Read also: Implications of Looming Labor Strikes on U.S. Container Trade and Supply Chains 

On the face of the known information flow, the two parties are wide and far apart. The carrier community does not want a strike, but the likelihood is high.

If this strike moves forward, the operational and financial consequences will be severe.  And in conjunction with the current instability in global markets, the strike will be the source of devastation, disruption and serious dilemma to thousands of supply chains serviced in the eastern part of the United States, not to mention the overall collateral residual impact to the entire global supply chain, marketplace and local economies.

Supply Chain managers were warned about this potential impact back in the spring and should have already taken steps to mitigate their potential issues by:

a.  Stocking up

b. Diverting freight to alternative ports

c. Finding alternative sources

d. Reserving and preserving the flow of assets

e. Modifying supply chain expectations

f. Creating alternative solutions

IF these steps were not taken most supply chains will struggle intensely with little relief.

Keeping the enormity of this challenge in mind, we can still take steps to mitigate our risks and limit operational/financial exposures.

We need to consider doing the following steps:

1. Create an internal committee of stakeholders, led by the logistics team, to determine what the consequences will be to their supply chain, their customers, vendors, and any collateral-impacted parties.

All these entities need to be communicated to proactively and advising what steps will be taken to mitigate and offset the disruption.

Internal stakeholders are likely to include:

a. Procurement

b. Operations

c. Manufacturing

d. Distribution

e. Sales

f. Customer Service

g. Demand Planning

h. Inventory Management

i. Legal & Finance

2. That assembled team needs to identify all the risks, vulnerabilities and exposures and rank them by severity. That ranking will determine where action will be prioritized.

A SWOT Analysis may be considered (Strengths, Weaknesses, Opportunities and Threats) which might provide input into the decision-making process.

Vulnerabilities need to be identified and prioritized for proactive mitigation actions.

3. The team will create an “action plan” outlining what steps will be taken, by whom, by when and identify the expectations of the action. Lines of responsibility and accountability need to be created and managed.

In some organizations the plan may need senior management review, input and approval before proceeding. 

4. Senior management may be brought into the discussion:

• To provide their insight and experience
• To prepare for the anticipated consequences
• To allocate resources and funding requirements
• To ensure that the Business Owners and/or the Board of Directors are communicated and informed of circumstances and potential impacts to the business.

5. Additionally, all internal and external impacted parties must be brought into the communication chain to run transparently, openly and allow an interface for action review, modification or tweaking.

6. Some specific action steps to consider:

a. Work with your service providers and carriers to coordinate potential options within their areas of expertise and scope of capability

b. Identify options within every aspect of the supply chain:  suppliers, routing and transport, distribution, sources, alternatives, demand planning, inventory structure, etc.

c. For any service providers or carriers that called on you in the last year but did not win your business, now is the time to contact them to determine what options and solutions they may have. This becomes their opportunity “to get their foot in the door.”

d. For shipping, consider air freight, but restrict it to only the necessary quantities required to minimize this expense.  Air Freight prices will likely rise and space availability will be limited; the sooner you make these arrangements, the better.)

e. Closely work with all your trading partners on very focused demand planning needs to know what specific quantities and time frames are absolutely needed so options and shipping plans can be executed as necessary.

f. Consider near-sourcing solutions in the USA, Canada & Mexico, which through Covid all have ramped up their domestic manufacturing capabilities.

g. Preserve inventory. Begin to distribute limited quantities. Be conservative but communicative in your approach to all impacted parties. 

We do not know how long the strike disruption will last. Preservation of assets is now warranted.

Disruptions can also create opportunities.  Downtime may afford the following:

a. Taking time to manage some house cleaning

b. Reorganizing inventory

c. Resetting operations

d. Experimenting and trial testing

e. Seeking alternative sourcing

f. Personnel training

g. Reallocation of assets

h. Finalizing open projects

Summary

Disruptions will always happen. To what degree and extent is always the unknown.

How we proactively and reactively prepare will impact the consequences of the disruption to our supply chain and business model.

When they occur keep in mind some additional thoughts:

a. Transparency, timely communications and responsible business acumen will go a long way in managing the impact of any disruptive event.

b. A “Team Approach” has a higher degree of success than does independent activity. As in the Navy, “All hands-on Deck!”

c. Turning over as many stones imaginable will increase the opportunities of finding solutions.

d. You may have to reduce the normal process of change management and cut some corners, expedite actions and accept more risk than usual.

e. Risk taking should include intense, well-thought-out and informed decision-making.

f. Always keep in mind that expediency in analysis, followed closely by swift action, creates the best opportunity for mitigation.

g. Continually evaluate your thought process and actions to modify, tweak and change as the circumstances warrant.

Disruptions will usually end after they run their course.  And new disruptive events yet unknown or anticipated will be in your future – as sure as death and taxes.

