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Professor Sangeeta Khorana made a Fellow of the Academy of Social Sciences

Professor Sangeeta Khorana, professor of international trade policy at Aston University, has been made a Fellow of the Academy of Social Sciences Fellows are elected for their contributions to social science, including in economic development, human rights and welfare reform The 2025 cohort of 63 Fellows will join a 1,700-strong Fellowship with members from academia, the public, private and third sectors. Professor Sangeeta Khorana, professor of international trade policy at Aston University, has been made a Fellow of the Academy of Social Sciences as part of the Autumn 2025 cohort. The 63 new Fellows have been elected from 39 UK organisations, comprising 29 higher education institutions, as well as think tanks, non-profits, business, and from countries beyond the UK including Australia and China. The Academy of Social Science’s Fellowship comprises 1,700 leading social scientists from academia, the public, private and third sectors. Selection is through an independent peer review which recognises their excellence and impact. Professor Khorana has more than 25 years of academic, government and management consulting experience in international trade. She has worked for the Indian government as a civil servant and on secondment to the UK Department for Business and Trade. Her expertise includes free trade agreement (FTA) negotiations and World Trade Organization (WTO) issues. As well as sitting on various expert committees, Professor Khorana is an advisor on gender and trade to the Commonwealth Businesswomen’s Network in London and serves on Foreign Investment Committee of the PHD Chambers of Commerce and Industry, India. The Autumn 2025 cohort of Fellows have expertise in a range of areas including educational inequalities, place-based economic development, human rights protection, the regulation of new technologies, and welfare reform, highlighting the importance, breadth and relevance of the social sciences to tackling the varied challenges facing society today. As well as excellence in research and professional applications of social science, the new Fellows have also made significant contributions beyond the academy, including to industry, policy and higher education. Professor Khorana said: “I am deeply honoured to be elected a Fellow of the Academy of Social Sciences. This recognition underscores not only the importance of international trade policy as a driver of inclusive and sustainable growth, but also the role of social sciences in shaping fairer and more resilient societies. At Aston University, my research seeks to bridge academia, government and industry to inform evidence-based trade policy for global cooperation. I am proud to contribute to the Academy’s mission of demonstrating how social science knowledge and practice can address some of the most pressing challenges of our time.” President of the Academy, Will Hutton FAcSS, said: “It’s a pleasure to welcome these 63 leading social scientists to the Academy’s Fellowship. Their research and practical applications have made substantial contributions to social science and wider society in a range of areas from international trade policy and inclusive planning systems through to innovative entrepreneurship and governing digital technologies. We look forward to working with them to promote further the vital role the social sciences play in all areas of our lives.”

ExpertSpotlight: The History of Labor Day

What began as a modest parade in New York City has grown into a national holiday that honors the contributions of American workers and continues to spark conversations about labor rights today. Observed on the first Monday of September, Labor Day is both a tribute to the workforce and a cultural milestone marking the close of summer. From Parade to Holiday The first Labor Day celebration took place on September 5, 1882, when roughly 10,000 workers marched through New York City in a demonstration organized by the Central Labor Union. The parade, followed by a picnic and speeches, was designed to showcase the unity and strength of trade and labor organizations. The origins of the idea remain contested. Some credit Peter J. McGuire, co-founder of the United Brotherhood of Carpenters, while others point to Matthew Maguire, a machinist and secretary of the Central Labor Union. Regardless of its champion, the concept spread quickly. By the late 1880s, states began adopting Labor Day as an official holiday. In 1894, following a wave of labor unrest that included the Pullman Strike, President Grover Cleveland signed legislation declaring the first Monday in September a federal holiday. Labor Day vs. May Day Unlike May Day (May 1)—which became closely associated with international labor movements and the more radical legacy of the Haymarket Affair of 1886—Labor Day was intended as a uniquely American holiday. Its September placement emphasized unity and recognition without the confrontational overtones of May Day. Over time, this distinction gave Labor Day a broader cultural resonance in the United States. A Living Tradition While barbecues, parades, and retail sales now dominate many Labor Day weekends, the holiday’s deeper meaning endures. It is a reminder of the hard-won gains of the labor movement, from the eight-hour workday to workplace safety protections, as well as the continuing debates over wages, unionization, and economic fairness. Even traditions like the etiquette rule of not wearing white after Labor Day reflect how the holiday shaped cultural norms at the turn of the 20th century. Today, beyond its role as summer’s unofficial finale, Labor Day continues to honor the dignity and achievements of working people across the country. Connect with our experts about the History of Labor Day. Check out our experts here : www.expertfile.com

Tariffs fuel global sourcing shakeup for fashion in the U.S.

