Ibec Global

"The promise of an abundance of renewable energy - both in the form of electricity and hydrogen - makes the EU a possible location for a future green industrial hub." Our latest #DivergenceWatch report is out now! In this edition, we focus on key policy developments in the EU and UK across energy and electricity markets, exploring what they mean for you and your business. The EU has set out ambitious plans to increase renewable energy production, both under its Fit-for-55 policy package and its newly adopted RePowerEU plan. This looks like good news for businesses and individuals alike, as it should result in cost savings and smaller environmental impacts. However, the rapid deployment of wind and solar power is currently being hampered by local planning and permitting delays. Read more here ⬇️ https://bit.ly/3LqBbvs #energy #renewableenergy #EU

This week we zoom in on the battle between macroeconomic numbers and market sentiment, a theme we have previously addressed in-depth in our Global Compass on interest rates here: https://lnkd.in/eXR7tbqx.   This tension has been very much present over the last week starting with the US labor department publishing a slight increase in unemployment figures from 4.1% to 4.3%. In the broader context, the macroeconomic data from the US consistently show that consumers are still spending, and that a recession is not yet on the horizon. However, this announcement sparked a series of tumultuous movements in global markets from trading selloffs this past Monday, followed by a traditional “Turnaround Tuesday”. Some commentators recently urged the Federal Reserve Bank in the US to make an emergency interest rate cut to avoid an accelerated slowdown, but the Fed will most likely not heed these calls. Consistent with its previous policy meeting outcomes, the Fed’s overall assessment of systemic risk has determined financial markets are stable and can withstand the commotions from the past days. Importantly, the Fed must assess whether any economic stimulus—such as lowering the interest rates now—might further weaken the US dollar, which would then bring long-lasting deleterious effects to the US and global economies.   There are three takeaways we can draw from this week’s developments:   1. The global economy is inter-connected despite the many fragmentation reports that have come to dominate news headlines. Following the US news, the Japanese stock exchange lost 12.5% in one day, and the Mexican peso plummeted against the dollar. However, markets are now bouncing back.   2. Collective leaders’ quest for competitive and productive economies should not lose momentum. In Brussels and other European political centers, the discussions following the summer break must focus on the concerted actions that are needed to put the European economy back on track. The latest data on our Global PulsePoint show macroeconomic disparities among major G7 markets that warrant decisive steps. Access the Global PulsePoint here: https://lnkd.in/e2sib5EB   3. Greater “economic literacy” and balanced commentary is essential to avoid self-fulfilling prophecies and downward spirals. Most of the market turbulences come from traders rushing to sell off stock from tech and AI companies – an element that investors had previously warned about. Business leaders and stakeholders should grasp the differences between suboptimal bets in trading markets and wider macroeconomic indicators. Exercising prudence is essential to avoid amplifying overly negative perceptions that might then accelerate negative actions.   📢🌍 Stay tuned for more updates from Ibec Global. Ibec Jackie King GCB.D #GlobalBusiness #EconomicSentiment #AI #InterestRates

We have updated the Global PulsePoint with the latest global macroeconomic data and included a section on productivity. CEOs maintain cautious optimism amid varying economic contexts and ongoing geopolitical tensions. Although global economic and productivity growth remain subdued, the US continues to exhibit resilient growth despite inflation challenges. Meanwhile, the ECB's June interest rate cuts aim to foster Europe's modest recovery. China grapples with an economic slowdown and structural issues. Financial markets in the West have reached record highs, in stark contrast to China’s downturn. 🌍🔎 Access the Global PulsePoint here: https://lnkd.in/e2sib5EB Ibec Jackie King GCB.D

International Business Expansion Summit 2024!!! ☘ 🌍 With a phenomenal line up of guest speakers, fantastic event sponsors, and an incredible venue in the heart of Galway City, the International Business Expansion Summit is shaping up to be the Irish global event of the year! Whether you're online or in person, be sure to join us September 19th for this incredible coming together of Irish businesses and organisations from across the globe to create meaningful new connections, share insights & expertise, as well as showcase a whole new community of incredible Irish business! ☘ 💼 With the backing of our incredible sponsors, Saratoga Economic Development Corporation, Buymedia, Ibec Global, Setanta Solutions Inc. and Western Development Commission, we're certain you're not going to want to miss out on this amazing event! Be sure to keep an eye on this page where we'll provide all the details and info for registration, tickets, and updates, as well as taking you through more on all our incredible sponsors and speakers! Can't wait to see you there!!! 😎 ☘ In-Person Attendee Tickets 😎 - https://lnkd.in/eYEkF_mY Virtual Attendee Tickets 🤖 - https://lnkd.in/ed5gstUw

