Fintech PR
FACTORY DEMAND WEAKENS ACROSS MAJOR ECONOMIES IN OCTOBER: GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX
- U.S. factories cut back purchases sharply, signaling heightened risks of manufacturing weakness spilling over into the broader economy in 2025
- In contrast, Chinese factories report growth following three months of shrinking input purchasing
- Europe’s industrial recession shows no sign of abating, with German, French and Austrian producers at the heart of the downturn
CLARK, N.J., Nov. 12, 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 — posted -0.39, which was little change from -0.43 in September. Therefore, the index remained in territory that indicated one of the highest levels of spare capacity at global suppliers in over a year during October, with no imminent turnaround in Western manufacturing in sight.
Suppliers feeding the world’s largest markets reported contractions in October. Most notable was another steep rise in slack across North American supply chains due to declining factory activity in the U.S. In fact, purchasing managers at U.S. manufacturers made their strongest cutbacks to buying volumes in nearly a year and a half, indicating that factories in the world’s largest economy are preparing for lower production volumes.
Suppliers feeding Asia also reported spare capacity in October, albeit to a lesser degree than we’re seeing in Western markets. This is due to the sustained strong expansion of certain manufacturing industries, such as India’s. Notably, in October, China’s factory production growth rebounded, and procurement activity rose after three months of contraction, although Japanese and South Korean producers made fewer purchases — an adverse leading indicator for manufacturing in these economies.
Europe’s industrial plight remained a key feature of the data in October. Vendor capacity was significantly underutilized, reflecting a continuation of subdued demand in key manufacturing hubs across the continent. Germany’s retrenching automotive manufacturing sector is a major headwind to factory output in Europe.
Additionally, October is the 14th consecutive month that the items in short supply indicator has been negative. This shows an excess supply of commodities and intermediate goods relative to current manufacturing demand globally.
“We’re in a buyers’ market. October is the fourth straight month that suppliers worldwide reported spare capacity, with notable contractions in factory demand across North America and Europe, underscoring the challenging outlook for Western manufacturers,” explained Todd Bremer, vice president, GEP. “President-elect Trump inherits U.S. manufacturers with plenty of spare capacity while in contrast, China’s modest rebound and strong expansion in India demonstrate greater resilience in Asia.”
OCTOBER 2024 KEY FINDINGS
- DEMAND: Procurement activity remains weak across the globe. Demand for commodities, components and raw materials continues to contract, and at one of the steepest rates seen in 2024 so far. By region, North America saw the weakest purchasing activity in October, followed by Europe. Input demand was more resilient in Asia, but still subdued overall.
- INVENTORIES: Inventory drawdowns intensified across factories worldwide in October. Reports of safety stockpiling remained low by historical standards as companies look to make their warehouses leaner to preserve cash flow and tightly manage stocks in line with the weak order situation.
- MATERIAL SHORTAGES: The items in short supply indicator, an aggregate measure which tracks the availability of critical components and raw materials, remains low, pointing to robust supply levels.
- LABOR SHORTAGES: Reports of manufacturers’ backlogs rising due to labor shortages ticked higher in October and were above the long-term average. However, factory employment levels have fallen in recent months, suggesting throughput has decreased as a result of lower workforce capacity and companies aren’t clearing backlogs as quickly.
- TRANSPORTATION: Global transportation costs were in line with their long-run average during October.
REGIONAL SUPPLY CHAIN VOLATILITY
- NORTH AMERICA: Index at -0.72, versus -0.78 previously. The latest figure is consistent with a substantial level of spare capacity at North America’s suppliers.
- EUROPE: Index at -0.52, from -0.74. Albeit an improvement from September, the latest data indicate a continuation of Europe’s industrial recession.
- U.K.: Index fell notably to -0.40, from -0.12, its lowest level in six months, signaling a deterioration in the U.K. manufacturing sector.
- ASIA: Index at -0.20, from -0.36. While indicative of spare capacity, the level of slack is much lower than seen in Western markets. India continues to have a strongly positive influence on the region.
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, Dec. 11, 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.
A Supply Chain Volatility Index is also published at a regional level for Europe, Asia, North America and the U.K. For more information about the methodology, click here.
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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PARIS, Nov. 13, 2024 /PRNewswire/ — Newmark announces the firm has advised Unibail-Rodamco-Westfield (URW) in the €172.5 million sale of the 140,846 square-foot (13,085 square-meter) office portion of Les Ateliers Gaîté, a mixed-use property in the prominent Montparnasse district of Paris. Newmark Deputy Chief Business Officer Emmanuel Frénot arranged the transaction between URW and buyers Swiss Life Asset Managers and Norges Bank Investment Management.
“Advising URW on the sale of this asset, with its exceptional location and exemplary environmental approach, just a few months after the opening of our Paris office makes us particularly proud and highlights our ongoing momentum,” said Frénot. “This transaction confirms the recovery signals we have been sensing since the end of the second quarter of 2024 and suggests an increase in activity in the office segment for 2025.”
Les Ateliers Gaîté, delivered in 2022, includes around 100 retail shops, restaurants and services, as well as a hotel, offices, housing and a public library. The office space is leased long-term to coworking operator Wojo, establishing its Parisian flagship.