Be prepared to see more Made in Vietnam or Made in Bangladesh labels on clothing in the coming years. That’s because U.S. fashion companies are rethinking their global sourcing strategies and operations in response to the Trump administration’s trade policies and tariffs, according to new research by the University of Delaware's Sheng Lu. Lu, professor and graduate director in the Department of Fashion and Apparel Studies, partners with the United States Fashion Industry Association (USFIA), on an annual survey of executives at the top 25 U.S. fashion brands, retailers, importers and wholesalers doing business globally. Members include well-known names like Levi’s, Macy’s, Ralph Lauren and Under Armour, among others. The report covers business challenges and outlook, sourcing practices and views on trade policy. “We wear more than just clothes; we wear the global economy, the supply chain and the public policies that jointly make fashion and affordable clothing available to American families,” Lu said. “We want to know where these companies source their products and what factors matter to them the most. It’s a classic question and it evolves each year.” This year’s report, released on July 31, shows tariffs and protectionist policies are the top business challenge for companies, with nearly half reporting declining sales and more than 20% saying they have had to lay off employees. This was followed closely by uncertainty around inflation and the economy, increasing sourcing and production costs, and changes in trade policies from other countries. In response, more than 80% of companies said they will diversify the countries from which they source their products, focusing on vendors in Asian countries such as Vietnam, Bangladesh, Cambodia and Indonesia. Despite the push for “Made in USA” garments, only 17% of respondents plan to increase sourcing from the U.S. Lu shared his findings in the following Q&A: What surprised you about the survey results? Two things surprised me. First, contrary to common perception, the results do not indicate that the tariff policy so far has effectively supported or encouraged more textile and apparel production in the U.S. This actually makes sense. U.S. mills are as uncertain about the tariff rates as our trading partners are. A U.S. company may manufacture the clothes here, but use yarns, fabrics and zippers from other countries. When tariffs drive up the cost of these raw materials, it reduces the price competitiveness of apparel “Made in the USA.” Many domestic factories are in a “wait and see” mode, holding back on making critical investments to expand production due to the lack of a clear policy signal. Second, I was struck by the wide-ranging impact of the tariffs, which has gone far beyond what I originally imagined. Tariffs have not only increased U.S. fashion companies’ sourcing costs but have also affected their product development, shipping and overall supply chain management. Nearly 70% of the survey respondents said they have delayed or canceled some sourcing orders due to tariff hikes. Should consumers be prepared for less variety in clothing or shortages? Later this year, we may see fewer clothing items from our favorite brands on store shelves — especially during the holiday shopping season — and many of those items may come with a higher price tag. That said, fashion companies are doing what they can to avoid passing on tariff costs across the board, as they recognize that consumers are price sensitive. Many surveyed U.S. fashion companies say they intend to strengthen relationships with key vendors as a strategic move, and there is a growing public call for U.S. companies to provide more support and resources to their suppliers in developing countries. Sustainability is a huge issue in the fashion industry, as millions of tons of textiles end up in landfills every year. Companies say they are spending less on sustainability efforts. What would you tell companies about their sustainability efforts? Our survey suggests that sustainability can open up new business opportunities for U.S. fashion companies. Respondents said that when sourcing clothing made from sustainable fibers — like recycled, organic, biodegradable and regenerative materials — they are more likely to rely on a U.S. sourcing base or suppliers in the Western Hemisphere. In other words, even if apparel “Made in the USA” or nearby cannot always compete on price with lower-cost Asian suppliers, there is a better chance to compete on sustainability. Based on what I’ve learned from our Gen Z students — who expect better quality and more sustainable products if they have to pay more, and are critical consumers for many brands and retailers — it is unwise to hold back on investments in sustainability. What do you see as the biggest takeaway from the survey? One key takeaway is that the $4 trillion fashion and apparel business today is truly “made anywhere in the world and sold anywhere in the world.” In such a highly global and interconnected industry, everyone is a stakeholder — meaning there are no real winners in a tariff war. The study is also a powerful reminder that fashion is far more than just creating stylish clothing. Today’s fashion industry is deeply intertwined with sustainability, international relations, trade policy and technology. I hope the findings will be timely, informative and useful to fashion companies, policymakers, suppliers and fellow researchers. I plan to incorporate the insights, as well as the valuable industry connections developed through my long term partnership with USFIA, in my classroom, giving UD students fresh, real-world perspectives on the often “unfashionable” but essential side of the industry. Reporters interested in speaking with Lu can contact him directly by visiting his profile and clicking on the contact button. UD's media relations team can be reached via email.

