Welcome to the June 2020 issue of Credit Management News Digest. This issue is sponsored by Farosol

Please note: Amid such a fast-moving global pandemic, news stories of just a few days old quickly become outdated. Consequently, we have provided the publication date of the news releases or articles featured in this month's issue, with items closest to our publication date (10 June) displayed first.
UK Late Payment, Cashflow & Insolvencies
June: UK business insolvencies in May fell to the lowest level in three years. Creditsafe has reported that its latest insolvency data for May 2020 has indicated that a total of 1,155 UK companies became insolvent – the lowest monthly figure in three years. This is a 19% reduction in insolvencies compared to April 2020, and a 37% decrease against May 2019. The total number of UK company insolvencies for the year rose to 8,919 by the end of May 2020 - a 4.63% decrease when compared to the same period (January – May) in 2019. Creditsafe notes that this reduction undoubtedly reflects the high number of distressed businesses currently managing to keep afloat by making use of the high level of UK government support available. To read Creditsafe's report go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.
3 June: Real estate, hospitality, and ICT are the UK sectors hardest hit by late payment. The latest Sidetrade Tracker, which analyses the impact of the COVID-19 crisis on twelve business sectors, has found that, as of 25 May, the UK sectors hardest hit by payment delays tied to the crisis were: Finance, Insurance, Real Estate (76% of invoices over 10 days overdue), ICT (60% of invoices over 10 days overdue), and Leisure and Hospitality, (55% of invoices over 10 days overdue). Sectors least impacted by the crisis include the Food industry (19% of invoices over 10 days overdue), Retail (22%) and Manufacturing (23%). Sidetrade notes that these figures demonstrate that the UK has seen a slight improvement in late payment as a result of lockdown easing, but stresses that nonetheless, the unpaid rate remains extremely high. To read Sidetrade's analysis go to https://www.sidetrade.com/press-release/2020/real-estate-tourism-and-public-services-are-the-sectors-hardest-hit-by-late-payment.   
1 June: A "wave" of UK restaurant insolvencies is expected. A report by UHY Hacker Young has warned that a wave of insolvencies within the restaurant sector is anticipated later this year. Furthermore, to remain solvent, some restaurants are likely to look at reducing branch estates, cutting menus and making further redundancies - especially once the furlough scheme comes to an end. Peter Kubik, a partner at UHY Hacker Young, commented: “The restaurant sector has been put under huge pressure by this crisis and the lockdown. The sector really needs the government to formulate proposals that will help the sector bounce back as quickly as possible." To read UHY Hacker Young's news release go to https://www.uhy-uk.com/news-events/news/losses-at-uks-top-100-restaurant-groups-jumps-94-to-151m/.
28 May: Coronavirus looks set to cost UK SMEs over £69 billion - with two-fifths at risk of permanently closing. Simply Business' latest SME Confidence Report has found that UK SMEs estimate that COVID-19 will cost them £11,779 each on average – including lost work and lost earnings. With over 5.8 million SMEs in the UK, accounting for over 99% of all businesses, this amounts to a cost of over £69 billion across the UK. The survey also found that 41% of small business owners fear their business is at risk of permanently closing due to the pandemic; 14% believe they’re likely to close within 1-3 months, 12% within 3-6 months, and 11% within 6-12 months. 4% of small business owners state they have already permanently ceased trading due to the pandemic – amounting to an estimated 234,400 SME closures across the UK. To read Simply Business' news release go to https://www.simplybusiness.co.uk/about-us/press-releases/sme-confidence-report/.
27 May: Thousands of small UK businesses say they are firefighting immediate concerns such as cashflow pressures. New research from ACCA (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) highlights the growing number of SMEs seeking reassurance on how to manage their cashflow as the UK comes out of the COVID-19 lockdown. ACCA and CFN’s SME Health Tracker revealed that two of the three main fears shared by UK SMEs were the ability to manage cashflow pressures and the late payment of invoices. Additional key short-term findings also indicate that 23% of SMEs are unable to access cash to last another two weeks of lockdown, 14% of SMEs won’t have access to cash to last four weeks of lockdown, and 5% intend to dissolve their company. To read ACCA's news release go to https://www.accaglobal.com/uk/en/news/2020/may/ACCA-TheCFN-SMETracker-May-2020.html.