Mitigation strategies reduce their negative impact and bring us through a learning curve that better prepares us for the next one.

Disruptions can make us stronger, more resilient and better prepared to deal with future dire circumstances, affording the best opportunity for business sustainability – a goal most organizations strive for!

The post Managing The Supply Chain through Disruption: The 2024 ILA Strike on the Gulf and East Coasts appeared first on Global Trade Magazine.

Read also: C.H. Robinson: How Shippers can prepare for a Potential ILA Strike Amid an Increasingly Disrupted North American Shipping Landscape 

“A U.S. East and Gulf Coast port strike could create a significant backlog, critically impacting supply chains,” Rodriguez warns. He predicts that the disruption could lead to “artificial or unplanned airfreight,” as goods that would typically be shipped by ocean will be forced into the already congested air freight sector.

This issue is particularly concerning as it coincides with the peak season for airfreight, with heightened demand due to e-commerce, holiday shipments, and high-profile product launches, such as new smartphones, all competing for the same limited air capacity. Rodriguez advises shippers to act now, developing contingency plans and considering alternatives like air freight to avoid production delays.

Many ASF Air clients are already exploring full and partial air charters as a precautionary measure. With over 30 years of global supply chain experience, Rodriguez underscores the importance of being proactive in the face of potential logistical challenges.

The post ASF Air President Angel Rodriguez Warns of Potential Shipping Disruptions Amid ILA-USMX Strike Threat appeared first on Global Trade Magazine.

Read also: USTR Increases Tariffs on Aircraft Parts and Certain Wines and Distilled Spirits from France and Germany

Following the release of its proposed list of Section 301 tariff increases, USTR requested comments on whether each targeted product and sector was adequately covered by the proposed list, and whether the rates of additional duty should be higher for certain products. With respect to the proposed exclusions, USTR requested comments on whether the subheadings proposed should be eligible for consideration in the machinery exclusions process, and whether any subheadings were omitted. USTR also requested comment on the scope of the 19 proposed exclusions for solar panel manufacturing equipment.

Products Subject to Additional Section 301 Duties

The final list of products just issued by USTR largely adopts the draft list released in May, with several updates “to strengthen the actions to protect American businesses and workers from China’s unfair trade practices following the review of more than 1,100 comments from the public.” The list is organized as follows:  

• Annex A contains an informal table of the tariff increases under the 14 product groups specified by the President and the 382 subheadings and 7 statistical reporting numbers, the tariff rates, and years for tariff increases.
• Annex B contains the 14 temporary exclusions for solar manufacturing equipment.
• Annex C contains the HTSUS modifications to impose additional duties, to increase rates of additional duties, and to exclude certain solar manufacturing equipment from additional duties.
• Annex D contains the Importer Certification for ship-to-shore cranes entering under the exclusion.
• Annex E contains a list of HTSUS subheadings eligible for consideration of temporary exclusion under the machinery exclusion process.

Changes from the proposed list include adding 50 percent tariffs to subheadings 2804.61.00 and 3818.00.00 covering polysilicon and wafers, which are critical for manufacturing solar cells and semiconductors. Other changes from the proposed list include:

• Increasing the 25 percent tariff on facemasks to 50 percent in 2026;
• Increasing the 25 tariff on medical gloves to 50 percent in 2025 and to 100 percent in 2026;
• Increasing the 50 percent tariff on syringes and needles to 100 percent in 2024, but excluding enteral syringes through January 1, 2026; and
• Increasing duties on ship-to-shore cranes in 2024 but allowing for exclusions for cranes that fulfill contracts executed prior to May 14, 2024, and that enter the United States prior to May 14, 2026.

Steel and Aluminum

With respect to steel and aluminum, USTR determined that it is appropriate to use the same scope of products covered by the Section 232 investigations that were defined by Presidential proclamation. See Proclamation 9704 of March 8, 2018 (Adjusting Import of Aluminum into the United States), and Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel into the United States). After consideration, USTR determined not to increase Section 301 tariffs on subheadings covering upstream and downstream products related to steel and aluminum that are outside the scope of the Section 232 investigations, despite comments urging USTR to impose additional tariffs on these subheadings.

Exclusions

USTR added five additional subheadings that “appear to include machinery used to physically alter goods in the manufacturing process” which are:

• 8421.21.00 (Machinery and apparatus for filtering or purifying water);
• 8421.29.00 (Filtering or purifying machinery and apparatus for liquids, nesoi);
• 8421.39.01 (Filtering or purifying machinery and apparatus for gases, other than intake air filters or catalytic conv. for internal combustion engines);
• 8428.70.00 (Industrial robots); and
• 34 8443.19.30 (Printing machinery, nesoi).

The USTR determined not to add subheadings outside of Chapters 84 and 85 or subheadings that only include parts, accessories, consumables, or general equipment that is unable to physically change a good.

