Connect with us

A reconfiguration of cargo routes is underway as the trade war between the U.S. and China spills over globally, a logistics industry executive said on Friday.

“We’ve definitely seen an impact in certain trade routes,” said Alex Hungate, president and CEO of airport ground-handler and catering solutions provider SATS.

While there are “strong flows” between countries in the Association of Southeast Asian Nations and China, trade volumes in Greater China — which includes mainland China, Hong Kong, Macau and Taiwan — are “softer,” Hungate told CNBC’s “Squawk Box.”

Listed on the Singapore Exchange, SATS operates in over 60 locations and 13 countries across Asia and the Middle East.

Overall, Greater China would be the most sensitive to the trade fracas, said Hungate.

Where air freight is concerned, Vietnam is a strong performer while trading hub Singapore is “holding up pretty well,” he said, adding that growth in India is also strong.

Hungate confirmed the phenomenon of “front-loading” — where exporters benefit from increased orders before tariffs hit — as he witnessed 300 Harley-Davidson bikes lined up at a freight terminal for shipping.

In October, Harley-Davidson Chief Financial Officer John Olin said the American motorcycle manufacturer was expecting to pay at least an additional $40 million this year to cover the costs of new tariffs across the world. Harley-Davidson is doing everything it can to minimize the impact of tariffs on its profits, he said.

Markets are now keeping their eyes on a much-touted meeting later this month between U.S. President Donald Trump and China President Xi Jinping at the G-20 in Buenos Aires, Argentina for any signs of easing tensions in the trade war.

Source link

World

Employees are ghosting their job offers, Gen Z is leading the charge

Published

on

Logan was keen to point out that Randstad’s study only takes into account Gen Zs of working age, rather than all those aged 13+. However, with technology playing a bigger role in workplace communication, increasing anonymity and reducing culpability, experts say they expect the trend to continue to permeate across generations.

“We are seeing this behavior in workers of all ages, not just younger ones,” said Randstad’s Link. “Technology is changing the nature of employment rapidly, which means workers across many generations are abandoning traditional career paths and expectations about what it means to be an employee. That includes their behavior around accepting jobs.”

Employers could preempt that trend, Link said, by ensuring they have a robust onboarding process that keeps employees engaged and informed right until the end of the recruitment process.

“Our survey found nearly a third (30 percent) of organizations today don’t have any formal pre-boarding processes in place,” he noted, highlighting steps such as connecting new hires with future colleagues and initiating a welcome meeting.

“Steps like these not only help reduce any anxiety new hires might have about starting a new job, but also show them an environment where they’ll be valued awaits them,” Link added.

Don’t miss:

The jobs market is changing — and so should your resume

Like this story? Subscribe to CNBC Make It on YouTube!

Source link

Continue Reading

World

China, India will become asset management ‘powerhouses,’ top fund manager says

Published

on

Martin Gilbert, chief executive officer of Aberdeen Asset Management Plc, speaks during an interview in London, U.K., on Monday, May 16, 2016.

Jason Alden | Bloomberg via Getty Images

Martin Gilbert, chief executive officer of Aberdeen Asset Management Plc, speaks during an interview in London, U.K., on Monday, May 16, 2016.

China and India are poised to become “real powerhouses” for the asset management industry, according to Standard Life Aberdeen Vice-Chairman Martin Gilbert.

Speaking to CNBC at the first Financial Sector Conference in Riyadh, Saudi Arabia, Gilbert said Asia remained the key focus for asset management arm Aberdeen Standard Investments (ASI), based on the growth in retail investors and wealth in China and India.

“It’s not really a retail market yet but when it is, China, India, these sort of places are going to be real powerhouses for the asset management industry,” Gilbert said.

ASI expanded its Asian investment team in November 2018, with four portfolio managers joining in Shanghai and Hong Kong to bolster its China fixed income and equities expertise.

Gilbert said China’s top-down economy and political structure meant that “you need to be close to the government in China and as far away from the government as possible in India.”

Source link

Continue Reading

World

Boeing earnings Q1 2019 match expectations but revenues disappoint

Published

on

Boeing said it has completed more than 135 test and production flights of updated software for the 737 Max. The Federal Aviation Administration, as well as regulators around the world, grounded the airplane in mid-March after the crash of an Ethiopian Airlines plane. That crash came five months after a Lion Air 7737 Max crashed in Indonesia. A total of 346 people died in the crashes.

The company is expected to submit its plan to fix the Max to the FAA shortly, people familiar with the matter told CNBC.

Boeing reported a total order backlog for its commercial airplane business of $399 billion, citing more than 5,600 orders. That is down from the previous quarter, which had an order backlog of $412 billion with more than 5,900 orders.

The company’s largest business, Boeing’s commercial airplanes division saw deliveries fall 19% year-over-year for the quarter, to 149 aircraft from 184 aircraft. That decline is largely due to the 737 Max’s grounding, as the plane makes up the majority of Boeing’s order backlog. Goldman Sachs has estimated the 737 Max also makes up 33% of Boeing’s revenue over the next five years.

U.S. airlines that had been flying 737 Max aircraft have removed the jet from flight schedules as far as August. Southwest Airlines, American Airlines and United Airlines all extended thousands of flight cancellations through the summer, a key travel period for the airlines.

Source link

Continue Reading

Trending