26 May: Large conglomerates feel late payments pain too. PYMNTS has reported that while small vendors are particularly vulnerable to lengthening B2B payment terms, the latest data suggests that even the largest organisations are bracing for impact from delayed payments. Recent reports in the Financial Times revealed major conglomerates, including Disney and Amazon, are each setting aside millions of dollars in anticipation of late receivables. "It’s just industry-wide carnage," said Goodwin Proctor partner Howard Steel in an interview with the Financial Times. "Everybody is stretching payables throughout the supply chain". To read PYMNTS article go to https://www.pymnts.com/news/b2b-payments/2020/late-payments-corporate-disney-amazon/.
19 May: 9% of UK retailers are facing imminent collapse. Nearly one in ten businesses in the UK wholesale and retail sector are facing imminent collapse and fear they will not survive another month of the lockdown, according to the latest wave of the Opinium-Cebr Business Distress Tracker. UK businesses are also warning that they will need 28 weeks to recover from the crisis - a 3-week increase since the last Tracker just a fortnight ago. The severity of the crisis varies between sectors. While 9% of businesses in the wholesale & retail sector believe that they will not survive another month of the lockdown, manufacturers appear more resilient. To read Cebr's news release go to https://cebr.com/reports/1-in-10-retailers-facing-imminent-collapse-as-economic-damage-accumulates/.
13 May: One in three closed small UK firms fear that they’ll never reopen again. A new Federation of Small Businesses (FSB) survey has indicated that four in ten (41%) of UK small business have been forced to close since the beginning of the Coronavirus outbreak. Of those that have closed, 35% are not sure whether they will ever reopen again. For those small businesses paying a mortgage or lease on their premises, over a quarter (28%) have failed to make, or faced severe difficulties in making, rent or mortgage repayments as a result of the pandemic’s economic impacts. A similar proportion (25%) have had to shelve product development plans. Furthermore, among exporters, a fifth (21%) say they have had to either reduce or cancel international sales. To read the FSB's news release go to https://www.fsb.org.uk/resources-page/one-in-three-closed-small-firms-fear-they-ll-never-reopen-amid-widespread-redundancy-plans.html.  
UK Trade Sectors & Exports
8 June. Record jump in manufacturing output as the UK begins to emerge from Coronavirus lockdown. According to figures from the latest BDO Business Trends report, as manufacturers started to emerge from the Coronavirus lockdown, manufacturing output across the UK increased significantly in May from its record low level in April. BDO’s Manufacturing Output Index jumped by 16.58 points to 69.55 in May, regaining around half of the losses sustained between March and April. However, despite this jump, BDO stresses that the Index remains at historically low levels - well short of the 95 level which indicates positive growth overall. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/record-jump-in-manufacturing-output-as-uk-begins-to-emerge-from-coronavirus-lockdown.
5 June. UK online sales soar to a 10-year high. According to BDO’s latest High Street Sales Tracker, total like-for-like sales - consisting of both in-store and non-store sales - declined by 18.3% in May, from a base of +2.2% for May 2019. This was the second-worst result on record - just above April 2020's historic low. However, while in-store sales fell to a momentous low, non-store like-for-like sales hit a record high - with a +129.5% lift year on year. This was the largest increase since BDO began recording non-store like-for-like sales in 2010. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/online-sales-soar-to-10-year-high.
31 May: The impact of Coronavirus and lockdown cause UK private sector growth to plummet at a record pace. The CBI has reported that its latest monthly composite measure growth indicator data suggests a record decline across UK services (-68% from -31%), distribution (-54% from -13%) and manufacturing (-54% from -21%). Expectations for the quarter ahead are for a similarly steep decline, confirming that no sector has escaped the significant fallout from the COVID-19 crisis. More than half (53%) of the companies surveyed also advised that they have temporarily laid off staff (up from 48% in April), with around one in six doing so permanently (17% up from 13% in April). To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/private-sector-plummets-at-record-pace-in-quarter-to-may-cbi-growth-indicator/.  
26 May: UK retail sales remain depressed, but the decline is expected to ease. UK retail sales volumes remained deeply depressed in the year to May, according to the CBI’s latest monthly Distributive Trades Survey. However, the pace of decline slowed a little compared with April (when retailers reported the joint-fastest drop since the start of the survey in 1983), with the slight easing of the decline driven mainly by a return to growth in the grocery sector (+16%, from -27%). Growth in internet sales volumes also picked up (+27%, from +8%). Looking ahead, sales volumes are expected to fall at a slightly slower – but still historically fast — pace in June. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/retail-sales-remain-depressed-but-decline-expected-to-ease/.
