The most dangerous phrase in business is:
‘We’ve always done it this way.’
Welcome to the 146th Edition of the Global Business Update – As 2025 closes, business leaders face a world defined by economic recalibration and geopolitical realignment. The global economy continues to expand—though unevenly—as nations adapt to persistent inflation, rising borrowing costs, and shifting supply-chain dependencies. Emerging markets are proving surprisingly resilient, powered by domestic demand, digital adoption, and regional trade initiatives that are gradually replacing the old globalization model with something more balanced and diversified. Eight Of Top 10 U.S. Imports From China In 2018 Down More Than 50% Now
At the same time, non-tariff barriers and regulatory nationalism continue to challenge exporters and investors alike. Governments are becoming more assertive in protecting domestic industries, setting new environmental and labor standards, and regulating data flows and market access. These policies are reshaping how companies think about risk and market entry. Success today requires agility, partnerships built on trust, and a long-term commitment to local compliance and cultural understanding.
The global energy transition, rapid advances in AI, and demographic shifts are also influencing business decisions in profound ways. Many corporations are investing in technology and sustainability not only to meet shareholder expectations but to secure their license to operate in a world that values accountability and resilience.
This edition includes our regular look at global economic indicators, corporate expansion trends, and the latest developments in international trade and investment. We close with a focus on global franchising, one of the most consistently successful models for taking U.S. concepts abroad. The franchise section highlights new markets opening for brands and the evolving legal and operational frameworks shaping this dynamic sector.
This edition’s book review highlights: The Corporation in the Twenty-First Century: Why (Almost) Everything We Are Told About Business Is Wrong by John Kay (2025) challenges decades of assumptions about what corporations are, how they create value, and what their true purpose should be. Kay argues that most of the models we still teach and follow were built for an industrial economy that no longer exists. In that world, success was measured by control of physical assets, vertical integration, and economies of scale.
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To receive our biweekly newsletter by email every other Tuesday, click here https://insider.edwardsglobal.com
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The mission of this newsletter is to use trusted global and regional information sources plus our network of 20+ in-country Associates to update our global readers on key global and local trends that can impact the success of their businesses at home and abroad. We subscribe to about 40 international information sources to keep our readers up to date on the world’s business. We do not get involved with or report on politics!
PLEASE NOTE: Some of the information sources that we provide links to in our newsletter require a paid subscription to directly access them. Clicking on a link may not give the reader access to the content.
Edited and curated by: William (Bill) Edwards, CEO & Global Business Advisor, Edwards Global Services, Inc. (EGS), Irvine, California, USA. Contact Bill with questions, comments and contributions. Bedwards@edwardsglobal.com, +1 949 375 1896
Link to our current and past newsletters: https://edwardsglobal.com/geowizard/
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First, A Few Words of Wisdom From Others For These Times
“The most dangerous phrase in business is: ‘We’ve always done it this way.’”, Grace Hopper, Computer Scientist and U.S. Navy Rear Admiral
“The companies that survive are the ones that work out what they uniquely can give to the world.”, Simon Sinek, Author and Speaker
“Leadership today means connecting the dots between cultures, not just markets.”, Satya Nadella, CEO, Microsoft
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Highlights in issue #146:
Global trade has flourished even as U.S. tariffs rocked American trade
Eight Of Top 10 U.S. Imports From China In 2018 Down More Than 50% Now
Gen Alpha Purchasing Power Tops $28 Billion
Understanding Decision-making in Korean Business Culture
Brand Global News Section: Burger King®, German Doner Kebab® Pizza Hut UK and Wingsup®
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Interesting Data, Articles and Studies
“Global Economy in Flux, Prospects Remain Dim – The global economy is adjusting to a landscape reshaped by new policy measures. Some extremes of higher tariffs were tempered, thanks to subsequent deals and resets. But the overall environment remains volatile, and temporary factors that supported activity in the first half of 2025—such as front-loading—are fading. As a result, global growth projections in the latest World Economic Outlook (WEO) are revised upward relative to the April 2025 WEO but continue to mark a downward revision relative to the pre-policy-shift forecasts. Global growth is projected to slow from 3.3 percent in 2024 to 3.2 percent in 2025 and 3.1 percent in 2026, with advanced economies growing around 1.5 percent and emerging market and developing economies just above 4 percent. Risks are tilted to the downside. Prolonged uncertainty, more protectionism, and labor supply shocks could reduce growth.”, The International Monetary Fund, October 2025
