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RED SEA ATTACKS DRIVE TRANSPORTATION COSTS TO 15-MONTH HIGH AND SAFETY STOCKPILING INCREASES SLIGHTLY, BUT NO SIGNS OF PANIC SO FAR: GEP GLOBAL SUPPLY CHAIN VOLATILITY INDEX

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Excess global supply chain capacity shrinks to its lowest level in nine months, showing the first signs of recovery in global manufacturing Demand for raw materials, commodities and components, while subdued, also trends higher in JanuaryAsian supply chains at their busiest in nearly a year as factory purchasing rebounds in region’s key markets

CLARK, N.J., Feb. 13, 2024 /PRNewswire/ — The GEP Global Supply Chain Volatility Index — a leading indicator tracking demand conditions, shortages, transportation costs, inventories and backlogs based on a monthly survey of 27,000 businesses — rose to -0.12 in January, from -0.44 in December, its highest level since last April, indicating that spare capacity across global supply chains has shrunk notably.

Although this is the ninth successive month of excess capacity at global suppliers, the downturn eased to its weakest since last April. The index suggests that underlying trading conditions may be starting to improve as recession and inflation fears fade and businesses prepare for a stronger 2024.

The most noteworthy impact from the Red Sea disruption was to transportation costs, which rose to a 15-month high in January, as commercial ships took the lengthier route around the Cape of Good Hope. There was also a slight pick-up in safety stockpiling, with reports from businesses of inventory building due to supply or price fears at the highest since last June. That said, they were well below the levels seen in 2021-2022 during the post-pandemic supply crunch.

Regionally, Asia’s supply chains were at their busiest in nearly a year as factory purchasing activity in China, South Korea and India rebounded, suggesting manufacturers there are gearing up for growth. In a similar vein, suppliers to North America and Europe saw their spare capacity shrink during January. Less slack was also seen for the U.K.’s suppliers, who have experienced subdued demand for 19 consecutive months.  

“The world’s supply chains got busier in January, and activity at our global manufacturing clients is ticking up,” explained Daryl Watkins, senior director, consulting, GEP. 

“With input demand trending higher, led by Asia, signalling a return to positive growth in the coming months, it is imperative business keeps tamping down suppliers’ price increases so inflation continues to trend down,” said Watkins, summarizing the implications.

JANUARY 2024 KEY FINDINGS

DEMAND: Purchases of raw materials, commodities and components remained subdued, although the decline eased to its weakest since last April, hinting at improving demand.

INVENTORIES: Reports of safety stockpiling due to supply or price concerns ticked up to a seven-month high in January as disruption through the Suez Canal led some companies to build up inventory buffers.

MATERIAL SHORTAGES: Global supply conditions remain healthy — reports of item shortages remain among the lowest seen in four years.

LABOR SHORTAGES: Labor availability remains unproblematic for global suppliers, with reports of backlogs rising due to a lack of staff holding close to historically typical levels.

TRANSPORTATION: Global transportation costs rose to a 15-month high in January, signalling some contagion from the disruption to shipping through the Suez Canal.

REGIONAL SUPPLY CHAIN VOLATILITY

NORTH AMERICA: Index rose to -0.33, from -0.39, indicating the 10th consecutive month of underutilized supplier capacity.

EUROPE: Index rose to -0.63, from -0.92, the lowest level of excess vendor capacity in five months.

U.K.: Index rose to -0.62, from -1.05, showing spare capacity at U.K. suppliers almost halving, which is a positive sign after 19 consecutive months of subdued input demand.

ASIA: Index rose to 0.14, from -0.42, indicating the strongest pressure on the region’s supply chains in almost a year amid improving demand in key exporting nations.

For more information, visit www.gep.com/volatility.

Note: Full historical data dating back to January 2005 is available for subscription. Please contact economics@spglobal.com.

The next release of the GEP Global Supply Chain Volatility Index will be 8 a.m. ET, March 13, 2024.

