TUE AM News: Talking Trade with Fredrik Udd, Explore Markets; AI joint study committee approves seven recommendations

December 17, 2024

— In the latest edition of “Talking Trade,” Explore Markets Founder and Managing Partner Fredrik Udd discusses opportunities for doing business in Poland and other parts of Europe.

Explore Markets, based in Poland, offers market research, supply chain help, export readiness assessments and other services. It works with international companies expanding operations in central and eastern Europe, as well as the Nordic nations.

Udd touts the strength of the Polish economy, calling it a “powerhouse” for Europe in business, politics and defense.

“It’s the land of business opportunities in Europe … development in Poland over the past 20, 30 years has been just fantastic and it’s really mindblowing to see what Poland has achieved during these years,” he said.

Along with highlighting Poland’s economic growth since joining the European Union in 2004, Udd paints an optimistic picture for the future of the country’s economy. He notes it has “outperformed all other European countries” over the past few decades along with other major economies around the world.

“So you have a stable strong growth, sort of just like a train that keeps on running,” he said. “And now you see big investments, big potential ahead.”

The podcast also touches on economic shifts in the region linked to the war between Russia and Ukraine, as well as potential opportunities for Polish companies looking to set up shop in the United States. Udd says more of these businesses are now looking outside the country’s borders in the past five years or so.

For U.S. companies aiming to expand elsewhere, Udd said most export-oriented businesses will find opportunities in Poland, particularly those in manufacturing. That includes machinery, automation solutions, material handling and more. This sector accounts for nearly one-fourth of Poland’s GDP, he said.

“The manufacturing industry is a traditionally strong industry and sector in Poland, that’s something that couples really well with the U.S. and with the Midwest,” he said. “So I think there are really good opportunities there.”

Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.

Watch the full episode here.

“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here.

— The joint study committee on AI has approved seven recommendations, including a suggestion the Legislature ensures programs in education and workforce development included training with the technology.

The other measures, approved by paper ballot late last week, include calling on the Legislature to:

Avoid overreach and focus legislation on artificial intelligence on “high-risk areas susceptible to exploitation or abuse.”
Create a permanent study committee legislative standing committee or inter-branch commission to review emerging technologies such as AI and make legislative recommendations.
Examine and invest in “technology powered by AI that will assist with public safety, such as gun detection software.”

The committee was tasked with making recommendations to legislators for possible legislation on the use and development of AI.

See the full list of recommendations.

— Wisconsin banks and credit unions remained in a solid financial position through the third quarter of 2024, state officials report.

Total assets for the state’s 199 state-chartered banks rose from $67.03 billion on Sept. 30, 2023 to $69.58 billion at the end of the third quarter, according to the state Department of Financial Institutions. Meanwhile total assets at state-chartered credit unions rose from $64.1 billion at the end of 2023 to $66.2 billion.

For banks, net loans rose 4.15% to $50.4 billion, marking a $2 billion increase over the year. And their past due ratio rose from 0.62% to 0.88% over the same period.

“Although monitoring of asset quality metrics will continue, the earnings and capital positions reflect some improvement,” DFI Secretary Cheryll Olson-Collins said in a statement on the bank figures.

Meanwhile, outstanding loans for credit unions grew by $841 million while shares and deposits rose $1.6 billion over the same period, causing the loan-to-share ratio to fall from 92.4% to 91.23%. And the delinquent loan to total loan ratio rose from 0.79% to 0.87% over the period covered in the release.

“Delinquency has increased, but remains at very manageable levels,” Olson-Collins said in the credit unions release. “Overall, Wisconsin’s state-chartered credit unions continue to be financially stable with a positive outlook.”

See the figures for banks and credit unions.

— Associated Builders and Contractors has ranked Wisconsin the No. 1 state in the country for its construction business environment, the national group’s state chapter announced.

ABC yesterday rolled out its 10th annual “Merit Shop Scorecard,” which ranks all 50 states and the District of Columbia on a number of factors, including construction career options, workforce development and how policies support “open competition” on taxpayer-funded projects.

The rankings center on the “merit shop” concept, which ABC says is defined by “the belief that people and companies succeed based on free enterprise principles” in the free market system.

According to the group’s website, those following the merit shop idea “believe employees and employers have the right to determine wages and working conditions through either individual or collective bargaining, as they choose, within the boundaries of the law.” Plus, it calls for the government to award contracts based only on merit to the lowest possible bidder, regardless of labor affiliation.

More than 70% of the state’s construction workforce follows this idea, according to yesterday’s announcement.

“ABC’s rankings make it clear that policies which protect free enterprise, promote economic growth, reduce regulatory burdens and expand workforce development create the conditions to welcome all of Wisconsin’s construction industry to rebuild local infrastructure,” ABC Wisconsin President Kelly Tourdot said in a statement.

See the release and the full rankings.

— Madison-based Nimble Therapeutics is being acquired for $200 million by AbbVie, the Chicago-area pharmaceutical company announced.

In a recent release, AbbVie said it’s buying Nimble and its “lead asset,” a drug in the preclinical stage of development for the treatment of psoriasis and inflammatory bowel disease. It focuses on a therapeutic target that contributes to these conditions through increased inflammation and an “amplified” immune response.

The acquisition covers Nimble’s other drug candidates with “potential across several autoimmune diseases,” the announcement shows, as well as its drug discovery and optimization platform.

Jigar Patel, founder and CEO of Nimble Therapeutics, says AbbVie’s expertise in commercializing medicines around the world will help Nimble’s oral therapies reach more people.

“We are pleased that AbbVie has recognized the tremendous potential of our proprietary platform and emerging immunology pipeline,” Patel said in the release, which also notes Nimble has been backed by founding investors Roche Ventures and Telegraph Hill Partners.

Jonathan Sedgwick, senior vice president and global head of discovery research for AbbVie, touts the opportunity to “help address the significant unmet medical need” for patients with autoimmune diseases.

“The addition of Nimble’s pipeline to AbbVie’s existing pipeline, combined with our deep clinical and translational expertise in immunology, represents an important growth opportunity,” he said in a statement.

See more in the release.

For more of the most relevant health care news, reports on groundbreaking research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics and WisBusiness.com.

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— A Madison-area small business owner says he’s stockpiled a one-year supply of products from China in anticipation of new tariffs imposed by Donald Trump.

“As soon as it became clear to me Trump was going to win, I knew that tariffs were on the table, a tariff up to 60% would have a huge impact on business, so I started messaging my suppliers on election night, putting in a pretty big order,” said Jason Junod, the founder and owner of Bare Botanics in Middleton.

Speaking on WISN’s “UpFront,” which is produced in partnership with WisPolitics, Junod said he’s been unable to find a supplier for brushes for his skincare company, a key product that accompanies every other product made in his warehouse in Wisconsin.

“I think tariffs have a place in the economy,” he said. “I think there have been success stories of tariffs protecting certain businesses and industries, but you have to have that industry set up in America first to protect it.”

Junod anticipates he will save tens of thousands of dollars if the new tariffs are imposed.

“If I can buy one year’s worth of inventory, it gives us a little bit of a reprieve, it gives customers a little bit of a reprieve,” he said. “I’m OK sharing this story to the extent it’s focused on policy and not necessarily party. I think this could have been a policy under either party, and it happens to be under the Republican Party, and that happens to be the incoming administration, and as a small business owner, I have to stick to the facts and look ahead to what’s coming.”

See more from the show.

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