Money Buzz! Europa

Tag: pwc

  • PwC Romania launched an online tool that simulates the workforce costs

    PwC Romania launched an online tool that simulates the workforce costs

    PwC Romania is launching an online tool to help organisations simulate the workforce costs of the COVID-19 legislative measures recently enforced in Romania.

    Companies can perform simulations to streamline workforce costs by testing the various legislative measures available in the current context: reducing working hours, unemployment with or without state aid, parental leave, dismissals or the concept of “kurzarbeit”.

    Also, scenarios can be differentiated by employee categories (eg by grades or organizational structures).

    ”Workforce Cost Projection” can design reward schemes, model compensation budgets and workforce planning scenarios.

    A pre-configured HR dashboard was developed considering market trends, legislation and industry requirements. The product is available in the cloud and applicable to any industry and is meant for both large and small organisations.

    PwC Romania plans to continue developing this tool with new visualizations to model organizational impact of decisions relating workforce planning and HR budgeting.

    ”Given the conditions determined by the lockdown and pandemic, organizations have accelerated their digitization strategies and are increasingly adopting tax and HR technologies, in order to respond more quickly to the changes in the workforce market and the legislation ones”, says Ionuț Sas, Partener and People & Organisation Leader, PwC Romania.

  • Romanian media and entertainment industry growth will slow down in 2020

    Romanian media and entertainment industry growth will slow down in 2020

    The growth rate of the media and entertainment industry in Romania will reduce to 0.26% this year, from over 8% in 2019, due to the restrictions imposed by the COVID-19 pandemic.

    The market value to reach EUR 2,613 billion, according to the 21st edition of the PwC Global Entertainment & Media Outlook 2020 – 2024 (GEMO). Estimates show a return to growth in 2021 and an annual average growth rate of 6.76% by 2024.

    Romania is the least affected by the COVID-19 crisis among the Central and Eastern European markets included in the report and the only one that will increase in 2020.

    It is estimated that the other countries in the region will report decreases in 2020 from to the previous year: Hungary 7%, Poland 5% and the Czech Republic 5%.

    Performance by segments. Winners vs losers

    With most people at home, the OTT services market (e.g. Netflix or HBO Go) in Romania will have the highest year-on-year growth on the media and entertainment market, of 32% to EUR 29 million.

    It will also continue to grow in the coming years, with an annual average growth rate of 16.5%, and is expected to reach EUR 48 million by 2024.

    The second highest growth in the market is estimated for the segment of video games and e-sports (electronic sports), of 19% to EUR 136 million this year and rising to EUR 195 million in 2024.

    Internet acces spending at over EUR 1,2 bln

    Internet access spending continues to be the largest sector of the industry, with 47% of the market and a value of EUR 1.23 billion, following a 9.7% year-on-year increase.

    By 2024, it will reach EUR 1.89 billion, with an average annual increase of 11%.

    Over 7% increase for internet ads

    The next largest increase is estimated for internet advertising, of 7.4%, with a segment value of EUR 107 million. It will continue to grow by an average of 9% to EUR 153 million by 2024.

    With the market very responsive to consumer behaviour changes, mobile internet advertising is growing particularly strongly as smartphones become the main device of media consumption.

    Book sales, up 5%

    The restrictions caused by the pandemic also had a positive effect on book sales, which are estimated to have increased by 5.1% to EUR 69 million in 2020.

    The PwC report estimates an average annual growth rate of 2.42% by 2024.

    The film industry will report the largest decrease

    With cinemas closed and ticket revenues lost, the film industry will report the largest decrease, of 58% to EUR 26 million. By 2024, however, the sector is predicted to return to EUR 58 million, which will still be below the 2019 level of EUR 62 million.

    The outdoor advertising market has also contracted due to the pandemic, by 25% to EUR 25 million this year, but the prospects for 2024 show a recovery to EUR 43 million.

    The B2B media sector, which includes business information, directory advertising, trade magazines, professional books and trade shows, will post a decrease of 13.7% to EUR 194 million, but it will recover in the coming years at an average growth rate of 3.27% per year.

    Printed newspapers and magazines: -13%

    The pre-crisis decline in Romania’s printed newspapers and magazines sector has deepened during the pandemic, by 13% to EUR 62 million this year.

    It will remain at a similar level until 2024, when the market value is estimated to be EUR 61 million.

