The Weeks of January 22 & 29, 2024 Newsletter

??THIS WEEK: Belgium Presidency, U.S. Patent, Sustainable Finance, Indian Budget, Interest Rates, Economic Reports

This week includes Belgium presenting its presidency priorities, the Philippines president visiting Vietnam, Congress on patent laws and chemical regulation, and India's interim budget announcement. Globally, key economic events include interest rate decisions by the Federal Reserve and Bank of England, and significant economic data releases from various countries.

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HAPPENING THIS WEEK

MONDAY

• Priorities of the Belgium Presidency:?Belgium's ministers will continue presenting their priorities in meetings with parliamentary committees, this time in the fields of Home Affairs, migration, health, and food safety). Belgium holds the rotating Presidency of the Council until the end of June 2024.
• Philippines president to visit Vietnam.

TUESDAY

• U.S. Senate Judiciary Subcommittee on Intellectual Property, Meeting: Hearings to examine?the Patent Eligibility Restoration Act, focusing on restoring clarity, certainty, and predictability to the U.S. patent system. Meeting Details
• The?UN Environment Programme Finance Initiative (UNEP FI)?is hosting its?Regional Roundtable on Sustainable Finance for Latin America and the Caribbean?on 30-31 January in Bogotá, Colombia.
• The UN Economic and Social Council’s (ECOSOC) 2024 Partnership Forum will take place on 30 January 2024. The yearly ECOSOC Partnership Forum discusses ways to define and promote effective partnerships and how partnerships can best advance the sustainable development agenda and the 17 SDGs.

WEDNESDAY

• U.S. Senate Committee on Environment and Public Works, Meeting: An oversight hearing to examine the U.S. Toxic Substances Control Act, a key us chemical regulation, amendments implementation. Meeting Details

THURSDAY

• Indian Finance Minister Nirmala Sitharaman is set to present an interim national budget just ahead of the country's general elections due in April-May. A full-fledged annual budget for the financial year starting in April will be unveiled once a new government is installed.

FRIDAY

• A slow day in politics.

SATURDAY and SUNDAY

• A slow weekend in politics.

GLOBAL ECONOMIC PULSE

In the coming week, the Federal Reserve and the Bank of England will likely maintain their current interest rates. The week will conclude with the release of U.S. non-farm payrolls. The U.S. Treasury’s Quarterly Refunding Announcement, which will reveal the degree of issuance, is also of significance for U.S. Treasuries. In the Emerging Markets, Egypt, Ghana, Hungary, and Singapore are set to make key rate decisions.

Notably, this will be Singapore’s first decision under new leadership. China’s Purchasing Managers Index readings will serve as a litmus test following the recent global rebound observed in Developed Markets. Lastly, we can expect GDP data from Hong Kong and the Philippines along with inflation figures from Indonesia and South Korea.? Australia's December Consumer Price Index (CPI) is expected to rise by 0.8% month-on-month, potentially lowering the annual inflation rate to 3.5%, amidst ongoing concerns about high CPI rates. India's fiscal deficit for December is projected to mirror last year's INR148.22 billion, aligning with its 2023/24 deficit target of 5.9% GDP. Japan is likely to see a rebound in industrial production, supported by strong exports and tight labor market conditions. Korea's exports for January are forecasted to increase significantly to 16.5% year-on-year, while inflation is expected to decrease to 2.6%.

Earnings Reports Highlights This Week:? Ryanair Holdings (RYAAY), Nucor Corporation (NUE), Microsoft (MSFT), Alphabet (GOOGL), Advanced Micro Devices (AMD), Pfizer (PFE), United Parcel Service (UPS), Starbucks Corporation (SBUX), Novo Nordisk (NVO), Mastercard Incorporated (MA), Novartis (NVS), Boeing (BA), Apple (AAPL), Amazon (AMZN), Meta Platform (META), Merck & Co. (MRK), Shell (SHEL), Honeywell (HON), ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), Bristol-Myers Squibb (BMY)

NOTEWORTHY REGULATIONS, LEGISLATION and REPORTS

Health Care

• KPMG consulting published a report titled The Future of Life Sciences.
• European Commission proposes delays for IVDR to prevent supply disruption.? Officials are planning to give manufacturers another 31 months to get tests certified under the In Vitro Diagnostic Medical Devices Regulation.

Tech and Artificial Intelligence

• U.S. Congressional Research Service reports recent uses of artificial intelligence (AI) to create realistic images, videos, replicas, or voice simulations of real people have prompted some Members of Congress to call for federal legislation to protect the “right of publicity” (or ROP, for short). The ROP is often defined as the right to prevent unauthorized commercial uses of one’s name, image, or likeness (NIL) or other aspects of one’s identity (such as one’s voice). The ROP is not comprehensively protected by current federal laws.

Mobility, Transportation and Supply Chains

• KPMG published 24th Annual Global Automotive Executive Survey Getting real about the EV transition

Geopolitics

• Baker McKenzie analyzed survey data from 600 senior disputes lawyers at large corporations across four continents.? A summary of the trends they saw is reported in The Year Ahead, Global Disputes Forecast 2024.

Economics and Markets

• U.S. International Trade Administration published a report on Italy’s Medical Device & Technology Market.

Sustainability, Climate and Environment

• EY published The Role of Government In Climate Resiliency.

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