Expert Insights: Navigating Tariffs in a Time of Global Disruption

As global headlines swirl with shifting tariff regulations, U.S. businesses are navigating uncertain waters. With new trade actions impacting industries from automotive to renewable energy, the ripple effects are being felt across supply chains, labor markets, and even insurance models. In this conversation, J.S. Held experts Peter Davis, Timothy Gillihan, Andrea Korney, and Robert Strahle unpack how tariffs are shaping decision-making across industries and where organizations can spot opportunities amid the volatility. Highlights: • Industries most likely to experience tariff impacts • Potential disruptions in manufacturing processes • Supply chain and quality concerns • Expected changes coming in the insurance, reinsurance, and construction markets • The importance of strategic tariff engineering • Guidance for dealing with uncertainty and a rapidly changing business environment Looking to connect with Peter Davis and Andrea Korney? Click on their profile cards to arrange an interview or get deeper insights. For any other media inquiries - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com

Are China's New Policies Opening Up China?

For centuries China has been known as a closed country. When the Ming Dynasty (1368-1644) started enforcing immense cultural and political influence, it acted as a catalyst for China's closed country status. Then the Qing dynasty (1644-1912) made the closed country status official by expanding China's political, cultural and administrative structures.  Now after over 600 years, China is announcing they may become more open than they have in past centuries. China is not fully becoming open, but there are two ways China is hoping to re-establish its reputation among other countries.  In 2024 China announced they are enabling a temporary visa-free policy, that permits visitors from 43 countries to visit China without visas for short trips lasting only a few days. China installed this policy with hopes of promoting global goodwill and to encourage tourism and business travel.  Now in 2025, China says they will implement policies that will promote stable foreign trade growth and improve services for enterprises. While this new policy is just beginning, the visa-free policy will end at the end of 2025.  So, while China says they are becoming more open, they mean they are welcoming foreign businesses and investors. They are currently not becoming open religiously, politically, socially or economically. Citizens, even visitors, still remain under strict censorship, surveillance and political control. These policies also don't mean that foreign companies will no longer experience restrictions, forced partnerships with Chinese firms, data rules, and unexpected regulatory pressure. These things will still continue to occur. China is being selective on what these policies entail and how long they will last.  Since the COVID lockdowns and now with the real estate crashes and youth unemployment, China has felt its economy slowing. It's their hope that these new policies will help boost China's economy.  Economic Perspective: Dr. Jared Pincin is an expert on economics and is available to speak to media regarding China's economy – simply click on his icon or email mweinstein@cedarville.edu to arrange an interview.  International Relations Perspective: Dr. Glen Duerr, professor of international studies at Cedarville University and a citizen of the United Kingdom, Canada, and the United States, is a nationally known expert on this subject and is available to speak to on China's new policies. To schedule an interview, email Mark D. Weinstein, executive director of public relations at Cedarville University at mweinstein@cedarville.edu or click on his icon.

