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DEMAND AT ASIAN FACTORIES RISES AT STRONGEST RATE IN OVER 2 YEARS, IMPROVING NEAR-TERM GROWTH OUTLOOK FOR MANUFACTURING WORLDWIDE: GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX

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  • North American suppliers struggling to meet orders due to a lack of staff
  • Manufacturing recession in Europe eases in March, but steep downturn in Germany remains a major drag on the continent
  • Despite Red Sea and Panama Canal disruptions, transportation costs and stockpiling fell in March because of decreases in container rates

CLARK, N.J., April 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 — fell for the first time this year to -0.32 in March, from February’s 10-month high of -0.08. While this does signal a pickup in the level of spare capacity at global suppliers, underlying data show this was due to global manufacturers using up inventory surpluses, some of which were accumulated because of Red Sea and Panama Canal disruptions, and cutting back on stockpiling activity, with companies displaying a preference to clear stocks before placing bumper orders with their vendors.

Continuing the year-to-date trend, demand for raw materials, commodities and components continued to recover in March. Notably, Asia was the primary driver of this improvement, led by India and China, with factories across the region boosting their purchases of inputs by the strongest degree since December 2021. Given Asia’s importance to global production, this provides a strong indication of future growth for the wider manufacturing economy.

Notably, North American suppliers experienced difficulties in meeting orders, as backlogs of work due to a lack of staff increased. This suggests a strong pipeline of orders for the coming months.

In Europe, the slowest decline in input demand for a year provides evidence of the continent’s industrial recession easing. However, the continued struggles of manufacturers in Germany remained a considerable drag.

Global transportation costs fell to their lowest level since last December as the diminishing impact of the Suez Canal disruption led container rates to decline. Our data shows no discernable impact to the world’s supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, as businesses adjusted to longer delivery schedules.

“In March, orders placed with Asia’s suppliers ramped up, which is a strong signal of accelerating growth in manufacturing in the coming months,” explained Roopa Makhija, president and co-founder, GEP. “In North America, suppliers are reporting difficulties meeting orders due to staff shortages, signaling capacity constraints, even though input demand declined slightly. This does mean that manufacturers have strong pipelines which undermines the Fed’s expressed desire to cut interest rates, at least in the near-term.”

Interpreting the data:

  • Index > 0, supply chain capacity is being stretched. The further above 0, the more stretched supply chains are.
  • Index < 0, supply chain capacity is being underutilized. The further below 0, the more underutilized supply chains are.

MARCH 2024 KEY FINDINGS

  • DEMAND: Global demand for raw materials, commodities and components edged closer to its long-term average in March, signaling recovery in the global manufacturing industry. Asia was the primary driver of this positive trend, with purchasing activity across the region rising at the strongest pace in over two years.
  • INVENTORIES: There was a sharp reversal in global businesses’ inventories in March, partly reflecting the winding down of surpluses built up because of the Red Sea disruption. Reports of safety stockpiling were at their lowest since November 2019, before the pandemic.
  • MATERIAL SHORTAGES: Reports of item shortages remained among the lowest seen in four years.
  • LABOR SHORTAGES: There continued to be evidence of growing staffing capacity constraints in March, particularly in Europe and North America, as global reports of manufacturing backlogs rising because of labor shortages were their highest since last August.
  • TRANSPORTATION: Global transport costs fell to their lowest in the year to date in March as the impact on supply chains from the Red Sea disruption receded.

REGIONAL SUPPLY CHAIN VOLATILITY

  • NORTH AMERICA: Index fell to -0.31, from 0.17, signaling a renewed increase in spare capacity following the uptick in pressure in February. This reflected a reduction in inventories, alleviating some strain on the region’s vendors.
  • EUROPE: Index fell to -0.62, from -0.41. Albeit down on the month, the index is much higher than it was at the end of 2023. Still, recession in Germany’s manufacturing economy is weighing on the continent.
  • U.K.: Index rose further in March to -0.17, from -0.34, its highest level in a year and signaling a shrinking amount of spare capacity across the U.K.’s supply chains.
  • ASIA: Index little-changed at -0.07, down only narrowly from -0.02. Overall, the index points to Asian suppliers operating at close to full capacity as regional input demand grew at the fastest pace for over two years.

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, May 13, 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 550 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.

Disclaimer

The intellectual property rights to the data provided herein are owned by or licensed to S&P Global and/or its affiliates. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without S&P Global’s prior consent. S&P Global shall not have any liability, duty or obligation for or relating to the content or information (“Data”) contained herein, any errors, inaccuracies, omissions or delays in the Data, or for any actions taken in reliance thereon. In no event shall S&P Global be liable for any special, incidental, or consequential damages, arising out of the use of the Data. Purchasing Managers’ Index™ and PMI® are either trade marks or registered trade marks of S&P Global Inc or licensed to S&P Global Inc and/or its affiliates.

This Content was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global. Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content.