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“Upgrading corporate affairs for a new geopolitical era – Geopolitical tensions and economic competition are raising the demands on corporate-affairs teams. Geopolitical turmoilis shifting the ground beneath business leaders’ feet. Executives are navigating waves of new tariffs, fallout from conflicts in Europe and the Middle East, escalating tensions in Asia, and an expanding web of policy measures through which governments seek to secure economic and strategic advantages. At a time when rules governing global trade and business change rapidly and perceived geopolitical affiliations can reverse a company’s fortunes, defining the corporate narrative and deftly managing relations with governments, regulators, and other geopolitical influencers are crucial to success.”, Geopolitical Futures, October 8, 2025
Editor’s Note: There is the emergence of a new ‘C’ level executive in several large corporations– the Geopolitical Risk Officer (GRO) who is responsible for identifying, analyzing, and mitigating risks to the company’s operations, supply chains, and investments arising from global political, economic, and security developments. A Geopolitical Risk Officer monitors and manages the impact of international political, economic, and security events on a company’s global strategy, operations, and reputation.
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“Across the rich world, fiscal crises loom – Gross public debt as a share of gdp in advanced economies stands near 110%, close to an all-time high. A rise in interest rates since 2022—initiated by central bankers to control inflation that was caused in part by government spending sprees—has made debts far more burdensome. Rich countries as a whole now spend half as much again on interest as they do on national defence. The prospect investors must worry about is not just—or even mainly—that of default. There is another weapon that can hurt them over long horizons: inflation. Debts are typically fixed in nominal terms, meaning higher prices can erode their real value. The irony of the world’s fiscal mess is that economic conditions are benign. No major economy is in a recession. Public debts have fallen slightly in real terms since their pandemic peak (due to inflation). And though interest rates have risen, in many countries they remain below the rate of economic growth.”, The Economist, October 13, 2025
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“The 20 happiest cities in the world in 2025, according to locals – We quizzed more than 18,000 urbanites on how joyful their city makes them feel – here’s what they had to say. Our happiness metric was based on the percentage of positive responses to five statements: My city makes me happy; I feel happier in my city than other places I’ve visited or lived; The people in my city seem happy; I find joy in the everyday experiences my city offers; The sense of happiness in my city has grown a lot recently. Here are the “Top 20” happiest cities in the world in 2025: 1. Abu Dhabi, UAE, 2. Medellín, Colombia, 3. Cape Town, South Africa, 4. Mexico City, Mexico, 5. Mumbai, India, 6. Beijing, China, 7. Shanghai, China. 8. Chicago, US, 9. Seville, Spain, 10. Melbourne, Australia, 11. Brighton, UK, 12. Porto, Portugal, 13. Sydney, Australia, 14. Chiang Mai, Thailand, 15. Marrakech, Morocco, 16. Dubai, UAE, 17. Hanoi, Vietnam, 18. Jakarta, Indonesia; 19. Valencia, Spain and 20. Glasgow, UK.”, Time Out, October 10, 2025
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“1 in 4 European workplaces make decisions with algorithms and AI that impact employee working life– As artificial intelligence (AI) and algorithmic management tools trickle into Europe’s workplaces, labour professionals are urging the European Union to introduce a new directive to safeguard workers’ rights. A joint report from the Commission and the International Labour Organisation (ILO) found that the French logistics sector uses AI-powered route planning tools to give drivers information like road traffic and delivery locations in real time, but this can lead to ‘extensive monitoring and surveillance of drivers’. Algorithmic management can decide an employee’s working conditions, such as the hours that people work, wages, shifts, and performance assessment.”, Euro News, October 27, 2025