The Impact of Counterfeit Goods in Global Commerce

Introduction Counterfeiting has been described as “the world’s second oldest profession.” In 2018, worldwide counterfeiting was estimated to cost the global economy between USD 1.7 trillion and USD 4.5 trillion annually, as well as resulting in more than 70 deaths and 350,000 serious injuries annually. It is estimated that more than a quarter of US consumers have purchased a counterfeit product. The counterfeiting problem is expected to be exacerbated by the unprecedented shift in tariff policy. Tariffs, designed as an import tax or duty on an imported product, are often a percentage of the price and can have different values for different products. Tariffs drive up the cost of imported brand name products but may not, or only to a lesser extent, impact the cost of counterfeit goods. In this article, we examine the extent of the global counterfeit dilemma, the role experts play in tracking and mitigating the problem, the use of anti-counterfeiting measures, and the potential impact that tariffs may have on the flow of counterfeit goods. Brand goods have always been a target of counterfeits due to their high price and associated prestige. These are often luxury goods and clothing, but can also be pharmaceuticals, cosmetics, and electronics. The brand name is an indication of quality materials, workmanship, and technology. People will pay more for the “real thing,” or decide to buy something cheaper that looks “just as good.” In many cases, “just as good” is a counterfeit of the brand name product. A tariff is an import tax or duty that is typically paid by the importer and can drive up the cost of imported brand name products. For example, a Yale study has shown that shoe prices may increase by 87% and apparel prices by 65%, due to tariffs. On the other hand, counterfeit products don’t play by the rules and can often avoid paying tariffs, such as the case of many smaller, online transactions, shipped individually. Therefore, we expect to see an increase in counterfeit products as well as a need to increase efforts to reduce the economic losses of counterfeiting. The Scale of the Counterfeit Problem In their 2025 report, the Organisation for Economic Co-operation and Development (OECD) and the European Union Intellectual Property Office (EUIPO), estimated that in 2021, “global trade in counterfeit goods was valued at approximately USD 467 billion, or 2.3% of total global imports. This absolute value represents an increase from 2019, when counterfeit trade was estimated at USD 464 billion, although its relative share decreased compared to 2019 when it accounted for 2.5% of world trade. For imports into the European Union, the value of counterfeit goods was estimated at USD 117 billion, or 4.7% of total EU imports.” In a 2020 report, the US Patent and Trademark Office (USPTO) estimated the size of the international counterfeit market as having a “range from a low of USD 200 billion in 2008 to a high of USD 509 billion in 2019.” According to the OEDC / EUIPO General Trade-Related Index of Counterfeiting for economies (GTRIC-e), China continues to be the primary source of counterfeit goods, as well as Bangladesh, Lebanon, Syrian Arab Republic, and Türkiye. Based on customs seizures in 2020-21, the most common items are clothing (21.6%), footwear (21.4%), and handbags, followed by electronics and watches. Based on the value of goods seized, watches (23%) and footwear (15%) had the highest value. However, it should be noted that items that are easier to detect and seize are likely to be overrepresented in the data. Although the share of watches declined, and electronics, toys, and games increased, it remains unclear whether this represents a long term trend or just a short term fluctuation. In general, high value products in high demand continue to be counterfeited. Data from the US Library of Congress indicates that 60% – 80% of counterfeit products are purchased by Americans. The US accounts for approximately 5% of the world’s consumers; however, it represents greater than 20% of the world’s purchasing power. Though it is still possible to find counterfeit products at local markets, a large number of counterfeit goods are obtained through online retailers and shipped directly to consumers as small parcels classified as de minimis trade. This allows for the duty-free import of products up to USD 800 in value. Counterfeit items may be knowingly or unknowingly purchased from online retailers and shipped directly to consumers, duty-free. Purchased products can be shipped via postal services, classified as de minimis trade. Approximately 79% of packages seized contained less than 10 items. Given the size and volume of the packages arriving daily, many or most will evade scrutiny by customs officials. This means of import is increasing over time. In 2017-19 it was 61% of seizures. By 2020-21, it was 79%. Economic Impact of Counterfeiting The scale of the counterfeiting problem has significant impacts on the US economy, US business interests, and US innovations in lost sales and lost jobs. Moreover, counterfeit products are often made quickly and cheaply, using materials that may be toxic. The companies producing these goods may not dispose of waste properly and may dump it into waterways, causing significant environmental consequences. Counterfeit products from electrical equipment and life jackets to batteries and smoke alarms may be made without adhering to safety standards or be properly tested. These products may fail to function when you need it and may lead to fire, electric shock, poisoning, and other accidents that can seriously injure and even kill consumers. Counterfeit cosmetics and pharmaceuticals can also lead to injuries by either including unsafe ingredients or by failing to provide the benefits of the real product. The Tariff Counterfeit Connection Tariffs may be seen as a tax on consumers and raise the price of imported products that are already the target of counterfeiters such as luxury leather products and apparel. It’s commonly understood that raising prices on genuine products can only drive up the demand for counterfeit goods. In general, consumers will have less disposable income and the brand goods they desire will cost more which is bound to increase the demand for counterfeit goods. Although recent changes removing the USD 800 tax exemption on de minimis shipments from China and Hong Kong will make it more expensive for counterfeiters to ship their goods internationally, tariffs are typically applied as a percentage of the cost of an object. This will cause the price of more expensive legitimate goods to increase even more than the cheaper counterfeit goods and likely make the counterfeit products even more attractive economically. Therefore, we expect to see an increase in counterfeit