USTR also determined not to adopt five of the 19 proposed exclusions for solar panel manufacturing equipment, for which commenters noted that alternate sources for the machinery were available both domestically and in Europe, and other commenters noted that “excluding Chinese equipment would disincentivize companies to purchase from alternative sources and negatively impact burgeoning supply chains.”

Tariff increases in 2024 take effect on September 27, 2024, although exclusions for solar equipment are retroactive to January 1, 2024 and expire in May 31, 2025.

The post USTR Finalizes Section 301 Tariff List After 4-Year Review appeared first on Global Trade Magazine.

Read also: Navigating Business Loans: Key Strategies and Tips

1. Understand Your Financial Position

The first step in any business or financial plan is understanding where you stand. This involves a thorough evaluation of your assets, liabilities, and revenue streams. For businesses, this might include financial statements such as profit and loss reports, balance sheets, and cash flow statements.

Tips:

• Regularly review financial statements to spot trends and potential issues early.
• Conduct a SWOT analysis to understand internal and external factors affecting your financial health.

2. Set Clear Financial Goals

Whether you’re running a business or managing personal finances, setting clear financial goals is critical. These goals could range from increasing revenue, reducing debt, or saving for a specific investment. When setting these goals, make sure they are:

• Specific: Clear and well-defined.
• Measurable: Quantifiable so you can track progress.
• Achievable: Realistic given your current situation.
• Relevant: Directly related to your overall strategy.
• Time-bound: Have a deadline to create a sense of urgency.

3. Create a Budget

A well-planned budget is the backbone of financial success. It ensures that both individuals and businesses allocate their resources effectively and do not overspend. Break down your income and expenses, and ensure that all your spending aligns with your financial goals.

Budgeting Tips:

• For businesses, categorize expenses into operational, fixed, and variable costs.
• For personal finances, use the 50/30/20 rule: 50% for essentials, 30% for discretionary spending, and 20% for savings and investments.

4. Risk Management and Emergency Funds

Businesses and individuals alike should be prepared for financial uncertainties. Risk management involves identifying potential risks and preparing strategies to mitigate them. Having an emergency fund is one of the most important aspects of risk management.

• Businesses: Invest in insurance, diversify income streams, and build reserves.
• Individuals: Set aside 3-6 months of living expenses in an emergency fund.

5. Invest Wisely

Effective investment is crucial to growing wealth over time. Whether you’re an individual looking to invest in the stock market or a business looking to expand, making smart investment decisions can yield substantial returns.

• For Businesses: Consider reinvesting profits into growth opportunities like new products, services, or markets.
• For Individuals: Diversify your investment portfolio to include stocks, bonds, real estate, and other investment vehicles.

6. Monitor and Adjust Your Plan

Financial planning is not a one-time activity; it’s an ongoing process. Regularly review your financial plan to ensure that you’re on track to meet your goals. Adjust the plan as necessary based on changing circumstances like market fluctuations, business growth, or personal life events.

7. Consult Financial Experts

Both businesses and individuals can benefit from the expertise of financial planners, accountants, and advisors. A financial expert can provide insights into tax strategies, investment opportunities, and risk management, helping you achieve your financial goals more effectively.

Conclusion

Effective business and finance planning is the foundation for long-term success. By setting clear goals, managing your budget, and making informed investments, both individuals and businesses can thrive in today’s competitive environment. Continuously monitoring your progress and adjusting strategies as needed ensures that you’re always on track to achieve your objectives. To dive deeper into successful financial strategies and explore further opportunities, check out 66lottery for more insights.

The post Business and Finance Planning: A Guide to Success appeared first on Global Trade Magazine.

Specifically, BIS’s recent guidance outlines the various mechanisms it has employed—outside of its usual public screening lists (i.e., the Unverified List, Entity List, Military End-User List, and Denied Persons List)—to notify companies and universities about parties that present risks of diversion to Russia. According to BIS, it has obtained information supporting the below-described notifications through a variety of sources, including information from the exporting community, government data, news reports, and other open-source resources. The specific mechanisms utilized by BIS to help prevent exporters from unknowingly exporting items to parties of concern include:

1. “Supplier List” Letters identify parties presenting diversion risks that are not on public screening lists but have been identified by BIS as having exported to or facilitated transactions with destinations or end users of concern. BIS may send “Supplier List” letters to companies and institutions that have had no prior dealings with the foreign parties identified therein. Further, BIS encourages recipients of such letters to carefully examine transactions with the named parties for any potential red flags.

2. Project Guardian Requests advise companies and institutions to monitor or “be on the lookout” for transactions with specific parties or for inquiries about specific items. BIS may also advise recipients to deny or suspend any such transactions or inquiries and to contact the local Export Enforcement field office for guidance.

