Maersk labour violations | Turkey-Iraq oil dispute over Kurdistan | Japan’s inflation woes

Welcome to Portfolio Intelligence Daily, where each morning we spotlight investment risks bubbling under the surface.?

Today:?

1. Maersk labour violations
2. Turkey-Iraq oil dispute over Kurdistan
3. Japan’s inflation woes

Theme summaries are curated by Auquan’s research analyst team using our Portfolio Intelligence Engine to automate deep investment research and generate insights at scale.

Maersk accused of labour violations

Global container shipping leader Maersk faces building criticism over its labour practices

• Maersk management faces increasing pressure from labour unions to address worker conditions
• Labour issues were discussed in the company’s annual general meeting (AGM), where it was recognized that managing its labour standards is becoming a significant concern.
• Incidents of worker's casualties may impact Maersk's reputation globally and possibly lead to legal and financial consequences
• Maersk may need to allocate funds to improve worker safety measures

Select timeline

• March 31,? 2023 | Unions grill Maersk over labor violations at Copenhagen AGM (India Shipping News)
• March 31,? 2023 | Maersk and Svitzer cop criticism during AGM (MUA.org)
• August 3, 2022 | Six fatalities across Maersk Group first half 2022 (Seatrade Maritime)

“Svitzer and Maersk’s behaviour is an attack on the principles of collective bargaining and is contrary to the social values of both the Australian and Danish people. These managers should be called to heel by their Danish parent company or shown the door.” — Jamie Newlyn, Assistant National Secretary, Maritime Union of Australia (source)

Tags: #maersk #workersafety #laborrights #esg

Iraq-Turkey oil dispute over Kurdistan intensifies

The dispute involving Turkey, Iraq, and the Iraqi Kurdistan Region over oil production has escalated, leading to further crude production shutdowns by oil companies.

• Kurdistan Region's government has halted Gulf Keystone’s output, which is exported via Turkey
• Norway’s DNO ASA has started an “orderly shutdown of its operated oil fields, and other oil companies have halted or are slowing production?
• Companies seek US mediation to ease the tensions between Iraq and Turkey, and the Kurdistan region
• Impacted companies: Gulf Keystone Petroleum, DNO ASA, and other oil companies operating in Iraqi Kurdistan region

Select timeline

• March 31, 2023 | Iraq Oil Shutdowns Worsen as Gulf Keystone Cuts Kurdistan Output (Bloomberg)
• March 29, 2023? | Oil Advances on Kurdish Supply Dispute and US Inventory Data (EnergyNow)
• March 29, 2023 | Oil firm starts shutdown in Kurdistan amid Iraq-Turkey dispute (Energy Voice)

“It is unfortunate it has come to this given the likely impact of a continuing supply disruption on oil prices and at a fragile time in global financial markets.” — Bijan Mossavar-Rahman, Executive Chairman, DNO (source)

Tags: #iraq #kurdistan #turkey #oil #gulfkeystone #dno

Japan’s persistent inflation threatens economic recovery

Japan's economy faces persistent inflationary pressures, threatening recovery amid the COVID-19 pandemic and recovery.

• Japan's consumer inflation hits 41-year high, stays above BOJ target
• Bank of Japan (BOJ) plans to maintain ultra-low interest rates at Governor Kuroda's final policy meeting
• IMF advises BOJ against hasty moves
• Impacted companies: Japanese exporters, including Toyota, BYD, Mazda, and MitsubishiMotors

Select timeline

• March 31, 2023 | IMF to advise BOJ against hasty moves (Japan Times)
• March 30, 2023 | Tokyo inflation slows further ahead of BOJ leadership shift (Bloomberg)?
• February 23, 2023 | Japan's consumer inflation hits 41-year high, stays above BOJ target (Reuters)?

“Amid a tighter labor market, base wage growth is expected to accelerate in 2023, but will likely stay below the level that the BOJ considers consistent with achieving the 2% inflation target in a sustainable manner.” — IMF statement (source)

Tags: #japan #inflation #IMF #BOJ #toyota #byd #mazda #mitsubishi?

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