FDA releases proposed rule on front-of-pack nutrition
The U.S. Food and Drug Administration (FDA) has released a proposed rule that would require most packaged foods to bear a front-of-package (FOP) nutrition label.Rule detailsThe label, called a "Nutrition Information Box," must contain the amounts (per serving) of three nutrients:saturated fatsodiumadded sugarLabels must also list whether the amount of these ingredients is "low," "medium," or "high" per serving.FDA recommends that businesses with annual food sales of $10 million or more have three years after the final rule takes effect to comply. Businesses with annual food sales of less than $10 million will have four years to comply.FDA IntentThe FDA said the nutritional information boxes would supplement the Nutrition Facts label already required for most packaged foods. While Nutrition Facts labels are helpful to many consumers, the FDA has found that certain groups of people don't read labels as often as they should.Therefore, the rule is designed to provide accessible, at-a-glance information to help consumers quickly and easily identify how…
CBP issues proposed rules to enhance low-value shipments
U.S. Customs and Border Protection (CBP) announced a Notice of Proposed Rulemaking (NPRM) that would impose new data collection requirements for low-value shipments, also known as de minimis shipments. If passed, the rule would create a new alternative process for entering low-value goods. The new process will require the submission of advance data such as origin, destination and cargo contents.minimal backgroundconcept minimum Shipments to the United States result from customs regulations designed to simplify the importation of low-value goods. the term"minimum” refers to goods below a certain value threshold that allow them to enter the country with minimal duties or taxes.Historically, the threshold was set at $200, but was raised to $800 in 2016 under the Trade Facilitation and Trade Enforcement Act (TFTEA). This change is intended to reduce CBP's administrative burden and facilitate faster processing of the rapidly increasing volume of e-commerce shipments. Over the past decade, the number of shipments applying for de minimis exemptions has increased significantly,…
World Bank warns of proposed global economic impact
The World Bank has issued a warning report on the impact of proposed U.S. tariffs, suggesting global economic growth could be hampered if countries retaliate with tariffs of their own. According to Reuters, the imposition of a comprehensive 10% tariff may further reduce global economic growth in 2025 by 0.3 percentage points from the expected 2.7%. In addition, potential retaliation could reduce the U.S. economic growth forecast for 2025 by 0.9%, or 2.3%. Also read: World Bank warns it could take more than a century to end poverty in half the world The World Bank's Global Economic Prospects report highlights that the global economic outlook is essentially stagnant, with growth rates of 2.7% in 2025 and 2026, the same as in 2024. Additionally, IndexBox data shows a significant increase in global trade restrictions, now five times greater between 2010 and 2019. Combined with the fact that foreign direct investment in developing economies has halved since the early 2000s, it paints…
Santa’s proposed new sleigh is a Ford Ranger Raptor
Ranger Raptor-based Santamobile comes with tiny rocket engines, an 'infinity' bed and, of course, wings Ford Australia has created a fictional Ranger Raptor North Edition for a very special customer. The truck comes with wings, a roof hatch, a tailgate grill, and a tiny rocket engine. The concept was presented in sketch form as a Christmas holiday special. Ford Australia is getting into the festive spirit with the launch of a truck concept designed specifically for Kris Kringle, also known as Santa Claus. The Ford Ranger Raptor North Edition adds wings and propellers to the truck, as well as cool features like a tailgate grill. The festive special is the brainchild of Australian Ford designer Kirby Masterman and is expected to "never" enter production. The sketches were shown to the bearded customer, highlighting the custom features compared to the standard Ranger Raptor. More: Santa's Dodge Challenger SRT Hellcat Redeye sleigh is real and you can see it in Los Angeles…
Trump’s proposed tariffs could trigger price hikes
President-elect Donald Trump's plan to impose tariffs on imports from China, Canada and Mexico has raised concerns among experts about potential negative impacts on North American companies and global supply chains. For more details, you can read the full article on the potential impact of these tariffs here. On his first day in office, Trump plans to impose 25% tariffs on Mexican and Canadian goods and an additional 10% tariff on Chinese imports. Also read: Strike fears and potential tariff hikes drive import surge at U.S. ports As stated on Truth Social on November 25, these tariffs are part of Trump’s “America First” strategy to curb illegal immigration and drug trafficking. Industry professionals such as CH Robinson's Sri Laxmana and Fictiv's Andy Sherman are highly concerned about these looming changes, which will have significant implications for global supply chains. The non-knitted men's apparel market will be one of the industries severely affected by these tariffs. According to IndexBox data, China…
Global leaders warn of proposed economic impact
Officials in Mexico, Canada and China have expressed strong concerns about U.S. President-elect Donald Trump's proposal to impose sweeping tariffs on goods from these major trading partners. Officials have warned that such measures could harm all economies involved, fuel inflation, disrupt the job market and destabilize global trade. Also read: “US importers to face tariffs regardless of election outcome” The tariffs announced Monday include a 25% tariff on imports from Canada and Mexico, and an additional 10% on Chinese goods. Trump said the need to combat the flow of illegal drugs and strengthen border controls were key drivers behind the move. Leaders of affected countries have urged dialogue to prevent economic damage. Mexican President Claudia Sheinbaum expressed her concerns at a press conference, saying: "One tariff will lead to another, putting our mutual business at risk." Sheinbaum intends to The issue was discussed directly with Trump in a letter and planned phone call. Likewise, Bank of Canada Deputy Governor Rees…
Malaysia: Public consultation on proposed climate changes
in short Malaysia is expected to establish a comprehensive framework to regulate, implement and enforce actions/initiatives aimed at steering a low-carbon economy. The Department of Natural Resources and Environmental Sustainability (NRES) is leading the development of the proposals for the Climate Change Bill and is publishing a consultation document to solicit views and feedback. The introduction of the Climate Change Bill is the result of Malaysia's determination to fulfill its commitments under the Paris Agreement and to reduce Malaysia's greenhouse gas emissions. Malaysia currently has no specific legislation addressing climate change. NRES is mandated to spearhead the enactment of legislation that aims to address all issues related to climate change and strengthen Malaysia’s climate change governance at the international and domestic levels. As part of the process of developing and drafting the Climate Change Bill, NRES is seeking public input and feedback to ensure the legislation comprehensively addresses relevant issues and is proportionate to the outcomes and outcomes. You can…
Australia: Important update on proposed AML/CTF Bill –
The Australian government has proposed an amendment to Parliament that would reformulate the AML/CTF scheme and KYC requirements and extend the AML/CTF regime to new types of entities. in short On 11 September 2024, the Australian Government released a highly anticipated bill proposing to extend the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime to real estate professionals, including lawyers, accountants, trusts and companies Service Providers Service Providers and Gem and Metal Dealers (Batch two entities). Click here to access the full alert.
Australia: Treasury publishes proposed merger notification
brief Today, the Australian Treasury released a consultation paper on the proposed monetary and market share thresholds that would trigger the requirement to notify an acquisition to the Australian Competition and Consumer Commission (ACCC).Australian Competition and Consumer Commission) is part of the federal government’s proposed new mandatory merger control regime. Transactions proposed to meet either threshold must be notified to and approved by the ACCC, and there are penalties for failing to notify or for proceeding with a notifiable merger without prior notification to the ACCC. The consultation document is available here and submissions close on September 20, 2024. The proposed merger notification thresholds include a monetary threshold and a market concentration threshold. The proposed thresholds are shown in the table below and have been published in the consultation document. The consultation paper states that the proposed thresholds are based on international practice and available ACCC data. These thresholds are designed to target anti-competitive and economically significant acquisitions, including serial…
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