Week of July 29, 2024 Newsletter
📌Dr. John Pournoor
LinkedIn Top Public Affairs Voice | CEO | Humphrey Policy Fellow | In Pursuit of Public Value
🆕THIS WEEK: Healthcare, Climate Action, Supply Chains, Artificial Intelligence, Sustainability, Trade
Get the inside scoop on what is going to happen this week in Minnesota, U.S. and the international stage.
Read this week’s FREE EXECUTIVE BRIEF on:
Business Impact: Chevron Decision Alters the U.S. Federal Regulatory Field
The Supreme Court's overturning of Chevron deference in Loper Bright Enterprises v. Raimondo reshapes administrative law, requiring courts to interpret statutes independently. This shift affects regulated industries, increases litigation, and demands clearer legislative drafting.
Read Our 3 Recommendations: Businesses must enhance legal preparedness, engage in policy advocacy, and strengthen compliance programs to navigate this new landscape.
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#Climate #SupplyChain #ArtificialIntelligence #Healthcare #Sustainability #Trade #Economics #Regulation #Infrastructure #Transportation #GovernmentRelations #PublicPolicy #PublicAffairs #GovernmentAffairs #GovernmentMarkets #Legislation #MNDEED #MNDOT #MNDHS #MNDOH #Minnesota
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HAPPENING THIS WEEK
Monday, 29 July 2024
Tuesday, 30 July 2024
Wednesday, 31 July 2024
Thursday, 1 August 2024
Friday, 2 August 2024
Saturday 3 August and Sunday 4 August, 2024
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GLOBAL ECONOMIC PULSE and Weekly TRADE UPDATE
USA
Next week's key market events include the Federal Reserve's meeting, anticipated to discuss inflation progress without implementing a rate cut. The U.S. economic landscape will also be shaped by the Job Openings and Labor Turnover Survey (JOLTS), non-farm payrolls, and Purchasing Managers' Index (PMI) data. Corporate earnings reports are significant, with 40% of the S&P 500, 45% of the Nasdaq, and 38% of the Russell 2000 reporting. Recent data shows an increase in the unemployment rate to 4.1% and payrolls rising by 206,000, suggesting a potential softening labor market, potentially leading to a rate cut in September.
Europe
The Bank of England (BoE) is expected to begin easing rates in August as July's flash PMI data indicates the slowest increase in selling prices since February 2021. The Eurozone will release inflation numbers and GDP data, with recent flash PMI results showing weakening output price inflation and a slowing economic recovery. The Eurozone's economic growth has slowed to near stagnation, marking its weakest performance since February, with declines in manufacturing and waning service sector expansion. However, the UK's manufacturing output is outperforming other major economies, reaching a two-year high.
Asia
In Japan, the Bank of Japan (BoJ) meeting is a highlight, with expectations of a potential 15 basis point rate hike and reduced bond purchases. The economy is recovering after a first-quarter contraction, supported by solid wage growth. Concerns over a weaker yen and rising inflation may influence the BoJ's decisions. China will release its PMI data, with the official manufacturing PMI expected to remain in contraction, reflecting a possible softening of export demand. Taiwan will publish its GDP data, with growth projected at 4.2% year-on-year, supported by strong exports and industrial production. South Korea will report on trade, CPI, and industrial production, with expected growth in semiconductor and auto production but weaknesses in retail, construction, and capital expenditures.
Latin America
Emerging market rate decisions are expected from Brazil (10.5%), Chile (5.75%), Pakistan (20.5%), and Russia (16%). Additionally, Venezuela is set to hold an election on Sunday.
Africa
African Union Commission and the United Nations Development Programme hosted Africa Blue Economy Week (ABEW-24) in Addis Ababa, Ethiopia. With the theme "Empowering Africa's Blue Renaissance," the event aimed to harness Africa's marine resources for economic growth while addressing challenges like environmental degradation. Key objectives include fostering dialogue among stakeholders and promoting sustainable blue economy frameworks.
Weekly Trade Update
In July 2024, numerous countries implemented various economic measures. China focused on the AI industry, with Hangzhou adopting measures for high-quality development and Wuxi supporting high-tech enterprises. The central government introduced tax incentives for digital transformations. The Republic of Korea launched KRW 200 billion in loans for small business owners and extended E-9 visas to restaurant workers. The government also initiated significant state aid to promote AI development. Argentina reactivated export tax exemptions for its automotive sector.
Botswana, Eswatini, Lesotho, Namibia, and South Africa (all under SACU) raised customs duties on wheat and flour. South Africa received an African Development Bank loan of ZAR 18.85 billion for Transnet. Germany's Bavaria region provided grants for flood-affected enterprises. Hungary obtained EUR 35 million from the European Commission for a toothbrush plant expansion. Portugal secured a EUR 210 million loan guarantee under the InvestEU scheme. Chile adjusted import tariffs on sugar.
The United States funded several bridge infrastructure projects across South Carolina, Tennessee, Arkansas, West Virginia, and Ohio with substantial financial support from the Department of Transportation. Projects are subject to Buy America requirements: USD 175 million for a bridge infrastructure project in South Carolina , USD 393.8 million for a bridge infrastructure project in Tennessee and Arkansas , USD 87.5 million for a bridge infrastructure project in West Virginia and Ohio that is subject to Buy America requirements.
WEEKLY EXECUTIVE BRIEF
Business Impact: Chevron Decision Alters the U.S. Federal Regulatory Field
The Supreme Court's overturning of Chevron deference in Loper Bright Enterprises v. Raimondo reshapes administrative law, requiring courts to interpret statutes independently. This shift affects regulated industries, increases litigation, and demands clearer legislative drafting.
Read Our 3 Recommendations
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