Fintech PR
GLOBAL PURCHASING ACTIVITY CONTRACTING AT STRONGEST PACE SINCE DECEMBER 2023 AS MANUFACTURERS WORLDWIDE RETRENCH: GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX
- North American suppliers report strong rise in excess capacity and the softest demand in eight months, with flagging factory conditions in the U.S.
- Asian suppliers, who experienced growth in the first half of 2024, report spare capacity as Chinese procurement declines
- Europe’s manufacturing recession deepened in August, with Germany and France driving the continent’s downturn
- In contrast to the EU, UK manufacturers close to full utilization
CLARK, N.J., Sept. 11, 2024 /PRNewswire/ — The GEP Global Supply Chain Volatility Index — a leading indicator tracking demand conditions, shortages, transportation costs, inventories and backlogs based on a monthly survey of 27,000 businesses — fell to -0.37 in August. This is its lowest level year-to-date (vs. -0.22 in July), signaling the highest level of spare capacity at global suppliers in 2024. This marked two successive months of underutilized capacity across the world’s supply chains, and the lowest level of input demand in eight months, as global economic conditions deteriorate.
Suppliers in all parts of the globe experienced a slowdown in activity during August. Conditions in North America were the weakest — in fact, vendors used by manufacturers in the region recorded the greatest level of unused capacity since June 2023. Factories in all three of the continent’s economies, but especially the U.S., recorded lower purchasing activity in August, as a result of months of below-average demand, highlighting a diminished near-term outlook.
For the first time since March, our data shows spare capacity across Asian supply chains. Procurement activity in China weakened, which was a key driver of August’s downturn in vendor activity, offsetting strength in India.
Europe’s manufacturing recession continued to dampen supply chains and even worsened further, with the continent’s big-two economies, Germany and France, spearheading manufacturing weakness. In contrast to the continent, U.K. manufacturers are close to full utilization.
“What is most concerning in our August data is that manufacturers are aggressively drawing down their inventory suggesting they’re preparing for a sustained soft patch,” explained Neha Shah, president, GEP. “To head off a material slowdown in the second half of the year, manufacturers need to see interest rates lowered, and for the U.S., China and the EU to avoid raising tariffs and trade barriers.”
AUGUST 2024 KEY FINDINGS
- DEMAND: Global demand for raw materials, commodities and other necessary components like semiconductors shrank in August at an accelerated pace that was the strongest in the year-to-date. The globe’s two economic powerhouses, the U.S. and China, both reported lower procurement activity, as well as other major manufacturing hubs like Germany.
- INVENTORIES: Safety stockpiling was reduced to the greatest extent since March. Reports from global businesses of inventories rising because of supply or price concerns were well below historically typical levels as firms targeted cost savings and lean inventory management amid softening economic conditions.
- MATERIAL SHORTAGES: Reports of item shortages fell for a second successive month and were their lowest since January 2020 as weaker demand had clearly boosted vendor stock levels.
- LABOR SHORTAGES: Reports of manufacturers’ backlogs because of insufficient staffing capacity were muted in August, holding close to their long-term trend level. This indicates that labor supply is generally capable of meeting demand.
- TRANSPORTATION: After having risen in recent months and reaching the highest level since October 2022 in June and July, global transportation costs cooled slightly in August. They were still slightly greater than their long-term average, however.
REGIONAL SUPPLY CHAIN VOLATILITY
- NORTH AMERICA: Index fell sharply to -0.62, from -0.11, signaling the highest level of vendor spare capacity since June 2023. Procurement activity in the U.S. was the weakest across the region during August.
- EUROPE: Index decreased to -0.53, from -0.49 as the continent’s industrial recession intensified. Factory demand in Germany and France was deteriorating rapidly.
- U.K.: Index slipped back into negative territory, falling from 0.11 to -0.14, signaling slack in U.K. supply chains for first time since April.
- ASIA: Index fell to -0.07, from 0.07, indicating underutilized capacity at suppliers to Asia for first time in five months. Although factory activity remains robust in India, procurement managers in China reported cutbacks.
