Afternoon Coffee: EU Firms Expect to Ditch UK Suppliers After Brexit, Drone Trials Get Boost from FAA Waiver Program

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A majority of EU companies surveyed by The Chartered Institute of Procurement & Supply (CIPS) said in a recent survey they would move at least some of their supply chains out of the UK after the country withdraws from the EU’s single market, the Guardian reports. The prospect of EU companies shifting their business to domestic suppliers represents potentially billions of pounds worth of losses for UK exporters.

Drone Pilot

The burgeoning drone industry got a boost from President Trump Wednesday after he signed an executive order designed to speed the approval of drone flights over crowds and for longer distances, according to Supply Chain 24/7. The order will allow local governments to apply to the Federal Aviation Administration for waivers allowing them to conduct tests of deliveries, drone air-traffic systems, long-range flights and other uses generally prohibited under current rules, a representative for the administration said.

Services Surge

The Institute for Supply Management’s gauge of the U.S. services sector hit its highest level in over 12 years in October, the Wall Street Journal reports. The nonmanufacturing index rose to 60.1 in October from 59.8 in September, surprising economists, who had expected a pullback.

Oil Prices

And finally, a commodities update: Oil prices are expected to rise to the $70 mark but settle around $50 a barrel after a power grab in Saudi Arabia led to the arrest of several princes and ministers over the weekend, CNBC reports.

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