3. “Red Flag” Letters indicate to companies that one of their customers may have engaged in possible violations of the Export Administration Regulations (“EAR”) regarding the same item a company previously exported to that customer. “Red Flag” letters indicate a “high probability” that a future export violation may occur based on the customer’s reexport or transfer history. Recipients of “Red Flag” letters should conduct additional due diligence to be certain they can overcome the red flag identified by BIS before proceeding.

4. “Is Informed” Letters impose licensing requirements on specific items destined to specific entities or destinations, in addition to specific U.S. person activities. Companies and universities must comply with these requirements to avoid violating the EAR, as non-compliance with an “Is Informed” letter is equivalent to non-compliance with any other export licensing requirement for enforcement purposes. While BIS has reemphasized the use of such letters, they are not new.

Importantly, BIS will consider as an aggravating factor in any enforcement action a company or university’s decision to proceed with a transaction (without obtaining an export license) when the company or university knew or had reason to know or believe that a red flag exists which could not be affirmatively addressed or explained.

Screening Against Trade Integrity Project Website

Beyond the above notifications, BIS also increased due diligence expectations for exporters dealing with Common High Priority List (“CHPL”) items, which the U.S. government and its allies have identified as items Russia seeks to procure for its weapons programs. For transactions involving CHPL items, BIS strongly recommends screening against the list provided by the Trade Integrity Project (“TIP”), a non-government U.K. entity that monitors military and dual-use trade with Russia and has identified parties in third countries with a recent history of exporting CHPL items to Russia. For transactions involving CHPL items and parties identified on the TIP list, BIS states that companies should conduct additional due diligence to spot potential red flags before proceeding with any such transactions.

Recent BIS Enforcement Actions

In addition to the new guidance, BIS released an updated version of its Don’t Let This Happen to You! report, which includes case examples of recent BIS criminal and administrative enforcement actions. New actions involve violations of the antiboycott regulations, firearm exports, exports related to China and Iran, non-compliance with a BIS settlement agreement, as well as a voluntary self-disclosure from a university. BIS urges exporters to review this publication to understand the types of activities and missteps that lead to enforcement actions and to avoid violations of the EAR.

For example, according to BIS, Cryofab, Inc., a New Jersey-based manufacturer of cryogenic equipment, violated the EAR by exporting gas storage containers and related tools to a nuclear research facility in India without the required export license. BIS stated that Cryofab failed to screen the facility, Bhabha Atomic Research Center (“BARC”), against the BIS Entity List, on which BARC was designated, and did not seek or obtain the required licenses for its transactions. BIS ordered Cryofab, which BIS noted to be an experienced exporter, to pay a civil penalty and to have an independent consultant complete an external audit of its export controls compliance program.

In addition to companies, BIS has increasingly focused its efforts on universities and research institutions, which more often now must ensure they have effective export compliance programs in place, whether due to the involvement or employment of foreign national researchers, global exchange programs, or other international touchpoints that are now common in higher education.

In its report, BIS also highlighted a recent settlement with Indiana University involving the export of genetically modified fruit flies classified under ECCN 1C353 to research institutions and universities around the world without the required export licenses. Notably, Indiana University voluntarily disclosed the violations to BIS, which stated that the university’s disclosure and cooperation resulted in a non-monetary penalty. Instead, BIS imposed a suspended one-year denial order on its export privileges for certain ECCN Category 1C items, required export compliance training to relevant administrators, and required the university to deliver presentations on the circumstances of its violations to relevant forums.

BIS’s cases demonstrate the various ways companies and institutions may run afoul of the EAR, with examples covering China, Russia, Iran, and the rest of the world, as well as licensing requirements imposed by controls related to national security, military end-users, and others. The two aforementioned actions highlight the importance of carefully reviewing all items and parties to a transaction for any licensing requirements or other prohibitions, in addition to the potential benefits of disclosing any actual or apparent violations once they become known.

The post BIS Issues New Guidance to Combat Russia Diversion Risks and Highlights Recent Enforcement Actions appeared first on Global Trade Magazine.

Read also: WTO Chief Warns of Rising Protectionism and Its Threats to Global Trade

The WTO noted that trade growth started to pick up in late 2023, gaining momentum in the first half of 2024, with a 1% increase in Q1 and a 1.4% rise year-on-year. This recovery followed a period of weak demand caused by high inflation and elevated interest rates in key markets.

However, the report highlighted that trade growth has been uneven across regions. Europe’s performance lagged behind expectations, while other regions showed stronger-than-expected results. The WTO may revise its regional trade forecasts in an upcoming report expected in October.

The Goods Trade Barometer indicated that most key trade components are trending positively. Indices for automotive products (103.3), container shipping (104.3), and air freight (107.1) all surpassed trend levels. However, electronic components fell below trend to 95.4, and new export orders, a reliable trade predictor, have started to decline, sitting at 101.2.

While the recovery in global trade is promising, the WTO warned that geopolitical tensions, regional conflicts, and shifting monetary policies pose risks to the outlook. Export orders have also weakened, adding to uncertainties.