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“Gen Alpha Purchasing Power Tops $28 Billion – 66% of Gen Alpha parents say their child prefers shopping in-store with the top reasons being family time outside the home (47%) and the sense that shopping trips are fun (45%). 53% of Gen Alpha parents report giving some sort of allowance to their children with the average weekly allowance being $22 for personal spending and saving. Gen Alpha uses their allowance dollars to purchase snacks (59%), toys (55%), entertainment (34%), electronics (31%), and beverages (31%). Gen Alpha consumer behavior is also clear in their quick-service restaurant preferences. Gen Alpha parents say their kids like McDonald’s best overall (34%), especially among 1–5-year-olds (40%) and 6–10-year-olds (39%), thanks to kid-friendly menus and cultural staying power. Chick-fil-A ranks second at 17%, maintaining steady appeal across all groups. But by ages 11–14, choices diversify: McDonald’s slips to 25% while Starbucks (10%) and Taco Bell (9%) rise in popularity. Gen Alpha is the first truly digital-native generation, and social media is central to how they discover products. Among 11–14-year-olds, 48% learn about new products from influencers and internet personalities, a rate that now rivals in-store discovery.”, Franchising.com, October 22, 2025
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Global Supply Chain, Energy, Commodities, Inflation, Taxes, Tariffs & Trade Issues
“Global trade has flourished even as U.S. tariffs rocked American trade – Waves of American tariffs may have rocked freight flows with the country’s closest partners, but worldwide trade continued largely unabated, according to a study from parcel and logistics firm DHL and New York University’s Stern School of Business. In fact, global trade grew faster in the first half of 2025 than in any half-year since 2010, excluding the pandemic rebound, the researchers said. One reason why trade can continue growing even as the U.S. raises tariffs is that only 13% of global goods imports went to the U.S. in 2024 and only 9% of exports came from the U.S. Another reason is that most countries have not followed the U.S. in implementing broad tariff increases, DHL said.”, Supply Chain Xchange, October 14, 2025
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Global & Regional Travel News
“6 Ways Travel Is About to Get More Expensive—And Why – Groaning at the cost of your latest rental, flight, or hotel stay? Get used to it, because global events are turning. These are the travel-related costs that are most likely to increase in the near future. According to the Global Business Travel Association (GBTA), hotel rates are expected to increase globally by 4% over the next few years. This is partly due to demand outstripping supply in certain places, especially popular business hubs…… In 2025, Hartsfield-Jackson Atlanta International Airport tripled its hourly parking rates, Denver International Airport increased usage fees that are tacked onto airfare so it can fund infrastructure improvements, and Richmond International Airport jacked up parking charges as a direct response to its own rising operational costs. Starting in 2027, airlines in 126 member states will be required offset growth in CO2 emissions. Some airlines, including Lufthansa, have already started raising the price you pay to offset these costs, adding what they’re referring to as ‘environmental cost surcharges’”., Frommers, October 14, 2025
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Book Review
The Corporation in the Twenty-First Century: Why (Almost) Everything We Are Told About Business Is Wrong by John Kay (2025) challenges decades of assumptions about what corporations are, how they create value, and what their true purpose should be. Kay argues that most of the models we still teach and follow were built for an industrial economy that no longer exists. In that world, success was measured by control of physical assets, vertical integration, and economies of scale.
Today’s leading companies, he explains, thrive not by owning machinery or real estate, but by orchestrating networks of people, partners, technology, and ideas. The modern corporation’s true strength lies in coordination — the ability to align talent, innovation, and purpose across a complex ecosystem.
He also dismantles the long-standing notion that the primary goal of business is to maximize shareholder value. According to Kay, this thinking has led to short-term decision-making, fragile supply chains, and declining trust. Instead, he calls for a renewed focus on corporate purpose — building organizations that create sustainable value for customers, employees, and societies over time.
In essence, Kay reframes the modern corporation as a living system — one that must continually learn, adapt, and evolve. It’s not just about financial engineering or scale, but about cultivating capabilities that competitors cannot easily copy. His message is especially relevant for global business leaders: those who succeed in the 21st century will be the ones who build resilient, people-centered organizations capable of thriving amid constant technological and geopolitical disruption.
Five Takeaways for Global Business Leaders
Prioritize capabilities over assets – Competitive advantage today comes from talent, brand, and partnerships, not factory ownership.
Redefine corporate purpose – Profit follows from delivering sustained value to customers and society, not from chasing shareholder returns.
