Welcome to the April 2022 issue of Credit Management News Digest. This issue is sponsored by Co-pilot.
Index
PLUS: This month's featured article: Efficient management of large credit insurance programmes – the happy client, the happy broker, the happy underwriter.
UK and Ireland: Late Payment, Business Distress & Insolvencies
The cost of COVID-19 to small businesses in the UK now exceeds £109 billion.
A new report from Simply Business has found that 87% of small business owners have lost money over the last two years, averaging £20,981 each, with many still suffering financially.
With one in six small business owners believing they will never financially recover from the pandemic, this represents almost one million UK small businesses in total. Furthermore, one in five don't ever expect to return to pre-pandemic trading
levels, one in three
fear running out of money, and 23% are concerned about being able to pay back loans from the government, private lenders, or friends and family. The report also found that while the UK government's lifting of restrictions earlier
this year was predicted to give businesses a boost, 31% believe things have actually been harder since the restrictions ended.
To read Simply Business' article go to https://www.simplybusiness.co.uk/knowledge/articles/2022/03/cost-of-covid-to-small-business-2022/.
280,000 UK businesses are at imminent risk of collapse.
The Office for National Statistics (ONS) has reported that its March Business Insights study has found that (as of late February 2022) 5% of UK business owners had "low or no confidence of surviving the next three months."
As there are 5.6 million firms across the UK, this indicates that 280,000 are at imminent risk of collapse. In addition, 38% of businesses reported having three months or less of cash reserves, including no reserves, with the
transportation and storage industry reporting the highest percentage of businesses with low or no confidence of surviving in the next quarter. April's Business Insights report advised that the top two main concerns reported by businesses
over the next month continued to be input price inflation (23%) and energy prices (20%); energy prices experienced the largest movement reported across all concerns, rising from 15% in late February 2022 to 20% in late March 2022.
To read the ONS' Insights studies go to https://www.ons.gov.uk/businessindustryandtrade/business/businessservices.
Creditors demand faster payment of invoices and are more willing to escalate to legal action.
New research from STA International has found that Q1 2022 saw the level of uninsured B2B debt placed with them for collection increase by 40% over the quarterly average since April 2020.
60% of debt values came from suppliers in the Aviation, Metal Industries, Education, Auctioneers, Builders Merchants, Recruitment, Transport, Software, Food and Drink, and Health sectors.
In Q1 2022, they also noted a significant increase in demand for pre-collections services to support in-house credit control departments — primarily from acquisitive companies seeking to
advance cash from newly acquired ledgers and companies seeking pre-audit cleansing to minimise bad debt write-off.
Colin Thomas, Chairman of STA International, commented: "In summary, creditors now demand faster payment of invoices and are willing to escalate to legal action should amicable efforts fail."
To read STA International's news release go to https://www.stainternational.com/news/creditors-demand-faster-payment-of-invoices-and-are-more-willing-to-escalate-to-legal-action/.
UK corporate insolvencies in February increased by 121.2% compared to February 2021. Latest data from the Insolvency Service has found that UK corporate insolvencies decreased by 3.2% in February 2022 to a total
of 1,515 (compared to January's total of 1,565) and increased by 121.2% compared to February 2021's figure of 685. They were also 12.6% higher than in February 2020 (1,346). Overall, there were 1,329 Creditors' Voluntary
Liquidations in February 2022 — more than double the number in February 2021 and 40% higher than in February 2020. Other types of company insolvencies, such as compulsory liquidations,
remained lower than before the pandemic, although there were more than twice as many compulsory liquidations and almost double the number of administrations in February 2022 compared to February 2021.
To see the ONS' data go to https://www.gov.uk/government/statistics/monthly-insolvency-statistics-february-2022/commentary-monthly-insolvency-statistics-february-2022.
Irish insolvency rates remain well below the 17-year average.