The next WTO forecast, expected in mid-October, will offer more clarity on how these risks could affect trade for the remainder of the year. The OECD and IMF have projected global trade growth of around 2.3% to 3.3% for 2024 and 2025, driven by expectations of easing inflation and lower interest rates in advanced economies. However, both organizations acknowledge that challenges remain, with real interest rates likely to stay above neutral levels for the near term.

The post Global Goods Trade Rebounds in Q3 2024, But Geopolitical Risks Loom: WTO Report appeared first on Global Trade Magazine.

Read also: Navigating Global Markets: Strategies for Companies Doing Business Globally and The Role of Documentation

Information and Communications Technology Lead the Way for Global Innovation

The global information and communications technology industry (ICT) has quickly become leader in economic growth. Countries and companies alike now prioritize connectivity and innovation, and the sector is primed for sustained growth and technological breakthroughs that are not slowing down anytime soon. Sales of semiconductors are expected to reach double-digit growth next year, and artificial intelligence (AI) now touches all aspects of and is responsible for much of the industry’s rapid expansion. 

In the U.S., robust domestic demand is keeping inflation stickier than consumer and Federal Reserve officials would like. Regardless, U.S. production of high-tech goods is expected to see a notable uptick, an increase of 6.5% in 2024 and 3.8% in 2025. Meanwhile, despite Latin America´s overall subdued economic outlook, the ICT sector remains a bright spot, with Mexico’s ICT sector especially thriving and predicted to increase by 5.6% next year alone. 

Europe continues to recover from high interest rates and slowed consumer spending, but a positive rebound in investments and production of ICT products are in the cards for 2025. Unfortunately, Europe’s energy-intensive sectors suffered the most from inflation, and the ongoing weakened German economy still has a stronghold on economic growth across the region. European outputs will increase by approximately 3% in 2025, propelled by digital technology and artificial intelligence developments, with Italy, Ireland, the Netherlands, Poland and Spain showing promising market growth.

The Asia-Pacific region takes the lead overall with outputs of ICT goods predicted to increase to nearly 8% in 2025, once again significantly boosted by semiconductor demand. South Korea, Taiwan and Indonesia all have supportive government policies and investments in place that are responsible for increased production of high-tech goods this year and well into 2025. 

Two Regions Reap Big Benefit from Chemicals Industry 

Two regions fair best in the outlook for the chemicals industry – Asia-Pacific and the Americas. The global chemicals industry continues to experience increased demand for more sustainable materials used in solar panels, insulation and related products. The plastics sector is also an area where growth is expected due to substantial investments in advanced recycling plants.

Shifting to the outlook for each region, in Asia-Pacific, chemicals production is predicted to increase 3.3% in 2024 and 3.5% in 2025. The Asia-Pacific region is once again outperforming other regions, with its rising middle class driving demand for soaps, detergents and specialty chemicals. China is predicted to outperform neighboring countries, with production increasing 4.7% this year, followed by India at 4.1% and Indonesia at 4.0%. The outlook for these markets remains bright through 2025.  

Chemicals industry production in the Americas is forecast to rebound 2.8% in 2025 after a 1.7% contraction last year. In the US, support for domestically produced semiconductors, lithium batteries, solar panels and other clean technologies will spur demand for required chemicals used in fields like manufacturing, agriculture, pharmaceuticals and more. The US also has substantial reserves of shale gas – natural gas that provides the industry with a lucrative cost advantage on this raw material used in many different chemical applications. Canada is also headed for a rebound in 2025, driven by a positive increase in manufacturing. 

Transportation and Logistics Drive Optimistic Outlook for the Americas and Asia-Pacific

While Europe is expected to lag in transportation and logistics, this industry on track to be quite the opposite – a bright spot for the U.S., Canada and Mexico and the Asia Pacific regions.

In Canada and Mexico, transportation and logistics services are expected to grow by 3.5%, benefiting from economic opportunities in the U.S., which is predicted to grow by about 3% this year, respectively. 

U.S. government support and investments in infrastructure will improve supply chain efficiency, reduce costs and stimulate demand for transportation and logistics services. The expansion of goods and services for transportation is supported by ongoing robust consumer sentiment and spending.

The positive outlook for the transportation and logistics industry holds strong in the Asia-Pacific region, increasing approximately 5.9% this year compared to the global average of 3.8%. Apart from Australia and Singapore, who’s growth in production hovers below 3%, all regional markets show robust increases industry-wide. Japan´s transport sector is miles ahead, with growth of 6% this year thanks to higher demand for transportation and logistics services and innovation in automation. India’s ongoing efforts to improve its network of transportation and infrastructure has worked in the country’s favor, which could result in a 12% industry expansion of markets this year alone. 

