Welcome to June's issue of Credit Management News Digest, our new sister newsletter to Credit Insurance News Digest. This issue is sponsored by Farosol.
Index
Late Payment & Business Distress and Failures
Global Risk of non-payment has risen in tandem with the deteriorating macroeconomic outlook. Dun & Bradstreet's (D&B) latest Global Bankruptcy Report has reported that due to the deteriorating macroeconomic outlook, the risk of non-payment has risen since the previous edition of the report. In mid-2017, 28 out of 46 countries covered (60.9% of the total) recorded a falling number of business failures, while 2 countries reported stagnation (4.3%) and 16 economies (34.8%) saw a rise. In 2018, this report indicated that the share of countries reporting an increase in the number of business failures is almost as large as the number seeing a drop. Overall, 48.8% of all countries (21 countries out of 43) reported a decrease in the number of business failures, 18 economies (41.9%) saw an increase. Meanwhile, 4 (9.3%) countries (including the UK) recorded a stagnation. To read D&B's news release or to download the report go to https://www.dnb.co.uk/perspectives/finance-credit-risk/global-bankruptcy-report.html.
Zombies are a major drag on the UK economy. New analysis from KPMG UK has found that the rising prominence of so-called ‘zombie firms’ is threatening to cause a significant drag-effect on the UK economy. KPMG notes that a look at the last three annual accounts of listed UK companies (FTSE and AIM) reveals that 8% of UK companies currently display zombie-like symptoms. But based on the latest data from 2018, and taking account of the recent increase in BoE interest rates, the share of zombie companies spanning the whole of UK plc could be as high as 14%. KPMG’s analysis also focused on the prevalence of zombie firms by sector and noted the highest concentration of zombie firms is in the energy (23%), automotive (17%) and utilities (15%) sectors. To read KPMG's news release go to
https://home.kpmg/uk/en/home/media/press-releases/2019/05/zombies-are-a-major-drag-on-the-uk-economy-kpmg-analysis.html.
CICM highlights recent success in changing payment behaviour. Chartered Institute of Credit Management (CICM) has reported that fifteen of the seventeen businesses highlighted for poor payment practice by the Prompt Payment Code Compliance Board (PPC) in May (see: Credit Management News Digest: May 2019), have now filed action plans or are preparing submissions to improve their treatment of smaller suppliers. Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM), commented that firms have responded positively to approaches by the CICM and the PPC Compliance Board: “Businesses clearly see the value in being a signatory to the Code and, more importantly, the potential damage to their reputation if they fail to honour the commitments that the Code demands." To read CICM's news release go to
https://www.cicm.com/cicm-highlights-success-code-changing-payment-behaviour/.
Supply chain at risk as British Steel collapses into insolvency. The Federation of Small Businesses (FSB) has warned that the collapse of British Steel, the UK’s second largest steel manufacturer, will result in significant uncertainty within the large network of small businesses involved in the company’s supply chain. Mike Cherry, National Chairman at the Federation of Small Businesses, commented: “The closure will cause a huge knock-on impact across the communities surrounding the company’s plants. A raft of small firms like caterers, cafes, cleaners, shops and visitor attractions, all of which employ their own staff, rely heavily on British Steel." To read FSB's news release go to
https://www.fsb.org.uk/media-centre/press-releases/supply-chain-at-risk-as-british-steel-collapses-into-insolvency.
UK sees stagnation in the number of business failures. Dun & Bradstreet (D&B) latest Global Bankruptcy Report has reported that the UK is one of four countries this year that has seen stagnation in the number of business failures (i.e., a year-on-year change of between -1% and +1%). According to D&B, 16,690 UK companies filed for insolvency in 2018, equivalent to around 0.3% of the active business universe in D&B’s database. D&B also reported significant regional and (especially) sectoral differences. For example, retailers are under increasing pressure, and the construction sector was hit hard by the liquidation of Carillion. To read D&B's news release or to download the report go to https://www.dnb.co.uk/perspectives/finance-credit-risk/global-bankruptcy-report.html.