22 May: UK retail sales fell a record 18.1% month-on-month in April. EY ITEM Club has reported that UK retail sales volumes fell a record 18.1% month-on-month and 22.6% year-on-year in April 2020 - more than three times the 5.2% month-on-month drop seen in March. Overall UK retail sales volumes were down by 8.6% in the three months to April compared to the three months to January. Looking ahead, the EY ITEM Club suspects that consumer spending will continue to contract by around 15% quarter-on-quarter in Q2. To read EY's news release go to https://www.ey.com/en_uk/news/2020/05/uk-retail-sales-fall-record-month-on-month-in-april-as-lockdown-restrictions-impact-is-felt.  
21 May: UK manufacturing output declines at a record pace. According to the latest CBI monthly Industrial Trends Survey, UK manufacturing output volumes in the three months to May dropped at the fastest rate on survey record (since July 1975). Output volumes fell in 15 of 17 sub-sectors, with the headline drop in output primarily driven by the motor vehicles & transport equipment and food, drink & tobacco sub-sectors. The survey also found that 84% of respondents have seen a negative impact on their domestic output, while 68% reported a negative impact on their international output. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/manufacturing-output-declines-at-record-pace/.
18 May: UK high streets saw an 84.7% drop in footfall in April. New data from the British Retail Consortium (BRC) has found that footfall on UK high streets decreased by 84.7% in April due to the mandatory lockdown. This was a record decline for the industry. Helen Dickinson OBE, Chief-Executive of British Retail Consortium, said: "As expected, lockdown has dramatically cut footfall traffic across retail locations, with the majority of physical stores closed to the public. The fall has been slightly less dramatic in retail parks where a high proportion of supermarkets and other essential stores have remained open, slightly mitigating the overall reduction in footfall.” To read BRC's news release go to https://brc.org.uk/news/corporate-affairs/silent-streets-under-lockdown/.
17 May: UK subcontractors are facing mounting pressures. UK subcontractors are entering the most challenging period of the COVID-19 outbreak according to Jim Davis, Managing Director for Construction Finance at Bibby Financial Services (BFS). He warns that with cash reserves all but used up, the resumption of construction projects will pose a significant threat to the financial viability of many sub-contractors. In a recent survey, BFS found that businesses in the construction sector were struggling most during the pandemic, with 55% of the industry’s SMEs temporarily shutting their operations and 79% seeing a decline in their order books. In addition, 36% of construction SMEs have written off an average of £43,000 since the end of January. To read BFS's news release go to https://www.bibbyfinancialservices.com/about-us/news-and-insights/news/2020/mounting-pressure-on-subcontractors-as-sites-reopen.  
UK Economy
10 June: The UK economy looks set to be the hardest hit by Coronavirus of all the world's developed countries. The OECD's latest Economic Outlook has warned that the COVID-19 crisis has led to a severe economic contraction in the UK. The OECD now predicts that GDP will fall by 14% in 2020 if there is a second virus outbreak later in the year (the double-hit scenario), but notes that an equally likely single-hit scenario would still see GDP fall sharply by 11.5%.  These means that the UK economy looks set to be the hardest hit by Coronavirus among the world's developed countries. To read the OECD's report go to http://www.oecd.org/economic-outlook/june-2020/.    
22 May: Decline in UK GDP in 2020 set to be the largest in the post-war era. A House of Commons Library publication has advised that the UK economy is now in recession, with indications that the decline in GDP in 2020 will be the largest in the post-war era (when current data records began). The paper reports that both the Office for Budget Responsibility and Bank of England have published scenarios in which GDP falls by 13-14% in 2020 - although estimates are highly uncertain. For context, the current largest single-year fall in GDP in the post-War era was 4.2% during the financial crisis in 2009. The paper notes that the key question now for the UK economy’s longer-term outlook is how much damage, or ‘scarring’, the recession will leave. To read the publication go to https://commonslibrary.parliament.uk/research-briefings/cbp-8866/.
Licensed under the terms of Open Government. Licence v3.0.
