Fintech PR
Logistics Execs Wary of 2024 Recession and Overreliance on China
Majority plan Africa expansion despite guarded outlook on emerging markets
DUBAI, UAE, Feb. 6, 2024 /PRNewswire/ — Global logistics executives, still worried about recession, say they are battling higher costs, reducing dependence on sourcing from China, and planning to boost investment in Africa despite seeing emerging markets investment overall as somewhat riskier.
Half of the 830 industry professionals surveyed for the 2024 Agility Emerging Markets Logistics Index expect a global recession in the coming year – down from nearly 70% a year ago.
More than 63% of respondents say their companies continue overhauling supply chains by spreading production to multiple locations or relocating it to home markets and nearby countries. China, the world’s leading producer, stands to be most affected: 37.4% of industry professionals say they plan move production/sourcing out of China or reduce investment there.
“Shippers and carriers are struggling to minimize supply chain risk and find new growth opportunities. Inflation and recession risks have eased, but the industry is still living with the aftershocks of the COVID pandemic. At the same time, businesses are worried about geopolitics — troubled trade relations between China and the U.S. and Europe, and the thicket of sanctions against a growing number of countries,” says Agility Vice Chairman Tarek Sultan.
The survey and Index are Agility’s 15th annual snapshot of industry sentiment and ranking of the world’s 50 leading emerging markets. The Index ranks countries for overall competitiveness based on their logistics strengths, business climates and digital readiness — factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors.
Shipping and logistics costs that soared during the COVID pandemic and its aftermath are still climbing but at a slower rate, the survey found. One way shippers expect to cope is by increasing use of digital freight forwarding from 37.8% today to 52% in five years.
Meantime, the industry is gearing up for a surge in Africa investment. Nearly 62% of professionals say their companies are planning additional or first-time investments in Africa vs. only about 7% exiting or scaling back there.
China and India, the world’s two largest countries, held their spots at No. 1 and 2 in the overall rankings. UAE, Malaysia, Indonesia, Saudi Arabia, Qatar, Vietnam, Mexico, and Thailand rounded out the top 10. No. 24 South Africa and 25 Kenya were highest among countries in Sub-Saharan Africa.
Three of the four countries offering the best emerging markets business conditions are situated in the Arabian Gulf: UAE (1), Saudi Arabia (3) and Qatar (4). Malaysia (2) and Jordan (5) both moved up in the business fundamentals rankings.
China and India were tops for domestic and international logistics. In digital readiness, China jumped three spots to No. 1, followed by UAE, Malaysia and Qatar. India fell from the top spot a year ago to No. 5 this year.
Outside of the top 10, many of the biggest swings in year-to-year rankings involved countries experiencing conflict, facing international economic sanctions, or suffering from chronic economic instability. Among them: Ukraine, Russia, Iran, Ethiopia, Argentina, Lebanon, Tunisia.
2024 Index Highlights
SURVEY
- Supply chain restructuring – India, Europe and North America rank ahead of China as destinations executives expect to move production to in 2024 and onwards.
- China – 40% expect their businesses to be less reliant on China in five years. Leading factors in decisions to de-risk in China: difficulty of doing business; U.S.-China trade friction; a slowing economy; the harshness of China’s COVID restrictions.
- Climate change – 66% say climate change is something they’re planning for, or already affecting their businesses.
- Emerging markets – the largest percentage sees increased risk/decreased rewards in emerging markets.
- India – many see India growing in importance as a producer and market, but cite inadequate infrastructure and corruption as the biggest obstacles there.
COUNTRY RANKINGS
- In the Middle East and North Africa, overall rankings were: UAE (3); Saudi Arabia (6); Qatar (7); Turkey (11); Oman (15); Bahrain (16); Jordan (17); Egypt (20); Kuwait (21); Morocco (22); Tunisia (37); Lebanon (38); Iran (40); Algeria (42); Libya (50).
- Rankings in Sub-Saharan Africa: South Africa (24); Kenya (25); Ghana (31); Nigeria (36); Tanzania (41); Uganda (43); Ethiopia (45); Mozambique (46); Angola (47).
- Index rankings in Asia: China (1); India (2); Malaysia (4); Indonesia (5); Vietnam (8); Thailand (10); Philippines (18); Kazakhstan (23); Sri Lanka (26); Pakistan (29); Cambodia (32); Bangladesh (33); Myanmar (49).
- Rankings for Latin America: Mexico (9); Chile (12); Brazil (14); Uruguay (19); Peru (28); Colombia (27); Argentina (30); Ecuador (35); Paraguay (39); Bolivia (44); Venezuela (48).
- In Europe: Russia (13); Ukraine (34).
Transport Intelligence (Ti), a leading analysis and research firm for the logistics industry, has compiled the Index since it was launched in 2009.
John Manners-Bell, Chief Executive of Ti, said: “Supply chain managers are still coming to terms with the political and economic instability characterising the post-COVID global economy. Geopolitical relationships are changing rapidly, and this is having a major impact on international trade and risk profiles. Businesses need to be alive to the opportunities and threats that exist in emerging markets and use data, such as that the Agility Emerging Market Logistics Index, to inform agile decision-making.”
2024 Agility Emerging Markets Logistics Index: agility.com/2024index
About Agility
Agility is a global leader in supply chain services, infrastructure, and innovation with 45,000+ employees across six continents. A multi-business operator and investor, Agility specializes in growing and scaling operating businesses. Agility’s companies include the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); the market leader in logistics parks across the Middle East, South Asia, and Africa (Agility Logistics Parks); and a commercial real-estate company developing a mega-mall in the UAE (UPAC). Other Agility companies offer customs digitization services, remote-site infrastructure services, defense and government services, and ecommerce-enablement and digital logistics. Agility invests in supply chain innovation, sustainability, and resilience, and has minority holdings in a growing portfolio of listed and non-listed companies.
For more information about Agility, visit: www.agility.com
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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