Build adaptive networks – Global success depends on orchestrating people, suppliers, and knowledge across borders.
Think long-term – Resist short-term financial targets that erode innovation and resilience.
Lead with trust and purpose – Transparency, responsibility, and shared goals now define durable global enterprises
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Country & Regional Updates
Africa
“Africa Attracts Billions as Tariffs Redraw Global Trade Map – As US tariffs redraw traditional trade routes, investors are plowing tens of billions of dollars into the continent’s farms, railways, renewable energy, and data hubs, betting that Africa will be the next big supply-chain link in a fractured world economy. With the African Continental Free Trade Area promising a $3.4 trillion common market by 2035, the region with the world’s youngest population is becoming a magnet for both capital and competition. But opportunity brings risk. The continent faces an infrastructure gap of as much as $108 billion a year, patchy governance and rising debt burdens.”, Bloomberg, October 23, 2025
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Canada
“Why more Canadian small businesses are embracing AI to build for the future – According to a recent report from Statistics Canada, 12.2 per cent of businesses surveyed in the second quarter of 2025 reported using AI to produce goods or deliver services in the previous 12 months, an increase of 6.1 per cent from the same period in 2024. A separate study from the Business Development Bank of Canada (BDC) found ‘a staggering 97 per cent of SMEs (small- and medium-sized enterprises) using AI reported tangible benefits, including increased efficiency, reduced costs, higher sales, improved customer service, and better management of sales, production or inventory.’, The Globe and Mail, October 21, 2025
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China
“Eight Of Top 10 U.S. Imports From China In 2018 Down More Than 50% Now – The U.S. deficit with China is down 52.94% from 2018 to today, when comparing the latest year-to-date Census data, which is through July. The deficit has fallen, in that seven-month window, from $296.54 billion to $194.98 billion. Part of that is because overall imports from China have fallen 34.62% from the same seven-month period in 2018. U.S. exports to China are down 12.01%, which I discuss in this post. There are other signs. The U.S. deficit with China, more than five times as great as that with any other country in 2018, is little more than 12% larger than the U.S. deficit with Mexico today. While the U.S. trade deficit with China declined, the U.S. deficit with the world hit $809.29 billion, the first time ever above $800 billion through July. The U.S. deficit with the world today is 29.71% greater than it was in the summer of 2018.”, Forbes, October 21, 2025
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“China’s secret stockpiles have been a great success—so far – Since early 2024, when it became clear that President Donald Trump might return to the White House, officials have stockpiled fuel, food and metals to limit exposure to sanctions and tariffs. Those measures accelerated, and broadened, after Mr Trump slapped high duties on Chinese goods in the spring. China does have reason to fret about its energy supply. Despite booming electric-vehicle sales, it will continue to need 16m or so oil barrels a day (b/d) for years—three-quarters of which it must import. Its purchases of natural gas have tripled in the past ten years as urban heating and fertiliser plants demand more. And it imports half a billion tonnes a year of coal, which remains the fuel for 60% of its power. Although the country is one of the world’s mineral refining centres, it imports 85% of the iron it bakes into steel; is short of bauxite, the underlying ore for aluminium; and its smelters ship in 88% of their raw copper. It buys four-fifths of the 100m-120m tonnes of soyabeans it feeds to its 430m hogs and 70% of the edible oil it blends into processed food.”, The Economist, October 26, 2025
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India
“Amazon says India’s e-commerce exports top $20 billion, despite US tariffs – U.S. tariffs pose short-term challenge; long-term outlook firm. Seller base hits 200,000 across 200 cities; small towns surge. Sets $80 bln export goal for 2030 as reforms boost e-commerce. Thousands of Indian artisans and small businesses were affected after the U.S. doubled tariffs on certain goods to 50% starting on August 27. The tariffs were a response to India’s purchases of Russian oil. Amazon’s Global Selling programme, unveiled in 2015, enables Indian small- and medium-sized enterprises to sell to customers in 18 global markets, including the U.S., Britain, Germany, Canada and the United Arab Emirates.”, Reuters, October 27, 2025
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South Korea
“Understanding Decision-making in Korean Business Culture – In most Korean companies, leadership makes decisions on direction and major issues. Your role as part of the local or working team is to gather and prepare the necessary information. Once approved, you’ll report back to headquarters on implementation and progress. If you’re hoping to propose a new idea, service, or program, understand this: your local Korean management’s role is to collect your information and share it with the appropriate senior team members—often back in Korea. Your local opinion is valued, but the final approval? That always comes from Korea.”, Bridging Culture Worldwide, October 2025. Compliments of Don Southerton.