For more information, visit www.gep.com/volatility.
Note: Full historical data dating back to January 2005 is available for subscription. Please contact [email protected].
The next release of the GEP Global Supply Chain Volatility Index will be 8 a.m. ET, October 10, 2024.
About the GEP Global Supply Chain Volatility Index
The GEP Global Supply Chain Volatility Index is produced by S&P Global and GEP. It is derived from S&P Global’s PMI® surveys, sent to companies in over 40 countries, totaling around 27,000 companies. The headline figure is a weighted sum of six sub-indices derived from PMI data, PMI Comments Trackers and PMI Commodity Price & Supply Indicators compiled by S&P Global.
- A value above 0 indicates that supply chain capacity is being stretched and supply chain volatility is increasing. The further above 0, the greater the extent to which capacity is being stretched.
- A value below 0 indicates that supply chain capacity is being underutilized, reducing supply chain volatility. The further below 0, the greater the extent to which capacity is being underutilized.
About GEP
GEP® delivers AI-powered procurement and supply chain solutions that help global enterprises become more agile and resilient, operate more efficiently and effectively, gain competitive advantage, boost profitability and increase shareholder value. Fresh thinking, innovative products, unrivaled domain expertise, smart, passionate people — this is how GEP SOFTWARE™, GEP STRATEGY™ and GEP MANAGED SERVICES™ together deliver procurement and supply chain solutions of unprecedented scale, power and effectiveness. Our customers are the world’s best companies, including more than 1,000 Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic, financial and operational goals. A leader in multiple Gartner Magic Quadrants, GEP’s cloud-native software and digital business platforms consistently win awards and recognition from industry analysts, research firms and media outlets, including Gartner, Forrester, IDC, ISG, and Spend Matters. GEP is also regularly ranked a top procurement and supply chain consulting and strategy firm, and a leading managed services provider by ALM, Everest Group, NelsonHall, IDC, ISG and HFS, among others. Headquartered in Clark, New Jersey, GEP has offices and operations centers across Europe, Asia, Africa and the Americas. To learn more, visit www.gep.com.
About S&P Global
S&P Global (NYSE: SPGI) S&P Global provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through ESG and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world. We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.
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Media Contacts |
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Derek Creevey |
Joe Hayes |
S&P Global Market Intelligence |
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Principal Economist |
Email: [email protected] |
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GEP |
S&P Global Market Intelligence |
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Phone: +1 646-276-4579 |
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Bata Celebrates 130 Years with a new Brand Campaign: “Make Your Way”
LAUSANNE, Switzerland, Sept. 19, 2024 /PRNewswire/ — Bata, one of the world’s leading footwear companies, proudly celebrates its 130th anniversary with a new brand campaign named: “Make Your Way.” This milestone marks a celebration of Bata’s rich heritage, and an exciting evolution aimed at positioning the brand as one of the top choices worldwide.
A New Era for Bata
The “Make Your Way” campaign reflects Bata’s renewed focus on style, comfort, and affordability, aiming to attract a younger, trend-conscious audience while honouring its strong heritage.
“This campaign is about inspiring self-expression and confidence. At Bata, we make shoes to accompany consumers as they create their own path in life and build their road to the future,” says Sandeep Kataria, Global CEO of Bata.
Strategic Vision
The new positioning, “Stylish, comfort-enhanced, affordable shoes for every side of you to make your way” aims to connect with today’s fashion-conscious consumers, to expand Bata customers base and drive further growth. It will be communicated through Bata’s key labels: “Bata”, “Bata Comfit,” and “Bata Red Label.” This strategy positions Bata as the only major high-street footwear Retailer genuinely targeting ‘Every Side of You’ through authentic and heritage-rich in-house brands, covering every aspect of consumer life: dress, leisure and sport.
Global Campaign Rollout
Developed with the agency &Rosàs, the global campaign includes media investments, in-store storytelling, and a redesign of Bata’s e-commerce and social media approach.