About the GEP Global Supply Chain Volatility Index

The GEP Global Supply Chain Volatility Index is produced by S&P Global and GEP. It is derived from S&P Global’s PMI® surveys, sent to companies in over 40 countries, totaling around 27,000 companies. The headline figure is a weighted sum of six sub-indices derived from PMI data, PMI Comments Trackers and PMI Commodity Price & Supply Indicators compiled by S&P Global.

A value above 0 indicates that supply chain capacity is being stretched and supply chain volatility is increasing. The further above 0, the greater the extent to which capacity is being stretched.A value below 0 indicates that supply chain capacity is being underutilized, reducing supply chain volatility. The further below 0, the greater the extent to which capacity is being underutilized.

A Supply Chain Volatility Index is also published at a regional level for Europe, Asia, North America and the U.K. For more information about the methodology, click here.

About GEP

GEP® delivers AI-powered procurement and supply chain solutions that help global enterprises become more agile and resilient, operate more efficiently and effectively, gain competitive advantage, boost profitability and increase shareholder value. Fresh thinking, innovative products, unrivaled domain expertise, smart, passionate people — this is how GEP SOFTWARE™, GEP STRATEGY™ and GEP MANAGED SERVICES™ together deliver procurement and supply chain solutions of unprecedented scale, power and effectiveness. Our customers are the world’s best companies, including more than 550 Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic, financial and operational goals. A leader in multiple Gartner Magic Quadrants, GEP’s cloud-native software and digital business platforms consistently win awards and recognition from industry analysts, research firms and media outlets, including Gartner, Forrester, IDC, ISG, and Spend Matters.

GEP is also regularly ranked a top procurement and supply chain consulting and strategy firm, and a leading managed services provider by ALM, Everest Group, NelsonHall, IDC, ISG and HFS, among others. Headquartered in Clark, New Jersey, GEP has offices and operations centers across Europe, Asia, Africa and the Americas. To learn more, visit www.gep.com.

About S&P Global

S&P Global (NYSE: SPGI) S&P Global provides essential intelligence. We enable governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction. From helping our customers assess new investments to guiding them through ESG and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate progress for the world. We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help the world’s leading organizations plan for tomorrow, today.

Disclaimer

The intellectual property rights to the data provided herein are owned by or licensed to S&P Global and/or its affiliates. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without S&P Global’s prior consent. S&P Global shall not have any liability, duty or obligation for or relating to the content or information (“Data”) contained herein, any errors, inaccuracies, omissions or delays in the Data, or for any actions taken in reliance thereon. In no event shall S&P Global be liable for any special, incidental, or consequential damages, arising out of the use of the Data. Purchasing Managers’ Index™ and PMI® are either trade marks or registered trade marks of S&P Global Inc or licensed to S&P Global Inc and/or its affiliates.

This Content was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global. Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content.

Media Contacts

Derek Creevey
Director, Public Relations
GEP
Phone: +1 732-382-6565
Email: derek.creevey@gep.com

Joe Hayes
Principal Economist
S&P Global Market Intelligence
T: +44-1344-328-099
joe.hayes@spglobal.com

 

 

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Changsha polishes blueprint for tech-culture integration

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BEIJING, Dec. 2, 2024 /PRNewswire/ — A report from China Daily

Innovative approach spurs expansion of tourist industry

Limitless potential for revamping tourism is created when a city melds its dazzling culture with cutting-edge technology. Such is the case in Changsha, capital of Central China’s Hunan province, where a whirlwind of “culture plus technology” is sweeping the city, spurred by concerted efforts to blend industries with culture and shape new paradigms for tourism.

New business modes

Located on the bank of Liuyang River, Changsha’s Malanshan Video Cultural and Creative Industrial Park is home to more than 60,000 professionals who are excelling in the field of audio and video creation and production. With the support of technology, new cultural business modes have emerged there, forming a complete digital cultural industry chain that encompasses links such as content production, creativity, storage, broadcasting and trading.