products as well as an increase in efforts to reduce the economic losses of counterfeiting. The Role of Technical Experts in Counterfeit Detection Technical experts play an important role in both the prevention and detection of counterfeits and helping to identify counterfeiting entities. Whether counterfeit money, clothing, shoes, electronics, cosmetics or pharmaceuticals, the first step in fighting counterfeits is detecting them. In some cases, the counterfeit product is obvious. A leather product may not be leather, a logo may be wrong, packaging may have a spelling mistake, or a holographic label may be missing. These products may be seized by customs. However, some counterfeit products are very difficult to detect. In the case of a counterfeit memory card with less than the stated capacity or a pharmaceutical that contains the wrong active ingredient, technical analysis may be needed to identify the parts. Technical analysis may also be used to try and identify the source of the counterfeit goods. For prevention measures, manufacturers may use radio frequency identification (RFID) or Near Field Communication (NFC) tags within their products. RFID tags are microscopic semiconductor chips attached to a metallic printed antenna. The tag itself may be flexible and easy to incorporate into packaging or into the product itself. A passive RFID requires no power and has sufficient storage to store information such as product name, stock keeping unit (SKU), place of manufacture, date of manufacture, as well as some sort of cryptographic information to attest to the authenticity of the tag. A simple scanner powers the tag using an electromagnetic field and reads the tag. If manufacturers include RFID tags in products, an X-ray to identify a product in a de minimis shipment (perhaps using artificial intelligence technology) and an RFID scanner to verify the authenticity of the product can be used to efficiently screen a large number of packages. Many products also may be marked with photo-luminescent dyes with unique properties that may be read by special scanners and allow authorities to detect legitimate products. Similarly, doped hybrid oxide particles with distinctive photo-responsive features may be printed on products. These particles, when exposed to laser light, experience a fast increase in temperature which may be quickly detected. For either of these examples, the ability to identify legitimate products, or – due to the absence of marking – track counterfeit products, allows authorities to map the flow of the counterfeit goods through the supply chain as they are manufactured, shipped, and are exported and imported to countries. For many years, electronic memory cards such as SD cards and USB sticks have been counterfeited. In many cases, the fake card will have a capacity much smaller than listed. For example, a 32GB memory card for a camera may only hold 1GB. Sometimes, these products may be identified by analyzing the packaging for discrepancies from the brand name products. In other cases, software must be used to verify the capacity and performance of each one, which is time-consuming when analyzing a large number of products. Forensic investigators, comprised of forensic accountants and forensic technologists, are heavily involved in efforts to combat this illicit trade. By analyzing financial records, supply-chain data, and transaction histories, they trace the origins and pathways of counterfeit products. Their work often involves identifying suspicious procurement patterns, shell companies, and irregular inventory flows that signal counterfeit activity. Forensic investigators often begin by mapping the counterfeit supply chain, an intricate web that often spans continents. Using data analytics, transaction tracing, and inventory audits, they identify anomalies in procurement, distribution, and sales records. These methodologies help pinpoint the origin of counterfeit goods, the intermediaries involved, and the final points of sale. By reconstructing the flow of goods and money, forensic investigators can begin to unmask activities. Cross-border partnerships are essential for tracking assets, sharing insights, and coordinating with financial regulators. Public-private partnerships further enhance the effectiveness of anti-counterfeiting efforts. Forensic investigators often serve as bridges between government agencies, brand owners, and financial institutions, facilitating the exchange of key information. These partnerships increase information-sharing, streamline investigations, and amplify the impact of enforcement actions. A promising development in this space is the World Customs Organization’s Smart Customs Project, which integrates artificial intelligence to detect and intercept counterfeit goods. Forensic investigators can leverage this initiative by analyzing AI-generated alerts and incorporating them into broader financial investigations, which allows for faster and more accurate identification of illicit networks. Jurisdictional complexity is a major hurdle in anti-counterfeiting efforts. Forensic investigators work closely with legal teams to navigate these challenges to ensure that investigations comply with local laws, and evidence is admissible and can withstand scrutiny in court, especially when dealing with offshore accounts and international money laundering schemes. Forensic investigators follow the money, tracing illicit profits through bank accounts, shell companies, and cryptocurrency transactions. Their findings not only help recover stolen assets but also support disputes by providing expert testimony that quantifies financial losses and identifies the bad actors. Conclusion Imitations of brand name products have become more convincing, harder to detect, and the sources of the counterfeit goods more difficult to identify. While counterfeiting clearly has evolved because of technological advancements, e-commerce, and the growing sophistication of bad actors, the process has now been complicated even further by the unpredictable tariff and trade policies that are affecting businesses worldwide. Consequently, companies need to take a multi-faceted approach to these new challenges introduced into the counterfeiting of products by tariffs. By engaging high-tech product authentication measures, utilizing technology-based alerts about counterfeits, and retaining the specialized skills of forensic investigators and other experts, companies will be able to navigate the risks posed by the complex and changing relationship between tariffs and counterfeit goods. To learn more about this topic and how it can impact your business or connect with James E. Malackowski simply click on his icon now to arrange an interview today. To connect with David Fraser or Matthew Brown - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com

