In the News – Galvin Round Up
UK companies begin preparing for a no-deal Brexit, the World Economic Forum meets in Davos, and Japan’s PM calls for WTO reform – find out more with your international perspective on some recent headlines.
Companies Ramp Up Post-Brexit Plans
With the major political parties still in a deadlock over Brexit, companies have begun to speed up and implement their post-Brexit plans, and in particular their plans for the event of a no-deal scenario.
The maritime operator P&O, which has operated in Britain for 182 years, announced that it would be re-registering the entirety of its cross-Channel ferry fleet under the flag of Cyprus, while electronics giant Sony confirmed it would be moving its European base from London to the Netherlands. Smaller companies who are staying in the UK, including Pets at Home, also stated that they were stockpiling supplies to help with the supply chain disruption of a no-deal Brexit.
Meanwhile, entrepreneur and Dyson CEO Sir James Dyson has revealed plans to move his company’s headquarters to Singapore – a move that has attracted particular criticism given his vocal, well-publicised pro-Brexit stance.
World Economic Forum Gets Underway in Davos
The annual World Economic Forum in Davos began on Tuesday the 23rd of January. In contrast to previous years, 2019’s meeting is perhaps most notable for its absentees – Donald Trump, Theresa May, and French President Emmanuel Macron have all declined to attend in the light of turmoil within their own countries.
China’s Xi Jinping and India’s Narendra Modi will also be absent – leaving the forum without some of the globe’s most significant and powerful world leaders.
The slowdown of global growth is likely to be on the agenda, but the meeting’s main talking point may prove to be climate change – with a poll of WEF members showing that it was the number one concern that they want addresses, and a keynote panel debate on the issue featuring Sir David Attenborough, Al Gore, and New Zealand prime minister Jacinda Arden.
Japanese PM Joins Calls for WTO Reform
Japan’s prime minster, Shinzo Abe, has argued that factors ranging from Brexit to the US-China trade war pose a risk to the world economy, and that reform of the WTO is needed to ensure growth.
As we have discussed on the Galvin International blog before, the WTO has been facing criticism for a while now, but Mr Abe’s comments will only increase the likelihood of an imminent complete overhaul for the regulatory body.
The Galvin News Round-Up
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