Economics News
International Monetary Fund launches regional office in Riyadh, Saudi Arabia during regional conference
The International Monetary Fund (IMF) has announced the establishment of a new regional office in Riyadh, Saudi Arabia. The inaugural director of this office will be Abdoul Aziz Wane, a Senegal national with prior experience at the IMF.
By Globe Banner | Apr 25, 2024
Healthmark Services Limited partners with JFCRx as supplier of pharmacy adherence technologies
Canadian pharmacies are set to enhance patient safety and adherence through the introduction of new automation equipment and software. This development is a result of a partnership between JFCRx and Healthmark Services Limited, as disclosed in a recent news release.
By Globe Banner | Apr 24, 2024
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International Monetary Fund selects Kristalena Georgieva for a second term as Managing Director
By Globe Banner | Apr 18, 2024
The International Monetary Fund's (IMF) Executive Board announced last week that Kristalena Georgieva has been selected to serve a second term as IMF Managing Director. Georgieva's second term will commence in October and span five years.
Letta Report: A significant call for a reboot of the EU Single Market
By Globe Banner | Apr 17, 2024
BusinessEurope welcomes today’s publication of Enrico Letta’s report on the future of the EU Single Market, with Director General Markus J. Beyrer commenting that "We very much agree with the key message of the Letta report: it is time to reboot the EU Single Market for today’s “large world”. This should be driven by the fundamentals of the four freedoms of the Single Market, keeping a strong focus on free trade and openness."Mr Letta rightly draws attention to the worrying trend of companies and investment leaving the European Union due to an overly complex and...
EU Elections: BusinessEurope Calls for Reboot to Enhance European Competitiveness
By Globe Banner | Apr 9, 2024
BusinessEurope has launched its campaign for policy changes for the next EU political cycle, under the motto ‘Reboot Europe’. Commenting on the necessary actions for Europe in the upcoming years, BusinessEurope President Fredrik Persson emphasized the importance of competitiveness, stating, "Faced with multiple geopolitical risks and economic uncertainty, the EU must put competitiveness at the forefront and use the next EU cycle to reboot its policies for today’s challenges."Persson highlighted the need for the EU to focus on improving its attractiveness as an investment...
BusinessEurope Reacts to EU Action Plan on Labour and Skills Shortages
By Globe Banner | Mar 20, 2024
BusinessEurope Director General Markus J. Beyrer expressed his organization's stance on the EU action plan on labour and skills shortages, recently unveiled by the European Commission. Beyrer welcomed the publication of the plan, emphasizing the severity of the issue by stating, "With labour and skills shortages hitting our companies and labour markets, we welcome today’s publication of the Commission action plan to address them. This challenge is structural and will be with us for the next generation."In addition to this, Beyrer highlighted the importance of addressing...
No improvement in the EU’s investment environment in 2023
By Globe Banner | Mar 20, 2024
BusinessEurope has just published our 2024 Reform Barometer, which looks at Europe’s global competitiveness performance and evaluates policy decisions.BusinessEurope President Fredrik Persson expressed, "Our key finding is that 88% of our national member federations believe that, having declined significantly between 2020 and 2023, there was no improvement in the attractiveness of the EU's investment environment vis-à-vis our major competitors over the last 12 months. Moreover, over half of our member federations (54%) believe that the regulatory burden for companies...
Asian economies urged to prioritize green initiatives for global competitiveness
By Globe Banner | Mar 19, 2024
In a changing global economic landscape, experts are emphasizing the importance of Asian economies prioritizing green initiatives to maintain their competitive edge. A recent article highlighted the necessity for countries like Bangladesh and Cambodia to adapt to new cross-border environmental regulations or face potential repercussions in global trade.According to the article, one of the speakers noted, "Increasingly, new cross-border environmental regulations like the EU’s carbon tax will leave countries such as Bangladesh and Cambodia little choice but to play catch up...
Agreement on EU due diligence: still far from a workable solution
By Globe Banner | Mar 15, 2024
Reacting to the EU Corporate Sustainability Due Diligence Directive agreement, BusinessEurope Director General Markus J. Beyrer expressed concerns about the implications of the new rules. Beyrer stated, "The new due diligence rules will add unparalleled obligations, set harsh sanctions with potential existential implications for companies, and unilaterally expose them to litigation from all parts of the world." He highlighted the negative impact on SMEs, noting that they "will be negatively affected as they make up the largest part of value chains."Furthermore, Beyrer...
BusinessEurope Reacts to Approval of Political Agreement on Prohibiting Products Made with Forced Labour
By Globe Banner | Mar 13, 2024
BusinessEurope Director General Markus J. Beyrer welcomed the approval of the political agreement on prohibiting products made with forced labour by Member States. Beyrer acknowledged the significance of this step, stating, "This is an important step in the EU’s efforts to tackle forced labour, but there is still much work to be done to make the Regulation workable and effective."Beyrer emphasized the stance of European businesses on forced labour, saying, "Forced labour is a serious human rights violation that European business fully condemns." He noted improvements in...