20 May: Q1 2020 sees that largest fall in UK GDP since 2008. A publication by the House of Commons Library indicates that UK economic growth fell by 2.0% in January-March 2020 compared to the previous quarter. This was the largest fall since 2008. All the headline sectors contributed to the fall; the services sector fell by 1.9%, production by 2.1%, and construction by 2.6%. Looking at month-on-month growth, UK GDP was down 5.8% in March - the biggest fall since records began in 1997. To read the publication go to https://commonslibrary.parliament.uk/research-briefings/sn02783/.
Licensed under the terms of Open Government. Licence v3.0.
13 May: UK economy is forecast to contract by 7.5% in 2020. The EY ITEM Club has announced that it is downgrading its UK GDP forecast for 2020 to a contraction of 7.5%, and now expects GDP to contract by around 15% in the second quarter. EY also notes that Q1's contraction of 2.0% quarter-on-quarter was slightly more than the 1.8% drop EY ITEM Club had pencilled in. The EY ITEM Club now expects the UK economy to grow by 5.5% in 2021. To read EY's news release go to https://www.ey.com/en_uk/news/2020/05/uk-economy-contracts-2-percent-quarter-on-quarter-in-q1-2020-amid-increasing-restrictions.
Global Economy
10 June: The most severe global recession in nearly a century. The OECD's latest Economic Outlook has warned that the COVID-19 pandemic has triggered the most severe recession in nearly a century. For 2020, the Outlook uses two potential scenarios: 1) If a second outbreak of Coronoavirus occurs requiring lockdown, world economic output would plummet to 7.6%; 2) if a further wave of infections is avoided, economic activity would fall by 6%. In the Euro area, GDP is expected to plunge by 11.5% this year if a second wave breaks out, and by over 9% even if a second hit is avoided. GDP in the US will take a hit of 8.5% and 7.3% respectively, and Japan 7.3% and 6%. China and India's GDPs will be less affected, with a decrease of 3.7% and 7.3% respectively in the case of a double hit and 2.6% and 3.7% if a single hit. To read the OECD's report go to http://www.oecd.org/economic-outlook/june-2020/.  
2 June: The share of the EU in world GDP fell by 7% between 2008 and 2018. Eurostat has published a new report which gives a statistical portrait of the European Union compared with G20 countries. It notes that despite accounting for slightly less than 6% of the world population, the EU generated 18.6% of the world GDP in 2018. This represented the second-largest share after the US (24.0%) and ahead of China (15.9%). However, compared to ten years before, the share of the EU in world GDP fell by 7% (from 25.6% in 2008), while that of China rose significantly from 7.2% in 2008 to 15.9% in 2018, moving ahead of Japan (7.9% in 2008 and 5.8% in 2018). Altogether, G20 members accounted for 86.2% of global GDP in 2018. To read Eurostat's news release go to https://ec.europa.eu/eurostat/documents/2995521/10928892/1-02062020-AP-EN.pdf/c3253596-bbda-491e-6f59-62a7e5f5c965.
Please note that this is a summary of a Eurostat news release
28 May: COVID-19 hits G20 international merchandise trade in Q1 2020, with even sharper falls likely in Q2. The OECD has reported that COVID-19 containment measures introduced in many countries hit G20 merchandise trade hard in Q1 2020. Compared with Q4 2019, overall OECD exports fell by 4.3% and imports by 3.9%, and now stand at their lowest levels since Q2 2017. France, India, Italy, the UK and Germany, all saw their Q1 exports fall by 7.1%, 9.2%, 4.9% , 7.8% and 3.5% respectively while imports fell by 7.0%, 2.3%, 5.6%, 6.5% and 2.4% respectively. In China, exports dropped by 9.3% and imports by 7.0%, while Canadian and US exports fell by 4.2% and 1.9% respectively. Looking ahead, early indications for April point to more precipitous falls in the second quarter, with Korean and Japanese exports, for example, falling 21.5% and 10.6%, respectively, compared with March 2020. To read the OECD's news release go to https://www.oecd.org/newsroom/international-trade-statistics-trends-in-first-quarter-2020.htm.