According to the latest PwC Restructuring Update for Q1 2022, the business failure rate per 10,000 companies in Ireland remains well below the 17-year average. The Update found that the Irish business failure rate for the last 12
months per 10,000 companies is 15 per 10,000 to the end of Q1 2022. This remains at a record low — at levels not seen since 2005/2006.
Ken Tyrrell, PwC Ireland Business Recovery Partner, said: "
In our inaugural report, 'Act Now: From Recovery to Growth', we estimated that over 4,500 businesses were saved from going bust primarily as a result of the Government’s COVID-19 supports,
with a number of these businesses essentially being put on life-support.' The research also noted that the UK has three times the number of liquidations per 10,000 companies compared to Ireland.
To read PWC's news release go to https://www.pwc.ie/media-centre/press-releases/2022/restructuring-update-q1-2022.html.
April "flashpoint" threatens UK small business futures. The Federation of Small Businesses (FSB) has warned that the futures of thousands of small businesses and sole traders in the UK are at risk
as a raft of new admin requirements and cost pressures hit. Changes taking effect for small businesses imminently include:
- On 31 March. The requirement to pay all VAT deferred in the period to June 2020 under COVID reliefs.
- On 1 April. An end to the 12.5% VAT rate for the hospitality sector; the requirement to make all VAT returns MTD compliant; an increase in the National Living Wage rate for over 23s; a reduction to the 66% business rates discount for high street businesses and first payment of new rates bills.
- On 3 April. An increase in the weekly SSP rate to £99.35.
- On 6 April. A 1.25% increase in NICs rates for employers, employees and sole traders as well as dividend taxation.
UK Economy
11 April. UK economic growth loses momentum.
New data from Office for National Statistics (ONS) has found that UK GDP grew by 0.1% in February 2022, following 0.8% growth in January 2022.
Services grew by 0.2% and were the main contributor to February's growth in GDP but this was offset partially by production, which fell by 0.6%, and construction, which fell by 0.1%.
Monthly GDP is now 1.5% above its pre-pandemic level in February 2020.
Commenting on the latest ONS GDP figures, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“While economic output continued to rebound in February, the significant slowdown in growth indicates that the UK economy was losing steam even before the impact of Russia’s invasion of Ukraine.
February’s slowdown is likely to be the start of a prolonged period of considerably weaker growth as rising inflation, surging energy bills and higher taxes increasingly damages key drivers of UK output."
To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/04/bcc-uk-economic-growth-loses-momentum-2.
7 April: UK economic growth projections are cut as households face the biggest fall in household disposable income for decades.
According to new analysis from PwC, the UK economy is set to grow at a smaller-than-expected rate in 2022, with the Russia-Ukraine war intensifying inflationary pressures on businesses and households. PwC's UK Economic Outlook has
projected that growth may now reach 3.8% in 2022, compared to an expected 4.5% before Russia's invasion of Ukraine.
Meanwhile, inflation currently looks set to peak at 8.4% in the second quarter of 2022, and average 7.4% throughout the year. This represents a 1% increase from PwC's pre-war estimated rate.
The report also includes modelling for an 'economic escalation' scenario, which would include a substantial disruption to Russian exports of oil and gas. In this scenario, UK economic growth would be downgraded to 2.8%,
and inflation could peak at 11% (with an average of 8.3%). To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/pwc-uk-economic-outlook-april-2022.html.
5 April. UK economy feels the squeeze.
According to KPMG's latest Global Economic Outlook, UK growth momentum is expected to slow during the course of
2022. Overall, KPMG expects that growth in the UK for 2022 could reach 3.9%, before slowing to 1.1% in 2023. Consumer spending is expected to be heavily affected
by the squeeze on incomes, as household budgets come under unprecedented pressures from rising costs and an increasing tax burden. KPMG warns that this could cause a marked slowdown in annual consumption growth,
from 6.2% in 2021, to 4.3% in 2022 and only 0.5% in 2023.
