Global value chains in the aftermath of the pandemic: What role for the G20?
Can embedding inclusive and sustainable transformation at the core of multilateral efforts help ensure that countries benefit from integration in global value chains (GVCs)? This was the question addressed by a stellar line-up of speakers brought together for a webinar organized by the United Nations Industrial Development Organization (UNIDO), together with the International Affairs Institute (IAI) and in cooperation with the Kiel Institute for the World Economy and the German Institute for Global Area Studies.
In the framework of the T20 Spring Roundtables, the virtual event brought together more than 200 participants worldwide. The discussion focused on inclusiveness and sustainability in global value chains in the aftermath of the coronavirus disruptions, and served as a platform to develop ideas and recommendations for the G20.
UNIDO’s Director General, LI Yong, said that to build back better, “we can stimulate inclusiveness by focusing our policy efforts on building state-of-the-art capabilities in small and medium-sized enterprises (…) and sustainability through smart regulation, including a new generation of trade and investment agreements.” Moreover, he stressed the need “to increase our joint efforts towards strengthening multilateral approaches to policymaking.
Pier Carlo Padoan, the Vice President of the IAI and T20 Italy Lead Co-Chair of Task Force 3: Trade, Investment and Growth, echoed the sentiment and brought the focus onto how we can strengthen the backbone of global value chains, and reaffirmed that “the G20 must retain its leadership in building up a new paradigm of sustainable growth,” despite the deep flaws and scars created by the coronavirus crisis in the current system.
“Making global supply chains fair and sustainable is a task in which policymakers and private enterprises have to engage,” said Norbert Barthle, Parliamentary State Secretary in Germany’s Federal Ministry for Economic Cooperation and Development. He said Germany’s Due Diligence Act is looking to address these challenges holistically by ensuring higher social standards in global value chains, leveling the playing field, and enhancing transparency in supply chains.
When looking at the playing field, buyers and suppliers find themselves in uneven positions, depending on the governance landscape. In this context, Beata Javorcik, Chief Economist of the European Bank for Reconstruction and Development (EBRD), underlined that “we need clear messaging about commitments to sustainability, we need to reduce information asymmetries,” as this will enhance the inclusiveness of global value chains, allowing for firms of all sizes to engage with and participate in global trade.
Diving deeper into global trade, Pamela Coke-Hamilton, the Executive Director of the International Trade Centre, highlighted the importance of ensuring transparency and predictability for greater participation of small and medium sized enterprises (SMEs) in global value chains. Coke-Hamilton said this can be achieved by mainstreaming and facilitating compliance with international standards, supporting innovation and digital technologies, and promoting sustainability.
Marco Felisati, Business 20 Sherpa and Confindustria’s Deputy Director of Internationalization and Trade Policy, echoed the panel’s view that “there is no trade-off between competitiveness and sustainability.” He highlighted that “on the contrary, complying with high sustainability factors is a competitiveness factor, and being competitive is a prerequisite for GVCs to be sustainable and inclusive.”
Mario Cimoli, Deputy to the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), reaffirmed that “manufacturing continues to be crucial.” He said in Latin America the pandemic has highlighted that manufacturing remains a key issue, as it is the only way “to expand industry, create diversification, and to sustain wages.”
As many countries are opening up again after a year of restrictions, speakers agreed that the time is now to look beyond the pandemic and focus on ensuring that global value chains become more inclusive and sustainable. The panel agreed that international coordination through multilateral bodies such as the G20 will be vital in moving forward.
Factors to Consider When Choosing Funeral Chairs for Memorial Services
The loss of a loved one is devastating for the entire family. For churches providing funeral and memorial services, it’s important to ensure grieving family members are as comfortable as possible throughout the service. The right funeral chairs can help you achieve this goal. To find the right chairs, there are several factors that you must consider.
Comfortable Seating: Enhancing the Memorial Experience for Attendees
Comfort is of the utmost importance when choosing chairs for funerals and memorials. Grieving attendees are already facing hardship. Providing a comfortable place to sit during the service will provide them with some comfort during this difficult time. Comfortable seating will also enhance the memorial experience because attendees can stay fully focused on the service.
Look for chairs with foam seating and comfortable fabrics. Chairs that offer full back support will allow attendees to rest or reflect without being distracted by discomfort.
Dignified Seating: Reflecting the Importance of the Occasion
For first memorial funeral services, it’s important to choose seating that is dignified and respectful of the occasion. Choose plain, solid fabrics. Patterned fabrics can be distracting or distasteful in some cases.
Acceptable colors for funeral chairs include (but are not limited to)
- Gray or charcoal;
- Dark plum;
- Beige or brown;
- Dark red;
Choose your color and style wisely to ensure you’re providing dignified seating for attendees.
One advantage of choosing these colors is that it allows you to use these chairs for a variety of purposes. Rather than having to invest in a new set of seating for services and events, you can use the same seating for all occasions.
Improved Concentration: The Impact of Comfortable Seating on Focus
Those who attend funerals and memorial services should remain focused on the service and nothing else. Providing attendees with comfortable funeral chairs will allow them to stay focused on the service. During the funeral and memorial services, family members often share stories and thoughts about their lost loved one. A formal service may also be given.
Often, services last between 30 minutes and one hour – sometimes more. Because attendees will be asked to sit for long periods of time, it is crucial to ensure they have a comfortable place to sit.
