Welcome to the March 2023 issue of Credit Management News Digest. 
This month's issue is sponsored by Chubb.

Index
UK Late Payment, Business Distress & Insolvencies
70+ of the UK's slowest and latest paying companies are named. After analysing data from over 5,000 companies, Good Business Pays has named both late and slow payers (companies who take more than 80 days to pay and pay more than 50% of invoices later than agreed terms). The list includes some of the UK's largest companies (including AB InBev, Birds Eye, H J Heinz, Coca-Cola, Mondelez Confectionery, NTT, Telefonica and Arriva Rail North). Tina McKenzie, Policy Chair at the Federation of Small Businesses, commented: "We welcome Good Business Pays shining a light on boardroom practices. It's clear that too many of the UK's big businesses continue to fail to look after their suppliers." In 2022, the Federation of Small Businesses predicted 400,000 UK businesses would fail due to cashflow problems. To read Good Business Pays' news release go to https://goodbusinesspays.com/the-late-the-slow-payment-watchlist-2023/.
Small businesses in the UK are waiting longer to be paid. New research from Xero has indicated that late payments have worsened for UK small businesses. According to Xero, time to be paid rose by 0.6 days to 30.5 days in January — the longest payment time recorded since September 2020. In January, payments to UK small businesses were also late by an average of 8.4 days, a significant rise of 1.8 days since December 2022 and the highest level since August 2020. Alex von Schirmeister, UK Managing Director, Xero, commented: "The outcome of the UK government's late payments consultation cannot come soon enough — small businesses are critical to our economy and communities, but can't drive UK growth without stricter policies to protect them. To read Xero's news release go to https://www.xero.com/uk/media-releases/uk-xsbi-data-jan-2023/.
The Business Distress Index Q4 2022 indicates that UK SMEs face unprecedented levels of distress. Real Business Rescue's latest Business Distress Index statistics show how challenging the current economic climate is for UK businesses. Compared to 2019 (pre-COVID), Real Business Rescue reports an 11% rise in critical distress, a 24% rise in significant distress, a 77% rise in CCJs being served, and a 39% rise in registered insolvencies. 610,405 SMEs were in significant distress in Q4 2022 is 610,405 — a 3.6% increase on Q4 2021 and a 0.5% increase on Q3 2022. The ten most distressed sectors included Support Services, Construction, and Retail, with Property Services seeing the sharpest rise in distress (a 16% increase over the last 12 months). London felt the sharpest rise in distress, with a 7% increase in businesses across the capital in distress. To read Real Business Rescue's report go to https://www.realbusinessrescue.co.uk/advice-hub/the-business-distress-index-q4-2022.
One in three small UK businesses will struggle after the energy price cap ends in March. After analysing the finances of 1.16 million small UK businesses, Experian forecasts that 30% of these will become 'at heightened risk' — meaning they may not have enough cash to absorb the energy price shock — once the current price cap ends. This would more than double the percentage (currently 13%) at 'heightened risk'. Experian's analysis also found that although invoice payments over 30 days late have reduced by 11% year-on-year, late payment has worsened in some sectors, including retail, accommodation, and food. Liz Barclay, the Small Business Commissioner, commented: "We need bigger customers to pay smaller suppliers as a priority to give them a fighting chance of survival." To read Experian's news release go to https://www.experianplc.com/media/latest-news/2023/one-in-three-small-businesses-will-struggle-after-march-when-the-energy-price-cap-ends/.
A fifth of UK retailers fear insolvency amid the energy crisis. A report by FRP Advisory has warned that with 66% of UK retailers having experienced an increase in operating costs in 2022 — by 21% on average — the industry faces a number of market headwinds. However, energy is UK retailers' most significant concern over the next 12 months, with 52% of the businesses surveyed by FRP Advisory citing it as the most significant anticipated pressure on their margins and 22% fearing insolvency if the Government continues with its plan to reduce relief on energy bills from April onwards. The research also found that 72% of UK retailers anticipate a wave of creditor pressure in 2023, including CCJs and winding up petitions, with just over a fifth (21%) expecting the pressure to be extreme. To read FRP Advisory's news release go to https://www.frpadvisory.com/blog/a-fifth-of-uk-retailers-fear-insolvency-amid-energy-crisis/.