Lending Survey Results Reveal Recent and Dramatic Concern Due to Tariff Policy

Global consulting firm J.S. Held releases its proprietary “Lending Climate in America” survey results from Phoenix Management, a part of J.S. Held. The second quarter survey results highlight lenders’ views on important issues, including policy decisions along with their national and global impact. Each quarter, Phoenix Management, a part of J.S. Held, surveys lenders to identify important trends focused on the latest economic issues, business drivers, and credit trends in the current lending climate. The “Lending Climate in America” survey provides valuable information to lenders, attorneys, private equity sponsors, and the financial news media, exploring topics like: What factors do lenders see as most likely to impact the US economy in the next six months? Phoenix’s Q2 2025 “Lending Climate in America” survey asked lenders which factors could have the strongest potential to impact the economy in the upcoming six months. Sixty-seven percent of lenders are paying the most attention to the possibility of a U.S. recession, while 40% of lenders believe overall political uncertainty has the strongest potential to impact the economy. Lenders also expressed moderate concern regarding the possibility of constrained liquidity in capital markets. To see the full results of Phoenix’s “Lending Climate in America” Survey, please visit: https://www.phoenixmanagement.com/lending-survey/ What shifts do lenders observe in their customers’ hiring and capital improvement plans? Lenders revealed what actions their customers may take in the next six months. Over half of the surveyed lenders believe their customers will raise additional capital. Most telling was that lenders believe only 3% of their customers have plans to hire new employees (down from 56% in 1Q) and only 23% have plans for capital improvements (down from 67% in 1Q). Which industries are expected to see the most volatility over the next six months? For the first time in recent memory, the 3 industries that respondents identified as most likely to experience volatility in the next six months were different from the prior quarter - consumer products (60.0% versus 20.7%), retail trade (43.3% versus 31.0%), and manufacturing (33.3% versus 20.7%). How do lenders plan to adjust their loan structures? Additionally, Phoenix’s “Lending Climate in America” survey asked lenders if their respective institutions plan to tighten, maintain, or relax their loan structures for various sized loans. For larger loan structures (greater than $25M), the plan to maintain loan structures remained relatively constant from Q1 to Q2, decreasing by 8 percentage points. As loan sizes decrease, the percentage of lenders that plan to maintain (as opposed to increase) their loan structures increased – quite dramatically in the under $15M range. How has lender sentiment toward the US economy changed from Q1 to Q2? Lender optimism in the U.S. economy decreased for the near term, moving from 2.33 in Q1 2025 to 2.10 in Q2 2025. In this current quarter, there is heavy expectation of a C level performance (63%), with the remainder split between D and B levels. More telling, lender expectations for the U.S. economy’s performance in the longer term increased sharply from 2.11 to 2.53. Of the lenders surveyed, 57% believe the U.S. economy will perform at a B level during the next twelve months, a hefty increase from the prior quarter. The “Lending Climate in America” survey is administered quarterly to lenders from various commercial banks, finance companies, and factors across the country. Phoenix Management, a part of J.S. Held, collects, tabulates, and analyzes the results to create a complete evaluation of national attitudes and trends. To view the full results, click on the button below: To connect with Michael Jacoby or for any other media inquiries, please contact: Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com