When chairs are poorly constructed or have uncomfortable seats, attendees will be more concerned about their discomfort than listening to the service. They may become distracted or find themselves fidgeting and distracting others in the process.
However, when you invest in comfortable seating, attendees can sit quietly, reflecting on the words being spoken during the service.
Health Benefits: The Positive Impact of Comfortable Seating on Physical Health
One thing that is often overlooked when selecting funeral seating is its impact on physical health. Pain and discomfort are two common complaints when funeral attendees sit in pews.
If you have the option to offer individual seating, attendees will be much more comfortable. Cushioned seats will also ensure that guests with mobility issues can be present during the service without feeling uncomfortable.
Comfortable seating is an essential part of a memorial service; it not only provides guests with places to sit but also helps create a warm and inviting atmosphere where people can come together to honor the memory of their loved one.
When seats are uncomfortable or poorly made, guests may experience pain or other forms of discomfort that will make it difficult to be present during the service. Seats with foam padding can provide much-needed support and cushioning, allowing guests to sit comfortably even for long periods of time.
Chairs with solid, durable metal frames will also ensure that your seating stands up to frequent use. Providing safe seating is essential, and quality, durable chairs will help you achieve that.
Customizable Seating: Personalizing the Experience for Attendees
Another important factor to consider when choosing funeral seating is customization. Providing a personalized experience for attendees will allow them to experience the service in the way they envision.
Individual chairs will allow the family to choose the layout for the seating. Some chairs interlock to form pews, and some families may prefer this more traditional option.
Traditionally, the family of the deceased sits in the first row or first few rows. If the family wishes to maintain this convention, chairs of different colors can be provided, or additional space can be placed between these rows and the remainder of the seating.
When chairs are provided instead of traditional pews, there are more opportunities for customized layouts and seating for attendees. Being able to provide this level of customization may bring a small amount of comfort and peace to the family.
When providing funeral and memorial services, churches and sanctuaries should not overlook the importance of providing comfortable seating for attendees. The right chairs will ensure attendees are comfortable during the service, allowing them to stay more focused on the message and less focused on discomfort or pain.
What is your experience with choosing and providing funeral chairs? Share your thoughts and comments.
Credit Suisse Collapse – this is a robbery of Arab investors
Riding an oil-price boom last year, Saudi Crown Prince Mohammed bin Salman directed government-backed Saudi National Bank to make a $1.5 billion investment in Credit Suisse. Now, the Saudi investment is almost wiped out after Credit Suisse’s emergency merger with UBS Group AG, ‘The Wall Street Journal’ claims.
Credit Suisse’s meltdown also erased billions of dollars in investments made by Qatar’s sovereign fund and the Saudi-based Olayan family, making the Persian Gulf one of the biggest losers from a slide in financial stocks since the collapse of two U.S. banks last week.
The Saudis struck the deal when oil prices were just below $100 a barrel, as Russia’s invasion of Ukraine juiced energy markets.
The steep losses are a reminder of how Gulf states were burned investing in Western banks and hedge funds during the financial crisis in 2007 and 2008. The value of foreign assets in portfolios of the Gulf Cooperation Council states in 2008 fell by $100 billion to a total of $1.2 trillion, not counting the vast personal holdings of their ruling families, the New York-based Council on Foreign Relations reported in 2009.
Michael Klein, a former Citigroup Inc. banker who has long worked with Middle East clients, connected the $600 billion PIF with Credit Suisse last fall, some of the people said. The troubled bank needed billions of dollars to fund a turnaround plan that would move it away from investment banking toward wealth management. Mr. Klein was working on the overhaul as a Credit Suisse board member.
PIF connected Credit Suisse and Saudi National Bank, the kingdom’s largest bank with close ties to the government, some of the people said. Prince Mohammed gave the green light for the Saudi bank to make the Credit Suisse investment, some of the people said.
The investment made Saudi National Bank the biggest shareholder in Credit Suisse, with just less than 10% ownership.
“The Saudi market [is] the 700-pound gorilla economically in the region, and just getting them to engage with us in Saudi Arabia would be more than good enough,” Mr. Khudairy said of Credit Suisse.
The Gulf region has deep ties to Credit Suisse. Tiny natural gas-rich Qatar began snapping up shares of Credit Suisse as markets wobbled in 2008, and led a group of private investors who pumped billions of dollars into the company in the weeks after the collapse of Lehman Brothers, ultimately building up a stake worth more than $3 billion.
Qatar and the Olayan family together plowed another $6.2 billion into the company in 2011 through a special type of debt. In 2013, Qatar converted over $4.5 billion of that debt into bonds called Additional Tier 1 capital notes — which are poised to be wiped out as part of Credit Suisse’s deal with UBS.
Investor confidence in Credit Suisse began wobbling last week after the collapse of Silicon Valley Bank in the U.S. On Wednesday morning, Mr. Khudairy told Bloomberg TV his bank would “absolutely not” be willing to assist if Credit Suisse needed more capital.
According to the people familiar with the matter, Saudi National Bank officials felt out of the loop, finding out about the talks with UBS via the news media.
A group led by Saudi National Bank proposed injecting around $5 billion into Credit Suisse, ‘The Wall Street Journal’ previously reported. Under the plan, “Credit Suisse bondholders would have been fully protected.” But Swiss ministers rejected the offer.
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