Introducing “The Road Ahead”, the latest issue of our Global Compass. A succinct thought piece for business leaders to help them steer their executive teams towards business success. For this edition, we zoom in on five lessons learned from the elections results across the globe. Please share your thoughts and engage with us below. 📖➡ READ here: https://lnkd.in/g8FAWB-2 Ibec Jackie King GCB.D #Elections2024 #GlobalBusiness

This week NATO leaders came together in Washington, D.C., for the alliance’s 75th anniversary summit in a politically charged backdrop as both US President Biden and French President Macron — leading key pillar NATO countries — face significant challenges at home. Here are three key outcomes that business leaders should consider given their economic and geopolitical implications.   1. The 32 NATO member countries agreed that Ukraine is on an irreversible path towards membership but have not determined when this would happen. In addition to maintaining annual NATO support to help Ukraine defend itself, there were also commitments of security deals with individual member states as “a bridge to membership”. It is also interesting to note that more than two-thirds of NATO members are meeting their 2% of GDP annual defense spending requirements, while a third of members are not quite there yet, as a potential Trump return to the White House would bring more pressure on other countries to step up financially as a condition to keep US support for NATO.    2. For the first time, all NATO leaders aligned on stronger language calling China a “decisive enabler” of Russia in its war against Ukraine. This sparked ire from China’s foreign ministry, which opposes the alliance’s reach into the Indo-Pacific region as cooperation increases between NATO and US Pacific allies, notably Japan, South Korea and the Philippines. Meanwhile, India Prime Minister Modi met with President Putin to strike a balance of keeping ties between the two nations strong while urging Russia to bring an end to the war.    3. There will be a significant change at the helm. Former Dutch Prime Minister Mark Rutte will lead the Alliance as of October this year, and the next NATO Summit will take place in The Hague in 2025, and in Turkey the year after. #BusinessLeaders  #NATO #GlobalBusiness #Elections2024 #InternationalTrade Ibec Jackie King GCB.D

"The lack of civility and the lack of cooperation is at an all time high. The invasive nature of the media today makes it very difficult to do the work that you were elected to do"   Former US Congressman, Joe Crowley tells the Global Economic Summit why he 'fears Trumps presidency' and how an unwillingness to accept election results is among the “biggest threats to democracy”.   For this and other topics from global leaders including; creating a culture of “psychological safety” from Irelands head of Meta;  and rate cuts will be "less than forecast", a warning from the chief economist at Sweden’s biggest bank - listen to the Business Post's GES24 podcast.   Did you miss out on this years Summit? You can now listen back to recordings from some of our most thought-provoking panels from Global Economic Summit 24.  

