Experts put forward supply chain risk management response for triple-shock Covid-19

Experts put forward supply chain risk management response for triple-shock Covid-19

Experts put forward supply chain risk management response for triple-shock Covid-19

The business impact of Covid-19 will be unlike anything in recent memory, with supply, demand and liquidity shocks set to combine and cause unprecedented disruption, according to expert speakers on a Commercial Risk Europe webinar. The specialists said that although supply chain risk management is lacking in many organisations, there are steps they can take now to respond to the coronavirus…

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

The World Bank has advised national governments not to react to the rise of coronavirus (Covid-19) and its devastating impact on the global economy too hastily by raising protectionist barriers and particularly by restricting the export of badly needed food and medical products. Now is the time for the nations of the world to pull together to combat the virus…

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Parima urges risk managers to stress test insurance programmes for Covid-19 triggers

Risk managers should stress test their insurance programmes to see how coverage may be triggered for losses caused by coronavirus (Covid-19), according to Franck Baron, group deputy director, risk management and insurance at International SOS, and chairman of the Pan-Asia Risk & Insurance Management Association (Parima). Key lines that may be triggered by the impact of the virus include business…

Business urged not to take adversarial approach to supply chain Covid-19 problems

Business urged not to take adversarial approach to supply chain Covid-19 problems

Business urged not to take adversarial approach to supply chain Covid-19 problems

Aon’s Peter Kapler has urged the construction industry and wider business community not to take a short-sighted, adversarial approach to dealing with supply chain and contractual problems thrown up by Covid-19, which could lead to insolvencies and do no one any good. Mr Kapler, who is SVP national director in Aon’s Canadian construction services group, added that the outbreak will…

Top global brands accused of using forced labour in Chinese factories

Top global brands accused of using forced labour in Chinese factories

Top global brands accused of using forced labour in Chinese factories

Leading global brands such as Apple, BMW, Sony, Gap and Nike are unwittingly using forced labour that the Chinese government has transferred from internment camps into factories, according to the Australian Strategic Policy Institute (ASPI). The ASPI is a non-partisan defence and strategic policy thinktank founded by the Australian government and partly funded by the Australian Department of Defence. China…

Coronavirus set to ravage global supply chain according to Russell Group analysis

Coronavirus set to ravage global supply chain according to Russell Group analysis

Coronavirus set to ravage global supply chain according to Russell Group analysis

Ten Chinese companies, with combined revenues of almost $1.5trn, will be exposed to an estimated $122bn of connected loss exposures from the coronavirus, according to risk modelling firm Russell Group. The numbers provide further evidence of the potentially catastrophic impact the virus could have on the global economy, as both imports into China and exports out of the country are…

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Acceleration in coronavirus numbers hammers Asia-Pacific manufacturing figures

Leading economies in the Asia-Pacific region are feeling the impact of the coronavirus outbreak, as manufacturing figures in Japan and Australia slumped and South Korea’s exports to China fell – a key bellwether of the health of the regional economy. The gloomy manufacturing and export figures came as the World Health Organization reported on Sunday morning (23 Feb) central European…

Coronavirus impacts top brands’ sales and supply chains

Coronavirus impacts top brands’ sales and supply chains

Coronavirus impacts top brands’ sales and supply chains

Major global corporates are starting to feel the impact of the coronavirus outbreak in China as supplies and components exported from the country dry up, global brand retail stores in China remain closed and tourism in the region is rocked. Supply chain issues and business disruption are the pressing risks from the outbreak. This week, European and US companies with…

China province launches coronavirus cover

China province launches coronavirus cover

China province launches coronavirus cover

The Chinese province of Hainan has launched an insurance product specifically designed to cover losses incurred by businesses as a result of the coronavirus outbreak in the country. According to reports citing a notice released by the China Banking and Insurance Regulatory Commission (CBIRC), the scheme has set aside CNY200m ($28.7m) to cover payouts. The Hainan government will subsidise 70%…

Coronavirus impact on supply chains felt by JCB and Alibaba

Coronavirus impact on supply chains felt by JCB and Alibaba

Coronavirus impact on supply chains felt by JCB and Alibaba

The regional and global supply chain impact from the coronavirus has rapidly shifted from potential to real, as leading Chinese conglomerate Alibaba and UK multinational JCB both issued statements this week detailing the already big impact that the rapidly spreading virus is having on production and distribution. JCB, a UK firm that manufactures equipment for construction, agriculture, waste handling and…

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