Week of January 16, 2023 Newsletter

Coverage: US, Europe, Asia, Middle East & Africa, and Latin America

WEEK IN REVIEW

MONDAY

The World Economic Forum (WEF) Annual Meeting 2023 will be held on the theme, ‘Cooperation in a Fragmented World,’ and convene leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead. The Annual Meeting will provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.   European Parliament will adopt their position ahead of talks with EU governments on a new law to reform EU procedures and control measures for waste shipments. The aim is to improve the environment and human health, while taking full advantage of the opportunities provided by waste for achieving a circular and zero-pollution economy. (debate Monday, vote Tuesday). Today, in Muscat, Oman, the International Conference on Air Pollution and Climate Change begins. This conference will present cutting-edge knowledge about air pollution and climate change, as well as pathways for reducing short-lived climate pollutants in the near term to safeguard human health and mitigate global warming. Also today, the International Labour Organization (ILO), is expected to launch its World Employment and Social Outlook: Trends 2023 report. World Future Energy Summit meets in Abu Dhabi, UAE.

TUESDAY

The U.S. Conference of Mayors will hold its 91st winter meeting Tuesday through Friday in Washington DC. On the agenda is the implementation of a host of Biden administration legislative accomplishments, including the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, the Safer Communities Act and the Inflation Reduction Act. Mayors have been invited to a White House meeting with President Joe Biden, and to hear from other administration officials, such as the secretaries of State, Labor, Energy, Agriculture, Homeland Security, Commerce and Transportation. Special Representative for City and State Diplomacy Ambassador Nina Hachigian will participate in a roundtable on A Mayor’s Role in International Diplomacy, as well as meet with mayors to introduce the new Subnational Diplomacy team’s efforts to coordinate the Department’s engagement with local officials in the United States and around the world.  European Parliament will be discussing 2023/2510(RSP) Surge of respiratory infections and the shortage of medication in Europe. At WEF meeting, the United Nations-convened Net-Zero Insurance Alliance (NZIA) will launch the Alliance’s first Target-Setting Protocol. The Protocol builds on the launch of the first-ever global accounting standard to measure greenhouse gas emissions associated with insurance underwriting portfolios (“insurance-associated emissions”) developed by the Partnership for Carbon Accounting Financials (PCAF) in collaboration with the NZIA. President Biden is set to host Dutch Prime Minister Mark Rutte.

WEDNESDAY

European Parliament will discuss 2023/2513(RSP) An EU strategy to boost competitiveness and productivity, trade, quality job creation. A response to U.S.’s CHIPS act may be discussed. WEF Continues. The 1st Health Working Group meeting under G20 India Presidency will be held from 18 – 20 January 2023 in Thiruvananthapuram, Kerala.

THURSDAY

WEF continues.

FRIDAY

A quite day in politics.

SATURDAY & SUNDAY

A quiet weekend in politics. Sunday is the beginning of the Chinese New Year.

Global Economic Pulse

Japan will release CPI release will be closely watched before the next BoJ meeting. Eurozone also release its CPI.  UK retail sales and CPI inflation, expected to be over 10%. Germany CPI fell for the first time since August. Germany will also publish its ZEW Survey. A milder winter can soften the severity of a recession. Interest rate decisions will come from Indonesia (currently at 5.5%) and Turkey (currently at 9.0%). Latin America will release economic activity. Brazil will publish their inflation and labor reports. Chinese Lunar New Year celebrations begin in earnest from next Sunday. Unrest in Brazil have limited near-term market implications, Pakistan donor conference begins aimed to shore-up financing, and Peru protests continues her Congress approves the new cabinet. Many companies are buying an insurance policy against political risk by diversifying supply chains. This will likely mean more investment in supply chain processes in home countries as well as Southeast Asia, India, Central Europe, Mexico highly influenced by existing free trade agreements.

Earning reports: United Microelectronics, Morgan Stanley, Goldman Sachs, United Airlines, Charles Schwab, Prologis, Industria de Diseno Textil, Proctor & Gamble, Netflix, Fastenal, Grupo Financiero Banorte, HDFC Bank, Schlumberger, Ericsson and Nitori Holdings.

Last Week's Noteworthy Government Actions, Reports & Events

World Economic Forum has published an insight report on “Markets of Tomorrow: Turning Technologies into New Sources of Global Growth”.

Kenya Ministry of Health has published the “National policy on patient safety, health worker safety and quality of care”.

World Economic Forum has published its annual The Global Risks Report 2023.

National Institutes of Health has published “Coronavirus Disease 2019 (COVID-19) Treatment Guidelines”.

On Friday, 6 January 2023 the European Commission issued a proposal to extend transition periods to ensure sufficient time for devices that are on the market to be certified in accordance with the Medical Device Regulation. The proposal includes longer transition periods for making evaluations by registered institutions, and the length of the new transition period would depend on the risk classification of the medical device in question. The key elements of the proposal are: 1-The transition period for medical devices put on the market before 26 May 2021 is to be extended under MDR, tiered according to risk classification. In the expanded transition period conditions would be applied that would benefit only those devices that are safe, and whose manufacturers have already taken measures to accommodate MDR and 2-The “sell-off” date of MDR and the IVD Regulation would be removed. Extension to December of 2027 is proposed.

US Government Published a “THE U.S. NATIONAL BLUEPRINT FOR TRANSPORTATION DECARBONIZATION: A Joint Strategy to Transform Transportation” to address the climate crisis, we must eliminate nearly all greenhouse gas (GHG) emissions from the sector by 2050 and implement a holistic strategy to achieve a future mobility system that is clean, safe, secure, accessible, affordable, and equitable, and provides sustainable transportation options for people and goods.

KPMG published Emerging Trends in Infrastructure 2023.

World Economic Forum published “A Global Rewiring: Redefining Global Value Chains for the Future”

Association for Supply Chain Management published “Top 10 Supply Chain Trends 2023”.

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