    Both the television and the video content consumed at home will have slight decreases this year estimated at 6%, with revenues falling to EUR 465 million. This is the second largest segment in Romania in terms of revenue generated, after internet access.

    In this context, TV advertising revenues are also expected to decrease by 7%, to EUR 295 million, but then increase from next year, reaching EUR 388 million by 2024.

    After growing last year, the radio, music and podcast segment is expected to fall by 9% this year to EUR 27 million, but it will return to growth and reach EUR 38 million in four years.

  • Four out of five CEOs expect remote working to continue on the long term

    Four out of five CEOs expect remote working to continue on the long term

    Four out of five CEOs expect remote working to become more widespread in their businesses, after finding that their prior concerns about productivity losses în lockdown were unfounded, according to PwC’s CEO Panel Survey, conducted in June and July 2020.

    A prior survey of PwC, CFO Pulse, from April showed that nearly half of the surveyed financial executives expected productivity loss because of a lack of remote work capabilities.

    Two months later, when asked again, just 26% of CFOs anticipated productivity loss in the month ahead.

    Two key themes emerged among our respondents, when asked about their priorities. The first one is the plan to make their companies more digital, by digitising core business operations and processes, and adding digital products and services.

    The second theme is that the CEOs plan to develop a more flexible and involved workforce by increasing the share of remote or contingent workers, and expand employee health, safety and wellness programmes.

    In this context, respondents believe shifts towards automation (76% of CEOs), low-density workplaces (61%), supply chain safety (58%), gig economy (54%) and public safety (50%) will have a lasting impact.

    More pessimism about global economy perspectives

    CEOs are significantly more pessimistic about the direction of the global economy over the next 12 months now than they were at the end of 2019, with just 30% saying economic growth will improve in the year ahead.

    And with good reason: The World Bank forecasts that the global economy will shrink by 5.2% in 2020, representing the deepest recession since the Second World War.

    As a result, CEOs also face uncertainty about their own operations, with only 15% indicating that they are very confident in their organisation’s revenue prospects.

  • 53% of entrepreneurs in CEE predict revenue declines over the next 12 months

    53% of entrepreneurs in CEE predict revenue declines over the next 12 months

    More than half (53%) of Central and Eastern European (CEE) entrepreneurs predict revenue declines over the next year due to the pandemic crisis, taking into account cost-cutting measures, employee training, developing new products and expansion into other markets, according to the PwC EMEA Private Business Survey 2020 report.

    Only 7% of CEE entrepreneurs believe that their businesses will grow this year, with 36% thinking they will maintain last year’s level.

    In this context, 31% of entrepreneurs have resorted to layoffs in recent months and 5% mentioned that they could do likewise in the next 12 months.

    Ensuring liquidity has become more important than ever, with 47% of respondents indicating that improved working capital management is needed to get through the crisis period. A quarter of them have increased their use of new technologies.

    Which are the biggest threats to business development

    For CEE entrepreneurial companies, the biggest threats to business development in the coming period are: regulations, as mentioned by 82% of respondents, followed by lack of skilled employees (73%), cyber security and IT (64%), new competitors (64%) and geopolitical uncertainty (64%).

    Coronavirus was mentioned by 45% of those interviewed, level with taxation and supply-chain disruptions.

    The flexibility to respond to disruptions, including pandemics, is limited by factors such as: dependence on several suppliers and partners (62%), need to adhere to regulations (51%) and limited availability of key talent (49%).

    Instead, providing sanitary security is the main success factor in the “new normal”, say 89% of respondents, followed by the efficient use of remote work (73%) and increasing the use of new technologies (67%).

    Other factors mentioned were expanding into new markets, launching new products and services, upskilling staff and more involvement of NextGen members in decision making and management.

    Other conclusions of the survey

    • 50% of entrepreneurs inCEE expect the global economy to decline in the next 12 months, 36% believe it will remain the same and 4% that it will show a moderate improvement.
    • Regarding the business strategy for the next two years, 60% of entrepreneurs said they will continue to develop their core business.
    • 58% of entrepreneurs believe that they have managed the impact of the COVID-19 crisis as well as their main competitors, with 22% saying they have managed it better.
    • The most important measures taken for managing the COVID-19 crisis impact, but also for the future, are enabling remote work (84%), working reduced hours, mandatory use of annual leave, holidays or overtime (67%), implementation of existing crisis plans.
    • The main measures taken in a crisis, before the pandemic, were cost savings (84%), entering new markets (84%), staff training (68%) and layoffs (53%).
  • Spending intentions are deeply affected by Covid-19 crisis

    Spending intentions are deeply affected by Covid-19 crisis

    The preference for online shopping is growing, care for physical and mental health has become as high as care for the job, while spending intentions are deeply affected by declining personal incomes, according to PwC’s Global Consumer Insights Survey.