Editor’s Note: This is one of our author focus additions to the Geowizard newsletter. Don has more than 20 years of direct business experience in South Korea. His insights will help anyone considering doing business in this interesting but often challenging market.
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Spain
“The high costs of Spain’s renewables revolution – It is a country with almost no oil or gas of its own, which until recently was a disadvantage. But in a decade Spain has transformed its energy matrix. Wind and solar now account for more than 40% of the total electricity supply. In a land of abundant sunshine, the share of solar is set to rise further. Not only has Spain become a world leader in the energy transition but renewables have driven down the cost of generation. Industry experts say there are two main problems. First, electricity supply has grown much faster than demand……. The second problem is that the supply of solar power, which tends to be highest in the middle of the day when demand is lower, has not gone hand in hand with sufficient investment in storage and stabilisation technologies, such as batteries.”, The Economist, October 16, 2025
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United Kingdom
“The rise of the eat-at-home economy – Consumers are increasingly shunning the restaurant experience for the comfort and cost savings of their living rooms. After Covid’s disruption, dining out rose sharply — but that has fallen back as food delivery resumes its steady growth. The trend is fuelling a growing “eat at home” economy, where consumers are shunning the dining out experience for the comfort, convenience and cost savings of their living rooms. It represents a new kind of competition for restaurants, which are already facing off against the popular convenience of delivery services, as they grapple with rising food and labour inflation, particularly in the UK.
As restaurants have struggled, delivery providers have also flourished. Between 2023 and 2024, the value of the UK’s delivery market grew 8.2 per cent, far outstripping a 2.5 per cent rise for eat-in restaurants, according to Euromonitor. This shift was even more pronounced in the US, where the delivery market expanded 18 per cent last year, while the eat-in restaurant market actually contracted.”, The Financial Times, October 24, 2025
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United States
“Why Employers Aren’t Hiring Anymore – The U.S. economy is adding far fewer jobs than it used to, raising the question of what factors are holding back hiring. An analysis by Goldman Sachs economists found President Donald Trump’s immigration restrictions were the biggest factor. Other reasons include economic uncertainty about about tariffs and layoffs of federal workers, as well as artificial intelligence. The biggest factor in the slowdown in recent months is Trump’s crackdown on immigration…….Trump’s cutbacks to the federal workforce have also slowed things down, reducing government hiring by 30,000. Additionally, Goldman noted that a reduction in spending on federal contracts is weighing on the labor market.”, Investopedia, October 23, 2025
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“Here’s the (U.S.) inflation breakdown for September 2025 – The consumer price index rose 3% on an annual basis in September 2025. Economists said the Trump administration’s tariff agenda could raise consumer prices more in the months ahead. Without any other economic data, the report provides a look at the state of the U.S. economy ahead of next week’s Federal Reserve meeting. “Core” commodities — which exclude volatile food and energy prices — also rose 3% in September from a year earlier. The CPI tracks how quickly prices rise or fall for a basket of consumer goods and services, from coffee and bananas to club memberships and concert tickets.”, CNBC, October 24, 2025
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The Accredited Franchise Supplier certification
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Global Brand & Franchise Sector News
“German Doner Kebab signs franchise agreement for India, 450 sites to open over next 15 years – GDK’s first India restaurant is set to open in early 2026. The launch follows a milestone year for GDK, having opened its 150th UK restaurant, in Leeds, this month and the imminent debut of its first Ireland location in Dublin. GDK has more than 170 restaurants across the UK, Ireland, Sweden, North America, and the Middle East. The brand has grown at pace through a franchise model, cementing its presence in UK high streets, travel hubs, and shopping centres, and is now accelerating its international footprint.”, Propel Info, October 27, 2025
