G7, Lloyds & Hormuz: Top Supply Chain News This Week
June 21
As part of the talks taking place at the Évian summit, hosted in France, G7 leaders have agreed to a targeted reduction of dependency for rare earths and permanent magnets.
The proposed agreement is for sourcing from non-G7 suppliers to fall to less than 60% by 2030, with a long-term goal of 50%. Other critical minerals will also get similar hard targets by the end of 2026.
Supply chains need to diversify more than ever before, with resilience becoming crucial in the face of regular global disruption and rising geopolitical tensions.
June 22
Lloyds Bank's Business Barometer survey, which spans companies from all regions and sectors and is made up of 1,200 UK firms, found that the most frequently cited consequences of the recent worldwide uncertainty were rising costs (45%) and supply chain disruption (37%).
Overall, more than half (57%) of firms surveyed said that they had felt the effects of an unpredictable global landscape, which can be seen as a remnant of geopolitical fragmentation, tariffs and tensions.
It's not all negative sentiment for businesses in the UK however, as despite feeling the effects of the volatility, they remain largely positive about this year's prospects.
June 22
Global supply chains continue to depend on fragmented communication systems that scatter information across emails, PDFs, spreadsheets and supplier messages.
A New York startup called Didero has developed an AI platform designed to convert these dispersed data points into automated procurement workflows, targeting the operational complexity that manufacturers face when managing direct materials sourcing.
The company drew inspiration from Denis Diderot's 1751 Encyclopédie project.
June 24
NVIDIA has been recognised for its excellence in supply chain operations, named as a leader in the Gartner Top 25.
Leading organisations have been paying attention to the macrotrends shaping the market and embracing technology in new ways.
For the second year in a row, NVIDIA has taken the top spot in the list, outranked only by Schneider Electric.
June 25
There is an estimated US$125bn in combined vessel and cargo value, which is being carried by around 1,150 vessels, that is waiting to resume normal operations in the Persian Gulf as of 15 June 2026,
According to the latest Safety and Shipping Review by Allianz Commercial, this cargo is equivalent to 29 million gross tonnes of shipping capacity and 20,000 seafarers.
It is the first time in the Strait's history that the logistics network connecting the Persian Gulf to the Gulf of Oman has been closed.