Special Initiatives
It will also feature do-good marketing efforts to inspire and support women across various disciplines. Starting in September in Europe, Bata will introduce a special 130th-anniversary edition of women’s ballerinas, supporting women in ballet and dance, fostering participation from diverse backgrounds, and aiding women facing economic challenges. The Ballerinas are a fashionable reinterpretation of the original Batovka, an innovative shoe launched in 1897 by Bata, which embodied the company’s vision about quality & affordability.
About Bata Group
Bata is one of the world’s leading shoemakers, selling more than 150 million pairs of shoes annually. With comfortable fit, stylish designs, affordable prices, and responsible manufacturing, Bata customers can feel good in their shoes – from their head to their toes. Founded in 1894, the family-owned business operates in over 56 countries across five continents. Bata designs, manufactures, and retails its own footwear, constantly innovating to find the perfect fit.
About &Rosàs
Founded in 2003, &Rosàs is a leading advertising and communications agency based in Barcelona, known for its consistency, market awareness, and loyalty.
Press Contact
Sarah Stocchetti
Global Corporate Communications at Bata Group
E-Mail: [email protected]
Mobile: +41 79 724 60 68
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Fintech PR
KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution Ahead of Official Launch
The partnership will enable Europe’s newest airline to provide passengers with a seamless payment experience and access to their preferred payment methods.
LONDON, Sept. 19, 2024 /PRNewswire/ — CellPoint Digital, a global pioneer in Payment Orchestration, today announced that it will provide Payment Orchestration solutions to KM Malta Airlines (KMMA) as the new flag carrier of the Maltese Islands begins service on March 31, 2024. CellPoint Digital will support KMMA’s payment processes across all sales channels, including on its new website, allowing passengers to pay with key alternative payment methods (APMs) like Apple Pay.
Using CellPoint Digital’s Payment Orchestration platform, KMMA launches service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects KMMA’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as the ideal payment solution provider for its debut.
The partnership with CellPoint Digital also gives KMMA access to multiple acquirer connections to support its growth strategy, including its preferred acquirer Shift4 (formerly Finaro). This enables the new airline to route its transactions optimally, resulting in lower payment costs and settlement in its preferred currency.
“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KMMA demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”
A New Airline with a New Approach to Payments
KMMA is the brand-new flag carrier of Malta, replacing Malta Air and beginning service on March 31, 2024. The airline, which will fly to 17 airports in 15 major European cities, was established to protect and enhance the connectivity of the Maltese Islands to Europe and beyond, to support the Islands’ continued economic development and to grow into a successful and sustainable airline. Working with CellPoint Digital and implementing Payment Orchestration pre-launch allows the airline to jump-start and future-proof its payment processes – a critical advantage for a nascent airline entering a crowded and competitive market.
“We believe a highly optimised, cost-effective payment strategy is essential to the success of our brand launch,” said Roy Kinnear, CCO of KM Malta Airlines. “That’s why we sought out the experts in commercial aviation payments to provide a comprehensive payment platform designed to meet the needs of our passengers. There’s no one we trusted more to handle our payments from the outset than CellPoint Digital.”
The Advantage of Day-One Payment Orchestration
Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KMMA will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KMMA’s preferred acquiring partner, Shift4.
For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at [email protected].
About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more.
About KM Malta Airlines
KM Malta Airlines is the national airline of the Maltese Islands, operating a modern fleet of aircraft to various destinations in Europe and beyond.
The KM Malta Airlines Summer 2024 schedule will operate from 31st March 2024 through until 26th October 2024, with the airline serving 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.
Visit https://www.kmmaltairlines.com/en to learn more.
Fintech PR
Thomson Reuters SYNERGY Conference Debuts in Dubai Bringing Customer-Driven Innovation to Legal, Tax and Finance Professionals
Innovation updates demonstrating Thomson Reuters multi-million-dollar investment in the MENA region include:
- The launch of the new and improved Westlaw Middle East, featuring intuitive search and collaboration tools using the best-in-class global research technology for Middle East legal professionals.
