Value chain

• The acquisition includes the Envirofone brand name, trade-in consumer websites, recycling program, and backend systems.
• "The change in consumer habits over the past few decades continues to accelerate and evolve, emphasizing the value of trusted online brands.
• Envirofone is undoubtedly one of those brands, providing the platform and impetus that will fuel step-change growth for TES."
• This latest acquisition highlights TES's ambition to solidify its value chain for its clients all the way through the IT lifecycle.

• The stakes are high, according to Risk, resilience, and rebalancing in global value chains, a new report from the McKinsey Global Institute (MGI).
• MGI analyzed 23 industry value chains to assess their exposure to specific types of shocks, including pandemics, conflicts, cyberattacks, trade wars, natural disasters, and climate risks.
• Industries have different exposure to these shocks based on their geographic footprint, factors of production, and other variables.
• This could have important consequences for future growth and employment," says Susan Lund, a partner at the McKinsey Global Institute.

• Few companies have been able to align all aspects of their business model to extract maximum value from their asset and supply chain optimization activities.
• The manifesto outlines how value chain optimization can be applied wisely, demystifies the jargon, describes practical solutions and demonstrates value.
• The Value Chain Optimization Manifesto is available for free download now from KBC's website, www.kbc.global .
• KBC, a wholly owned subsidiary of Yokogawa Electric Corporation, is all about excellence in the Energy and Chemical industry.

• Prepared by Simone Cigna and Lucia Quaglietti This boxassesses the economic effects of the coronavirus (COVID-19) pandemic as transmitted through global value chains (GVCs).
• The world economy is facing an unprecedented shock and, as the impact of the pandemic unfolds, world trade will be particularly hard hit.
• This box analyses the role of GVCs in the pandemic with a view to quantifying the ensuing effects on world trade.
• World trade has been falling sharply on the back of the COVID-19 pandemic, with value chains hit globally.
• COVID-19 has struck value chains in Asia, Europe and the Americas, raising the risk of a domino effect with feedback loops that could amplify the collapse in global trade.

Chart B Chinese exports of intermediate goods (annual percentage changes)

• Although the expansion of GVCs has stalled since the 2008 global financial crisis, trade in intermediate goods remains important, accounting for more than 40% of world trade.
• This has significant implications for the relationship between demand, trade, and production.
• However, in a world characterised by complex international supply chains, changes in demand in third countries are also an important determinant.
• On average, more than 20% of world imports serve as inputs in domestic production processes and are embedded into goods which are subsequently re-exported.
• The propagation and amplification effect of demand shocks associated with the pandemic can be gauged through global input-output tables.
• Chart C presents estimates of amplification effects generated through supply chain linkages as percentages of the fall in trade occurring through the direct channel.
• However, as the global economy recovers in the coming quarters, GVC linkages could boost world trade.
• In the June 2020 Eurosystem staff macroeconomic projections, global trade is expected to rebound faster than global activity.