After 8 years of negotiations, the documents on the world's largest free trade zone were signed on Sunday, November 15, 2020, during the 37th ASEAN summit in Hanoi...
After 8 years of negotiations, the documents on the world's largest free trade zone were signed on Sunday, November 15, 2020, during the 37th ASEAN summit in Hanoi.
The Association of Southeast Asian Nations (ASEAN) with its ten members, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, forged the world's largest free trade area with Australia, China, Japan, New Zealand and South Korea. The new name is Regional Comprehensive Economic Partnership (RCEP). This new economic zone is the largest economic trade zone with 30% of the total world trade and with 2.2 billion people, about 30% of the world population. It is the largest economic trade zone and thus larger than all trade zones, i.e. also larger than the EU or North America with Canada, Mexico and the USA.
RCEP is an agreement between the member states to gradually reduce customs duties on a wide range of agricultural and industrial products and to establish new rules for e-commerce, investment, service industries and intellectual property rights.
India withdrew from the nearly completed pact in November 2019 because it saw certain sectors of its economy under threat (mainly agricultural products). Although the door is still open for India, the current government will not join for the time being.
It is generally expected that the RCEP agreement will give new impetus to the various economies, in almost every sector of industry.
The new agreement will of course greatly strengthen China's influence in the world's fastest growing region. It is also extraordinary that China, Japan and South Korea have jointly signed a treaty of this significance.
Negotiations for a separate agreement had already taken place long before RCEP; it was initiated under the former President of the USA, Barack Obama, as the TTP (Transpacific Partnership). At that time it was to be the ASEAN countries including, among others, Australia, Japan and New Zealand, but without China or India. After President Donald Trump decided in early 2017 that the US would withdraw from the TTP negotiations, RCEP naturally became the most important trade agreement in the entire Asia-Pacific region.
One thing is already certain, the signing of the RCEP may, over time, prove to be a crucial first step in reshaping the global economic map. Thus, the agreement has historic implications not only for the 15 countries, but possibly for the entire world.
For many years, the Technical Committee for Electrical Installation Technology...
For many years, the Technical Committee for Electrical Installation Technology in Austria was headed by Alexander Rupp (from the company Hager) and Oliver Ferner-Prantner (from Dietzel).
Now the technical committee has been newly occupied by Karl Sagmeister (from Schneider Electric). He is supported by Thomas Farthofer (Intercable), Hans-Georg Hadwiger (Gossen Metrawatt) and Stefan Kleinhans (ABB).
Stanley Black & Decker generated revenues of USD 3.85 m (EUR 3.26 m) in Q3 2020...
Stanley Black & Decker generated revenues of USD 3.85 m (EUR 3.26 m) in Q3 2020, up 6% from Q3 last year. From January 2020 to September, sales were USD 10.127 m (EUR 8.586 m), 5.6% less than 2019. As always, tools and storage was by far the strongest sector.
Net earnings in Q3 2020 were USD 395 m (EUR 335 m), up 71% from USD 231 m (EUR 196 m) in 2019, which is why President and CEO James M. Loree also described it as the most remarkable of his 20 years with the company.
The South China Morning Post reported on Tuesday, November 3 that a wholly owned subsidiary of Stanley Black & Decker has permanently closed its factory in the city of Shenzhen, resulting in the loss of more than 1,000 jobs.
The report cited a company release dated October 26, which attributed the closure of Stanley Black & Decker Precision Manufacturing (Shenzhen) to changes in the general market environment and increasing competition. The business unit, which has been in existence for 25 years, is one of 22 subsidiaries in China.
On August 7th, we informed you that Fagerhult will withdraw...
On August 7th, we informed you that Fagerhult will withdraw from South Africa because the market has not developed as the management had expected. Now the buyer is also known: it is Cape Mountain Concepts (Pty) Ltd.
The sale took place on November 2, 2020.
The new owners already have another lighting business in South Africa, so that the Fagerhult subsidiary (Lighting Innovations Africa (Pty) Ltd.) now has a secure future.
More and more organizations and companies in North America are joining the ETIM there...
More and more organizations and companies in North America are joining the ETIM there. Today it was announced that the National Electrical Manufacturers Representatives Association (NEMRA) has also joined ETIM to improve product classification in North America.
NEMRA is a not-for-profit association made up of more than 400 independent representatives and more than 200 manufacturers in the electrical industry.
Eaton could not make up any ground in the 3rd quarter of 2020 either...
Eaton could not make up any ground in the 3rd quarter of 2020 either. Total sales were USD 4,5 m (EUR 3,8 m) compared to USD 5,3 m (EUR 4,5 m) in the third quarter of 2019.
For the 9 months the result is a turnover of USD 13,171 m (EUR 11,170 m); compared to 2019 with USD 16,152 m (EUR 13,699 m) this is a decrease of 18.5%.
Net income for the nine months was $ 939 m compared to $ 1,760 m in 2019.
As a member of the board of directors of the ETIM electrical sector...
As a member of the board of directors of the ETIM electrical sector, Balentine (comes from Sonepar), along with David Oldfather from IDEA and Jon Duffie from Siemens, supports the introduction of ETIM product classification standards in the electrical industry in North America.
ETIM is an international model for the standardization and classification of technical product data. ETIM was originally developed in Europe for the electrotechnical sector and has grown worldwide. In North America, too, the acceptance of the ETIM model has increased steadily in recent years.
Rexel suffered a 4.2% decline in Q3 2020,...
Rexel suffered a 4.2% decline in Q3 2020, but compared to the 17.7% decline in the previous quarter, this was a strong improvement of the business situation.
Digital revenues in Q3 accounted for a remarkable 20.5% of total revenues.
From January to September 2020, total revenues amounted to EUR 9,203.4 million, of which EUR 5,125.1 m was generated in Europe (EUR 1,868.4 m in France, EUR 511.6 m were made in Germany), EUR 3,236.7 m in North America (EUR 2,531.7 m in the U.S.) and EUR 841.6 m in the Asia-Pacific region (China EUR 356.9 m).