- New enhancements to deepen our know-how content offering in Practical Law Middle East
- Continuous development of tax offerings to support customers navigating the changing regulatory environment including the rise of e-invoicing mandates
- Demonstration of our professional-grade GenAI assistant, CoCounsel, powered by a combination of cutting edge LLMs, our content, and software solutions.
DUBAI, UAE, Sept. 19, 2024 /PRNewswire/ — Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today brings its premiere SYNERGY conference to the Middle East and North Africa for leaders in the legal, tax and finance professions. In an increasingly complex regulatory environment, Thomson Reuters is delivering a customer-driven innovation roadmap to empower professionals with the knowledge and technology to solve business challenges.
Ibrahim Abdel Rehim, Regional Head, Middle East & North Africa, Thomson Reuters said: “By bringing our global flagship conference to Dubai for the first time in 2024, Thomson Reuters is showcasing its continued commitment to investing in the region. Our aim is to provide the knowledge, connections and technology to help professionals understand today and navigate tomorrow with confidence.”
Announcements at SYNERGY MENA 2024 include:
- The launch of our new Westlaw Middle East: The new and improved legal research application demonstrates major advances in legal search and collaboration tools, enabling Westlaw Middle East customers to complete legal research quicker and more effectively than before. Lawyers in the Middle East will be able to access both Arabic and translated English legislation and case law, supporting them to stay ahead of the complex legal landscape.
Sonya Syan, Head of Knowledge Management, Al Tamimi & Company, said: “As a longstanding client of Westlaw Middle East, we are delighted to see significant enhancements being made to the platform. The new interface is clean and much more user-friendly, catering to the needs of bilingual lawyers while greatly improving research efficiency and accuracy. These upgrades are timely as the region has seen accelerated growth in recent years, driving an increased demand for faster, more informed legal insights.” - Practical Law unveils expansion plans to deepen legal know-how content offering in Middle East: For the first time, lawyers will have access to growing repositories of locally maintained content designed to help them keep pace with regional legal developments, compare jurisdictions across the GCC, and gain an overview of the legal system in minutes.
- Continuous investment in tax offerings: As the region looks to diversify revenue sources and standardize the tax systems, we’ve seen e-invoicing mandates already confirmed across five countries in the region with four more likely to follow. Thomson Reuters is dedicated to ensuring tax professionals stay compliant while navigating changing regulations through our continuous investment in ONESOURCE and our recent acquisition of Pagero, a global leader in e-invoicing and indirect tax solutions.
- Deep dive into CoCounsel, the professional-grade GenAI assistant: Immersing attendees into the AI technology strategy and demonstrating our commitment to and progress toward transforming the way legal professionals work.
His Excellency Professor Dr. Ebrahim Alhajri, President, Khalifa University, said: “We are committed to staying in the forefront of innovation and providing our students, faculty, and researchers with the best tools to succeed in a rapidly evolving world. Partnering with Thomson Reuters to implement CoCounsel is a significant step in our journey to integrate advanced AI solutions into our academic and operational framework. We are delighted to see the transformative impact this will have on our community.”
Other key topics from the day include:
- The UAE’s Shift to a Digital First Nation: The opening keynote by His Excellency Dr. Saeed Al Dhaheri uncovers how leaders in the UAE propelled the nation to the forefront of digital innovation, with a look ahead to their ambitious roadmap for continued digital success.
- Forces Shaping Professional Work: Panel discussion with industry leaders from Al Futtaim, Gartner and Abu Dhabi University exploring how AI and digital transformation is rapidly reshaping the UAE’s professional landscape, including insights from The Future of Professionals report.
- Navigating Compliance Complexity: Tax, finance and legal experts discuss the latest developments and strategic implications of new regulations on multinationals, including insights from the Ministry of Finance and the UAE Cabinet.
- International expansion of strategic industries: In a panel hosted by Reuters, leaders from Emirates, Masdar and Gradiant delve into the opportunities and challenges posed by macroeconomic trends on international expansion plans in their industries.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.
Media Contact
Brooke Heywood
Corporate Affairs Manager, Asia and Emerging Markets
[email protected]
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