Newmark opened its flagship Paris office in March, hiring several of the city’s most respected brokers, including Francois Blin and Frénot to lead the team, Antoine Salmon and Vianney d’Ersu as Co-Heads of Retail Leasing, Managing Directors Jérôme De Laboulaye, Nicolas Coutant and Alexandre Gotti as President, France. The office is now home to nearly 40 leading French commercial real estate professionals, including a market-leading research team.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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OSLO, Norway, Nov. 13, 2024 /PRNewswire/ — Aker ASA (“Aker”) has today carried out its employee share purchase program for the year. Participants in the share purchase program were offered a discount of 20 per cent on the closing share price as of 13 November 2024. Hence, each participant paid NOK 443.20 per share. All shares will be locked in for a period of three years from delivery of the shares, during which the employees will not be able to sell the shares.
The following persons discharging managerial responsibilities in Aker have purchased shares:
– Svein Oskar Stoknes has acquired 1,400 shares. Mr. Stoknes’ total shareholding in Aker after the acquisition will be 11,400 shares.
– Lene Landøy has acquired 1,000 shares. Mrs. Landøy’s total shareholding in Aker after the acquisition will be 1,911 shares.
– Charlotte Håkonsen has acquired 500 shares. Mrs. Håkonsen’s total shareholding in Aker after the acquisition will be 2,493 shares.
– Christina Chappell Schartum has acquired 162 shares. Mrs. Schartum’s total shareholding in Aker after the acquisition will be 795 shares.
– Fredrik Berge has acquired 250 shares. Mr. Berge’s total shareholding in Aker after the acquisition will be 630 shares.
Please see attached notifications for persons discharging managerial responsibilities in Aker in accordance with Regulation EU 596/2014 (MAR) article 19.
Aker sold a total of 10,480 own shares in connection with the program. Following the transactions, Aker will hold 14,745 own shares.
Investor contact:
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
E-mail: [email protected]
This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and the Norwegian Securities Trading Act § 5 -12.
This information was brought to you by Cision http://news.cision.com
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Fintech PR
Cayman Enterprise City Receives Two Prestigious Awards from the Financial Times’ fDi Intelligence Global Free Zones of the Year 2024
Highly Commended in Americas for Knowledge Zones and Honourable Mention for Higher Education Initiatives
GEORGE TOWN, Cayman Islands, Nov. 13, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has been recognised with two prestigious awards by fDi Intelligence, a division of the Financial Times, as part of its 2024 Global Free Zones of the Year Awards. CEC was highly commended in the Americas under the new Knowledge Zones category and received an honourable mention for its contributions to higher education and workforce development.
This marks the seventh consecutive year that the Cayman Islands special economic zones (SEZs) operated by CEC have been awarded by the Financial Times. These long-standing awards spotlight the growing success of CEC’s SEZs which continue to play a pivotal role in advancing Cayman’s innovation-driven economy. The highly competitive fDi awards, evaluated by a global judging panel, recognise free zones that excel in creating value for their regions, with a focus on sectors such as technology, business services, and financial services.
CEC’s recognition in the Knowledge Zones category is particularly notable for its efforts to create a vibrant, tech-focused ecosystem in close proximity to major North American markets. The panel praised CEC for its streamlined immigration and business support services, which have attracted a diverse range of industries including legal tech, decentralised finance, and precious metals.
Education remains a cornerstone of CEC’s mission. In 2023 alone, more than 4,200 Caymanians and residents participated in education and career development opportunities offered through CEC’s non-profit arm, Enterprise Cayman. The zone has also supported the creation of 41 new Cayman-born businesses projects, emphasising its commitment to fostering entrepreneurship within the Cayman Islands.
As part of CEC’s workforce development initiatives, Enterprise Cayman, focuses on bridging the education and earnings gap for Caymanians. This commitment to higher education and skills training earned CEC an honourable mention in this year’s awards. Danielle Myles of fDi Intelligence stated, “[CEC’s] non-profit Enterprise Cayman is working to close the education and earnings gap for Caymanians by offering training, internships, mentoring, networking, and career-focused training.”
CEC’s Chief Executive Officer, Charlie Kirkconnell, commented on the award wins, saying, “We are incredibly proud to be recognised once again by fDi Intelligence. These awards are a testament to the hard work of our team and the thriving community of global businesses that have chosen CEC as their home. Our focus on innovation and education continues to drive our success, and we remain committed to helping our members and the Cayman Islands achieve even greater heights.”
CEC, now home to over 380 companies, provides a comprehensive business support program, offering cost-effective operations, tailored work environments, and streamlined processes that make it one of the most attractive destinations for foreign direct investment (FDI) in the region. The recognition by fDi Intelligence further cements CEC’s role as a key driver of economic diversification and growth in the Cayman Islands.
For more information, visit www.caymanenterprisecity.com.
FOR MORE INFORMATION:
Contact: Kaitlyn Elphinstone
Call: +1 345 945-3722
Call Toll Free: From North America +1 (866) 945 1511
Email: [email protected]
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCity
Instagram: @CaymanEnterpriseCity
Facebook: @CaymanEnterpriseCity
YouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones focused on attracting knowledge-based and specialised-services businesses to set up a physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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