J.S. Held Announces the First Global Consulting Company Chief Intellectual Property Officer

Global consulting firm J.S. Held proudly announces the appointment of intellectual property (IP) expert James E. Malackowski as the first Chief Intellectual Property Officer (CIPO) of a global consulting company. J.S. Held Chief Executive Officer Lee Spirer observes, “In today's knowledge-based economy, the role of CIPO serves an important strategic and operational role both internally and in support of clients.” Protecting J.S. Held Intellectual Property and Other Intangible Assets J.S. Held experts have developed methodologies, frameworks, proprietary tools, and research that support client work. The CIPO partners across the business to ensure that these intangible assets are identified, protected, and leveraged to benefit the business. “Having dedicated IP leadership will help the company move faster in developing and deploying new methodologies, while ensuring reasonable measures of protecting our innovations,” noted James E. Malackowski. Managing J.S. Held Intellectual Property and Other Intangible Assets J.S. Held maintains a robust portfolio of patents including a “System and Method for Financing an Insurance Transaction”, trademarks, data, trade secrets, and other proprietary technologies that support client work. “As CIPO, I intend to partner with company leadership and our professional experts across the globe to manage and monetize the many patent, trademark, data, and other proprietary assets that set J.S. Held apart among our competitors, benefitting clients and our investors,” added James E. Malackowski. Industry’s Most Comprehensive Global Intellectual Property Consulting Group Ocean Tomo, a part of J.S. Held, is rooted in an expansive understanding of intellectual property (IP) value and risk, providing a foundation of Expertise for the Innovation Economy™. Built upon more than three decades of experience assessing IP in the most rigorous of venues - state, federal, and international courts, Ocean Tomo clients benefit from continuous feedback between litigation economic damage outcomes, transaction pricing, capital market valuations, debt financing terms, equity assessments, and deep technical insight. The team possesses the most comprehensive and market-tested understanding of IP value. Financial, market, and technical experts uniquely understand the contributory value of patented inventions, know-how, brands, and copyrights that permeate every business, viewing IP not simply as an isolated asset, but as an integral component of enterprise value. Multidimensional Intellectual Property-Informed Experts Benefit J.S. Held Clients Intellectual property expertise permeates the global organization. Beyond the expertise within J.S. Held’s dedicated IP practice Ocean Tomo, a part of J.S. Held, multidisciplinary experts across J.S. Held combine intellectual property expertise to core specializations, including: • Artificial Intelligence (AI) • Business Intelligence • Construction Advisory • Enterprise Risk Management • Fraud Investigations • Forensic Accounting • Insurance Claims Consulting • Restructuring, Turnaround, Receivership, and Bankruptcy Tangible and Intangible Asset Value Understanding The depth and breadth of J.S. Held’s work in the property and casualty insurance market and Ocean Tomo’s work across all forms of intellectual property and other intangible assets uniquely combine to create a strong foundation in risk assessment, data analysis, global awareness, regulatory compliance, technological adaptability, and risk mitigation. Collectively, these skills better equip J.S. Held experts to assess business risk across diverse geographies, geopolitical landscapes, regulatory frameworks, and technological advancements for the benefit of our clients. Learn more about the new J.S. Held Chief Intellectual Property Officer, James E. Malackowski: Looking to know more or connect with James E. Malackowski? Simply click on the expert's icon now to arrange an interview today. For any other media inquiries - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com