Multiple Regions Benefit from Groundbreaking Pharmaceutical Innovation and Weight Loss Drugs Trends Stay Strong

The global pharmaceuticals industry already has a strong track record for revolutionary technology and a push towards improved sustainability and innovations such as artificial intelligence has the potential to improve operational efficiencies and unlock further opportunities for the industry. In fact, recent research by PwC predicted that AI has the potential to cut operating costs by more than 30%. It is no secret that regardless of region, AI and big data analytics are improving efficiency in drug development, clinical trials and patient care.

The world’s largest producer of pharmaceuticals, China is driving the lucrative expansion of global pharmaceutical production, currently the world’s biggest producer of pharmaceuticals. Despite the growing sentiment to reshore production to the US, China’s cost advantages will continue to drive demand. 

In the Americas, weight loss drugs, as well as generics and biosimilars are predicted to lead the region’s positive industry developments. Branded products such as mRNA vaccines are expected to grow rapidly, but developments need a few years to fully take shape. In emerging markets, countries like Brazil and Mexico are leading the way as prominent producers, yet problems persist in less developed countries. 

The nature of Europe´s well-established manufacturing facilities, supply chains and production standards promise solid growth over the next few years. European pharmaceutical production is shifting in a positive direction, increasing 1% this year and 3.5% in 2025 after 1.5% contraction in 2023. Like the Americas, Europe is having a moment with weight-loss drug demand and there will be major production facility investments to follow. 

As the target of 2% inflation rates come into sight, the inflation picture is also turning muddier. But despite these ongoing concerns, it is valuable to recognize what is performing well and the short-term outlook for these sectors is a welcome sign despite persistent inflation and is an indication that our global economy is resilient in many diverse ways. 

Author Bio

Atradius Vice President and Senior Manager Christian Mueller oversees the Atradius Special Risk Management Unit for Risk Services – Americas. In this leadership role, he manages a team of senior underwriters, responsible for managing Atradius’ high risk buyer portfolios.

Mueller joined Atradius as a buyer underwriter in 2001 and subsequently served as senior underwriter where he spent time analyzing and building his knowledge in various industry sectors. In 2015, he became senior manager of the Atradius Special Risk Management Unit and one year later he was nominated as vice president. Prior to Atradius, Mueller spent 8 years working for Barmer Health Insurance, a German company – underwriting and managing health claims. 

Christian received his B.A. from the University of Applied Sciences in Kiel, Germany, and his MBA – International Business and Financial Management from Benedictine University in Lisle, Illinois.

The post Exploring Global Markets: Countries and Industries Offering Opportunities for Business Abroad appeared first on Global Trade Magazine.

Read also: LLC vs. Sole Proprietorship: A Critical Decision for Traders

1. Prioritize Sleep and Rest

Adequate sleep is foundational for cognitive function, including focus, memory, and decision-making. Lack of sleep can lead to impaired concentration and increased stress, which can negatively impact trading performance.

Tips for Better Sleep:

• Establish a Routine: Go to bed and wake up at the same time every day, even on weekends.
• Limit Screen Time: Reduce exposure to screens at least an hour before bedtime, as blue light can interfere with sleep quality.
• Create a Relaxing Environment: Keep your bedroom cool, dark, and quiet, and consider using white noise or calming scents like lavender to enhance relaxation.

2. Manage Stress Effectively

Trading can be a high-pressure activity, and chronic stress can severely impair focus and cognitive function. Developing effective stress management techniques can help traders stay calm and focused.

Stress Management Techniques:

• Mindfulness and Meditation: Practices like meditation can help reduce stress and improve attention. Even just a few minutes a day can make a significant difference.
• Breathing Exercises: Deep breathing exercises can help calm the mind and reduce anxiety, making it easier to concentrate on trading tasks.
• Physical Activity: Regular exercise, such as walking, yoga, or strength training, can help reduce stress hormones and boost mood, indirectly supporting better focus.

3. Optimize Nutrition for Cognitive Function

What you eat has a direct impact on your brain function. A balanced diet rich in nutrients can help support sustained focus and energy levels throughout the trading day.

Nutritional Tips:

• Eat a Balanced Diet: Focus on whole foods like fruits, vegetables, lean proteins, and healthy fats. Omega-3 fatty acids, found in fish and flaxseeds, are particularly beneficial for brain health.
• Stay Hydrated: Dehydration can impair cognitive function, so make sure to drink plenty of water throughout the day.
• Limit Sugar and Processed Foods: These can cause energy crashes and affect concentration. Opt for snacks like nuts, seeds, or dark chocolate for sustained energy.

4. Incorporate Breaks and Time Management

Long periods of intense focus can lead to mental fatigue, reducing your overall productivity. Incorporating regular breaks can help refresh your mind and maintain your focus over extended periods.

Tips for Effective Breaks:

• Use the Pomodoro Technique: Work for 25 minutes and then take a 5-minute break. This cycle helps maintain high levels of concentration without burnout.
• Step Away from the Screen: During breaks, step away from your trading desk, stretch, or take a short walk to clear your mind.
• Set Clear Boundaries: Define specific times for trading and breaks to avoid mental exhaustion and ensure consistent focus during trading hours.