Insolvency levels in January 2023 were 120.4% higher than in January 2021. New data from the Insolvency Service has indicated that UK corporate insolvencies decreased by 15% in January 2023 — to a total of 1,671 compared to December 2022's total of 1,965. However, insolvencies increased by 6.6% compared to January 2022's figure and were 120.4% higher than 2021's total (758). Christina Fitzgerald, President of R3 and a Partner at Edwin Coe LLP, noted that a reason for this is a rise in the numbers of Creditors' Voluntary Liquidations, which are higher than the previous three Januarys. She commented: "Directors are still turning to this process to close down their businesses as trading conditions and creditor pressures remain tough — and many are taking this step before the choice is taken away from them." To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/31503/page/1//.
UK Economy
The UK economy stagnated in Q4 2022. The first quarterly estimate of GDP produced by the Office for National Statistics indicates that the UK saw no economic growth in Quarter 4 2022. Monthly estimates show that GDP fell by 0.5% in December 2022, following an unrevised growth of 0.1% in November 2022. In output terms in Q4, the services sector slowed to flat output, driven by falls in the education, transport and storage sub-sectors. Elsewhere, growth of 0.3% in construction was offset by a 0.2% fall in the production sector. For 2022 as a whole, GDP is estimated to have increased by 4.0%, following a 7.6% increase in 2021. The level of quarterly GDP in Q4 2022 was 0.8% below its pre-COVID-19 level in Q4 2019. To read the ONS' go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/octobertodecember2022.
UK GDP is forecast to contract by 0.2% in Q1 2023. The National Institute of Economic and Social Research (NIESR) has reported that monthly UK GDP fell by 0.5% in December, following an unrevised rise of 0.1% in November. The monthly GDP data for December were worse than NIESR's January estimate, contracting by 0.5% rather than by 0.1%. In addition, GDP remained flat in the fourth quarter of 2022, marginally worse than NIESR's previous forecast of 0.1% growth, bringing annual growth to 4.1% in 2022 and suggesting that the UK narrowly avoided a technical recession. For 2023, NIESR forecasts GDP growth of -0.2% in the first quarter and believes the UK will likely avoid a 'technical recession' this year. NIESR also predicts that UK inflation will still be above 3% at the end of 2024 and will not reach the Bank of England's 2% until the third quarter of 2025. To read NIESR's news release go to https://www.niesr.ac.uk/publications/little-relief-expected-households-gdp-set-contract-0-2-q1-2023?type=gdp-trackers.
All UK sectors forecast output growth in 2023. For the first time in six months, all 14 sectors monitored by the Lloyds Bank UK Sector Tracker expect their output to grow over the next year. According to the Tracker, improved optimism was driven by expectations of weaker inflation over the next 12 months. Of the 14 sectors monitored, 11 reported more buoyant output growth expectations in January than in December. The UK metals and mining sector (74.1 versus 58.6 in December) saw the largest month-on-month rise in output expectations, followed by tourism and recreation (59.6 versus 47.7 in December). A reading above 50.0 indicates an expected increase in output over the next 12 months, while a reading below 50.0 indicates an expected decline. To read Lloyds Bank's news release go to https://www.lloydsbankinggroup.com/media/press-releases/2023/lloyds-bank-2023/january-2023-sector-tracker.html.
London is set to experience the fastest growth of all UK regions. Analysis by EY suggests that although London's Gross Value Added (GVA) is set to contract by 0.2% in 2023, this will still be the slowest contraction all UK regions. London's economy is then on track to expand 2.6% each year between 2024 and 2026, compared to 2.1% on average for the UK. EY's forecast also predicts that, by the end of this year, UK GVA is expected to be 0.1% higher than it was in 2019, with London (up 3.2%), Yorkshire and the Humber (0.6%), the South West (0.5%), the East of England, Northern Ireland and the East Midlands (all 0.3%) outpacing the rest of the country. The West Midlands (-1.7%), South East (-2.1%) and North West (-2.5%) are forecast to be furthest from their pre-pandemic levels. To read EY's news release go to https://www.ey.com/en_uk/news/2023/02/cost-of-living-set-to-intensify-the-uks-regional-economic-divide.