In addition, the conflict in Ukraine is expected to lead to rising food prices as well as higher prices of some metals and other commodities. KPMG warns that the combination of these pressures
could see inflation peak at 8.8% this Summer and average 7.9% in 2022,
before moderating to 4.1% on average in 2023.
To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2022/04/uk-economy-feels-the-squeeze-while-geopolitical-uncertainty-lowe.html.
30 March. The UK economy is still benefiting from recovery momentum.
S&P Global Economics has advised that, while the UK has little direct exposure to the Russia-Ukraine conflict, its economy will experience pressure from the inflationary effects.
As a result, it has revised its prediction of UK growth in 2022 to 3.5% from 4.6% in its previous forecast.
However, despite the downgrade, S&P Global Ratings Senior Economist Boris Glass said of the UK economy's prospects, "if a fresh energy price shock had to happen, now is not the worst time . . .
In fact, were the economy not still benefiting from some recovery momentum and a carry-over from 2021 worth 2.6% of annual growth this year, we might be expecting the UK. to be on the brink of recession. But, as things stand, growth will continue."
To read S&P's news release go to https://www.spglobal.com/en/research-insights/articles/daily-update-march-30-2022.
23 March. The forecast for UK growth in 2022 is cut from 6.0% to 3.8%.
The Office for Budget Responsibility's (OBR) latest economic forecasts have warned that the impact of Russia's war with Ukraine will have significant repercussions for the UK and the global economy,
whose recovery from the worst of the pandemic was already "being buffeted by Omicron, supply bottlenecks, and rising inflation." As a result, the OBR has cut its GDP forecast for UK growth this year from 6.0%
(forecast in October 2021) to 3.8%. Furthermore, with inflation outpacing growth in nominal earnings and net taxes due to rise in April,
the OBR predicts that real living standards are set to fall by 2.2% in 2022-23 — their largest financial year fall on record — and not recover to their pre-pandemic level until 2024-25.
To read the OBR's news release go to https://obr.uk/overview-of-the-march-2022-economic-and-fiscal-outlook/.
2021 saw the largest annual increase in UK GDP since the second world war. New data from the Office for National Statistics (ONS)
has advised that UK GDP is estimated to have increased by 1.3% in Quarter 4 2021,
upwardly revised from the first quarterly estimate of 1.0%, because of broad-based revisions across the services sector. These revised estimates show that UK GDP in Q4 was 0.1% below its pre-COVID level.
Annual GDP growth was also marginally revised by the ONS for both 2020 and 2021. Following the 9.3% fall in 2020, which reflected the initial impact of the pandemic and public health restrictions, there was a rebound in GDP, which saw an annual rise of 7.4% in 2021. According to Bank of England estimates, this was the largest annual increase in GDP since the Second World War. To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2021.
Annual GDP growth was also marginally revised by the ONS for both 2020 and 2021. Following the 9.3% fall in 2020, which reflected the initial impact of the pandemic and public health restrictions, there was a rebound in GDP, which saw an annual rise of 7.4% in 2021. According to Bank of England estimates, this was the largest annual increase in GDP since the Second World War. To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2021.
UK Trade Sectors & Exports
UK manufacturers continue to increase prices at record rates.
According to the UK/BDO Q1 Manufacturing Outlook survey (conducted before Russia invaded Ukraine), UK manufacturers are continuing to raise both UK and export prices at record levels in the face of
escalating inflationary pressures across the board. According to the survey, UK prices rose from a
balance of +52% in Q4 2021 to +58% — the highest balances in the survey’s history and the fourth successive quarter where record numbers of companies increasing prices have been reached.
The survey also showed a broad impact of escalating costs, with 54.2% seeing a major increase in the cost of raw materials and 37.4% seeing a major increase in the cost of energy. Almost 10% of companies say
that rises in both these indicators represent a 'threatening increase' to their business.
To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2022/manufacturers-continuing-to-increase-prices-at-record-rates-%E2%80%93-make-uk-bdo-survey.
Britain's retail and leisure sector is stabilising following the COVID-19 pandemic. According to new analysis released by the Local Data Company
(LDC), although the retail vacancy rate hit a record high in 2021, it peaked in the first half of the year at 15.8% and was followed by a 0.1% decrease in H2 2021.
The retail vacancy rate now sits at 15.7% but is likely to decline further as more units are taken off the market for repurposing and as retailers return to acquiring new sites.
The research also found that the leisure sector shows promising signs of recovery, despite restrictions on hospitality continuing well into 2021. Overall, the leisure vacancy rate dropped from 11.3% to 11.0% over 6 months
— the largest decrease since records began in H1 2013.
Lucy Stainton, Commercial Director of the Local Data Company, commented:
"This latest analysis is significant because the figures finally point to a reversal of the structural decline we had seen accelerate with the onset of the COVID-19 pandemic." To read the LDC's news release go to https://www.localdatacompany.com/blog/press-release-british-retail-and-leisure-sector-shows-signs-of-stabilisation?hsLang=en-gb.
Construction PMI: Supply chain squeeze and cost-surge increase the pressure on UK contractors.
New analysis by RSM UK has found that a prolonged period of gradual improvement for the UK construction sector since Q3 2021 is now in reverse.
RSM advises that, according to the latest PMI data by IHS Markit and CIPS, March PMI business activity remained strong with no change,
but wider index numbers decelerated across the UK construction sector. Input prices increased up to 88.7 in March, up from 79.4 in February, with supply delivery times increasing to 33.5 from 32.9 respectively.
Thomas Pugh, Economist at RSM UK, commented: "The construction sector is at the forefront of the supply chain crunch that is likely to increasingly impact other sectors of the economy over the next few months."
To read RSM UK's news release go to https://www.rsmuk.com/news/supply-chain-squeeze-and-cost-surge-increases-pressure-on-contractors.
Nearly two in three UK firms expect to raise prices — a new historical high.
The BCC's Quarterly Economic Survey for Q1 2022 has revealed a continuing stagnation in the proportion of firms reporting increased domestic sales and investment, while cashflow also weakened slightly in Q1.
62% of UK firms now expect their prices to rise in the next three months — a record high figure for this metric and an increase from 58% in Q4. For production & manufacturing firms, this rises to 75% and
stands at 75% for retailers and wholesalers, 70% for construction firms, and 72% for transport and distribution firms. Only 1% overall expect a decrease in their prices.
When firms were asked what pressures they were facing to raise prices, 92% of manufacturers cited raw materials, and 56% cited other overheads (the majority of respondent comments related to energy costs and transport costs).
When asked what was more of a concern to their business than three months ago, 77% of firms cited inflation.
To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/04/inflationary-pressures-reach-uncharted-territory-quarterly-economic-survey-q1-2022.
Global Economy & Insolvencies
12 April:
Russia's invasion of Ukraine "throws sand in the wheels of the global economy". Atradius' latest interim Economic Outlook reports that the Russia-Ukraine conflict is having a negative
impact on global growth mainly through its impact on commodity and energy prices. As a result, Atradius has downwardly revised global growth by 0.7% in 2022 and by 0.4% in 2023,
although it warns that the impact for Eastern Europe, including Russia and Ukraine, will be far higher than these global figures. Overall, Atradius forecasts that the resulting picture is one wherein global growth remains relatively robust,
at 3.4% in 2022 and only slightly lower in 2023. Asian growth remains relatively high, at around 5% in both years. Growth in the eurozone and US is lower than the global average, though not much lower.
"War dents growth. But a recession is still far off, even in the eurozone." To read Atradius news release with a link to the full report go to https://atradius.co.uk/reports/economic-research-interim-economic-outlook-april-2022.html.
10 April: Russia's invasion of Ukraine will lead to significant economic losses.
The World Bank's 'War in the Region' report has warned that the Russian Federation’s invasion of
Ukraine is causing economic destruction in both countries, and will lead to significant economic losses
in the Central Asia (ECA) region. The World Bank notes that it is the
second major shock in two years to trigger an economic contraction in the region,
with output in the ECA region now forecast to shrink 4.1% in 2022 —
more than 7% below previous forecasts — with risk heavily skewed to the downside which could lead to a much sharper global slowdown.
In addition to significant reductions to output in Russia (-11.2%) and Ukraine (-45.1%), four other regional economies are expected to shrink this year — Belarus, Kyrgyz Republic, Moldova and Tajikistan —
while the rest will grow at an anaemic pace. To read the World Bank's report go to https://openknowledge.worldbank.org/handle/10986/37268.
5 April. The global outlook for the next two years will depend on how the conflict between Russia and Ukraine evolves.
With so much uncertainty at present, KPMG's latest Global Economic Outlook has developed three scenarios to examine the prospects for the world economy.
The main scenario assumes that world oil prices will be US$30 higher than prior to the crisis, gas prices will be 50% higher across Europe, and global food prices will increase by 5%.
A more severe scenario looks at the potential impact of world oil prices US$40 higher together with a 100% rise in gas prices for Europe, a 50% rise in gas prices for the rest of the world
and a 10% rise in global food prices. The report's upside scenario looks at
the possible outcome should the conflict resolve sooner than anticipated. Depending on the scenario, KPMG predicts GDP global growth between 3.3%-4% this year and between 2.5%-3.2% in 2023.
To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2022/04/uk-economy-feels-the-squeeze-while-geopolitical-uncertainty-lowe.html.
30 March. The eurozone economy is coming out of the pandemic in a position of strength.
S&P Global Economics has advised that it now expects eurozone
growth to be 3.3% this year, compared to 4.4% in a previous forecast,
and inflation to reach 5% this year and stay above 2% in 2023. It also notes that even if GDP doesn’t increase during the entirety of 2022, growth would still be 1.9% higher than in 2021 on the back of recovery from the pandemic.
S&P Global Ratings Chief EMEA Economist Sylvain Broyer and Senior Economist Marion Amiot commented: "As close neighbours to Russia and Ukraine, European countries are among the most exposed to the latest shock . . .
Yet, the eurozone economy is coming out of the pandemic in a position of strength, with large buffers to protect itself against a full-year recession, unless severe downside assumptions materialise."
To read S&P's news release go to https://www.spglobal.com/en/research-insights/articles/daily-update-march-30-2022.
18 March. Allianz Trade cuts its global growth forecast for 2022 by 0.8%. Euler Hermes' latest Economic Insight has warned that the
Russian invasion of Ukraine has brought back significant headwinds to the global economic recovery
and raised wider geopolitical risks. As a result, it has cut its global growth forecast to +3.3% in 2022 and +2.8% in 2023, revised on the downside by -0.8% and -0.4%, respectively.
Almost two-thirds of Euler Hermes' downward revision of global growth is due to confidence and supply chain shocks, with the remainder attributable to higher commodity prices.
In addition, Euler Hermes expects that global trade growth will decline by at least -2% in 2022 to +4% in volume terms, just below its long-term average.
The Insight also suggests that Russia will plunge into a deep recession this year (at least -8%).
To read Allianz Trade's Insight go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/q1-2022-global-economic-outlook.html.
17 March. Global economic growth could be more than 1% lower this year
than was projected before the invasion of Ukraine.
The OECD has predicted that world economic growth in the year ahead will now be more than 1%
lower than projected before war erupted in Ukraine. In addition, the OECD warns that a new supply shock stemming from disruptions to the global commodity markets — in particular in the energy and food sectors —
is exerting additional upward pressure on prices. This is expected to push global inflation 2.47% higher than projections before the war. Russia and Ukraine together account for about 30% of global exports of wheat,
20% for corn, mineral fertilisers and natural gas, and 11% for oil. In addition, supply chains around the world are dependent on exports of metals from Russia and Ukraine.
