In the QAD Precision News Round-Up: 30 April 2021, UK economy
forecast to soar; EU agrees post-Brexit trade deal; Japan ratifies
world’s largest free-trade deal; USPS prepares for 2021 peak season;
UPS had a great Q1; plus mitigating financial supply chain risks and more.
UK ECONOMY FORECAST TO GROW AT FASTEST RATE SINCE 1941
In 2021, the UK’s economy is forecast to grow at the fastest pace
since 1941. This growth is as a result of businesses better adapting
to coronavirus measures and the easing of lockdown restrictions.
That’s according to the EY Item Club, a UK economic forecasting group.
The group updated its growth forecasts, and now expects GDP to expand
by 6.8 percent in 2021, compared to the 5 percent it predicted in
January. This would be the strongest annual growth in UK national
income since 1941.
Last year, the UK economy contracted by 9.8 percent, the biggest
decline in the G7. According to the EY Item Club, the UK will recover
its pre-pandemic peak by the middle of 2022, helped by a surge in
consumer spending. For more details, please click here.
EU RATIFIES POST-BREXIT TRADE DEAL
On Wednesday, the European Parliament voted to ratify the post-Brexit
trade EU-UK trade deal by a vote of 660 to five, with 32 abstentions.
This move concludes years of negotiations and will ensure the
continuation of tariff- and quota-free trade between the two regions.
Until now, the Trade and Cooperation Agreement (TCA) had been
operating provisionally and was set to expire on April 30th. In
addition to the vote to ratify the agreement, the parliament passed a
resolution condemning the UK’s breach of the Withdrawal Agreement. For
more information, please see The
JAPAN APPROVES WORLD’S LARGEST FREE-TRADE DEAL
On Wednesday, Japan ratified the world’s largest free-trade agreement
— the Regional Comprehensive Economic Partnership (RCEP).
Last November, 10 members of the Association of Southeast Asian
Nations (Asean) as well as China, Japan, South Korea, Australia and
New Zealand signed the China-backed RCEP.
The agreement will create a free-trade zone covering almost one-third
of the world’s economy, trade and population. Furthermore, the deal
will remove tariffs on 91 percent of goods. Signatories plan for the
trade-agreement to take effect from the beginning of 2022. According
to Japan’s government, the RCEP will create 570,000 jobs and boost its
GDP by 2.7 percent. For more details, please see South
China Morning Post.
USPS INVESTS IN ADDITIONAL PARCEL SORTERS
In preparation for peak season, the US Postal Service announced on
Wednesday that it is investing in sortation equipment and annex
facilities. Over the next 18 months, USPS plans to purchase processing
machines, including 138 package processing sorters.
Last year, USPS recorded 25 percent growth in holiday shipping and
package volume during peak season compared to the same period in 2019.
The investments are part of the company's 10-year plan to avoid the
$160 billion in losses it was forecast to suffer by 2030. For more
details, please click here.
UPS Q1 EARNINGS BEAT ESTIMATES AS E-COMMERCE BOOMS
On Tuesday, UPS beat estimates for quarterly revenue. The carrier has
benefited from a rise in e-commerce deliveries during the coronavirus
pandemic, increasing its shares by 6 percent. According to UPS,
revenue in its US domestic unit increased 22.3 percent, driven by
growth from small and medium-sized businesses. According to Refinitiv
data, the company's total revenue expanded 27 percent to $22.9
billion. This result topped estimates of $20.49 billion. For more
information, please see CNBC
DHL BUYS 100 FIAT ELECTRIC VANS
DHL Express has partnered with Fiat Professional to purchase 100
units of Fiat’s new electric van E-Ducato. The electric vehicle has a
range of over 200km, a large capacity and a long battery life. As a
result, the van is ideal for last mile logistics. DHL expects its
last-mile fleet in the EU to grow to 20,000 vans by 2030 as consumer
demand for international express deliveries increases. The company
plans for 14,000, or 60 percent, of these vehicles to be electric in
an effort to reduce its carbon emissions. For more details, please
QAD Precision News
ASSESSING AND MITIGATING FINANCIAL SUPPLY CHAIN RISKS
Even the best run organizations with robust supply chains and mature
business processes face external threats. Natural disasters,
geopolitical upheavals, shifting trading relationships, labor
shortages, cyber attacks, theft and loss can all impact supply chains
and the smooth running of business.
For banks and financial institutions, the risks are even higher.
Security is especially critical in the financial supply chain because
of the sensitive nature of shipments.
A Dun & Bradstreet survey of 1,100 financial risk professionals
ranked supply chain disruption as the foremost risk they faced. Over a
third — 38 percent — called monitoring risks within the customer,
supplier, or partner base a “high” risk. In this QAD Precision Report,
we look at threats to the banking supply chain and the steps financial
institutions can take to mitigate risk. To read the full report,
please click here.
QAD PRECISION CHOSEN AS A TOP 100 LOGISTICS IT PROVIDER BY INBOUND LOGISTICS
SANTA BARBARA, Calif.--(BUSINESS WIRE)--QAD Precision, a division of
QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB), today announced it has been
recognized by Inbound Logistics as a Top 100 Logistics IT
Provider for 2021.
Every year, Inbound Logistics editors recognize 100
logistics IT companies that support and enable logistics excellence.
Drawn from more than 400 companies using questionnaires, personal
interviews and other research, Inbound Logistics selects the
Top 100 Logistics IT Providers for each year.
To read the full press release, please click here.