5. Explore the Use of Delta 9 THC for Enhanced Focus

For some traders, exploring alternative methods like Mushroom Chocolate can offer potential benefits for focus and stress reduction. It may help some individuals to relax and maintain focus. Just be sure that you are choosing the right brand to buy your health product. This way you can keep yourself away from any low-quality products.

6. Set Clear Goals and Stay Organized

Having clear trading goals and a well-organized plan can significantly enhance your focus. When you know exactly what you’re aiming for, it’s easier to maintain concentration and avoid distractions.

Tips for Goal Setting and Organization:

• Define Your Trading Plan: Outline your trading strategy, including entry and exit points, risk management, and the types of trades you’ll focus on.
• Set Daily and Weekly Goals: Break down your overall trading objectives into smaller, manageable goals. This makes the process less overwhelming and helps keep you on track.
• Review and Adjust: Regularly review your trading performance and make adjustments to your plan as needed. This continuous improvement process can help keep your mind sharp and focused on your goals.

7. Minimize Distractions

Distractions can derail even the most focused trader. Identifying and minimizing potential distractions can help you stay on task and maintain a high level of concentration.

Ways to Minimize Distractions:

• Create a Dedicated Trading Space: Set up a specific area for trading that is free from common distractions like television, family members, or other unrelated activities.
• Use Focus Tools: Consider using focus apps or browser extensions that block distracting websites during trading hours.
• Turn Off Notifications: Silence non-essential notifications on your phone and computer to reduce interruptions.

8. Develop a Pre-Trading Routine

Having a pre-trading routine can help you mentally prepare for the trading day ahead. This routine can include reviewing market news, analyzing charts, or simply taking a few moments to set your intentions for the day.

Pre-Trading Routine Ideas:

• Market Review: Spend some time reviewing the latest market trends, economic news, or technical indicators that may influence your trading strategy.
• Visualization: Visualize your trading success and go through your planned trades in your mind to build confidence and clarity.
• Calming Techniques: Engage in a brief meditation, listen to calming music, or practice deep breathing to enter the trading session with a focused and relaxed mindset.

Conclusion: Elevating Your Focus as a Trader

Enhancing focus as a trader involves a holistic approach that includes good sleep, nutrition, stress management, strategic breaks, and sometimes even exploring alternative options like Delta 9 THC. By making small adjustments to your routine and being mindful of how you manage your time and energy, you can significantly improve your focus, which is essential for trading success. Remember, what works for one trader might differ for another, so it’s important to find a personalized approach that aligns with your lifestyle and trading goals.

The post How Traders Can Enhance Their Focus Capability? appeared first on Global Trade Magazine.

Read also: New York State Senator Presents Proclamation on Malaysia’s 66th National Day 

The presence of the first runner up in the Miss Malaysia Universe contest of 2002, Christina Chelliah, added glamour to the event, with some attendees thronging for a photo opportunity with her.  Sporting her tiara, Chelliah told Global Trade Magazine  that she has been an attorney by profession and worked in New York. “I like to project my country’s rich culture besides highlighting its potential as a modern and thriving economy that can be a strong partner for the United States,” she said. 

Chelliah, appointed Malaysia’s international tourism ambassador, competed in the Miss Global 2014 contest, being Malaysia’s first ever Miss Global contestant, competing against 100 other contestants. But the Miss Global organization also noticed her entrepreneurial skills and awarded her the title of Miss Enterprise. 

Chelliah said she always wanted to pursue a solid education, and studied law.   She had already worked in Malaysia as a corporate lawyer.  

Subsequently, she sat for the bar examination in the U.S., successfully passing it and being admitted to the New York State Bar in December 2019. 

Today, she practices litigation in mergers and acquisitions. Additionally, she teaches part-time at an online law school.

Chelliah, who worked as a Malaysian consultant attorney for various international law firms in New York City, was sworn in as a Special Master of the Supreme Court of New York in March 2022 and was also admitted to the Law Society of England and Wales in June 2022.

But her passion for modeling and acting remained undiminished.  Her ethnic looks make her a sought-after international model, having been featured in ads in New York, London and Malaysia for brands such as Levi’s Jeans, IT Cosmetics, AVON, Wella, Nokia and GNC Live Well to name a few.  Indeed, she has appeared in television shows such as “Law and Order SVU,” “Person of Interest,” and “The Following,” besides commercials for JC Penney, Condé Nast, the New Jersey Lottery, etc.

Some of the diplomats attending Malaysia’s flag-hoisting ceremony at the Bowling Green venue also seen talking to her.  Diplomats from Australia, Indonesia, Thailand, Turkey, etc. were among the guests; Dilip Chauhan, the deputy commissioner for international affairs in the New York City mayor’s office, felicitated Malaysia in the absence of Mayor Eric Adams who could not personally attend the event.