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“Pizza Hut UK acquires Pizza Hut’s dine-in operations, 74 restaurants closing with loss of more than 1,700 jobs – The business has now been acquired by Pizza Hut UK. A spokesperson said: “Today, Pizza Hut UK announces the acquisition of the Pizza Hut dine-in operations through a pre-packaged administration, after FTI was announced as administrators of DC London Pie, a franchisee of Pizza Hut dine-in restaurants. We are pleased to secure the continuation of 64 sites to safeguard our guest experience and protect the associated jobs. Approximately 1,277 team members will transfer to the new Yum! equity business under UK TUPE legislation, including above-restaurant leaders and support teams.”, Propel Info, October 20, 2025
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“Who Owns Burger King? The Answer Isn’t As Straightforward As You’d Think. Outlets of most ubiquitous fast food brands look the same no matter where you are. This consistent appearance and experience you get makes every outlet feel like it’s a part of a monolithic whole — owned and managed by the same entity. So, whether you walk into a Burger King in the United States, Europe, or Japan, you probably think it’s owned by the same company. However, this isn’t the case. In fact, over 90% of Burger King’s 19,000-odd locations are actually owned by small companies and individuals, and not by the brand’s actual parent company, Restaurant Brands International Inc. (RBI). This difference in ownership is what makes Burger King a franchise and not a chain restaurant. As it turns out, RBI owns the Burger King brand as well as Popeyes, Tim Horton’s, and Firehouse Subs — which cover over 30,000 restaurants across more than a hundred countries.”, Chowhound, October 25, 2025
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“Burger King Owner Is Said to Shortlist CPE and HSG for China Stake – Chinese private equity firms HSG and CPE are vying for a controlling stake in Burger King’s China business, according to people familiar with the situation. Burger King isn’t the only well-known Western brand adapting to changes in the China market, with others including Starbucks Corp. working to bring in investors for their businesses in the country, Bloomberg News has reported. RBI, which also owns the Tim Hortons, Popeyes and Firehouse Subs chains, bought out its Burger King China joint venture partner for about $151 million in February, and assumed roughly $178 million of outstanding debt, its quarterly report shows. The company said in the report it was trying to find a new controlling shareholder that aligned with its strategy of partnering with experienced local operators while maintaining a primarily franchised business.”, Bloomberg, October 27, 2025
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“How Canadian Concept WingsUp! Plans to Stand Out in America’s Crowded Chicken Market – The legacy chain is targeting Texas, Georgia, and Florida, and should open some store within the next 12 months. WingsUp is jumping head first into its U.S. growth. It’s opening a corporate office in Dallas so that it can begin expansion in Texas, Florida, and Georgia—all states with strong sports fandom, a demographic that correlates strongly with eating chicken wings. On the company’s franchising website, it points out Jacksonville, Orlando, Tampa, and Miami as key markets in Florida, and El Paso, Dallas-Fort Worth, Austin, San Antonio, and Houston in Texas.”, QSR Magazine, October 24, 2025
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Our Mission, Information Sources & Who We Are
Our biweekly global business update newsletter focuses on what is happening around the worldthat impacts new trends, health, consumer spending, business investment, the franchise sector, economic development, and travel. We daily monitor 30+ countries, 40+ international information sources and six business sectors to keep up with what is going on in this ever-changing business environment. And our GlobalTeam
on the ground covering 25+ countries provide us with updates about what is actually happening in their specific countries. We do not get involved in or report on politics!
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William “Bill” Edwards: CEO & Global Trade Advisor “Is Uniquely Qualified to Steer Sr. Executives Successfully Through the Complex Waters of Going Global”. With five decades of successful international business experience spanning virtually every corner of the world and many business sectors, Bill Edwards understands the global business landscape like no other. He has been a County Master Franchisee in five countries in Asia, Europe, and the Middle East; the Senior VP for a franchisor operating in 15 countries and a full-service global management consultant since 2001 helping 40+ franchisors expand into new countries. Bill knows how to turn the challenges in taking a brand global into opportunities.
For a complimentary 30-minute consultation on how to take your business into new countries successfully. For a complimentary call with Bill Edwards click on the QR code or contact Bill at bedwards@edwardsglobal.com and +1 949 375 1896
And download our latest chart ranking 40+ countries as places to do business, used by many companies for strategic planning, at this link: