OFAC scenarios and red flags show the maritime sector how
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has issued new guidance to inform the shipping industry about complex sanctions avoidance schemes, identify specific “red flags” and provide shipping stakeholders with advice on how to respond to compliance risks. “OFAC is issuing this scenario-based guidance to help maritime sector stakeholders identify certain new or common fact patterns that may indicate sanctions circumvention, addressing common counterparty issues… Continue reading Subscription features Export Compliance Manager With insights and solutions, solve the problems and challenges that keep trade compliance professionals up at night. Export Compliance Manager Share the expertise of experienced professionals to educate readers on best practices in trade compliance and help realize real business advantage. Export Compliance Manager Recognizes trade compliance professionals for their valuable contributions to their companies, communities and international security. Subscribe login The post OFAC scenarios and red flags show maritime sectors how to monitor sanctions evasion schemes appeared first on Export Compliance Manager.
Business sector gets more space: Exports fall
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3 key trends in fastener demand in the renewable energy sector
The renewable energy industry is growing rapidly, driving innovation and new standards in every component, including fasteners. These often overlooked elements are critical to the stability, durability and efficiency of renewable energy installations. Here are three major trends shaping fastener demand for a renewable energy future. Increased demand for corrosion-resistant fasteners Renewable energy installations, such as wind turbines and solar panels, are often exposed to harsh environmental conditions, including salt water, extreme temperatures, and high humidity. This exposure can lead to corrosion that compromises the structural integrity and service life of these systems. Therefore, the demand for corrosion-resistant fasteners continues to grow. Stainless steel, titanium and other advanced alloys are increasingly used due to their excellent corrosion resistance. In addition, protective coatings such as galvanized, galvanized and specialized polymer coatings are being developed to improve the durability of fasteners in corrosive environments. Offshore wind farms are a prime example of where the use of high-quality, corrosion-resistant fasteners is critical. These…
Philippines: Private Sector Employment Act
Legal guidance on workers' rights, employment types, layoffs, social insurance, and other labor-related matters brief The Philippine economy is expected to improve, solidifying its position as one of the fastest growing economies in Southeast Asia. The Philippines remains an attractive country to do business in due to its relatively low labor costs and a mostly bilingual workforce. According to the Philippine Statistics Authority, the Philippines' employment rate rose to 96.4% in November 2023 from 95.8% in November 2022 and October 2023. The country's unemployment rate fell to its lowest level at 4.2% in October last year. This shows that the government's initiatives to improve job opportunities and labor conditions have been successful, resulting in a strong labor force participation rate. The Guide to Employment Law in the Private Sector in the Philippines is designed to provide employers and HR professionals with a comprehensive overview of key aspects of Philippine labor law. It covers the entire employment relationship cycle from hiring…
Peru: New environmental compliance deadlines to be imposed on mining sector
brief On July 27, 2024, Supreme Decree No. 014-2024-EM (“Supreme Decree”). The Act provides for new exceptional and non-extendable deadlines for the submission of detailed environmental plans (PADs). Owners of mining activities that have an environmental management instrument (IGA) and have built components or made modifications to their projects can adjust their activities without previously amending the IGA. Likewise, the procedure for assessing mine closure plans has been streamlined. The main provisions of the Supreme Decree include the following: 1. Accept PAD Owners of mining activities must notify the General Directorate of Mining and Environmental Affairs (DGAAM) of the Ministry of Energy and Mines and the Environmental Assessment and Supervision Agency (OEFA) of any components or modifications they wish to regulate within a maximum of 90 working days from the issuance of the Supreme Decree. The communication must contain the following information: A detailed description of the component built or the modification made The position of the component or modification…
Endeavor Business Media acquires 14 activities in the residential sector
CHICAGO — Endeavor Business Media Acquires 14 events, 7 publications and digital portfolio for the residential construction industry Scranton Gillette Communications. In the acquired events portfolio, Endeavor now has eight conferences – Women in Residential Construction, Women in Design + Construction, Extreme Lead Generation, Extreme Sales Summit and Pro Connect, a series of four hosted buyer events. The acquisition also includes six model housing events, including the “Show Village” and “Model Renovation,” “House Built with Blues,” and “Sustainable Healthy Homes” events. "We first started talking about acquiring these assets after we acquired the Infrastructure and Water Group from Scranton Gillette in 2022, but at the time we had just completed a number of acquisitions and needed to focus on integration. However, I have been keeping an eye on them as potential acquisition targets since then," he said Chris Ferrell, CEO of Endeavour Business Media. “Last year, our M&A focus was on efforts to grow our research and data capabilities. This…
Overcoming uncertainty in the maritime sector
The marine industry is vital to the UK economy, contributing a total turnover of £116 billion in 2019. However, recent events such as Brexit and the conflict in Ukraine, combined with growing environmental concerns, severe skills shortages and changes in the industry, have led to disruptions in trade flows, which have shrunk significantly over the past few years. Also read: Maritime transport cuts sulphur emissions, but with it comes negative climate impacts According to a new report from QBE, the marine industry will decline by 8.5% in 2024, the worst decline since 2016 (excluding the 2020 coronavirus pandemic). Danny Peachey, HTL Group Great Yarmouth manager, said: “Despite the recent challenges facing the shipping industry, the report shows a bright future, with the decline narrowing to 0.4% in 2024 and a small increase of 0.8% expected in 2025. “To achieve this, we must embrace the changes required by the sector as a natural consequence of its evolution. Addressing the STEM skills…
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