There was no shortage of international developments this past week. In this edition of our Week in Focus, we report on three of them: significant shifts in the European Parliament; key outcomes from the G7 summit; and crucial monetary policy decisions from major central banks. 1. European Parliament Shifts Rightward The recent European Parliament elections have highlighted a notable shift to the right. The European Conservatives and Reformists (ECR) group, which includes prominent right-wing parties such as Giorgia Meloni's Brothers of Italy and Spain's VOX, is projected to become the third-largest force in the parliament. This development marks a significant change in the EU’s political landscape. The ECR's growth, coupled with the success of other right-wing parties, suggests a potential shift in EU policies, especially concerning immigration and climate policies. This new alignment will likely influence coalition dynamics and legislative priorities within the European Parliament.   2. G7 Summit: Focus on Russia and China   The recent G7 summit brought critical discussions on mobilizing frozen Russian assets to aid Ukraine and addressing trade concerns related to China. Leaders from the G7 countries debated the legal and economic implications of reallocating Russian assets to support Ukraine's reconstruction efforts, highlighting the international community's ongoing commitment to Ukraine amidst the ongoing conflict. Additionally, the summit addressed the growing trade tensions with China, emphasizing the need for a balanced approach to safeguard global economic stability. Key issues included market access, supply chain dependencies, and intellectual property rights, reflecting the G7's strategic focus on maintaining a fair and open international trade system.   3. Monetary Policy Deliberations   The European Central Bank (ECB) and the Bank of Canada have both decided to cut interest rates. The ECB reduced its rates by 25 basis points to 4.25%, the first cut in half a decade, aiming to stimulate economic growth amid slowing retail sales and a challenging environment. ECB President Christine Lagarde emphasized data-driven adjustments and a moderate easing of restrictions. Similarly, the Bank of Canada reduced its policy rate by 25 basis points to 4.75%, reflecting a response to cooling inflation and economic contraction concerns. Meanwhile, the Bank of England and the US Federal Reserve have maintained their current rates, with China also keeping rates unchanged. These decisions reflect a cautious approach by central banks worldwide, balancing economic stimulus needs with inflation risks.   Stay tuned for more insights in next week's edition of "The Week in Focus”. Jackie King GCB.D Ibec #InternationalTrade #EuropeanParliament #G7Summit #MonetaryPolicy #GlobalEconomy #TradePolicy #InterestRates

At Ibec Global, we celebrate Pride Month! 🌈   Pride Month is an important opportunity for our society to come together to celebrate the contributions of the LGBTQ+ community throughout history and its contribution to the business world, from advocacy that has led to greater representation in the workplace and equal opportunity for all employees, to activism and support for social causes that drive positive change. By fostering an inclusive workplace, we can gain access to a wide range of perspectives, talents and experiences.     Visit Ibec’s Diversity & Inclusion Hub which provides all the support, guidance and insight you will need to build a diverse and inclusive workplace here: https://lnkd.in/eC6GSQ5h   #PrideMonth #DiversityandInclusion    Ibec

Week in Focus: The G7 is hosting its heads of state Summit today and through the weekend under the presidency of Italy’s Giorgia Meloni. This is particularly significant as it is the first time that leaders meet in the immediate aftermath of the European elections, and just a few weeks away from the UK elections.   🔍🌍 ⬇ Here is what we will be watching in terms of decision points and deliberations that matter to international business:   Continuity on top? Ursula von der Leyen, from the European People’s Party, participates both as European Commission leader and “candidate”. While her party took on the majority of seats in Parliament, she still needs the formal backing of her Member State Presidents, who at G7 levels come from distinct parties. France’s Macron sits at the center, who suffered a major setback during the elections and to everyone’s surprise called for snap elections at the end of June. Germany’s Scholz represents the center-left spectrum, and Italy’s Meloni the far right. It will be noteworthy to follow developments for early signals of what the next EU leadership could look like, without forgetting that discussions at G7 levels do not preclude different directions that might take place once everyone is back home.   G7 actions to address global conflicts: including a 46 billion EUR loan to support Ukraine using the interest that has been raised from Russia’s frozen central bank assets. To put this in context, this amount corresponds to the annual GDP of Tunisia. It will also be crucial to read the substantive announcements the group will make vis-a-vis the Israel-Gaza conflict, in particular support for the US-proposed ceasefire deal.    How high will competitiveness rank on the agenda: compared to last year’s G7 communiqué, it will be pivotal to watch out for how detailed and tangible the future commitments on clarifying a common front regarding China on key sectors will be. Concerted actions are elemental as several sectors see the deleterious effects that Chinese overcapacity have on their operations and long-term viability. Further to last year’s Hiroshima process on Artificial Intelligence, we also expect further progress in seeing how G7 economies see coordinated action on the spread of the technology.   The biggest paradox facing leaders in these two days focuses on the tension between the need for the group to agree on concrete solutions and some individual leaders’ desire not to give too much to Italy’s Meloni, as the far right leader hosting the Summit.    We will provide you with an update on the Summit outcomes and electoral implications in the coming days. Jackie King GCB.D Ibec #G7 #EUelections #globalbusiness #competitiveness