To read the OECD's news release go to https://www.oecd-ilibrary.org/sites/4181d61b-en/index.html?itemId=/content/publication/4181d61b-en.
12 April: Insolvencies increase as government support ends. Atradius' latest Insolvency Forecast for April 2022 warns that as government support after the pandemic is phased out,
insolvencies in most markets will increase.
Atradius notes that in some markets, it has already noted a partial return to normality in 2021 in insolvency developments. For instance, in Spain, Italy and Czech Republic, insolvencies started to rise in 2021 after they declined in 2020. However, for most markets, Atradius forecasts that an overshooting of the normal level of insolvencies will occur in the second half of 2022 or the start of 2023. Atradius also advises that, although the Russia-Ukraine conflict influences its insolvency forecast via the negative impact on GDP growth (significant for Russia itself and to a lesser extent in other markets),
compared to the phasing out of government support measures the conflict's impact on insolvency projections will be relatively small outside Russia.
Beyond 2023, Atradius expects that insolvencies will again start to decline or remain approximately constant.
To read Atradius' news release with a link to the full report go to https://atradius.co.uk/reports/economic-research-insolvencies-increase-as-government-support-ends.html.
Credit Management News & Tools
Temporary insolvency measures are ending in the UK. The Insolvency Services has issued a reminder that all remaining temporary insolvency measures in the UK are being lifted and the insolvency regime is returning
to its pre-pandemic operation. The Corporate Insolvency and Governance Act 2020 introduced various temporary measures to help protect companies affected by the lockdown restrictions during the pandemic.
Most of these measures expired at the end of June and September 2021, except for restrictions on winding up companies, which were extended until 31 March 2022, and will not be extended further.
To read the Insolvency Services' news release go to https://www.gov.uk/government/news/april-2022-temporary-insolvency-measures-are-ending.
Marsh launches the ESG Risk Rating. Marsh has announced that it has launched ESG Risk Rating, a complimentary self-assessment tool that enables you to measure your organisation’s environmental, social, and
governance performance, improve your ESG risks, and gain access to risk and insurance benefits. Measuring against more than 10 internationally recognized standards and frameworks — including the Task Force on
Climate-related Financial Disclosures, the Global Reporting Initiative, and the European Union Taxonomy for Sustainable Activities — Marsh advises that the ESG Risk Rating scores your organisation’s performance across 18 ESG themes.
On completion of the free assessment, you receive: 1) An overall ESG risk score out of 10; 2) A risk rating for each ESG component; 3) Scores across the 18 themes; 4)
A risk assessment and recommendations for your controls, reporting, and resilience.
For more information go to https://www.marsh.com/uk/risks/climate-change-sustainability/insights/the-esg-risk-rating.html.
BIBA launches a guide to trade credit insurance. The British Insurance Brokers' Association (BIBA) has launched a new guide explaining the need for, and the benefits of,
trade credit insurance. BIBA Technical Services Manager, Shaune Worrall said: "This type of insurance is invaluable to businesses, but many may not be fully aware of it.
This guide explains how trade credit insurance works and the additional benefits it provides. We worked with our member CMR Insurance Services (part of PIB Group Limited)
to create this guide and their expertise allowed us to highlight all of the benefits of this cover while simultaneously helping brokers to learn more about a class of
insurance they may not have advised on previously." The guide is designed to be easy to read and includes real-life examples of how trade credit insurance works. It is available on the BIBA website to brokers and businesses.
For more information go to https://www.biba.org.uk/press-releases/trade-credit-guide/.
Free 30-day trial of InfolinkGazette's database. InfolinkGazette, the only online provider of unsecured creditor lists in the UK, is offering readers a free 30-day trial of their service,
with access to a database (updated weekly) of over 1,000,000 unsecured trade creditors from insolvent UK companies. This enables users to view the most recent unsecured creditor data and search unsecured
creditor data based on key search parameters, such as size of debt or geographic location, as well as set up alerts to be notified by email if a particular prospect becomes an unsecured creditor. To receive a password go to https://www.infolinkgazette.com/?pid=4 or call Greg Connell, Managing Director, on 07753 739752.
