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QAD Precision News Round-Up: 15 November 2019

In the QAD Precision News Round-Up: 15 November 2019, Singapore-EU FTA set for November 21; DHL profits grow as Q3 earnings soar; FedEx expands in Oman; Alibaba and JD report strong Singles' Day sales; plus the importance of compliance with deemed export regulations and more. 

Global trade 

SINGAPORE-EU FTA SET FOR NOVEMBER 21

On November 21, a free-trade agreement between Singapore and the European Union will take effect,  a decade after negotiations began. Under the agreement, Singapore will remove tariffs on all EU products entering the country and the EU will remove tariffs ons 84 percent of all Singapore goods entering the EU within the first year. The EU will remove tariffs on the remaining 16 percent of imports from Singapore over three to five years. For more information, please see Bloomberg. 

Carriers

UPS INTRODUCES REWARDS PROGRAM FOR ACCESS POINT USE 

UPS is launching a holiday rewards program to encourage customers to collect packages instead of having them delivered. The carrier offers a number of  alternate locations through its Access Point network, including Michaels stores, UPS stores and local businesses. UPS is offering rewards to customers who pick up packages, including MyChoice Premium and Target gift cards. For more details, please see Transport Topics.

DHL PROFITS GROW AS THIRD-QUARTER EARNINGS SOAR

On Tuesday, DHL’s third-quarter results revealed a 151 percent increase in earnings before interest and tax (EBIT) of €942 million, compared with  €376 million in the third quarter of 2018. The logistics giant reported very strong growth in its international express business as well as its German parcel business. The company expects a strong Q4 and a busy holiday season. For more details, please see Reuters and The Loadstar.

FEDEX EXPRESS EXPANDS IN OMAN 

FedEx Express has announced its expansion in the Gulf Cooperation Council (GCC) countries and will now have a direct presence in the Sultanate of Oman. The carrier previously offered services in the country through local partners. As a result of the  expansion, FedEx Express customers in Oman will now have access to and from approximately 220 countries as well as a wider service portfolio. For more information, please see Post & Parcel. 

Transportation 

EUROPE’S FIRST AUTONOMOUS DELIVERY-BOT DEMONSTRATED AT CAV SCOTLAND

This week, Europe’s first road-worthy autonomous delivery-bot was shown in action at the Connected and Autonomous Vehicle (CAV) Scotland event in Glasgow. The autonomous electric Kar-go delivery vehicle uses artificial intelligence to remove up to 90 percent of the cost associated with the last mile of goods shipment. Kar-go can drive on unmarked roads and is able to operate 24 hours a day, seven days a week. Customers can choose to get their package delivered when they are ready to receive it and can track Kar-go’s development towards their location using an app. For more details, please click here. 

Retail

ALIBABA AND JD REPORT STRONG SINGLES DAY SALES 

On Monday, Chinese e-commerce giant’s Alibaba and JD.com reported approximately $70 billion in sales on Singles' Day. Singles' Day, originally conceived as an alternative to Valentine’s Day, is the busiest online shopping day in the world. It is also a marketing extravaganza. This year Alibaba opened the event with a concert from Taylor Swift. Retailers offered discounts on products ranging from smartphones to health care packages. For more details, please see AP News. 

AMAZON ANNOUNCES PLANS TO EXPAND IN LAS VEGAS 

Amazon has announced plans to expand operations in Las Vegas with the intention to create an additional 125 corporate jobs in the city. To accommodate this expansion, Amazon opened a new 30,000 square foot office in downtown Las Vegas. For more information, please see Post  & Parcel. 

QAD Precision News

THE IMPORTANCE OF COMPLIANCE WITH DEEMED EXPORT REGULATIONS

Manufacturers, exporters and any commercial entity that ship goods internationally must abide by export regulations. These include screening all parties to the transaction against restricted party lists, validating that the country of destination or that parties to the transaction are not subject to sanctions or other embargoes, and ensuring that the licenses are valid and correct where required. Export regulations do not simply control the movement of goods, but can also apply to the sharing of information. The United Statesrequires manufacturers and other entities to abide by “deemed export” laws when sharing certain technology with, or disclosing information to, foreign nationals based in the US. In this QAD Precision Report we look at the “deemed export” laws of the United States and what these restrictions mean for manufacturers and universities. To read the full report, please click here. 

 

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