    Consumer behavior change in 2020, following the outbreak of the COVID-19 pandemic, highlights three major trends: digital adaptation, concern for health and sustainability:

    • 45% of global consumers say healthcare is one of the top three reasons for living in a city
    • 69% of global consumers are more focused on mental health and well being
    • 43% of global consumer expect businesses to be accountable for their environmental impact

    More online shopping

    While in-store grocery shopping is the main channel of choice, over a third of consumers (35%) are now buying food online, with 86% of those who shop online planning to continue after social distancing measures are removed.

    For non-food items, prior to the pandemic in-store shopping was still dominant compared to online shopping with 47% of consumers saying they shopped at brick-and-mortar stores daily or weekly compared to shopping via mobile phones (30%) and computers (28%).

    Since then, online shopping for non-food items has seen a substantial increase: mobile phone 45% and computer 41%.

    Growing self-care concerns

    Focus on self-care has increased, with 51% of urban consumers agreeing or strongly agreeing that they are more focused on taking care of their mental health and wellbeing, physical health and diet as a result of COVID-19.

    Urban dwellers surveyed after the outbreak, viewed safety and security, and healthcare just as important to their quality of life as employment prospects, with 49% and 45% of respondents saying so, respectively, compared to 45% for employment.

    Impact on personal expenses

    Before the outbreak, consumer confidence was sky-high, with almost half (46%) of our survey respondents saying they expected to spend more in the next 12 months. When we reached back out to people after the outbreak had begun, 40% reported a decrease in income as a result of job loss or redundancy.

    In addition, the percentage of those who said they were going to spend less in the next few months almost doubled, and the number who said they were going to spend more dropped by more than 10 percentage points.

    • 41% said their household bills (e.g., food, home heating, electricity) increased.
    • 40% experienced a decrease in household income due to redundancy/loss of job/
    • reduction in hours.
    • 18% have experienced a decrease in income and an increase in household bills

    Currently, consumers spend less on most categories of non-food products, with the largest decreases in clothing and footwear (51%) and sports equipment (46%).

    Consumers and sustainability

    In survey results taken prior to the pandemic, 45% of our global respondents say they avoid the use of plastic whenever possible, 43% expect businesses to be accountable for their environmental impact, and 41% expect retailers to eliminate plastic bags and packaging for perishable items.

    Interestingly, when we asked consumers who were most responsible for encouraging sustainable behaviours in their city, 20% chose “me the consumer,” while 15% chose “the producer or manufacturer.”

  • 75% of multinational groups in Romania estimate a decrease of 25% in revenues

    75% of multinational groups in Romania estimate a decrease of 25% in revenues

    About 75% of survey respondents estimate that the total revenues of the companies they represent will decrease by less than 25% in 2020, compared to 2019, as a result of the medical crisis, according to the survey ”Transfer Pricing Challenges during and post Covid-19”, conducted by PwC Romania during April – May 2020.

    At the same time, almost half of the Romanian entities of the multinational groups estimate the decrease of the profit margin from the transactions with the affiliated parties, and 36% of the respondents indicated that the eventual expenses generated by the COVID-19 crisis won’t be reimbursed by the group.

    In terms of liquidity, most respondents indicated that they had enough cash to support their business, and in the event of major problems, 60% indicated renegotiating payment terms, without contracting new funding.

    Only 20% of responses focused on the option of obtaining additional funding from third parties.

    Expenses generated by the COVID-19 crisis

    The main extraordinary expenses generated by the COVID-19 crisis are related to the workforce, being mentioned by 28% of the respondents.

    Other expenses in this category concern safety at work (equipment, disinfectants), according to a percentage of 20% of the surveyed and logistics companies, show 24% of them.

    Almost a third of respondents say they have already made these expenses, 32% say they will make them in the next 3 months, and 28% by the end of 2020.