UK business lending looks set to contract sharply this year as recessionary pressures intensify. According to the latest EY ITEM Club for Financial Services Forecast, although bank lending to businesses soared during the pandemic (in 2020, growth sat at 8%), lending is forecast to contract by 3.8% (net) this year — one of the sharpest falls in a decade. While the outlook for business lending looks set to improve in 2024, growth remains subdued, with a 0.9% net growth forecast, as businesses — especially SMEs — continue to deal with the economic shocks of recent years. The EY ITEM Club also estimates that write-off rates on business loans will reach 0.8% in 2023 before dipping to 0.6% in 2024 and 0.5% in 2025. This compares with 0.2% in 2021 and 0.3% in 2022. However, the forecast rise for 2023 is still a long way short of rates of 1%-1.5% in the early 2010s following the financial crisis. To read EY's news release go to https://www.ey.com/en_uk/news/2023/02/uk-business-lending-to-contract-sharply-this-year.
UK business closures and business creations both decreased in Q4 2022. The latest data from the Office for National Statistics (ONS) indicates that the number of businesses removed from the Inter-Departmental Business Register (IDBR) (business closures) in the UK in Q4 2022 was 5% lower than in Q4 2021. There was a decrease in closures in 6 out of 16 main industrial groups, with the most significant reduction coming from transportation and storage and the most significant increase from construction. In addition, the number of businesses added to the IDBR (business creations) in the UK in Q4 2022 was 13% lower than in Q4 2021. Transport and storage saw the most significant decrease in creations, while the most significant increase came in business administration and support services. To read the ONS' news release go to https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemographyquarterlyexperimentalstatisticsuk/octobertodecember2022.
UK Business Confidence & Retail
UK footfall is less volatile but has yet to 'turn a corner'. According to British Retail Consortium's (BRC) latest Sensormatic IQ data, total UK footfall increased by 10.4% in February (year-on-year) — 2.1% worse than January and worse than the 3-month average increase of 12.8%. Compared to pre-pandemic levels, total footfall was 8.8% lower: High Streets by 7.7%, Retail Parks decreased by 2.7%, and Shopping Centres by 23.3%. Andy Sumpter, Retail Consultant EMEA for Sensormatic Solutions, commented: "While the fluctuations in footfall are now less volatile, creating a new baseline against which to benchmark High Street performance, it doesn't mean the footfall recovery has yet fully turned a corner. Retailers are still grappling with underlying uncertainty as they try to keep pace in the context of these multifaceted challenges." To read BRC's news release go to https://brc.org.uk/news/corporate-affairs/footfall-feb-23/.
UK start-ups are bringing optimism to the small business sector. The latest Business Barometer by Novuna Business Finance has reported that 63% of small UK business start-ups predict growth for Q1 2023, up from 49% last quarter and 44% this time last year. In contrast, for established small businesses (turnover up to £1 million), the growth outlook has been static at 27% (unchanged for four consecutive quarters), while for larger enterprises, the percentage predicting growth has fallen sharply to 33% — down from 52% this time last year. By industry sector, there is a significant range difference — between 21% and 45% — in the percentage of small businesses predicting growth for the next three months. To read Novuna's news release go to https://www.novuna.co.uk/news-and-insights/business-finance/start-ups-driving-growth-forecasts-in-a-small-business-sector-rocked-by-market-uncertainty/.
Q4 2022 saw a reduction in empty stores, but vacancy rates have not yet recovered to pre-pandemic levels. New research by the Local Data Company (LDC) has found that in the fourth quarter of 2022, the overall retail vacancy rate in Great Britain improved to 13.8% — 0.1% better than Q3 and 0.6% better than the same period last year. This was the fifth consecutive quarter of falling vacancy rates. Geographically, Greater London, South East and East of England had the lowest vacancy rates. The highest rates were in the North East, Wales, and the West Midlands. Helen Dickinson, Chief Executive of the British Retail Consortium, commented: "While the number of empty stores reduced in the final quarter of 2022, vacancy rates have not recovered to pre-pandemic levels." To read LDC's news release go to https://www.localdatacompany.com/blog/press-release-fewer-vacant-stores-by-end-of-2022.
