Regional trends in global sourcing
As businesses assess their operational capacity needs for a predicted bumpy recovery, to recalibrate during and post-pandemic, it is crucial to understand what brought us to this point and where it is likely leading us.
The Pacific Basin Economic Council (PBEC), Monash University Malaysia and KPMG, together with contributions from PBEC members, are pleased to publish this report on global sourcing, reviewing the most recently announced supply chain and sourcing movements in the region, charting a new course in Asia Pacific.
Yes you heard that right. My hope is that artificial intelligence (AI) and robotics will be used primarily to eliminate the tedious, bullshit work in which most of humanity currently toils, so that more and more people can pursue their passions in a similar fashion. Ideally, this will lead to our next great renaissance of art and culture, as millions (or even billions) of humans are suddenly free to do what they love and create happiness through art. Before such…
Since RCEP came into effect in China and Japan in January and South Korea in February of 2022, it became the first free trade agreement that fully includes all three economies of China, Japan and South Korea. The trade deal helps reduce the tariff costs of cross-border trade among its members and promotes such measures as self-declaration of origin by approved exporters. China has now become Japan’s and South Korea’s largest trading partner. Meanwhile, South Korea and Japan have become…
APEC released a set of guidelines to further the forum’s work on environmental services and marine debris management. The guidelines encourage member economies to facilitate services that support the clean-up of marine debris from beaches, rivers, coastal areas, and the open ocean. Marine debris refers to plastic and other litter, discarded and lost fishing equipment, industrial rubbish, and other human-created waste that enters the seas and oceans. A 2020 report by APEC Ocean and Fisheries Working Group estimated that marine…
The Pacific Basin Economic Council (PBEC) is the pleased to announce its wholehearted support for the OGCI-incubated Aiming for Zero Methane Emissions Initiative, which aims to eliminate methane emissions from signatories’ operations by 2030. The Aiming for Zero Methane Emissions Initiative recognizes that virtually all methane emissions from the energy industry can and should be avoided. The initiative was developed by members of the OGCI, a CEO-led group that aims to speed up the industry’s response to climate change. Aiming…
PBEC held its AGM 2023 in a hybrid live format, with approved attendees able to either join in person in Hong Kong at KPMG Boardroom in Princes Building or via online on zoom. It was one of our most attended AGM’s for a number of years which was great to see, with representatives from APEC economies such as; Vietnam, Hong Kong SAR, Australia, Philippines, Malaysia, Indonesia, Japan, Thailand, China and Macao. Further afield we had members join from the USA,…
PBEC welcomes both Peter Burnett OBE, BBS Managing Director of Standard Chartered Bank Hong Kong Limited and Mary Simpson Director of International Member Engagement at ICAEW to its board of directors. Both were formally elected by majority vote at the recently held hybrid PBEC AGM 2023 attended by over 60 members from across APAC. Peter is the immediate past Chair of Britcham HK one of the largest and most professionally run chambers anywhere in the world and is a key…
Ministers of Chile, New Zealand, and Singapore, Parties of the Digital Economy Partnership Agreement (DEPA), and the Republic of Korea (ROK) met on the sidelines of the OECD Ministerial Council Meeting in Paris, France, on 8 June 2023. The Ministers welcomed the substantial conclusion of discussions on the ROK’s accession to the DEPA. Accession of the ROK to the DEPA The DEPA Parties are delighted that discussions for the ROK to accede to this world-leading agreement have substantially concluded, making…
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KPMG will invest at least $2 billion over the next five years with Microsoft to co-develop cloud and generative AI tools, the companies announced Tuesday. Why it matters: Rival consulting giants like PwC and Accenture also have made large-scale commitments toward AI-powered changes. Details: All of KPMG’s businesses — audit, tax and advisory — will be impacted by the products that will be developed through this expanded partnership, KPMG U.S. chair and CEO Paul Knopp tells Axios. KPMG and Microsoft…
