Monthly Global Forecast |June 2020
Defence and Security
Hypersonic Weapon Systems 2020 Programme
Hypersonic Weapon Systems is a unique two-day online event scheduled from June 30- July 1, featuring live interactive webinars by international researchers, capability development professionals and tri-service operators from international missile defence and fires communities, All are focused on urgent development of both offensive and defensive hypersonic technologies. The programme will support the development of operational concepts and doctrine, whilst also engaging with technical subject areas including aerothermodynamics, propulsion systems, and air-breathing technology.
NATO Looking for Ideas from Start-ups to Process Radar Data
NATO announced that the Communications and Information Agency is looking for ideas from start-ups, inventors and innovators for new technologies to process radar data and give the Alliance a clearer picture of activities in the skies. Through the challenge, the NCI Agency aims to incentivise innovations that could be scaled to the NATO environment. Start-ups and small and medium-sized enterprises from all 30 NATO nations are particularly encouraged to apply. The deadline for applications is 15 June 2020. The most innovative, practical and cost-effective solutions will be evaluated in a virtual pitch session in late summer.
Politics and Governance
US Presidential Primaries Across Different States to Continue in June
Amid the Coronavirus outbreak in the United States, the presidential primaries are expected to take place as per schedule. Presidential primaries in the states of Delaware, Indiana, Maryland, Montana, New Mexico, Pennsylvania, Rhode Island, South Dakota and the District of Columbia will be held on 2 June. Virgin Islands Democratic caucuses and Puerto Rico Republican primary shall take place on 6 June and 7 June respectively. Georgia and West Virginia primaries shall be held on 9 June whereas Kentucky and New York primaries shall be held on 23 June.
Several European States to Reopen Borders, Ease Travel Restrictions in the Coming Month
Several countries across the European continent are beginning to ease lockdown measures and the subsequent border restrictions in the coming month. In Italy, foreign tourism is expected to resume from 3 June. Poland is expected to reopen borders by 13 June. France, Germany, Austria and Switzerland shall be permitting cross-border travels with neighbouring countries ahead of 15 June. Belgium and Iceland are also expected to reopen its international tourism by 15 June. Hungary is expected to reopen its borders with Austria by 1 June. Spain aims to reopen borders to foreign travellers by the end of June. The ease in travel restrictions will be coupled with strict preventive measures however.
Eurogroup’s Loans Proposal Worth EUR540 Billion to Become Operational by June 1
Eurogroup’s loans proposal worth EUR 540 billion is expected to become operational by 1 June. The proposal was reached upon by the European leaders on April 23 in order to mitigate the economic impact of the COVID-19 outbreak. The initiative is an emergency plan that will provide three different safety nets for workers, businesses and sovereigns.
Fourth Round of UK-EU Talks to Begin on June 1
The fourth round of UK-EU talks will begin on 1 June. The negotiating parties will decide if the current deadline for reaching an agreement would be extended beyond December-end. The third round of UK-EU negotiations had arrived to a deadlock between the negotiating parties over the issues of fisheries, police cooperation, competition rules and the enforcement of the deal. Britain has already threatened to walk away from the talks if little progress is shown during the talks.
Japanese Anti-harassment Workplace Law will Enter into Force Next Month
A new law aimed at stopping harassment at the workplace is set to enter into force in June, but freelance workers and sexual minorities are cautious about how effective it will be in improving their situation. The law requires firms to take measures against harassment by people in positions of power, with a government guideline, designating such acts as including physical and psychological attacks, making excessive demands and isolating workers from others. But only large firms will initially be subjected to the law, with smaller firms set to follow in April 2022, and the government will not require companies to extend the measures to freelance workers as they are not regarded as employees.
Energy and Environment
OPEC Revises Down Global Oil Demand Forecast Again with Production Cuts in Focus
In order to evaluate the market and go through compliance with quotas, the OPEC+ ministers are scheduled to meet online on June 10. OPEC+ have formalised a historic collective production cut agreement that should see OPEC’s output fall about 7 million b/d from April to about 23.4 million b/d. Venezuela and Libya. Furthermore, the core Gulf member states have committed to further cut back an additional 1.18 million b/d, bringing that month’s OPEC output down to about 22.2 million b/d.
Reopening of Parks from Next Month by the Government of Canada
Due to the global pandemic, governments across the globe have shut down tourist spots and recreational places. The Government of Canada had done the same with the health and safety of their citizens to be the top most priority. Moreover, Parks Canada and Environment and Climate Change Canada are following the advice of public health experts and continuing to make every effort in order to flatten the curve of the pandemic. Access to outdoors, fresh air and exercise is important for human survival. Therefore it has been announced by the Minister of Environment and Climate Change and Minister responsible for Parks Canada, that starting from June 1, 2020, the Government of Canada will gradually resume some operations at certain national parks, national historic sites, historic waterways, and national marine conservation areas.
8th World Congress and Expo on Green Energy Webinar Scheduled in June
The 8th World Congress and Expo on Green Energy Webinar by Green Energy 2020 Conference series will be held on June 15-16. The aim of this conference is to bring the advancement in the field of utilisation of natural resources as well as the integration of new technologies in the field of environmental science, to help environmental professionals harness the full potential of their practice.
Trade and Economics
Pakistan’s Federal Budget for Fiscal Year 2020-21 to be Released in Early June
The government of Pakistan will be announcing its Federal Budget for the fiscal year 2020-21 in the first week of June. The budget is expected to feature a balanced tax collection approach and focus on creation of job opportunities and other measures that can mitigate people’s sufferings. The budget shall introduce policies that can improve agriculture productivity, promote industry and country’s exports. Reportedly, the budget shall incorporate a lowered tax target due to economic inactivity resulting from the Coronavirus outbreak.
International Conference on Trade, Economics and Finance
International Conference on Trade, Economics and Finance aims to bring together leading academics, scientists, and research scholars to exchange and share their experiences and research results on all aspects of trade, economics and finance on June 18-19. It also provides a premier interdisciplinary platform for researchers, practitioners and educators to present and discuss the most recent innovations, trends, and concerns as well as practical challenges encountered and solutions adopted in the fields of trade, economics and finance.
Sea Freight Rates between Asia and Europe on the Rise
France’s CMA CGM, the world’s fourth largest container line, has unveiled a $300 increase in FAK (Freight of All Kinds) rates per 40 ft, for journeys from Asia to Europe, to $2,000 from 1 June. AP Moller-Maersk, the world’s biggest container shipping line, was among those carriers that had increased their short-term rates for the second half of May. Maersk’s 40 ft price for its Shanghai to Felixstowe route had risen from $1,220 to $1,350 in recent days.