Media Contacts

Derek Creevey
Director, Public Relations
GEP
Phone: +1 732-382-6565
Email: [email protected]

Joe Hayes
Principal Economist
S&P Global Market Intelligence
T: +44-1344-328-099
[email protected]

GEP Global Supply Chain Volatility Index

 

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United Payment secures e-money licence in Azerbaijan

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United Payment Secures E-Money Licence from Central Bank of Azerbaijan

Fintech company United Payment has proudly announced that it has secured an e-money licence from the Central Bank of Azerbaijan. This significant milestone marks United Payment as the first Turkish company to receive such a licence from the Azerbaijani central bank. With this approval, United Payment, which has been serving the region since 2021, can now offer enhanced capabilities including account opening, electronic money solutions, virtual POS services, and national and international money transactions within the legal framework.

Expanding Regional Presence

Beyond Azerbaijan, United Payment is active in Georgia, Romania, England, and Turkey. The new e-money licence will enable the company to further promote financial inclusion, expand digital payment channels, and advance cashless payment solutions in the region. As part of its expansion, United Payment is set to begin offering payment services through the Turan mobile application.

Strategic Development Goals

United Payment aims to provide comprehensive financial solutions to a diverse clientele, including banks, multinational corporations, small and medium-sized enterprises (SMEs), municipalities, and other fintech companies. The firm is dedicated to broadening access to financial instruments and enhancing financial inclusion in the regions it operates.

According to United Payment officials, the new e-money licence will not only allow the company to continue its operations in Azerbaijan but also expand its service offerings. Given the strong social and economic ties between Turkey and Azerbaijan, United Payment aims to solidify its market position in Azerbaijan. The company plans to offer a variety of services under regulatory compliance, including opening payment accounts, electronic and cash collections, credit collections, transactions with payment cards and similar systems, QR payments, money transfers, and e-money account services.

Source: thepaypers.com

The post United Payment secures e-money licence in Azerbaijan appeared first on HIPTHER Alerts.

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AXA named as an Official Partner of UEFA Women’s EURO 2025

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AXA has proudly announced its support for the UEFA Women’s EURO 2025 as an Official Partner, furthering its sponsorship programme initiated in 2020. The prestigious event will take place in Switzerland from July 2 to 27, 2025.

Commitment to Women’s Football

This partnership underscores AXA’s dedication to promoting women’s football, building on its long-term support for the sport. Since 2020, AXA has been the main sponsor of the AXA Women’s Super League and the AXA Women’s Cup in Switzerland. By investing in women’s football, AXA aims to bolster women’s sports and promote its brand ethos, “Know You Can,” encouraging self-belief among its customers.

Statements from AXA Leaders

Fabrizio Petrillo, CEO of AXA Switzerland, expressed his enthusiasm, saying, “I’m so excited to support UEFA Women’s EURO 2025 together with other European AXA companies as a main sponsor. We are sending a strong signal and making a contribution to ensure that the players and fans can experience a great event and further strengthen women’s football. I’m looking forward to a fantastic summer of football in 2025!”

Volunteering Opportunities

The partnership includes more than just financial support. AXA employees will have the opportunity to volunteer during the tournament as part of the UEFA Women’s EURO 2025 Volunteer Programme, playing a crucial role in the event’s success.

Guy-Laurent Epstein, UEFA Marketing Director, commented, “AXA is a dedicated supporter of women’s football in Switzerland, so we are thrilled to partner with them for what will be an unforgettable UEFA Women’s EURO 2025. We look forward to working together to make this the can’t-miss event of next summer while also strengthening women’s football in the host country and throughout Europe.”

Enhancing Visibility for Female Players

Andreea Prange, Head of Customer Experience & Strategy at AXA Switzerland, added, “Promoting women’s football is a topic I hold dear to my heart. That’s why I’m delighted that AXA, as a partner of the UEFA Women’s EURO 2025, is also committed to increasing the visibility of female players at the international level.”

Tournament Details

Doris Keller, Tournament Director of UEFA Women’s EURO 2025, stated, “AXA, a long-time supporter and partner of women’s football in Switzerland and globally, is a perfect fit to become a global partner of UEFA Women’s EURO 2025. We look forward to collaborating with AXA on the UEFA Women’s EURO 2025 Volunteer Programme, as the 2,500 volunteers will play a highly essential and valuable role throughout the tournament welcoming everyone to the host country.”

The UEFA Women’s EURO 2025 will feature 16 teams competing in eight Swiss cities, attracting an estimated 500 million viewers worldwide and offering over 700,000 tickets for fans to attend the matches live.

Partnership Duration

The partnership between AXA and UEFA will continue until the end of August 2025. The financial terms of the sponsorship remain confidential.

Source: fintech.global

The post AXA named as an Official Partner of UEFA Women’s EURO 2025 appeared first on HIPTHER Alerts.

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Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact

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REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change. 

“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.

For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”

In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing. 

Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform. 

The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.

Guðmundur Kristjánsson (GK)Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.” 

On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”

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