WTO to discuss new regulations for global e-commerce
The World Trade Organization (WTO) announced that it will be holding discussions with its members in March, concerning the establishment of regulations and standards for the fast-growing e-commerce sector. The WTO has recognized that its traditional protocols are incompatible with the “needs of the 21st century” and modern methods of doing business.
Cross-border e-commerce is growing at a particularly rapid rate, even quicker than domestic e-commerce; by the end of 2020 it could worth $900 billion. The WTO noted that despite the increase in electronic transactions, “there are no specific multilateral rules… regulating this type of trade.” Businesses and customers are currently reliant on various rules agreed by various countries in their bilateral or regional trade agreements. Establishing a multilateral legal framework for customers and businesses could make the buying and selling process online much safer and easier.
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Global investors call on fast food giants to de-risk meat supply chains
Unsustainable supply chain practices have not long been perceived as a real business risk but they are becoming an increasingly important issue to investors around the world. Although the fast food chain industry has made a lot of progress in addressing health risks and transparency in supply chains, it still has a long way to go regarding its environmental impact. Earlier this week, a coalition of 80 investors representing over $6.5 trillion in combined assets sent letters to five of the largest fast food chain groups demanding an explanation of how they plan to de-risk their meat and dairy supply chains. The investors requested a response from each of the recipients by March 2019. The recipients included: Domino’s Pizza, McDonald’s, Restaurant Brands International (owners of Burger King), Wendy’s Co., and Yum!Brands (owners of Pizza Hut and KFC).
The letters are part of a campaign led by sustainability non-profit Ceres and Farm Animal Investment Risk and Return (FAIRR). Some of the demands enclosed in the letters include demands to set clear policy requirements for suppliers to report on and reduce their emissions, to publish quantative, time-bound targets with a focus on reducing GHG emissions and fresh water impacts, and to commit to publicly disclosing progress on an annual basis.
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FedEx introduces new late-night shipping option
FedEx is confident that its best strategy to increase revenue and growth in the e-commerce sector would be to help retailers compete against e-retail market leader Amazon. According to Brie Carere, FedEx’s chief marketing officer, less than 1.3% of the company’s current revenue comes from Amazon. This number is not expected to increase and Amazon poses a new threat to couriers now that it has started to further develop its own delivery capabilities.
As part of the Courier’s strategy, FedEx is introducing a new late-night shipping option for US retailers who want to fulfill customer orders quickly and ship directly to online customers. The courier is offering next-day delivery for orders received as late as midnight. FedEx Express drivers will pick up packages from retailers as late as 2 am and take them to sorting hubs. The courier can deliver the packages as soon as the next day in the local market and within 2 days to other US destinations.
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Have a great weekend.