Supply Chain Report: Logistics Leaders Predict Tight Capacity, High Prices Through Mid-2026

The Logistics Managers’ Index rose for the second consecutive month due to rising costs as the economy remains uncertain, according to researchers at Florida Atlantic University and four other schools. May’s index read in at 59.4, up slightly from April’s reading of 58.8. The reading is up 3.8 from the year prior. A score above 50 indicates that the logistics industry is expanding, while a score below 50 indicates that the industry is shrinking. Costs, particularly inventory costs, led to this month’s expansion. Inventory costs rose to 78.4, the highest level since October 2022, while inventory levels were only 51.5. The gap between the two suggests that many inventories are sitting stagnant. “The persistent uncertainty with respect to tariffs seems to be causing upward pressure on inventory costs, likely because of stockpiling effects,” said Steven Carnovale, Ph.D., associate professor of supply chain management in the College of Business. “The previous pause on tariffs opened up an opportunity to stockpile, which is also likely reflected in the rise in warehousing utilization and costs, as well as the rise in upstream warehouse utilization.” The LMI, a survey of director-level and above supply chain executives, measures the expansion or contraction of the logistics industry using eight unique components: inventory levels, inventory costs, warehousing capacity, warehousing utilization, warehousing prices, transportation capacity, transportation utilization and transportation prices. Along with FAU, researchers at Arizona State University, Colorado State University, Rutgers University and the University of Nevada at Reno calculated the LMI using a diffusion index. Warehousing readings also point to further uncertainty among firms on the direction of the U.S. economy and tariff policy. Warehousing capacity was flat at 50, while warehousing costs and warehousing utilization read at 72.1 and 62.5, respectively. The readings suggest that inventories are sitting longer amid slower consumer demand and firms have been holding goods in anticipation of future tariff changes. “At a certain point, the see-saw effect of increased/decreased tariffs is likely going to lead to firms stockpiling when tariffs come down, and likely be forced to sit on excess inventory,” Carnovale said. “In this case, the decision will be: are the holding costs of excess inventory less than the (potential) future tariffs? And to what degree will these increased prices pass through to consumers?” Overall, respondents expect inventory levels to increase in the year ahead, with capacity growing tighter and costs expanding, highlighting the overall sentiment that trade issues and uncertainty will be wrapped up by the end of the year. Looking to know more - we can help. Steven is a supply chain strategist specializing in interfirm networks, risk management and global sourcing/production networks. He is available to speak with media. Simply click on his icon now to arrange an interview today

Video Insights: What Boards of Directors Need to Know About Tariffs

Boards of directors globally are confronting unknown circumstances as a result of the current quickly shifting tariff and trade environment. Business risks and opportunities are magnified during such times, compelling boards to seek the right strategies in order to meet these challenges. In this video, Brian Gleason, John Peiserich, James E. Malackowski, and Mariano de Alba – experts in business turnaround, supply chain, intellectual property, and political risk – outline emerging considerations for boards of directors in light of changing tariff policies, including: • Tracking the financial impact of tariffs and effects on company supply chains • Understanding changes to regulatory requirements and whether internal policies need to be modified • Planning for short- and long-term effects on intellectual property • Adjusting communications between the board and senior management To view more of our Tariffs and Trade Series expert analysis and commentary, visit: Looking to know more or connect with John Peiserich and James E. Malackowski? Simply click on either expert's icon now to arrange an interview today. If you are looking to connect with Brian Gleason or Mariano de Alba - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com