QAD Precision News Round-Up: 11 October 2019

In the QAD Precision News Round-Up: 11 October 2019, US and North Korea begin new talks on nukes and sanctions; parcel shipping volumes to reach 200 billion parcels by 2025; UK retail sales fall 1.3 percent; FedEx expands Walgreens partnership; trade compliance challenges for banks and financial institutions and more. 

Global Trade

US AND NORTH KOREA BEGIN NEW TALKS ON NUKES AND SANCTIONS

This week, North Korea and the US resume nuclear talks in Sweden. The last summit between US President Donald Trump and North Korean leader Kim Jong-un ended without an agreement. US Specialist Representative for North Korea, Stephen Biegun, and North Korea’s Kim Myong Gil are expected to meet on the island of Lidingo, Stockholm. For more information, please see the BBC.

Parcel Shipping

GLOBAL SHIPPING VOLUME TO HIT 200 BILLION PARCELS BY 2025

The Pitney Bowes Parcel Shipping Index has revealed that the global parcel volume was 87 billion in 2018, up from 74 billion parcels in 2017. The annual report predicts that despite global trade uncertainty, this figure will double in the next six years and reach 200 billion parcels by 2025. On average in 2018,  there were 23 parcels shipped per person in 13 major markets — US, Canada, Brazil, Germany, UK, France, Italy, Norway, Sweden, China, Japan, Australia and India. This equates to 2760 parcels shipped every second. China is the strongest influence on the market, shipping 51 billion parcels in 2018. For more information, please see Post & Parcel.

Retail 

WALGREENS AND FEDEX PARTNER ON RETURNS

On Tuesday, FedEx and Walgreens announced an expanded partnership that allows FedEx customers to print returns labels at 7,300 Walgreens stores in preparation for peak season. The FedEx Returns Technology System will permit retailers to send customers a return label code via email which they can bring to a Walgreens store where a store assistant can print the label and ship the return.  Form more details, please see  Retail Dive. 

UK RETAIL SALES FALL LOWEST SINCE  SEPTEMBER 1995

Last month, total retail sales in the UK decreased by 1.3 percent compared to September 2018. This marks the worst September since 1995 when the British Retail Consortium (BRC) and KPMG started collecting data. Online sales grew by 0.7 percent, the slowest growth on record. Paul Martin UK head of retail at KPMG stated that “Ongoing Brexit uncertainty is clearly having a material impact on the consumer psyche.” For more information, please see the Independent. 

Carriers

UPS AND MICHAELS ROLL OUT  COMPLETE

On Monday, UPS and Michaels announced the completion of the rollout of UPS Access Points across 1,100 Michael’s craft stores. This partnership, which integrates with UPS MyChoice’s home delivery option, permits orders routed to a customer’s home address to be automatically redirected to the Access Point of their choice. For more information, please see Supply Chain Dive. 

DEUTSCHE POST DHL ANNOUNCES EXPANSION OF DHL PACKSTATION NETWORK

Deutsche Post DHL group announced plans to add 3,000 DHL Packstations in Germany by 2021. The carriers has an its existing network of 4,000 automated parcel delivery and collection points in the country., This expansion will bring the total number of pack stations in Germany to 7,000. For more details, please see Parcel and Postal Technology International. 

QAD Precision News

TRADE COMPLIANCE CHALLENGES FOR BANKS AND FINANCIAL INSTITUTIONS

Financial institutions and banks must deal with some unique and complicated global trade compliance requirements. International and national organizations, such as the European Union and the US Federal government, are deeply concerned about ensuring money that crosses international borders – through financial transactions, shipment of funds, and so forth – is not being used to support criminal activity, terrorism, the spread of nuclear weapons and other such activities. Furthermore, banks must comply with anti-money laundering regulations as well as in-county regulations where they trade. 

Government organizations have adopted a complex web of trade regulations, laws, embargoes and sanctions that come into play in international transactions. In this QAD Precision Report we look at the challenges of compliance for banks. To read the full report, please click here.