UK retail sales rebounded in January but remained below their pre-pandemic level. News figures from the Office for National Statistics estimate that UK retail sales volumes increased by 0.5% in January 2023, following a fall of 1.2% in December 2022 (revised from a fall of 1.0%). However, overall sales volumes were down 5.1% compared with January last year and remained 1.4% lower than their pre-COVID-19 (February 2020) level. Lisa Hooker, Industry Leader for Consumer Markets at PwC, commented: "The headline increase in retail sales volumes of 0.5% in January compared with December masks a more precipitous decline in the amount of goods sold, which fell 5.3% excluding petrol compared with January 2022." To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/pwc-comments-on-jan-2023-retail-sales.html.
Global Economy
Dun and Bradstreet identifies the key global risks for businesses in 2023. Dun & Bradstreet's latest Global Business Impact (GBI) score for Q1 2023 indicates that the risks confronting businesses remain high. In Q1 2023, the GBI score decreased to 314, marginally below 323 in Q4 2022 but lower than the 2020 high of 332 recorded due to the pandemic. Although the GBI score is below the peak levels seen in 2020, it is above the long-term average of 274, suggesting that cross-border businesses continue to face high levels of uncertainty. D&B rates a global economic downturn as one of the top risks to businesses, while US-China competition — a recurrent theme in D&B's top risks radar — remains in second position among the top risks for this quarter. To read D&B's report go to https://www.dnb.co.uk/perspectives/finance-credit-risk/quarterly-global-business-risk-report.html.
The pace of global economic growth is expected to slow even more in 2023. The National Institute of Economic and Social Research (NIESR) has reported that it has revised down its forecast for global GDP growth in 2023 from 2.5% to 2.3%. NIESR notes that this growth rate — well below the 2000-20 average of 3.8% — will further intensify the period of sub-par growth. For example, Global growth in 2022 (3.1%) was the slowest recorded (except for 2019 & 2020) since 2009. Recessions or, at least, recessionary economic conditions will occur in some countries, notably Germany, Sweden and Russia. NIESR also now calculates that global (OECD) inflation for 2022 was 11.1%, rather than the 10.6% it forecasted in its Autumn Global Economic Outlook, and predicts inflation in 2023 of 8.5%. To read NIESR's news release go to https://www.niesr.ac.uk/publications/global-growth-stumbles?type=global-economic-outlook.
G20 merchandise and services trade fell in Q4 2022, making "a gloomy end to a challenging year". The OECD has advised that G20 merchandise trade contracted in value terms in Q4 2022, continuing the downward trend from its peak in Q2 2022. Exports and imports declined by 3.5% and 3.1% overall, with falling oil prices weighing especially heavily on merchandise trade in North America — with exports in Q4 contracting by 6.7% in Canada, 5.4% in the US, and 3.1% in Mexico. G20 services trade also declined in value terms in Q4 2022, with exports and imports estimated to have decreased by 0.8% and 1.5%, respectively. Services exports fell by 1.5% in France and by 1.7% in the UK, while imports declined at a slower pace in both countries. In Germany, exports and imports dropped by 1.9% and 3.9%, respectively. On the other hand, Italy saw an increase in exports (up 4.5%) and imports (up 2.9%), while the US also posted a 4.3% increase in exports.
OECD (2023), International trade statistics: trends in fourth quarter 2022, OECD, https://www.oecd.org/newsroom/international-trade-statistics-trends-in-fourth-quarter-2022.htm.
OECD GDP growth remained weak in the fourth quarter of 2022. The OECD has reported that GDP in the OECD rose by 0.3% quarter-on-quarter in Q4 2022, down from 0.4% growth in the previous quarter, according to provisional estimates. This result reflects a mixed picture among G7 countries. On the one hand, growth turned negative in Germany and Italy (minus 0.2% and minus 0.1%, respectively) and slowed to 0.4% in Canada, 0.1% in France and 0.7% in the US. On the other hand, GDP grew by 0.2% in Japan following a contraction of 0.3% in Q3 2022, and was flat in the UK following a contraction of 0.2% in the previous quarter. Initial estimates suggest that among G7 countries, the UK recorded the highest annual growth in 2022 (4.0%), followed by Italy (3.8%) and Canada (3.6%), while Japan recorded the lowest growth (1.1%). Among other OECD countries for which data is available, Ireland recorded the highest annual growth in 2022 (12.2%), while Latvia recorded the lowest (1.5%).
OECD (2023), GDP Growth - Fourth quarter of 2022, OECD, https://www.oecd.org/newsroom/gdp-growth-fourth-quarter-2022-oecd.htm.
Atradius assesses the economic impact of Russia's invasion of Ukraine. Atradius notes that in January 2022, it had expected global trade to grow by about 5.5% in 2022 and 3.5% in 2023. However, by January 2023, the estimated figure for 2022 was about 3%, while the forecasted growth for 2023 was just 1.5%. Similarly, Atradius' pre-war prediction that global GDP would grow by 3.6% in 2023 had decreased to 1.5% when the same calculations were made last month. Although Russia and Ukraine have taken the biggest hit — Russia's economy is estimated by Oxford Economics to have contracted 2.3% in 2022, while Ukraine's has shrunk by 30.1% — if the war drags on, Atradius warns that the global economy will continue to be buffeted by its direct and indirect consequences. Europe will be the worst hit. After estimated growth in 2022 of 3.5%, current forecasts suggest Eurozone GDP growth will increase by a modest 0.4% in 2023, compared to pre-war estimates of a 2.7% increase. To read Atradius' news release go to https://group.atradius.com/press/atradius-news/ukraine-war-a-year-of-disruption-to-growth.html.
Optimism for 2023: New trends in country risks: AU G-Grade Q1 2023. AU Group has released its latest AU 'G-Grade' for Q1 2023. The AU 'G-Grade' is based on the individual assessment of a country by each of the four largest credit insurers (Atradius, Coface, Credendo and Allianz Trade) and is calculated according to the real risk taken by these insurers collectively. Also, the IMF Statistics Department's seven key indicators give a view of the key trends and the level of risk per country. This issue advises that at the end of last year, many economic indicators were turning red, and a recession in most countries was the consensus. However, the latest adjustments by economic forecasters bring some optimism for 2023 as the predicted recession in the advanced economies looks likely to be more moderate. After global growth of -3% in 2020, +6.2% in 2021, and +3.4% in 2022, the IMF forecasts +2.9% for 2023. However, there are disparities between regions: USA: +1.4%, China: +5.2%, UK -0.6%, Eurozone +0.7%, Middle East + 3.2%. To see the latest G-Grade go to https://www.au-group.com/au-g-grade-q1-2023/.
Useful Business Information &Tools
Small Business Commissioner: statutory review 2023. As part of the recently announced Payment and Cashflow Review, the UK government is seeking views and evidence on the performance of the Small Business Commissioner, particularly the Commissioner’s effectiveness in carrying out the functions of the office and the impact on improving payment practices in commercial transactions. An online form is available at https://beisgovuk.citizenspace.com/business-growth/small-business-commissioner-statutory-review-2023/.
The Survey closes on 28 April 2023.
Calculating and claiming interest on an unpaid invoice. The Late Payment of Commercial Debts (Interest) Act freezes interest at the rates in place on 31 December and 30 June. Therefore, despite interest rates increasing to 4%, the Late Payment Act will apply the rate of 3.5% applicable on 31 December 2022. However, this base rate is added to a statutory 8% per annum, meaning that creditors can claim interest of 11.5% on debts that become due between 31 December 2022 – 30 June 2023. In addition, businesses can claim compensation at the rate of £40 for unpaid invoices up to £999, £70 for unpaid invoices between £1000 and £9999, and £100 for amounts owing above £10,000.