The newly-arrived Turkish consul general in New York, Muhittin Ahmet Yazal, got a rousing reception by a section of the crowd when it was announced that Malaysia’s flag-hoisting ceremony was his “first important engagement” since he assumed office on August 20, 2024. “This demonstrates the importance Ankara attaches to its external ties with Malaysia and others in the region,” one of the guests remarked. 

Fahmad Rifqi Ramulo, Indonesia’s consul for economic affairs, highlighted the region’s trade and economic potential.  “We are keen to promote our trade and economic ties with the entire world, and particularly the United States.  Both Indonesia and Malaysia are members of the ASEAN (Association of Southeast Asian Nations) community,” he said in a conversation. The ASEAN region has been aggressively promoting its economic ties with the U.S., highlighting the business opportunities at various venues, including at international trade shows in New York and other states.  Representatives of Malaysia’s investment and trade promotion agencies were also present at the event, as also Malaysia’s permanent representative to the United Nations, Ambassador Dr. Ahmad Faisal Muhamad.

Amir Farid Abu Hasan, Malaysia’s New York-based consul general, who recently assumed the rotational presidency of the Society of Foreign Consuls in New York for a year, and has become a key figure in the consular corps’ diplomatic activities in New York and the other neighboring states, welcomed the guests and highlighted the significance of Malaysia’s independence day; he handed over citation awards to Malaysian community representatives for their services to Malaysia and helping promote Malaysia’s interests in various fields. 

In an interview with Global Trade Magazine, Amir highlighted the developmental progress Malaysia has made since independence.  “We are pursuing the Madani spirit … Madani, for Malaysians, has the same significance as the pursuit of progress and development through rooting out practices that could obstruct such progress,” he explained.  Amir has also, together with his counterparts from other countries, represented the interests of the Society of Foreign Consuls and their countries collectively vis-a-vis the New York Administration.  

The SFC in New York represents the world’s largest consular corps, compromising consulates, consulates general and honorary consulates based in New York; it works with the U.S. Department of State’s Office of Foreign Missions and the NYC Mayor’s office for the United Nations, the consular corps and protocol, arranging forums and seminars on topical subjects of interest to the international diplomatic community and also New York City. 

A U.S. based businessman, who insisted on remaining anonymous and had quietly watched the flag-hoisting ceremony, told this writer on the sideline of the event that his company had been consulting an Asian business associate to explore the possibility of setting up an operation in Malaysia’s Kulim Industrial Park where a number of foreign companies enjoy tax benefits and other incentives.  “I cannot say anything beyond that … many U.S. companies are gradually diversifying their operations and looking at alternative sites in Asia,“ he said, emphasizing that the availability of raw materials, shipping connectivity, supply chain networking, etc., were important factors for selecting an alternative site. 

Manik Mehta is a New York based journalist specializing in foreign affairs/diplomacy, United Nations, global economics, trade, supply chains, etc.

The post Diplomacy, Business, National Fervor Evident at Malaysia’s Independence Day Celebrations in New York  appeared first on Global Trade Magazine.

Read also: Technological Innovations Driving Sustainability in Mining Operations

Regulatory stability in any industry is critical for efficient and predictable growth. When firms have clearly delineated lines of what is allowable, the potential for litigation is low, and business can proceed in an orderly fashion. Deep-sea mining finds itself at a critical juncture, with the exploratory phase now complete and a need to determine how mining can or should occur moving forward. 

Currently, deep-sea mining firms engage in what is known as “shallow-water” mining for minerals like diamonds or tin. The International Seabed Authority (ISA) is the United Nations regulatory body responsible for the exploitation and conservation of vast swaths of the seabed. Established under the UN Convention on the Law of the Sea, the ISA is supported by all 168 UN member states as well as the European Union. Since 2014, the ISA has been working to codify the regulatory parameters around deep sea mining, but the process has been slow. 

Meanwhile, earlier in the year, a groundbreaking study revealed the presence of oxygen-producing nodules at the bottom of the Pacific seabed. This is a notable finding, especially considering the lack of sunlight normally needed to produce oxygen. Moreover, the nodules are the same types that mining companies seek. Polymetallic nodules are rich in nickel, copper, cobalt, and manganese, while polymetallic sulfides are deposits containing lead, zinc, gold, and silver. 

The discovery of oxygen-producing nodules has prompted loud opposition to any potential disruptions to the seafloor. Countries have the right to exploit the natural resources within their sovereign territory and, if applicable, within their territorial sea. The regulatory waters get murkier in open seas that the UN stipulates belong to the “common heritage of mankind.” 

The work continues at the ISA with expectations of rules adoption by July 2025.         

The post Deep-Sea Mining is Awash in Regulatory Hurdles appeared first on Global Trade Magazine.