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THE AI PRODUCTIVITY ENGINE: GENERATIVE AI'S ROLE IN ECONOMIC GROWTH

Generative artificial intelligence (AI) could create trillions of dollars annually in economic value by boosting productivity across industries like banking, retail, and pharmaceuticals. It offers benefits like cost savings and enhanced decision-making but poses challenges like workforce displacement and high implementation costs. Strategic investments in reskilling, regulatory frameworks, and ethical AI practices will be essential for sustainable growth. Read our succinct meta-analysis.

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A Primer on United Nations General Assembly & Meetings on the Sidelines of UNGA

World leaders gather once a year at United Nations. During this week important topto—top meetings take place. And more importantly, businesses, associations, nonprofits and NGO’s hold meetings on the margins of UNGA with government and nongovernment officials. These meetings on the sidelines are of strategic importance for advocacy on specific topics of interest. 

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Mpox Business Preparedness

Mpox, formerly monkeypox, is a viral disease similar to smallpox, with Clade IIb causing recent global outbreaks. Businesses are encouraged to adopt preventive measures to minimize disruption and support community health initiatives.

Read Our 3 Recommendations:

1. Implement Workplace Health Protocols
2. Promote Health Education and Awareness
3. Support Community Health Initiatives

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European Union AI Regulation Goes into Effect

The European Union AI Act, effective August 1, 2024, is the world's first comprehensive AI regulation. It categorizes AI systems by risk, requiring businesses to comply with specific regulations based on their AI's risk level. While aiming to foster innovation and ethical AI, the Act may increase compliance costs and create operational challenges.

Read Our 3 Recommendations:

1. Develop a Comprehensive AI Compliance Framework
2. Foster Cross-Functional Collaboration across various departments, including legal, technical, and ethical teams
3. Build Cross-Functional Teams: Assemble a team of experts from different disciplines to manage AI compliance efforts

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Chevron Decision Alters the Regulatory Field

The US Supreme Court's overturning of Chevron deference in Loper Bright Enterprises v. Raimondo reshapes administrative law, requiring courts to interpret statutes independently. This shift affects regulated industries, increases litigation, and demands clearer legislative drafting. 

Read Our 3 Recommendations

• Businesses must enhance legal preparedness,
• Engage in policy advocacy, and
• Strengthen compliance programs to navigate this new landscape.

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New Proposed Trade Regulations:
Antidumping and Countervailing Duties

The U.S. Department of Commerce's proposed revisions to antidumping and countervailing duty regulations aim to codify existing practices and introduce new procedural changes. Key highlights include formalizing adverse facts available, updating subsidy regulations, and expanding cross-ownership criteria. The changes, open for public comment until September 10, 2024, seek to ensure consistency and fairness in trade practices.

• Enhance Compliance and Documentation Processes
• Prepare for Judicial Review Challenges
• Engage with Public Comments Sought Prior to Final Rule

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New Federal & Minnesota  Non-Compete Rules

The recent changes in non-compete regulations at both federal and state levels represent a significant shift in the employment landscape. Businesses must adapt to these changes by enhancing employee retention, protecting proprietary information, and aligning business models with the new legal requirements to remain competitive and legally compliant. This applies to all key growth drivers in markets we cover.

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2024 Minnesota Legislative Session

Healthcare Highlights

The 2024 Minnesota Legislative Session brought significant changes across various sectors, particularly in healthcare, environmental regulations, and economic development. While some initiatives did not pass, the successful implementation of key provisions is expected to advance innovation, improve access to care, and support the state's economic and healthcare infrastructure.

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U.S. Federal Supply Chain (Freight Plan) Regulation Overhaul

The U.S. Department of Transportation (DOT) outlines a vision for a robust freight transportation system to enhance economic competitiveness through safe and reliable supply chains. The National Freight Strategic Plan aligns with DOT's goals of safety, infrastructure modernization, and innovation. Key initiatives include regulatory modernization, cross-sector collaboration, and targeted federal investments. The Office of Multimodal Freight Infrastructure and Policy (OST-F) plays a critical role in overseeing multimodal freight grants, promoting public-private information sharing, and supporting research for enhanced mobility. The National Multimodal Freight Network (NMFN) and the National Highway Freight Network (NHFN), established under the FAST Act and amended by the Infrastructure Investment and Jobs Act (IIJA), aim to improve freight system performance and connectivity. DOT seeks public input on goals, criteria, and data sources for NMFN designation to ensure an effective national strategy.

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African Growth and Opportunity Act (AGOA)

The African Growth and Opportunity Act (AGOA) has significantly impacted U.S.-Africa trade since 2000, with 2022 imports reaching $10.3 billion. Non-oil imports hit a record $5.7 billion, driven by South Africa, Nigeria, Ghana, Kenya, and Madagascar. AGOA fosters economic growth, job creation, and diversified trade, with a focus on post-pandemic recovery and future extensions. 

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European Union Elections:

Top 5 Business Impacts

The European Union Parliament elections have underscored a significant shift towards the far-right, reflecting broader societal concerns and setting the stage for potentially contentious policy debates and legislative processes in the coming years. These developments will have profound implications for the EU's internal cohesion and its role on the global stage.  Read our analysis and top 5 business risks and opportunities.

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A Primer on EU "Corporate Sustainability Due Diligence" Directive (CSDDD) 

The Corporate Sustainability Due Diligence Directive (CSDDD) became law in Europe in late May.  It aims to mandate large companies operating within the EU to incorporate human rights and environmental due diligence into their operations and supply chains. The directive seeks to harmonize due diligence requirements across EU Member States, setting minimum standards to ensure responsible business conduct. This legislation is intended to level the playing field for businesses within the EU market, requiring them to identify, address, and mitigate adverse human rights and environmental impacts.

Download:  Analysis for Companies & Exporters

Other Executive Briefs published recently:

• U.S. OSHA Proposed Rules Analysis - First Update in over 30 Years for OSHA
• AI in MedTech: Balancing Innovation & Regulation
• US Dept of Transportation Proposed 2025 Budget
• Bridging Minnesota's Global Supply Chain Gaps
• Equity & Environmental Health In Transportation Plans

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