At Skymedia, a large audio and video multimedia model released by Wondershare at Malanshan park, users can upload a photo and get a dynamic 3D effect video, or input text commands to generate music. The model boasts a wide variety of functions, including text-to-video generation, image-to-video generation and soundtracks, and is in commercial use. With the Skymedia model, creators can complete audio and video content production and editing more efficiently, significantly enhancing both the efficiency and quality of their creations.

As part of another project at Malanshan park, two people far apart don special pairs of “glasses” to become “close neighbors” in a virtual scene. Zou Jun, who is responsible for the project, said: “We define it as the next generation of communication, enabling real-time face-to-face interaction for remote business meetings, family communications and educational activities.”

The deep integration of culture and technology has led to the continuous emergence of new business modes and new scenarios at Malanshan park. According to statistics, over the past two years, more than 60 percent of leading enterprises attracted to the park are engaged in new business modes.

The animation and video game industry has become one of the fastest-growing new cultural sectors in recent years. Thanks to new infrastructure such as a video cloud platform, a supercomputing center and shared production center, Malanshan park has reduced the rendering time and costs for animation and game production by 30 percent. This has led to a strong trend of enterprises clustering together and scaling up capacity in the three-dimensional animation industry.

Currently, Malanshan park focuses on new technologies, new applications and new industries. It has established 16 scientific and technological innovation institutions and attracted 3,000-plus upstream and downstream enterprises.

By deeply applying digital technologies such as panoramic scanning, virtual reality and glasses-free 3D into the field of cultural heritage, other Changsha projects have brought precious historical relics back to life.

In August, Hunan Mango Digital Art Intelligence Technology launched a digital cultural museum application called Shanhai. This platform uses digital technology to present museum relics in a 3D form, allowing people to explore exhibitions anytime and anywhere on their mobile devices. The app offers vast digital collections and integrates functions such as 3D artifact appreciation, AI interaction and personalized museum experiences. It has quickly become popular online.

Digital technology helps relics be “reborn”, allowing audiences to seemingly travel back thousands of years while gaining an immersive understanding of the history and culture behind them. This year, Hunan Museum released a 3D digital image of Lady Xin Zhui, a woman whose remains have been well preserved for more than 2,000 years. Through the integration of advanced AI technology, motion capture technology and multiple disciplines including medicine and archaeology, the “sleeping beauty” has been brought back to life.

Besides relics in the museum, heritage in the wild can be “revived” with the help of high-tech solutions. The Wuxi site of stone tablets in Hunan’s Qiyang city is a large open-air site that preserves stone inscriptions from the Tang Dynasty (618-907), making it a rare treasure trove of calligraphic carvings. Due to natural causes, the surfaces of the inscriptions have experienced varying degrees of weathering, rendering many characters blurred and difficult to discern. The Malanshan cultural digitization innovation center, in collaboration with a team, utilized various digital technologies to rejuvenate the historical and cultural heritage, collecting images of each stele, employing techniques to achieve high-precision digital imaging, and forming a stele database.

Today, the database stores basic information about the inscriptions, which have been made clear and distinguishable, and provides things such as original photos and micro-trace images, as well as calibrating relationships between several hundred steles and hundreds of famous individuals. In the future, it could facilitate secondary creations around the inscriptions by experts, scholars and design teams.

Cultural tourism

Changsha’s innovative integration of culture and technology has given rise to new cultural tourism scenarios and business modes. From traditional real-world sightseeing to immersive experiences that blend the real with the virtual, new technologies can be found in the creation and dissemination of cultural content and interactive methods in cultural tourism, providing visitors with entirely new experiences.

In September, a digital exhibition hall, located next to Tianxin Pavilion, officially opened. The hall houses a vast collection of relics related to figures from Hunan history and also offers an immersive cultural experience via new digital and intelligent technologies. In one example, a digital image of Zhu Xi, a renowned philosopher from the Song Dynasty (960-1279), appears on a screen and can answer questions asked by visitors. The “digital human” Zhu Xi was created based on national supercomputing. Through AI technology, the great scholar’s attire, expressions and movements have been interpreted and he can engage in precise conversations with visitors. They can ask him abstract questions such as the meaning of “seeking truth from facts”, as well as trendy enquiries like “What are some of the best foods in Changsha?” or “What drinks did people in the Song Dynasty enjoy?”