Events & Professional Development
8th Annual Supply Chain Finance Summit, 26 April. London.
We are proud to become a media partner for the Supply Chain Finance Summit hold on 26 April in London. This in-depth event tracks the transformation of supply chain finance. Book your Early Bird tickets now: https://bcrpub.com/events/supply-chain-finance-summit-2022.
Supply chain finance continues to accelerate, with global volumes growing by nearly 50% from the pre-pandemic period and utilisation also increasing dramatically. It is expanding faster than ever for new business as well as existing. Corporates are now fast-tracking their decision-making when it comes to approving supply chain finance programmes.
BCR’s SCF Summit will examine:
To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2022.
As an event partner Credit Insurance News has negotiated a 20% discount for all its members.
The 20% delegate discount code is MEDIA-20 – please utilise the code upon booking.
For more information on the Summit and to book your Early Bird tickets, please click the link below:
https://bcrpub.com/events/supply-chain-finance-summit-2022.
We are proud to become a media partner for the Supply Chain Finance Summit hold on 26 April in London. This in-depth event tracks the transformation of supply chain finance. Book your Early Bird tickets now: https://bcrpub.com/events/supply-chain-finance-summit-2022.
Supply chain finance continues to accelerate, with global volumes growing by nearly 50% from the pre-pandemic period and utilisation also increasing dramatically. It is expanding faster than ever for new business as well as existing. Corporates are now fast-tracking their decision-making when it comes to approving supply chain finance programmes.
BCR’s SCF Summit will examine:
- The impact of the pandemic and other macro-economic issues on SCF?
- How much longer these spectacular rates of growth can continue?
- What are the latest innovations and trends in the sector?
- How did SCF become a driver for sustainability and how to carry ESG principles and alignment through to supply chains?
- The challenges of realising SCF’s potential to deliver ESG objectives?
- Risk management strategies - changes due to the pandemic
To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-2022.
As an event partner Credit Insurance News has negotiated a 20% discount for all its members.
The 20% delegate discount code is MEDIA-20 – please utilise the code upon booking.
For more information on the Summit and to book your Early Bird tickets, please click the link below:
https://bcrpub.com/events/supply-chain-finance-summit-2022.
GTR Turkey, 12 May. Istanbul, Turkey.
GTR Turkey returns for the first time since 2020 to the Hotel Fairmont Quasarin Istanbul on May 12, 2022.
As the leading trade and export financing event of its kind in the country, and with established support from key industry institutions, the event will provide Turkish corporates, financiers and investors with a key platform at which to make valuable business contacts and learn from the leading figures in international trade and investment.
Hear first-hand from the experts on Turkish trade opportunities in Europe, Africa, the Gulf and the US; discuss latest export trends, manufacturing and supply chain resilience, and developments in digital trade solutions and new trade corridors.
With over 300 representatives from international and regional companies expected in attendance, the event will feature innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Turkish trade together for a one-day focused gathering. For more information go to https://www.gtreview.com/events/europe/gtr-turkey-2022.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
GTR Turkey returns for the first time since 2020 to the Hotel Fairmont Quasarin Istanbul on May 12, 2022.
As the leading trade and export financing event of its kind in the country, and with established support from key industry institutions, the event will provide Turkish corporates, financiers and investors with a key platform at which to make valuable business contacts and learn from the leading figures in international trade and investment.
Hear first-hand from the experts on Turkish trade opportunities in Europe, Africa, the Gulf and the US; discuss latest export trends, manufacturing and supply chain resilience, and developments in digital trade solutions and new trade corridors.
With over 300 representatives from international and regional companies expected in attendance, the event will feature innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Turkish trade together for a one-day focused gathering. For more information go to https://www.gtreview.com/events/europe/gtr-turkey-2022.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
GTR India, 24 May 2022. Mumbai.