    Most respondents have the IT tools to record and measure the financial effects of Covid-19 on related party transactions. The other respondents are not sure of the impact or do not have the necessary resources.

    Other findings

    • 15.5% estimate the decrease in revenues between 25 and 50%.
    • 14% anticipate operating losses due to malfunctions in the economy and 14% decrease in demand from affiliates.
    • The expenses generated by COVID-19 will be passed as local losses of 25% of the companies and only 20% say that there is a chance to share the expenses between the affiliates.
  • Just 12% of companies felt that the pandemic will trigger a rethink on mobility

    Just 12% of companies felt that the pandemic will trigger a rethink on mobility

    Just 12% felt that the pandemic will trigger a fundamental rethink on mobility.

    20% believed that the number of international moves will decrease in the future as a result of this crisis, according to PwC Global Mobility Pulse survey ran of more than 350 companies in 37 countries globally.

    So, 44% of respondents said they’ll return to business as usual as soon as possible with the same number of moves.

    Although many relocations have been postponed, 58% of surveyed companies said they were allowing employees to start new roles from their home country.

    Two-thirds of companies who had employees on secondment or transfer at the outset of the pandemic had offered them the option of returning home.

    In this context, 40% of companies told the pandemic has had a moderate or significant impact on the ability of mobile employees to continue with business as usual.

    More than half (53%) of the companies surveyed said that mobile employees worked from home in the lockdown and 33% said that their presence was needed to the work site.

    PwC ran the pulse survey of more than 350 companies in 37 countries, from North America, Middle East, Latin America, UK, Central/Eastern Europe, Asia Pacific,  Western Europe and Africa, to assess the impact of COVID-19 on global mobility.

  • COVID-19 pandemic has reduced the market capitalisation of companies

    COVID-19 pandemic has reduced the market capitalisation of companies

    The market capitalisation of the 100 largest listed companies in the world declined by 15%, representing USD 3,9 trillion în Q1 2020, because of the COVID-19 pandemic, after an increase of 20% in March – December 2019, according to PwC’s Global Top 100 companies.

    The companies in the Oil & Gas sector were hit hardest.

    As a result of this evolution, between 31 March 2019 and 31 March 2020, for which the ranking is made, the market value of the 100 largest listed companies in the world reached USD 21.5 trillion, 2% up from the previous corresponding period.

    Energy and the financial sector, the biggest declines. At the opposite pole, utilities, technology and health

    In the first three months of 2020, all sectors declined. The most affected was oil and gas, down 37%, followed by finance by 23%.

    The smallest decreases were registered by the utilities companies, of 1%, technology, which lost 11% of the market capitalization, and by the consumer service companies, with minus 6%.

    The latter’s evolution was supported by the 16% (USD 23 billion) growth of Netflix, one of the ten companies whose market value increased during that period.

    Top 10 most valuable companies. Saudi Aramco ranks first

    Saudi Aramco joined the Global Top 100 this year having undertaken the largest IPO in history in December 2019. Saudi Aramco entered the list in first position and has retained this position ever since, with a market capitalisation at 31 March 2020 of USD 1,6 trillion.

    Saudi Aramco has thus surpassed last year’s leader, Microsoft, which is now on second place, followed by Apple.

    Even with the COVID-19 disruption, the market capitalization of Microsoft and Apple each exceeded USD 1 trillion as of March 2020. The performance of Amazon, placed on fourth place, was boosted by a surge in demand created by movement restrictions.

    The world’s top 10, made up mainly of technology and e-commerce companies, is completed by Alphabet, Alibaba, Facebook, Tencent, Berkshire and Johnson & Johnson.

    Even with the impact of COVID-19, Tesla was the biggest riser in the three months to March 2020, of 28%, at the opposite pole is Citigroup, with a decrease of 49%.

    The US continues to dominate at the regional level

    For the sixth consecutive year, the US ranks first, having more than half (57) of the companies in the top followed by Europe, with 21 companies, China and its regions, with 12 companies.

    By region, European companies in the global Top 100 experienced the most significant reduction in Q1 2020, by 25% (USD 956 billion).

    The market capitalization of American companies in the ranking decreased by 14% (USD 2.2 trillion), and that of Chinese companies by 11%. Brazil, Australia and South Africa no longer appear in the ranking, after the exit of Petrobras, BHP and Naspers.