BusinessEurope Reacts to the European Parliament Plenary Vote on the AI Act
By Globe Banner | Mar 13, 2024
BusinessEurope Director General Markus J. Beyrer commented on the European Parliament Plenary vote on the AI Act, stating, "This is a pivotal moment for AI development in Europe, but successful implementation will be key to reassure investors, AI developers, and citizens that trustworthy AI is here to stay."Beyrer further expressed that the AI Act maintains a risk-based framework and prevents the emergence of divergent national laws. However, he highlighted concerns about the need for extensive secondary legislation and guidelines, emphasizing their importance for legal...
South Africa joins World Trade Organization’s fisheries subsidy agreement
By Globe Banner | Mar 8, 2024
South Africa has become the latest addition to a growing list of World Trade Organization (WTO) members that have ratified the organization’s fisheries subsidies agreement. The ratification took place at the 13th Ministerial Conference in Abu Dhabi, held during the first week of this month. With South Africa's inclusion, the total number of WTO member countries that have agreed to the Agreement on Fisheries now stands at 71.
IMF’s Kristalina Georgieva makes statement after Meeting of G20 Finance Ministers, Central Bank Governors.
By Globe Banner | Mar 1, 2024
Following the inaugural meeting of the G20 Finance Ministers and Central Bank Governors, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued a statement. The meeting took place in Sao Paulo, with Brazil currently presiding over the Group of 20.
WTO Ministerial finds interim solution on e-commerce
By Globe Banner | Mar 1, 2024
The 13th WTO Ministerial, which concluded today in Abu Dhabi, has reached an interim solution on the e-commerce moratorium until the next Ministerial meeting. Reacting to the outcomes of the meeting, BusinessEurope Director General Markus J. Beyrer expressed his views, stating, "Our expectations were not overly ambitious ahead of the 13th WTO Ministerial given the increasing global divisions about how trade should be disciplined. In this context, the results from MC13 are not ideal but they are better than expected."Beyrer highlighted that WTO members have agreed to...
Singapore Tourism Board, Saks Fifth Avenue debut ‘Made in Singapore’ campaign
By Globe Banner | Feb 29, 2024
The Singapore Tourism Board (STB) and Saks Fifth Avenue have launched a campaign to highlight Singapore's landmarks at the Saks Fifth Avenue New York flagship store, which will run until March 13. Each store window features a different location and experience, accessible via QR code.
EU Strengthens Ties with Africa and Latin America Through New Trade Deals
By Globe Banner | Feb 29, 2024
The European Parliament has given its consent to the ratification of the EU-Kenya Economic Partnership Agreement and to the Advanced Framework Agreement and an Interim Trade Agreement with Chile. These agreements are seen as significant milestones in strengthening the EU's relationships with key partners in Africa and Latin America. BusinessEurope Director General Markus J. Beyrer highlighted the importance of these deals, stating, "These agreements mark an important step, consolidating the EU's ties with important partners in Africa and Latin America. They show real...
Asia’s Rising Economies Beyond ‘China Plus One’: A Look at Potential Growth
By Globe Banner | Feb 21, 2024
Asia's rising economies are gaining recognition beyond just being seen as "China Plus One" destinations. According to a recent industry report, these countries, including the Philippines, Indonesia, Vietnam, India, and Thailand, are positioned to leverage their strengths and further enhance their economic growth prospects.The report highlights that "Asia’s rising economies are more than ‘China Plus One’ destinations," indicating a shift in perception towards these nations. It emphasizes the evolving roles of these countries in the global economy and their potential for...
International Monetary Fund, International Monetary Fund said IMF Deputy Director Okamura concludes visit to Guyana
By Globe Banner | Feb 15, 2024
IMF Deputy Managing Director Okamura has embarked on a tour of several South American countries this month, including Guyana, which he visited recently. Since joining the International Monetary Fund (IMF) on Sept. 26, 1966, Guyana has demonstrated considerable progress in economic stability and gross domestic product growth over the past few years.
BEFIT Tax Package: Business Community Urges Caution and Global Alignment
By Globe Banner | Jan 25, 2024
25 January 2024 - BusinessEurope has published a new position paper on the European Commission’s BEFIT proposal, with BusinessEurope Director General Markus J. Beyrer emphasizing the importance of global alignment in tax reform. Beyrer stated, "European businesses support the Commission’s overall objectives of strengthening the Single Market by simplifying the tax landscape and reducing tax compliance costs for businesses." However, he also pointed out that "for the BEFIT reform to be effective, it must align fully with global tax rules."In light of the complexities of...
BusinessEurope Expresses Concerns Over European Works Council Directive Revision
By Globe Banner | Jan 24, 2024
BusinessEurope has expressed serious concerns about the proposed revision of the European Works Council Directive published by the European Commission. In a statement, BusinessEurope Director General Markus J. Beyrer highlighted several key issues with the proposed changes.Beyrer stated, "The Commission’s proposal to include agreements made before 1996 or between 2009-2011 in the Directive will damage many well-functioning European Works Councils. The renewal procedures in these agreements, allowing for mutually beneficial adaptations, should be respected."He also...