Far East Consortium International Limited (“FEC” or the “Group”) is delighted to announce that the Group has won three honours at the HKIRA 9th Investor Relations Awards 2023 (“Awards”) hosted by the Hong Kong Investor Relations Association (“HKIRA”), including “Best IR Company”, “Best Investor Meeting” and “Best Annual Report”. The results were announced at the Awards Presentation Ceremony held in Hong Kong on 28 June 2023. FEC has won the “Best IR Company” award for the eighth consecutive year. Furthermore,…
A series of 12 concerts by Cantopop superstar Jacky Cheung over the past month attracted a record-breaking 109,000 fans to The Venetian Macao’s Cotai Arena, prompting Sands China President & PBEC Emeritus Chairman Dr Wilfred Wong to hail the positive impact the residency provided to the Macau economy. Originally slated to perform six shows in June, that number was doubled after the original allocation for the Macau leg of Cheung’s latest world tour – and first visit to Macau in…
At our Annual Dialogues Summit 2022 in November, PBEC teamed up with The Local2030 Islands Network and advocate for Dashboard data monitoring software as an essential tool in sharing best practices to mitigate emissions and achieve its SDG goals. It is the world’s first global, island-led peer-to-peer network devoted to advancing the Sustainable Development Goals (SDGs) through locally driven solutions and we really like many of the initiatives this group is developing, so its only fair we share. Sharing is…
Far East Consortium International Limited (“FEC”; Stock Code: 35.HK), is delighted to announce the opening of two landmark hotels in the CBD of Melbourne, Australia. On 23 March 2023, FEC opened the Ritz-Carlton Melbourne. The hotel consists of 257 luxury guest rooms located within the West Side Place mixed-use development in the CBD of Melbourne. The lobby sits on the 80th floor and all the rooms offer impressive views over Melbourne. The Ritz-Carlton Melbourne represents the second Ritz-Carlton developed and opened…
“I am honoured and humbled to have been appointed by the Chief Executive of Hong Kong to serve on the Council for Carbon Neutrality and Sustainable Development, effective May 1, 2023, for a term of two years.” Stated Natalie Chung on her Linkedin official page this past week. She went on to say, “recognising the gravity of the task at hand, which is to define a roadmap and implementation plan for Hong Kong to achieve our 2050 carbon neutrality target,…
Episode 23: An interview with PBEC Board Member Thomas Wong Co-Founder of CW CPA on Latin American companies seeking a slice of the Chinese Consumer Market
Dear Members and friends of PBEC. On behalf of Pascal Lamy, chair of the French Pacific Territories Economic Committee (FPTPEC), I am delighted to extend an invitation to the PBEC members & its community to join this special seminar on June 13 and 14 in Noumea (New-Caledonia) on the theme of “The deep seabed: the state of play in Asia-Pacific“. This hybrid seminar will bring together speakers from across the Asia-Pacific region (Australia, China, Cook Islands, Malaysia, New Caledonia, New…
PBEC holds a closed-door briefing every two months with its board and members by strict invitation only. Not everyone can attend the meetings and this one was our first hybrid-held meeting since all covid restrictions were lifted in February by the HK Government, so there were still many attending via online means. The subject areas we cover are typically broad and wide-reaching, but mainly on trade-related, geopolitical and economic matters of interest. A strong focus in this meeting is on…
PBEC – Pacific Basin Economic Council is by invitation ONLY a members based institution, that supports connectivity and cross-border regulatory standardisation efforts within APAC for all technological advancements, through dialogue, engagement and collaborative efforts.
PBEC’s focus is to continual attain recognition as the most comprehensive multilateral platform for APAC business leaders to engage with, advocating key trade issues of importance under a fair rules based system, thus promoting cooperation amongst member States to achieve inclusive, sustainable economic and social development in Asia and the Pacific.
Headquartered in Hong Kong SAR, the (PBEC) Pacific Basin Economic Council is the region’s oldest business leaders regional network provider and these days quasi-Think Tank assisting policy-makers. It is a strictly “By Invitation Only” members based organisation with over 24,000+ business leader, academic & Government representative affiliated globally. During Covid-19 the PBEC expanded its presence with official representation in the UK as part of its post-Brexit support connecting UK based firms pursuing a foothold in the Asian Market. It also renewed…
