven tailwinds.
3.5. Seven headwinds.
4. Sales channels.
4.1. Where total wine sales up or down in 2020.
4.2. Off-remise sales and changes.
4.3. On-premise sales and changes.
4.4. Direct-to-consumer sales.
4.5. Direct sales and investment.
5. Harvest and grape and wine supply.
5.1. Moving from acute oversupply to balance in months.
5.2. Finding balance through shifting channels.
5.3. Finding balance in unorthodox ways.
5.4. Formats, varietals and packaging.6. Demographics and marketing.
6.1. Consumption patterns: Millennials vs. Boomers.
7. Cumulative negative health messaging.
7.1. Neo-prohibition, the original.
7.2. Neo-prohibition, the sequel.
8. The year in review.
8.1. Surprise and shock: The first 90 days of the pandemic.
8.2. What is normal during a summer pandemic?
8.3. The four seasons - winter, spring, summer and fire.
8.4. Abdominal economic impacts of this research.
9. Conclusion.
10. Endnotes.
Figure 1. Preliminary US wine market volume 2019-2020.
Figure 2. Off-premise volume and value changes in 2020 vs. prior year.
Figure 3. Figure 3. Month-to-month average price changes of top 100 best-selling SKUs off-premise.
Figure 4. Restaurants wine depletions from distributor stock, year-over-year comparison.
Figure 5. Year-over-year changes to on-premise wine sales.
Figure 6. Winery restaurant sales as percent of total winery sales.
Figure 7. Average winery's sales channels.
Figure 8. Direct-to-consumer channel movement in 2020.
Figure 9. Growth in direct channels.
Figure 10. Sales growth rates of West Coast premium wineries.
Figure 11. E-commerce trends in alcohol.
Figure 12. E-commerce penetration.
Figure 13. Data analytics person.
Figure 14. California crush of wine grapes vs. consumption of California table wine.
Figure 15. California bulk wine inventory.
Figure. 16. California bulk wine inventory changes. 
Figure 17. Harvest yields in 2020.
Figure 18. Harvest quality in 2020.
Figure 19. Growth and market share of formats.
Figure 20. Varietal growth and share of market.
Figure 21. Long-term trend of off-premise retail sales (rolling 52 weeks).
Figure 22. US population by age (Gen Z, Millennials, Gen X, Boomers, Matures).
Figure 23. Wine consumption by cohort.
Figure 24. Consumption by cohort based on winery's average bottle price.
Figure 25. Generation differences  in wine (Millenials, Gen X, Boomers).
Figure 26. Sample snack food label.
Figure 27. Percent change in per capita ethanol consumption.
Figure 28. US unemployment rate  2019-2020.
Figure 29. Change in number of seated diners in US restaurants vs. prior year.
Figure 30. Average winery's sales channels - April 1, 2020.
Figure 31. Off-premise change in value vs. prior year.
Figure 33. Direct-to-consumer channel movement in 2020.
Figure 34. Daily new COVID-19 cases in the US.
Figure 35. Premium winery income statement averages.
Figure 36. Impact o smoke and fires.
Figure 37. Insurance coverage for significantly impacted vintners.
Figure 38. Employment 2007 - 2012.
Figure 39. Employment 2015 -2020.
Figure 40. US luxury wine sales.
Figure 41. Core retail sales except auto, seasonally adjusted.
Figure 42. Nielsen-covered outlets, grocery and drug. 

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Date of Publishing: March 2021
No. of Pages: 142
Language: English

 

Oil and gas companies are coming under increasing pressure from regulators, investors, and clients to reduce the carbon footprints of their products. Developing a decarbonization strategy is an integral, multistage process, unique to each individual company and dependent on is asset structure, production technologies, investment portfolios, and regional regulations. In terms of specific initiatives addressing decaronization methods, from which companies can compose the optimal set for themselves: 1. Operational methods (Operational efficiency improvement; Recycling, reuse, and the utilization od secondary energy sources; Energy efficiency; Relationships with suppliers and subcontractors); 2. Effective monetization of methane and APG; 3. Shifting to low carbon energy sources; 4. Corporate Strategy methods (Optimized portfolios; Trading and offsetting carbon credits).