20 May: WTO goods barometer flashes red as COVID-19 disrupts world trade. The World Trade Organisation (WTO) has advised that its latest Goods Trade Barometer, which captures the initial phases of the COVID-19 outbreak, remains consistent with the its previous trade forecast issued on 8 April. This estimated that world merchandise trade could decline by between 13% and 32% in 2020, depending on the duration of the pandemic and the effectiveness of policy responses. The index currently stands at 87.6 - far below the baseline value of 100, suggesting a sharp contraction in world trade extending into the second quarter. This is the lowest value on record since the indicator was launched in July 2016. All of the barometer's component indices are currently well below trend. To read the WTO's news release go to https://www.wto.org/english/news_e/news20_e/wtoi_19may20_e.htm
29 May: China and the US were the largest economies in the world in 2017. Eurostat has published the 2017 results of its International Comparison Program and has reported that China and the US were the largest economies in the world In 2017, with shares of world GDP in Purchasing Power Standards of 16.4% and 16.3% respectively. The EU as a whole was in fourth position (16%), followed by India (6.7%), Japan (4.3%), Russia (3.2%), the UK and Brazil (2.5%).  The report also notes that, while the US and China are about the same size in terms of GDP in PPS, their respective GDP per capita differs by a factor of four: (US 140 v China 33). To read Eurostat's news release go to https://ec.europa.eu/eurostat/documents/2995521/10868691/2-19052020-BP-EN.pdf/bb14f7f9-fc26-8aa1-60d4-7c2b509dda8e.
Note: The Purchasing Power Standard (PPS) is an artificial currency unit that eliminates price level differences between countries. Thus, one PPS buys the same volume of goods and services in all countries.
Please note that this is a summary of a Eurostat news release
Credit Management News
29 May: The UK small Business Commissioner calls for a ‘human approach’ to payments. The Credit Protection Association (CPA) has reported that the UK's Small Business Commissioner, Philip King, and the Small Business Minister have sent a joint letter to the top two tiers of UK accounting firms. This requests that both large accountancy practices and their clients consider the human impact of their actions when it comes to paying invoices from small businesses. The letter notes that there is “no excuse” for late payment to SMEs, and the entire business community should “work together in a spirit of collaboration and partnership”. The move reflects concerns that larger UK businesses have been turning off the taps on payments to suppliers to build up their own cash buffers. To read the CPA's article go to https://cpa.co.uk/small-business-commissioner-calls-for-human-approach-to-payments-business-news-29-may-2020/.
20 May: UK government introduces legislation to amend insolvency law. The UK government has introduced a new Bill, which is intended to support businesses during the current period of instability due to Coronavirus. The Bill includes a moratorium to give companies a formal breathing space from their creditors while they seek a rescue. It also introduces a permanent change to the use of termination clauses in supply contracts, meaning that where a company has entered an insolvency or restructuring procedure or obtains a moratorium, the company’s suppliers will not be able to rely on contractual terms to stop supplying or vary the contract terms with the company. For more information go to https://www.gov.uk/government/news/government-introduces-legislation-to-relieve-burden-on-businesses-and-support-economic-recovery
20 May: UK firms begin to reopen, but one in ten cannot implement government guidance safely. Results from the latest British Chamber of Commerce (BCC) Coronavirus Business Impact Tracker reveal that the majority of UK firms surveyed are in a position to partially restart operations as lockdown restrictions are eased. Only 10% of respondents did not agree that they would be ready to implement guidance and restart operations, mainly citing social distancing as difficult. The BCC also found that the majority of employers (around 70%) have furloughed a portion of their staff, with cash-poor firms, with less than three months’ cash in reserve, more likely to take this action. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2020/05/bcc-coronavirus-business-impact-tracker-firms-begin-to-reopen-but-one-in-ten-cannot-implement-government-guidance-safely.
Events & Offers
GTR UK 2020 will take place in London on May 6, bringing the trade community together to discuss the potential implications for corporates, financiers and policymakers alike. The event will also consider the important role that all stakeholders have to play in promoting British businesses abroad and seizing on the huge opportunities to secure the UK’s future prosperity, with a strong focus on the role of the financial services community and the UK government in developing a global network to support trading companies. 
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR East Africa 2020, 14-15 May. Nairobi. RESCHEDULED TO 1-2 OCTOBER 
GTR East Africa marks its 11th annual conference in Nairobi, Kenya on 14-15 May 2020, where a cutting edge agenda will explore the key macroeconomic, geopolitical, financial market and tech trends shaping the East African trade finance landscape. This two-day conference provides GTR attendees with a unique opportunity to network with over 350 delegates all under one roof.
