Author: Central Bureau

According to a recent report by Reportlinker, a France-based market research firm, the automotive steel market is set to rise from $107.81 billion in 2022 to a remarkable $113.76 billion in 2023. Despite the disruptive influence of the Russia-Ukraine conflict and ongoing repercussions from the COVID-19 pandemic, the industry exhibits resilience and a potential compound annual growth rate (CAGR) of 5.5%. The report predicts the market will attain a value of $135.24 billion by 2027, sustaining a CAGR of 4.4%. The automotive steel industry underpins vehicle manufacturing, producing vital components including wheel rims, exhaust pipes, bearings, radiators, and automobile frames.…

The logistics market is expected to grow from $412M in 2022 to $14B by 2032, propelled by rapid advancements in artificial intelligence (AI), machine learning, big data analytics, and particularly generative AI. Generative AI, capable of creating new content or data from existing information, has become a pivotal tool in the logistics sector. It aids in route optimization, predictive maintenance, and demand forecasting, enhancing overall operational efficiency. It streamlines route optimization by using historical data, traffic patterns, weather conditions, and other factors to generate optimized routes in real time, reducing costs and increasing delivery efficiency. For demand forecasting, an essential…

India is bracing for a substantial impact on its exports as the European Union (EU) prepares to enforce the Carbon Border Adjustment Mechanism (CBAM), a tax levied on carbon-intensive imports. According to the United Nations Conference on Trade and Development (UNCTAD), India could suffer a loss of $1-1.7 billion in exports, particularly in the sectors of steel and aluminium, which are highly energy-intensive and among the most at risk. The CBAM, which is set to take effect in a transitional phase from 1 October 2023, initially targets goods and selected precursors with high carbon intensity and a significant risk of…

China’s persistent efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are gaining momentum. The CPTPP is a free-trade agreement (FTA) uniting 11 Pacific Rim nations: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam, and Japan. The country has thoroughly studied about 2,300 terms of this trade agreement, as disclosed by Wang Shouwen, China’s International Trade Representative and Vice Minister of Commerce, at the APEC China CEO Forum 2023. China is intensely engaged in shaping necessary reform measures and amending its regulations and laws to correspond with the CPTPP norms. The country has displayed…

The global shipping industry faces a potential slowdown due to disruptive labor disputes on the U.S. West Coast and Panama Canal restrictions. Members of the International Longshore and Warehouse Union (ILWU) have been protesting against the lack of a contract agreement with the Pacific Maritime Association, an organization that represents U.S. West Coast ports. As a result, shipping operations have seen significant congestion and delays, with CNBC reporting average wait times stretching up to 36 hours for container vessels attempting to dock in Los Angeles. Other California ports such as Oakland and Long Beach have also felt the strain from…

The Airforwarders Association (AfA) is urging US shippers to brace for enhanced air cargo security measures set to be implemented in October 2023. This reminder, issued by AfA’s Executive Director, Brandon Fried, is crucial for shippers transporting particular types of freight on international all-cargo flights. The temporary Impracticable to Screen Amendment, which accommodates cargo that traditional screening methods cannot accommodate due to size or volume limitations, is set to conclude on October 31, 2023. From this point forward, such cargo will only be eligible for air transportation if shippers are enrolled in one of the Transport Security Administration (TSA)’s authorized…

The United States has taken the lead as the most appealing market for renewable energy investors worldwide, backed by the recent funding milestones in the Inflation Reduction Act (IRA) and a growing demand for broad-scale decarbonization. In a recent survey conducted by the American Council on Renewable Energy (ACORE), it was found that 100% of respondents see an expanding investment opportunity in the U.S. renewable energy market, as compared to other major countries. A staggering 43 top companies, each with annual revenues or investments of $100 million, participated in the survey, unanimously favoring the U.S. market. An investor, commenting on…

According to Masahiro Morinaga, the Japan External Trade Organization’s chief delegate in Chengdu, the Regional Comprehensive Economic Partnership (RCEP) is playing a pivotal role in spurring regional economic unification and fortifying global trade and investment liberalization. Recognized as the largest free trade pact worldwide, the RCEP has recently become fully operational for all 15 of its member countries. The pact gained its complete form when the Philippines, the last country, joined on June 2. This monumental step symbolizes a fresh epoch for the trade bloc, embracing the largest share of global population and trade volumes. Morinaga emphasized that RCEP will…

A development that stands to influence the global investment landscape has recently occurred. Morgan Stanley Capital International (MSCI), a premier provider of research-based indexes and analytics, held back from elevating South Korea’s status from an “emerging” to a “developed” market. This transition could have spurred passive investment inflows into other emerging markets, such as India, China, and Taiwan. Abhilash Pagaria from Nuvama Alternative & Quantitative Research remarked that the decision meant “passive flows towards India, China and Taiwan will have to wait.” Passive inflow, a significant contributor to the world economy, refers to the capital channeled into passive investment vehicles…

Global financial giant, JPMorgan (JPM), has entered into a strategic collaboration with six Indian banks to streamline interbank dollar transactions using its blockchain-powered platform, Onyx. The partnership is part of a project aimed at making dollar trades real-time and available around the clock, effectively eliminating delays common in the current system. The involved Indian banks are HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM’s banking unit based in Gujurat, India. This move aligns with the Indian government’s broader strategy of bolstering GIFT City – the Gujarat International Finance Tec-City – to compete with well-established international financial…