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Contents:

1. Foreword
2. Executive Summary
3. Introduction
4. GHG Emissions in the oil and gas industry
5. The decarbanization goals, strategies, and method of leading international oil and gas companies.
6. Economics of decarbanization in oil and gas sector.
7. Conditions for decarbonization in Russia and decarbonization priorities of the Russian oil and gas companies.
8. Conclusions and recommendations.

Figure 1: GHG emissions in 2017 by industry.
Figure 2: GHG emissions from oil and gas sector and oil and gas production growth.
Figure 3: Growth in unconventional oil and gas production.
Figure 4: GHG emission levels for different types of oil produced.
Figure 5: Oil and gas industry's GHG emissions structure in 2017.
Figure 6: GHG emissions by supply chain.
Figure 7: GHG emissions in refining.
Figure 8: GHG emission scopes.
Figure 9: Accounting for climate within the business strategies of companies within different sectors.
Figure 10: GHG intensity during production for leading international oil and gas companies.
Figure 11: Change in per unit of GHG emissions during production.
Figure 12: Methods of decarbonization of the oil and gas industry.
Figure 13: Methodos for the decarbonization of the oil and gas industry within the 4R framework.
Figure 14: Breakdown of global demand for CO2, 2015.
Figure 15: Adding 'recycle' to the circular carbon economy.  
Figure 16: Estimate of BECCS use potential through 2100.
Figure 17: APG flaring volumes worldwide.  
Figure 18: APG flaring volumes by countries.
Figure 19: Global methane emissions by countries.
Figure 20: Sources of methane (CH4) emissions.
Figure 21: OGCI initiative on methane emission reduction.
Figure 22: Number of tankers in the oil and gas industry by type of fuel.
Figure 23: Potential 200-2030 CapEX for oil and gas projects that fit within different IEA scenarios by resource type.
Figure 24: Top 10 companies with inorganic growth in resources and top 10 companies with inorganic reduction in resources. 
Figure 25: Proportion of leading oil and gas companies' investments in low-carbon technologies.
Figure 26: Corporate venture capital investments of oil and gas corporations from 2008 to 2017.
Figure 27: Average weighted carbon price.
Figure 28: Transacted voluntary carbon offset volumes and average prices by project type, 2019.
Figure 29: Mechanisms of mandatory and voluntary markets.
Figure 30: Overview of carbon dioxide capture technologies.
Figure 31: Different carbon dioxide handling technologies and their readiness for industrial implementation.
Figure 32: Direct air capture of carbon dioxide.
Figure 33: Closing the carbon cycle.
Figure 34: Comparison of oil production cost breakdowns (pre-tax).
Figure 35: CO2 direct emissions from primary chemical manufacturing facilities in 2015.
Figure 36: Contribution of different factors to reducing direct greenhouse gas emissions in primary chemical manufacturing  by 2050.
Figure 37: Areas of CO2 emission reduction by petrochemical sector enterprises.
Figure 38-39: Global plastic handling flows in 2018.
Figure 40: Demand for primary raw materials in PE, PP and PET manufacturing and their recycling in 2010/2035. 
Figure 41: Energy intensity of manufacturing primary chemicals under the sustainable development scenario, 2015-2030.
Figure 42: Matrix of several decarbonization technologies in oil and gas sector.
Figure 43: The role of key technologies in the reduction of average GHG emissions intensity of oil and gas production in the IEA Sustainable Development Scenario in 2018 - 2030.
Figure 44: Main technological options for GHG emissions reduction along the value chain of the oil  and gas sector.
Figure 45: Share of international credits and loans in the debt capital of individual Russian oil and gas companies.
Figure 46: Breakdown of oil and gas industry GHG emissions in the RF in 2018.
Figure 47: Operation of GAZPROM GTD and gas consumption for GTS processing needs.
Figure 48: Estimations of methane emissions in Russia.
Figure 49: APG production, combustion, and utilization in Russia.
Figure 50: Geographic distribution of average values of the Russian forest carbon balance.
Figure 51: Dynamics of carbon losses in Russia due to cutting ad fires.