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SOURCE China Daily

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Aurigo Software Strengthens Workforce with Strategic Hires from India’s Leading Engineering Institutions

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BENGALURU, India, Dec. 3, 2024 /PRNewswire/ — Aurigo Software, the leading provider of capital planning and construction management software for infrastructure and private owners, has strengthened its talent base with recent hires from India’s premier engineering colleges, such as BITS Goa, BITS Hyderabad, and NIT Trichy, among others. With their proximity to leading technology institutes, Aurigo’s Bangalore and Mysore offices offer opportunities for skilled graduates to contribute to impactful projects and collaborate with experienced mentors.

India has become the hub for Aurigo’s global research and development, where teams develop core strategies and build innovative solutions from the ground up. The company is expanding its product capabilities to extend digital twins by integrating design with capital planning, advancing its AI platform, and offering improved UI/UX. With roles spanning business analysis, DevOps, cloud operations, and software testing, the recent recruits will play a crucial part in driving innovation and maintaining the company’s reputation for quality and excellence.

“We’re excited to welcome these talented professionals at a pivotal time for Aurigo,” said Balaji Sreenivasan, CEO and founder of Aurigo Software. “Their energy and fresh perspectives will be vital to fuel the next phase of our innovation and global growth as we modernize our products and advance our investments in AI.”

Aurigo’s commitment to nurturing talent extends beyond recruitment. The company provides comprehensive training programs, mentorship opportunities, and a culture of continuous learning that enables employees to grow both personally and professionally. With over 500 professionals in its India offices, Aurigo offers new graduates a unique opportunity to build expertise in cloud technologies, AI/ML, capital program management, and managing core strategies.

The expansion serves as a testament to Aurigo’s progress as infrastructure and facility owners respond to the rising demand for capital program management solutions following the increase in investments across transportation, electricity, and water utilities in the U.S. The new talent pipeline supports the company’s commitment to innovation while offering skilled graduates and professionals the opportunity to contribute to impactful global projects.

About Aurigo Software

Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help plan with confidence, build with quality, and maintain their assets efficiently. With more than $300 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and government on over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India.

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Delta Force | Official Global Open Beta Anthem Teaser

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LOS ANGELES, Dec. 2, 2024 /CNW/ — Team Jade, a renowned branch of TiMi Studio Group, is delighted to present the Official Global Open Beta Anthem Teaser for Delta Force. This teaser introduces “Fight”, a new track from the acclaimed composer duo 2WEI (Warriors, Still Here, Survivor), alongside a preview of the much-anticipated Warfare mode.

 

Warfare is a groundbreaking mode in Delta Force that delivers massive-scale PvP battles, immersing players in war simulations with expansive maps and an array of vehicles across land, air, and sea. The roster of maps will continue to grow, offering players an ever-evolving battlefield experience.

The Delta Force PC Open Beta launches December 5 and will be available for free on PC, Steam and Epic Games Store. The full anthem, “Fight”, will debut on the same day.

About Delta Force

Delta Force is the upcoming free-to-play tactical shooter that is the next installment of the beloved Delta Force series, which will feature large-scale multiplayer modes, as well as an action-packed single-player/co-op campaign, a deep weapons arsenal for customization, and more. Delta Force PC Open Beta launches on December 5th and players can join the fray by getting the game for free via its website, Steam and Epic Games Store pages.

About Team Jade

Team Jade is a notable branch of TiMi Studio Group renowned for Call of Duty: Mobile and Assault Fire, the latter being the most popular Chinese shooter game on PC for the past decade. With a roster of hundreds of industry veterans, the team has garnered multiple prestigious accolades, including BAFTA and TGA awards.

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SOURCE Team Jade

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