For example, if a debtor owes £1,000, the annual statutory interest would be £115 (1,000 x 0.115 = £115). To get the daily interest, divide £115 by 365 days = 31p per day. As the debt is between £1000-£9999, compensation fees of £70 are added. This means that if an unpaid invoice is even one day past due, the total that can be claimed will rise to £1,070.31. 
The Small Business Commissioner advises businesses to raise a separate invoice to claim late payment interest and compensation, with one line for late payment interest and one for compensation. A suggested wording is: "We are exercising our statutory right to claim interest (at 8% over the Bank of England base rate) and compensation for debt recovery costs under the Late Payment legislation, because we were not paid according to our agreed credit terms."
For more information go to https://www.smallbusinesscommissioner.gov.uk/deal-with-an-unpaid-invoice/how-to-chase-an-unpaid-invoice/interest-calculator/.
Coface's Country & Sector Risks Handbook for 2023 is now available. Coface has launched the 2023 edition of Country & Sector Risks Handbook: an analysis and predictions for 160 sectors and 13 sectors. In a forward, Xavier Durand, CEO of Coface, notes that although a few months ago we might have feared a pronounced recession in Europe, it will probably not now happen. However, economic growth is likely to remain sluggish overall — (close to zero) in most developed countries and the US (where it is predicted to be below 1%) — and will be driven almost exclusively by emerging economies, especially commodity-producing countries. To download a copy of the Handbook go to https://www.coface.com/News-Publications/News/Coface-country-and-sector-risks-handbook-2023-major-trends-of-the-world-economy.
Events & Professional Development
Trade & Investment Forum, 2023, 9 March. London. 
The financing of international trade has long been the preserve of banks. But the democratising of investment in trade assets is closer than ever. Bankers, lawyers and fintechs are combining their expertise and drawing on experience from both the capital and trade finance markets to make this happen. There is now a clear recognition and demand for opening up the trade financing ecosystem in order to narrow the trade finance gap to support global supply chains, particularly in emerging markets. In the post-banking crisis era, there is growing interest from non-bank investors for new low-risk, short-term assets providing respectable yields. And as banks expect technology to increase the level of automation of trade finance distribution and start distributing open account transactions — such as unconfirmed receivables and approved payables — transaction volumes will surge. However, apart from through banks – which are largely unablenot always able to meet global demand because of regulatory bank capital and balance-sheet restrictions — an appropriate infrastructure for non-professional and low experience trade asset investors is not yet available. The new Trade and Investment Forum (TIF23) will examine the potential to create an ecosystem and enable a framework to facilitate access to trade finance by advancing the evolution of trade finance as an asset class for investors.
Join asset managers, insurers, pension funds, trade finance banks, fintechs ,family office, sovereign wealth funds and all those interested in alternative investment with risk/return profiles that align with the character of trade finance portfolios, at the first TIF23. Considering the anticipated growth in world trade, it is expected that the requirement for trade financing will increase substantially. Therefore, bankers are increasingly valuing the option to originate and distribute trade finance assets and to participate within more diverse solutions. TIF23 will examine these prospects with top speakers and provide excellent networking opportunities. Come along and be part of this new, exciting initiative which looks at realistic methods of closing the trade finance gap by establishing a wider market for trade assets.
MENA 2023: Export, Project & Development Finance, 14-15 March. Dubai, United Arab Emirates. Hybrid Event: Online & In Person. Welcome to a networking spectacular! We combine forces with our sister brands Proximo & Uxolo for a bumper edition which brings together the Export, Project & Development Finance industries...
Collaboration between Africa and the Middle East has arguably never been greater with many key players looking to reap the benefits of a promising trade corridor between the two regions. Newly formed Middle Eastern ECAs are united by both their desire to bolster exports from the region and by their designs on Africa as a key reciprocal trading market.
Moreover, burgeoning use of Dubai as a trading hub for the Middle East make it a ripe location to gather a deal-hungry attendee list from leading ECAs, exporters, borrowers, EPCs, developers, lenders, investors, ECAs and other key export and project finance players!
Why join this senior-level gathering?