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR US 2020, 17 June 2020. Chicago.  RESCHEDULED TO 28 OCTOBER 
GTR US 2020 will return to Chicago for its fourth year on June 17, 2020, where US companies and their financing partners will meet to discuss the evolution of the trade, supply chain and working capital space. Featuring a host of expert speakers, the event will provide the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling those tasked with facilitating US commerce to form resilient, agile trade financing and risk management strategies. With leading corporates, banks, financiers, insurers and digitization specialists in attendance, this event is not to be missed for those looking to create crucial industry contacts and optimize their trade business. 
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR Asia 2020, 8-9 September 2020. Singapore.
GTR Asia will return to Singapore from September 8-9 to host over 1,300 decision-makers and leaders from the global trade, export and fintech community. A leading global financial hub and home to a dynamic and thriving financial ecosystem, Singapore provides the perfect backdrop to explore the future of international trade and investment. 
Offering a truly global perspective and tackling issues with a forward-looking outlook, GTR aim to create events for those passionate about issues that define the trade finance world. Hosted for over a decade, GTR Asia is recognised as the world’s largest international gathering for local and international organisations: from banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and many more. 
Attendees will gain valuable business contacts and learn from the leading figures in the industry; Hear fresh and challenging perspectives from over 100 of the world’s leading trade, treasury and fintech experts; Enjoy innovative content designed to foster maximum engagement between speakers and delegates, bringing all parties involved in Asian trade together for a two-day focused conference and networking exhibition. 
Don’t miss your chance to join leading corporates and trade specialists for two days of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
Commodities Trading Forum, 16 September 2020. Geneva.
Building on the success of 2019’s inaugural Geneva event and reflecting increased collaboration and partnership with the Swiss Trading & Shipping Association (STSA), GTR is delighted to announce that its newly expanded Commodities Trading Forum will be taking place at the Intercontinental Hotel Geneva on September 16, 2020. Co-hosted and held in partnership with both the STSA and PwC, and reflecting on Switzerland’s role as one for the world’s leading hubs for commodities from oil and gas to metals and agribusiness products, the conference will provide a comprehensive overview of the global commodities and commodity finance markets. Attendees will benefit from critical market insight and idea-sharing through a series of interactive and informative session formats, whilst unchallenged networking opportunities will provide access to over 200 different companies involved in the financing of global commodities. 
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
GTR Nordics 2020, 12 November 2020. Stockholm.
After many consecutive years of attendance growth we are delighted to announce that GTR Nordics 2020 will take place on November 12, moving to the larger event space at the Radisson Blu Waterfront, Stockholm. While offering a more comfortable space to mingle, this also provides the opportunity to add some exciting new event features. GTR Nordics 2020 promises to be the biggest and best yet: Watch this space for more details as we move towards the conference date! Last year GTR Nordics returned to Stockholm and welcomed another record-breaking audience of over 500 trade finance experts, insurers, bankers, ECAs, technology innovators and corporates of all sizes. 
Don’t miss your chance to join leading corporates and trade specialists for a day of discussion, debate and networking. Limited amounts of complementary corporate passes are available to those who are exporters, importers, manufacturers, distributors, traders & producers of physical goods only. For more information, visit here.
About the Sponsor: Farosol
Farosol is an international network of specialist credit insurance brokers serving more than 20 countries around the world. In order to maximise this network of innovative ideas, members have completed questionnaires reporting on the effect of the Covid pandemic on the industry, which has given great insight at both national and global levels. This means that the Farosol broking team continues to provide an unrivalled range of tailored credit insurance products as well as complementary services in the field of credit management, including asset-based finance.
Farosol members cover multiple countries to provide a seamless international footprint offering a significant direct advantage for their clients. This enables international companies using Farosol’s services to negotiate globally competitive rates for cross-border solutions in both credit insurance and credit management whilst still being serviced by independent brokers with local expertise. The best of both worlds!
Farosol’s ethos is based on expertise, close relationships, service quality, fairness and information transparency delivered with passion and enthusiasm making it an unrivalled partner for quality risk transfer and credit management programmes.
Client needs are paramount in Farosol’s approach, working across frontiers to put winning strategies in place. In this recent survey of its membership to assess the impact of the Corona epidemic on the global credit insurance marketplace for their customers, a number of themes were evident which supported the ‘thinking globally acting locally’ ethos. For further analysis specific to your region visit the Farosol website (www.farosol.com).
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