Weeks of September 30 & October 7 Newsletter

🆕THIS WEEK: Healthcare, Climate Action, Supply Chains, Artificial Intelligence, Sustainability, Trade

Get the inside scoop on what is going to happen this week locally, in the U.S. and on the international stage. 

Read this week’s FREE EXECUTIVE BRIEF on:

THE AI PRODUCTIVITY ENGINE: GENERATIVE AI'S ROLE IN ECONOMIC GROWTH

Generative artificial intelligence (AI) could create trillions of dollars annually in economic value by boosting productivity across industries like banking, retail, and pharmaceuticals. It offers benefits like cost savings and enhanced decision-making but poses challenges like workforce displacement and high implementation costs. Strategic investments in reskilling, regulatory frameworks, and ethical AI practices will be essential for sustainable growth. Read our succinct meta-analysis.

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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, 7 October

Argentina: UN Department of Economic and Social Affairs (DESA) hosts an event on the International Day of Older Persons in collaboration with Argentina and the NGO Committee on Ageing. (ECOSOC Chamber, New York)

Rwanda: NDC 3.0 Regional Forum for Africa begins, exploring how COP28 outcomes can strengthen climate action and sustainable development. (Kigali)

Switzerland: World Meteorological Organization (WMO) launches the "State of Global Water Resources" report in a press conference. (Geneva)

South Korea: President Yoon Suk Yeol visits the Philippines and Singapore for a business forum on economic cooperation. (Singapore)

Germany: Hamburg Sustainability Conference begins, focusing on sustainable development initiatives. (Hamburg)

Tuesday, 8 October

Worldwide: UN Department of Economic and Social Affairs (DESA) hosts a Global Policy Dialogue on Gender Equality. (Virtual)

Mexico: Seventh High-level Forum on United Nations Global Geospatial Information Management continues. (Mexico City)

China: Mainland stock markets reopen after a week-long break amid economic measures. (Shanghai and Shenzhen)

European Union: MEPs debate challenges in the automotive industry, affordable housing, and upcoming EU summit priorities. (Strasbourg)

Austria: Disaster Research Days 2024 begins, focusing on science and research for disaster risk reduction. (Vienna)

Wednesday, 9 October

European Union: MEPs discuss EU border control policies and Frontex's role in managing external borders. (Strasbourg)

Japan: Prime Minister Shigeru Ishiba attends the ASEAN meeting in Laos and prepares for Japan's upcoming elections. (Vientiane, Laos)

Brussels: The Global Gateway High-Level Youth Event starts, showcasing the EU Youth Agenda's progress and partnerships. (Brussels)

Thursday, 10 October

Worldwide: World Mental Health Day is observed.

Azerbaijan: Pre-COP to the 2024 UN Climate Change Conference begins, preparing for key outcomes. (Baku)

China: CCICED Annual General Meeting begins, addressing environmental and sustainable development policies. (Beijing)

European Union: Justice and Home Affairs Council meets to discuss child sexual abuse legislation and Schengen Area policies. (Luxembourg)

Mexico: Seventh High-level Forum on United Nations Global Geospatial Information Management continues. (Mexico City)

Australia: Global Nature Positive Summit 2024 continues, focusing on biodiversity and nature-positive goals. (Sydney)

Strasbourg: MEPs debate gender-based violence in Europe following recent high-profile trials. (Strasbourg)

Friday, 11 October

USA: A high-level event during the 79th General Assembly session will discuss AI's role in exacerbating or combating child exploitation risks in the digital age. (UN Web TV)

South Korea: The Bank of Korea's Monetary Policy Committee meets to review economic conditions. (Seoul)

China: CCICED Annual General Meeting continues. (Beijing)

European Union: Copernicus Emergency Management Service Annual Conference is held online, discussing recent disasters and crisis management. (Virtual)