In-person since 2020, GTR India 2022 is finally returning to Mumbai for an exclusive one-day gathering on May 24 at Taj Lands End!
The day’s sessions will reflect on the latest developments across the Indian market, from trade and export policy and new supply chain opportunities, to banking and structural reforms, fintech innovation, sustainability and the role of manufacturing as a key export driver.
In-person since 2020, GTR India 2022 is finally returning to Mumbai for an exclusive one-day gathering on May 24 at Taj Lands End!
The day’s sessions will reflect on the latest developments across the Indian market, from trade and export policy and new supply chain opportunities, to banking and structural reforms, fintech innovation, sustainability and the role of manufacturing as a key export driver.
- Trends in global trade and advantages for Indian corporates and exporters
- The (M)SME credit gap and how are trade finance barriers lowering?
- Fintech and tradetech in India – balancing opportunities and risks
- High-value manufacturing and India’s position in global supply chains
- Exporter support and the scope of supply chain finance solutions
- Trade corridors – what is the direction of travel for Indian trade?
For more information about this event go to https://bit.ly/3tizPcM.
Credit Insurance News readers can receive 15% off any pass to GTR India 2022 with code: CIN15.
Annual Receivables Finance International Convention, 26-27 May (new dates). London/Hybrid
Join BCR Publishing for their 22nd Annual Receivables Finance International Convention.
RFIx’22 will be held in London at the offices of Clifford Chance and will bring together in person, senior receivables
finance executives from around the world, with live streaming also available.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 26 May 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 26 May 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
TXF Global 2022: Export, Agency & Project Finance
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we're taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-Export-Agency-Project-Finance.
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we're taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
- Financing the goals of COP 26
- Mega borrowers of the future
- Mega borrowers of the future
- Guardians of Export Credit - The Government perspective
-
The Green ECA CEO panel
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
1. Physical Event Ticket
- Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
- Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them
- Networking concierge service – allow us to do the leg work and introduce you to new potential clients
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com. email membership@txfmedia.com.From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person.
For more information go to https://www.txfnews.com/Events/Event/249/TXF-Global-2022-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.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinar on Trade Credit Insurance is the Fundamentals of TCI and will take place on the 4th of May 2022.
The classroom training courses are scheduled to take place in September 2022 on the following dates:
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
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.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinar on Trade Credit Insurance is the Fundamentals of TCI and will take place on the 4th of May 2022.
The classroom training courses are scheduled to take place in September 2022 on the following dates:
- 27 & 28 September 2022: Trade Credit Insurance Foundation Course
- 29 & 30 September 2022: Trade Credit Insurance Advanced Course
- 27 & 28 September 2022: Surety Foundation Course
- 29 & 30 September 2022: Surety Advanced Course
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
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 the Sponsor: Co-pilot
Co-pilot’s expertise in Credit Risk Management and Technology has been built up over many years. The important thing for brokers is that we have “walked in your shoes”.
We understand credit insurance and the value it delivers, and we understand client and broker needs. We deal in a straightforward way with clients and brokers alike.
This has enabled us to build a fine client portfolio. In one trade sector alone, we have three of the global top five companies as clients — each runs a multi-million-dollar global Trade Credit Insurance programme.
We are rolling out some innovations which touch the worlds of Trade Credit Insurance and Invoice Finance, you’ll see more of this later in the year. We will also shortly be announcing our “Essence of Credit Risk” events programme for 2022 and beyond. These highly regarded events are aimed at Credit Professionals and Event Partners at the highest level.
We are rolling out some innovations which touch the worlds of Trade Credit Insurance and Invoice Finance, you’ll see more of this later in the year. We will also shortly be announcing our “Essence of Credit Risk” events programme for 2022 and beyond. These highly regarded events are aimed at Credit Professionals and Event Partners at the highest level.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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