    Unicorns value is growing

    Regarding the unicorns, the value of the Top 100 Unicorns grew by 5% to USD 853 billion as at 31 March 2020.

    The outlook for unicorns remains positive in the medium term. Some public companies have seen a surge in demand since COVID-19 took hold which has translated into valuation growth, particularly technology / technology enabled and health care businesses – sectors where unicorns are well represented.

    Similarly to the Global Top 100, the US dominates the Top 100 unicorns, representing half of the list in terms of number of companies and value, China ranks second with 26 companies and Europe is on third place, with ten companies, of which six from Great Britain and three from Germany.

  • 65% of Romanian companies didn’t apply measures to reduce employee costs

    65% of Romanian companies didn’t apply measures to reduce employee costs

    Two thirds (65%) of the responding companies didn’t have to apply measures to reduce employee costs in the two months of the state of emergency, according to the HR Barometer conducted by PwC Romania in May.

    Cost-cutting companies have adopted a mix of measures applied differently depending on employees’ positions, in general targeting operational staff in areas most affected by the state of emergency.

    Thus, 11% have applied furloughs with help from the state budget, but without making up the difference, while 15% have used furloughs and covered the salary gap, 17% have reduced working time, with the agreement of the parties or granted unpaid leave, and 4% have laid off employees.

    In terms of wages, the survey shows that half of the respondents applied the salary increases for 2020 before the state of emergency was declared. The average increase was 5.77%, in line with forecasts announced in 2019.

    Almost 30% said they won’t increase salaries this year and 15% have changed their salary increase policy to only to critical positions. Benefit packages remained the same for 80% of respondents.

    The majority (65%) do not intend to change the system of variable payments.

    Back to work

    Less than a quarter of the companies surveyed (22%) returned to work on 18 May, with almost half not having decided on a return date yet.

    In this context, 80% intend to combine work from home with office work, even after the end of the state of emergency (15 May), with a majority taking employee opinions into account.

    Regarding HR activities, 37% of respondents said that they won’t change their recruitment and onboarding policies, and 30% stated their intention to postpone them until the state of emergency is lifted.

    Training and development programmes have been postponed by 33% of the respondents, with the same percentage having changed processes and tools, especially as part of digitalisation programmes.

  • 82% of respondents at a study have overdue debts to the state budget

    82% of respondents at a study have overdue debts to the state budget

    The vast majority (82%) of respondents to a survey conducted by PwC Romania have unpaid debts related to the main budgetary obligations due on 31 March and qualify to apply for the tax amnesty regulated by Government Emergency Ordinance no. 69/2020. The survey was conducted during an online event attended by 104 representatives of companies.

    When asked whether they have unpaid ancillary budgetary obligations related to main budgetary obligations due on 31 March 2020, the respondents answered as follows: 32% have such obligations that they declared and have not yet paid, 32% have such obligations established by a tax decision communicated by 31 March 2020, 18% have these obligations set by an amending declaration filed as of 1 April 2020 and 18% have obligations paid by that date, but late in maturity.

    Consequently, it is expected that those who submit the cancellation request by 15 December 2020 will benefit from the cancellation of the accessories and clear both the main outstanding tax obligations as of 31 March 2020, as well as the main tax obligations and accessories with a maturity of 1 April 2020 and the date of submission of the application for cancellation.

    Accessories related to the differences between main fiscal obligations due on 31 March 2020 and those imposed by communicated taxation decisions following tax inspections ongoing as at the date of entry into force of the normative act are also cancelled.

    In the survey, 53% of respondents said they have due claims for the period up to 31 March for which they intend to file tax returns or tax returns.

    At the same time, 92% expect to establish differences in additional tax obligations prior to the period until 31 March 2020 in a tax inspection or verification of personal situation.

  • 70% of CFOs are very confident they can provide a safe working environment

    70% of CFOs are very confident they can provide a safe working environment

    As worksites reopen, over two thirds of CFOs are very confident they can meet employees and customers’ safety expectations, according to the most recent PwC COVID-19 CFO Pulse survey.

    So, 75% of CFOs feel very confident they can meet customers’ safety expectations, and 70% are very confident they can provide a safe working environment for employees. Though, only about half of CFOs say they are very confident about their company’s ability to manage their employees’ well-being and morale.

    Regarding the future of finance, 85% of CFOs expect some decrease in revenues and/or profits this year as a result of COVID-19. Capex investments are CFOs’ most likely source of deferrals or cuts (83%), compared to just 18% who are planning cuts to R&D and 16% who expect to scale back their investment in digital transformation.

    More than one-third (37%) of CFOs also expect changes in staffing — temporary leaves or furloughs — due to low or slow demand, and another third anticipate productivity loss to occur over the next month due to lack of remote work capabilities.

    Industrial manufacturing and automotive CFOs are more likely than average to expect changes in staffing (46%) and layoffs (39%) in the coming month. Meanwhile, health industries CFOs are more likely to expect higher demand for employee protections (58%) and insufficient staffing for critical work (36%).

    Given the need to limit the number of people in close contact, about half (49%) of CFOs are considering making remote work a permanent option where feasible, which corresponds to another finding: 72% of CFOs say that the work flexibility they have created in response to the crisis will benefit their company in the long run.

    PwC COVID-19 CFO Pulse survey conclusions

    • Although 42% of CFOs believe their company could return to ‘business as usual’ within three months if COVID-19 were to end today, there is a growing sentiment in many territories that recovery may take much longer.
    • Of health industries respondents, 82% note that human interaction is required to deliver products and services, and 49% will not be able to effectively work remotely.
    • CFOs in Denmark (72%), Germany (67%) and Mexico (69%) are most likely to consider making virtual working arrangements a permanent option.
    • 48% of CFOs are looking at accelerating automation and other new ways of working — among Germany CFOs, this jumps to 76%.
  • 47% of companies will make remote work a permanent option

    47% of companies will make remote work a permanent option

    Almost two-thirds (64%) of the respondents globally plan new safety measures and requirements for employees in order to return to work, according to the most recent edition of PwC’s COVID-19 CFO Pulse Survey, from 28 April.

    In this context, 55% want to reconfigure work sites to promote physical distancing and 22% to reduce real estate footprint.

    47% of the companies make remote work a permanent option for roles that allow, 46% want to accelerate automation and new ways of working and 44% to change shifts and/or alternate crews to reduce exposure.

    Regarding the COVID-19 impact on businesses, the level of concern related to the crisis is holding steady with the previous edition of the survey, with 70% expecting significant impact to their business operations and most of them (80%) across all territories expect a decrease in revenues and profits.

    From an industry perspective, retail and consumer CFOs report the highest level of concern (75%), because of the decrease in consumer confidence and the consumption power, due to reduced disposable income.

    The lowest level of concern about the potential business impact was reported by energy, utilities and resources CFOs (57%).

    The share of the CFOs believe their operations could return to „business as usual” within three months if the coronavirus pandemic were to end today, fell to 49% from 56% in the previous edition of the survey.

    Other conclusions of PwC’s COVID-19 CFO Pulse Survey

    • The main priority of finance leaders is cost containment. Thus, the share of those considering cost reduction measures increased to 82%, from 77% in the previous edition.
    • In the top of CFOs concerns are the potential global recession (69%), the financial impact on operations (67%) and consumption decrease (58%, up from 39% in the previous report).
    • CFOs in the financial sector are most likely to be concerned about recession (74%) and financial impact (72%).
    • CFOs in Ireland take the most hardline view, with 98% saying they expect the crisis to lead to a decrease. Even in countries with a more optimistic outlook, CFOs take it as a given that the economic impact of the coronavirus will reduce revenues and profits: Switzerland (80%), Denmark (73%) and Germany (66%).
    • Among industries, financial services (86%), industrial manufacturing and automotive (86%), and retail and consumer (80%) have the highest share of CFOs who expect a decrease in revenue.
    • About half of the respondents say they will prioritise the development of alternate sourcing options (52%), understanding the financial and operational health of their suppliers (50%) and change contractual terms (42%).
    • 56% plan to include discussion of the coronavirus in their financial statements.

    The survey was led among 871 CFOs from 24 countries or territories: Armenia, Azerbaijan, Brazil, Cyprus, Denmark, France, Germany, Ireland, Japan, Kazakhstan, Malta, Mexico, Middle East, Netherlands, Philippines, Portugal, Singapore, Slovakia, Sweden, Switzerland, Thailand, Turkey, US and Vietnam.