GLOBAL ECONOMIC PULSE

USA:  The upcoming Consumer Price Index (CPI) reading is the last significant data point ahead of the November Federal Open Market Committee (FOMC) meeting. The discussion over a 50 basis points rate cut is challenging due to the Federal Reserve's data-dependent approach. With the third-quarter earnings season starting for U.S. banks like JPMorgan and Wells Fargo, market attention will focus on inflation, particularly as the U.S. elections approach. Although Purchasing Managers’ Index (PMI) data indicated strong U.S. service sector growth and annualized economic growth of 3%, weakening manufacturing and future business expectations suggest that some easing of restrictive monetary policies may be justified. Additionally, speeches from Fed policymakers and inflation data are crucial for guiding rate decisions.

Europe:  In the United Kingdom, updated Gross Domestic Product (GDP) figures and industrial production numbers will provide insight into the country's economic health. Meanwhile, in Germany, industrial production data will offer a gauge of the weakening economy. Across the Eurozone, the weak PMI data signal potential challenges ahead. Concerns about rate cuts remain given the weak economic conditions, particularly in Germany.

Asia:  South Korea's central bank is expected to announce a 25 basis points rate cut, though rising household debt may delay the decision. China will focus on holiday-related travel and consumption data post-Golden Week, along with possible updates on stimulus measures and credit data. China's aggregate financing contracted by 13.1% year-on-year, although the rate of contraction has recently eased. Taiwan is expected to report softer trade growth and a slowdown in inflation, with inflation likely to hover around 2%. In India, the Reserve Bank of India is expected to keep rates on hold at 6.5% as inflation rebounded in September after easing below 4% in the preceding months.

Latin America:  Peru's central bank is anticipated to maintain rates at 5.25%, and Brazil will be monitoring its inflation data ahead of its next interest rate decision, with inflation trajectory closely watched. The region's interest rate environment continues to be shaped by inflationary trends and emerging market pressures.

Africa:  Tunisia is gearing up for its presidential elections, an important political development in the region.

WEEKLY TRADE UPDATE

USA:  The United States of America saw significant regulatory actions in first days of October 2024. These include a public lawsuit against TikTok for sharing minors' data without parental consent. The Securities and Exchange Commission (SEC) closed a consultation on joint data standards under the Financial Data Transparency Act. Several state-level regulations were also implemented, such as the Maryland Kids Code for Data Protection and updates to social media and privacy laws, including the Consumer Data Privacy Act and Social Media Regulation Amendments Bill. Additionally, a consultation was opened for an interim consent order on DoNotPay regarding alleged AI service misrepresentation.

Europe:  The European Union (EU) adopted the International Counter Ransomware Initiative 2024 Joint Statement and closed an inquiry on digital fairness under EU consumer law. It also issued a request for information to YouTube, Snapchat, and TikTok regarding compliance with the Digital Services Act. In Poland, a Memorandum of Understanding with the USA concerning cybersecurity and emerging technologies was adopted. Spain introduced age verification requirements for child safety online.

Asia:   In Japan, consultations were held regarding the Metaverse and Generative AI. China released the 2024 Foreign Investment Negative List, removing restrictions in the manufacturing sector. South Korea issued a ruling on Kakao Mobility for market dominance abuse, while Vietnam and Singapore focused on cybersecurity. Indonesia established export licenses for kratom plants and sand.

Latin America:   Brazil set new import tariff quotas for seven products and increased the quota for acrylic polymers under the MERCOSUR framework.

Read this week’s FREE EXECUTIVE BRIEF on:

THE AI PRODUCTIVITY ENGINE: GENERATIVE AI'S ROLE IN ECONOMIC GROWTH

Generative artificial intelligence (AI) could create trillions of dollars annually in economic value by boosting productivity across industries like banking, retail, and pharmaceuticals. It offers benefits like cost savings and enhanced decision-making but poses challenges like workforce displacement and high implementation costs. Strategic investments in reskilling, regulatory frameworks, and ethical AI practices will be essential for sustainable growth. Read our succinct meta-analysis.

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