Table 1: GHG emissions of the leading international oil and gas companies by scope.
Table 2: Climate targets of leading international oil ad gas companies.
Table 3: Typical operating excellence management systems elements.
Table 6: Price for different bunkering fuels in 2020.
Table 7: Price per kW of tanker capacity in 2019.
Table 8: Share of carbon allowances purchased by oil and gas companies on EU ETS market in the total volume if regulated GHG emissions.
Table 9: Comparative forecast of CO2 pricing.
Table 10: Global carbon stocks in vegetation and sold carbon pools to the depth.
Table 11: Summary of types of forest carbon finance, 2009 and 2009 - 2016 cumulative.
Table 12: Transacted voluntary carbon offset volume, value and weighted average price by project category, 2019.
Table 13: Sample projects (Shell, ConocoPhilips, Repsol, LUKOIL, Saudi Aramco, Equinor).
Table 14: CO2 capture technologies.
Table 15: SWOT analysis of CCUS.
Table 16: Examples and features of CCUS projects implemented by oil and gas companies.
Table 17: Carbon capture, transportation, utilization and storage costs.
Table 18: Polymer product recycling share.
Table 19: Evaluation of costs and volume of GHG emissions reduction by technological method.
Table 20: Current status of the main elements o the GHG emission regulation system.
Table 21: Russian oil and gas companies' long-term targets for reducing GHG emissions (as of January 2021).

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Date of Publishing: October 2021
No. of Pages: 16

New York is the nation's fourth most populous state, and its largest city, New York, has been the U.S. city with the largest population in every census since 1790. However, almost nine-tenths of the state is considered rural, and the population density of New York State as a whole is less than that of six other states. Much of New York is rolling agricultural land and rugged mountains with plentiful renewable resources, including hydropower, wind, solar, and biomass. Portions of two of the Great Lakes—Lake Erie and Lake Ontario—are in New York. The Niagara River, with its massive falls, flows between the lakes and makes the state a leading producer of hydroelectric power. The Great Lakes and Atlantic Ocean shorelines have some of the state's best wind resources. New York produces some natural gas but only small amounts of crude oil, and it does not mine any coal. As a result, New York is dependent on energy supplies from out of state to meet about three-fourths of its energy needs.

New York has the nation's third-largest state economy. It also has one of the most energy-efficient economies in the nation, and New Yorkers consume less total energy per capita than the residents than all but two other states, California and Rhode Island. The transportation, commercial, and residential sectors each account for about three-tenths of state end-use energy consumption. Many of New York's key industries, like finance and real estate; professional and business services; and government, are not energy-intensive, and the industrial sector accounts for only one-tenth of state energy use, a smaller share than in all other states except Maryland and Massachusetts. Per capita energy consumption in New York's transportation sector is lower than in all other states except Rhode Island. The state's energy efficiency results in part from the wide use of mass transportation in New York's densely populated urban areas. In 2019, nearly three-tenths of state residents used public transit to commute to work, which was almost six times the national average. However, energy use increases during New York's winters when demand for heating rises, and arctic winds and lake-effect snows sweep in from Canada across the Great Lakes.

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Contents:

1. Overview.
2. Electricity.
3. Renewable Energy.
4. Petroleum.
5. Natural Gas.
6. Coal.

Chart 1. New York Energy Consumption Estimates, 2019.
Table 1. Energy Indicators.
Table 2. Prices.
Table 3. Reserves.
Table 4. Supply and Distribution.
Table 5. Consumption and Expenditures.
Table 6. Environment.
Picture 1. New York: Electricity Submission Lines.

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