  • Hear from key, senior figures in the region at Managing Director/CEO/CFO, Global Head and Regional Head level
  • Ask questions and have your say with speaker Q&A throughout
  • Enjoy different session styles from workshops and idea labs to 'game show' speaker panels and behind closed doors roundtables
  • Take part in additional networking activities on top of the main event - such as ice-breaker drinks the night before and relaxed networking drinks at the end of day 1 within the conference venue
  • Get access to the full guest list prior to the event and set up meetings with our custom-made messaging platform
  • Experience an event which puts people first and encourages a more relaxed atmosphere and open, honest discussion
  • Together with TXF, our sister brands Proximo & Uxolo join forces for a spectacular networking opportunity
Join us as we gather a deal-hungry attendee list from leading ECAs, exporters, borrowers, EPCs, developers, lenders, investors, ECAs and other key export and project finance players!
For more information go to https://www.txfnews.com/events/267/MENA-2023-Export-Project-Development-Finance.
TXF Global 2023: Export, Agency & Project Finance, 15-16 June. Lisbon, Portugal.
TXF Global 2023 returns to Lisbon for a very special 10 Year Anniversary edition!
Your largest export, agency & project finance event is returning to Lisbon for the second year running! We bring you this innovative, unique and ultimate networking gathering which is absolutely crucial if you work in this industry.
Let the festival commence! Expect:
  • Exclusive networking activities from the hugely popular Lisbon walking tour, to ice-breaker drinks & cocktail reception
  • ECA & DFI CEO hot seat: 1-1 fireside leadership interviews
  • Corporate CEO keynote: Navigating economic turmoil to enable a greener future
  • Tomorrow’s borrowers: The investment landscape & project pipeline
  • Dedicated Uxolo Development & Impact Finance content stream
  • TXF at 10: Legendary panelists from TXF Paris 2013 return to the stage to review the last 10 years of export finance and plot what this means for the next 10 years
  • Delegate list of all those on-site so you can arrange meetings in advance + 1-to-1 dedicated meeting spaces, and separately bookable meeting rooms
  • Even more time and space to network, attend private meetings and take part in intimate roundtables
  • TXF Subscriber Exclusive: Watch all sessions on-demand, or enjoy the full event virtual-only from the comfort of your office chair!
Speaking Opportunities: Contact Tom.Pycraft@txfmedia.com to express an interest in speaking at the 2023 event.
For more information go to https://www.txfnews.com/events/266/TXF-Global-2023-Export-Agency-Project-Finance.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of webinars and classroom training courses.
Classroom training courses are organised once or twice per year or on demand while webinars are organised multiple times per year or on demand for groups of participants.
For 2023 the following courses are scheduled)*.
  • 20 April: Fundamentals of Trade Credit Insurance (Webinar) 
  • 23 & 24 May: the Trade Credit Insurance Foundation Course)** 
  • 25 & 26 May: the Advanced Trade Credit Insurance Course)** 
  • 15 June 2023: Masterclass TCI – Buy now, Pay later (Webinar) 
  • 10 & 11 October: the Surety Foundation Course)*** 
  • 12 & 13 October: the Surety Advanced Course)***
* Courses will run on basis of a minimal number of participants.
** Possibility to register ends on the 16th of April 2023
*** Registration is open until 1 st of September 2023

All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by very experienced experts from the industry and there is enough opportunity for asking questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: Chubb
Chubb is the world's largest publicly traded property and casualty insurance company with operations in 54 countries and territories. Our 50-strong Political Risk & Credit team operates from key hubs around the globe.
Our trade credit products are backed by the security of Chubb’s financial strength; the highest among all private market trade credit insurers. As a matter of principle, we provide certainty of coverage for the period of the policy through non-cancellable credit and country limits, and we offer local, regional or central service according to requirements.
Our political risk insurance is designed to provide the broadest cover for many of the losses that could result from government action, political unrest and economic turmoil. Cover responds to the most common perils, namely expropriation and discrimination by governments, political violence and forced abandonment, inability to import/export and inability to convert or to transfer currency.
Find out more on chubb.com/uk-en.
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