12 Aug
Chapter News

NY Fed | Medium-Term Inflation Expectations Decline; Short and Longer-Term Inflation Expectations Unchanged

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2024 Survey of Consumer Expectations, which shows that inflation expectations were stable at the short- and longer-term horizons, but fell sharply at the medium-term horizon to a new series low. Labor market expectations were mixed, with respondents expecting lower earnings growth and a lower likelihood of finding a new job within three months if they were laid off. Delinquency expectations continued their upward trend...

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12 Aug
Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar – The ILA is finalizing contract demands, container rates remain high, ongoing concerns for peak season, limited approval for commercial drone flights, and new technology for cargo ships.

The International Longshoremen’s Association (ILA) is preparing to finalize its contract demands and potentially strike on October 1st if an agreement with the United States Maritime Alliance (USMX) is not reached. They’re seeking significant wage increases, citing record profits by companies, and opposing the use of automated systems in ports. They haven’t returned to the bargaining table, instead, they’ve officially notified employers of the contract’s expiration on September 30th, as required by federal labor law. Shippers should be prepared for potential...

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09 Aug
Member News

OCO Global | Red is the New Green: How the Inflation Reduction Act’s 2nd Anniversary is Shaping America’s Future

By Ian Hunter | Approaching its second anniversary, the Inflation Reduction Act (IRA) has emerged as a surprising boon for red states, driving a surge of green energy investments into traditionally conservative regions. In just two years, the Inflation Reduction Act has channeled over $50 billion into red states, revolutionizing local economies. This transformative legislation has not only reshaped the clean energy landscape but also sparked a wave of foreign direct investment (FDI), revitalizing local economies across the United States. ...

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08 Aug
Member News

Noerr | Beneficial owner & transparency register: The new EU Anti-Money Laundering Regulation

In July 2021, the European Commission introduced a package of legislative proposals aimed at combating money laundering. These proposals signalled a significant expansion of transparency obligations related to Know Your Customer processes (KYC-processes) and national transparency registers (see our article from 26 July 2021). Since, an agreement on an EU anti-money laundering package has been reached. This new EU anti-money laundering package includes a series of measures by the EU legislature to harmonise anti-money laundering and counter-terrorism financing laws across...

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07 Aug
Member News

Stephenson Harwood | Introduction to the EU Data Act: Overview of the Act

The EU Data Act (the "Act"), which entered into force on 11 January 2024, is a comprehensive piece of legislation aimed at fostering a fair and competitive digital environment in the European Union. It focuses on ensuring that data is shared more effectively, while protecting the rights of individuals and businesses. Here's an overview of what the Act entails:   Purpose and scope Application The first part of the Act is designed to regulate access to and use of data generated by connected...

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06 Aug
Member News

Bannockburn Global Forex | Fragile Turn Around Tuesday

Overview: Calmer markets are prevailing today, but an unease remains, and market moves continue to be sharp even if less dramatic. Still, it is in these somewhat less volatile conditions that the US dollar is doing better. It is firmer against all the G10 currencies today. The yen and sterling are the weakest, nursing 0.4%-0.5% losses, while the Norwegian krone and the Canadian dollar are faring the best, off 0.05%-0.15%. Emerging market currencies are also mostly lower, except a couple...

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05 Aug
Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar – Air cargo and the IT outage, good news at the Panama Canal, preparations for a strike, warnings from the WTO, and the importance of risk management.

The most recent air freight data reveals that global air cargo rates only saw a slight increase of 0.7% in the week ending July 29, despite the global IT outage that happened in mid-July. This is somewhat unexpected, considering air cargo was already under pressure due to increased demand driven by the ongoing issues in the Red Sea and strength in e-commerce. The capacity through the Panama Canal is increasing, thanks to recent heavy rains. Typically, the canal can handle...

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02 Aug
Member News

K-Mine | Green or Gone: Mining’s New Age

The Crossroads The mining industry, a cornerstone of the global economy, is at a crucial juncture. Faced with escalating environmental regulations, a growing demand for sustainable practices, and the rising cost of traditional energy sources, mining companies are finding that transitioning to renewable energy is no longer an option—it’s a necessity. This shift is not just about compliance or public image. It’s about leveraging new opportunities that renewable technologies bring. Innovations in solar, wind, and hydro energy are not only making...

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02 Aug
Member News

Osborne Clarke | ‘Get Britain Working’: Labour announces its blueprint for fundamental reform

We have previously reported on the government's commitment to its proposals in "Make Work Pay", with a number of measures to be included in a new Employment Bill and Equality (Race and Disability) Bill announced in the King's Speech. The government is also pressing forward with its proposals around wider workforce issues, including the need to upskill the workforce to meet future challenges with the launch of Skills England and a "blueprint for fundamental reform" to stop "spiralling economic inactivity".   Tackling economic equality;...

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02 Aug
Chapter News

European Commission | AI Act enters into force

On 1 August 2024, the European Artificial Intelligence Act (AI Act) enters into force. The Act aims to foster responsible artificial intelligence development and deployment in the EU. Proposed by the Commission in April 2021 and agreed by the European Parliament and the Council in December 2023, the AI Act addresses potential risks to citizens’ health, safety, and fundamental rights. It provides developers and deployers with clear requirements and obligations regarding specific uses of AI while reducing administrative and financial burdens for businesses. The AI Act introduces a uniform framework across...

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