Q1 2019 County Court Judgments (CCJ) data indicates that the risks faced by unsecured creditors are on the increase. InfolinkGazette has reported that new figures from the Registry Trust show that England & Wales Business CCJ Volumes increased by 12% to 35,779 in the first quarter of 2019. The total value of business CCJs was £107.2 million, up 6% on the same period in 2018. Greg Connell, Managing Director of InfolinkGazette, said, “the volumes and values have been rising for three years, but we can only speculate over the factors driving the increase because the Ministry of Justice won’t provide the names of the CCJ claimants.” Greg added, “what we do know, is that the majority of CCJs are either finance or trade credit defaults, and that means the risks faced by unsecured creditors are on the increase.” To read InfolinkGazette's news release go to https://www.infolinkgazette.co.uk/?pid=6.
UK Trade Sectors
Worst May on record as the UK High street ‘creaks at the seams’. According to BDO’s latest High Street Sales Tracker, Britain’s high streets suffered a disastrous May and the worst on record for in-store like-for-like sales. Overall, In-store sales plunged -3.3% year-on-year in May from a negative base of -2.2% for May last year. The lifestyle sector continued its collapse in May, with in-store sales falling -2.4% from an already negative base of -3.8% for May 2018. Fashion in-store sales also declined by -4.2% from a marginal base of +0.4% for the same month last year.
Although homeware in-store sales actually increased by +4.3%, this did little to offset a very poor base of -15.2% for May 2018. With four months of negative results already recorded in the year-to-date, BDO says the figures reflect how difficult the trading environment has become for retailers. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2019/worst-may-on-record-as-high-street-creaks-at-the-seams.
UK retail sales show the biggest decline on record. New data from the British Retail Consortium (BRC) has found that on a total basis, retail sales decreased by 2.7% in May. Although this is the worst decline (excluding Easter distortions) since this record began in January 1995, this was against an increase of 4.1% in May 2018 - itself a four-year high. This decline drags the 3-month and 12-month average increases down to 0.2% and 0.9% respectively. Paul Martin, UK Head of Retail | KPMG, commented: “We are of course comparing this month’s growth against a stellar May in 2018, but even the 3-month average - which softens the monthly volatility - demonstrates that achieving growth in retail remains a real struggle." To read BRC's news release go to https://brc.org.uk/news/2019/rsm-may-2019.
UK town centre vacancy rate rises to its highest level in four years. New data from the British Retail Consortium (BRC) has found that the national town centre vacancy rate was 10.2% in April, a further increase on the previous quarter rate of 9.9% and the highest since April 2015. Helen Dickinson OBE, Chief-Executive of BRC, commented: “With regular reports of shop closures, it may come as no surprise that town centre vacancy rates rose to their highest level in four years. Empty shopfronts, particularly for larger stores, can deter shoppers from an area, decreasing footfall for all those around. This effect can be cyclical, with the long-term decline in footfall pushing up vacancy rates, particularly in poorer areas." To BRC's news release go to https://brc.org.uk/news/2019/2019-may-13-vacancy-rate-rises-to-highest-in-four-years.
Demand for video streaming and internet access to fuel £10 billion growth in the UK entertainment and media sector by 2023. According to PwC’s latest Global Entertainment & Media Outlook 2019-2023, the growing range of video streaming services available to viewers; demand for internet access and business spend on internet advertising will drive the UK’s entertainment and media sector to grow by £10 billion over the next five years to be worth £80 billion by 2023. The pace of growth (3.5% per annum) will be second only to Germany in total revenue (within Western Europe). The fastest growing segments are internet advertising, Virtual Reality and Over-the-top Video. To read PWC's news release go to https://www.pwc.co.uk/press-room/press-releases/consumer-demand-for-video-streaming-and-internet-access-to-fuel-10bn-growth-in-the-uk-entertainment-and-media-sector.html.
Brexit uncertainty sees stockpiling race to its highest balance since the financial crisis. The CBI's latest monthly CBI Industrial Trends Survey has reported in the three months to May, UK manufacturers stocks of finished goods were at their highest balance since the financial crisis and "significantly above average". Tom Crotty, Group Director of INEOS and Chair of CBI Manufacturing Council, said: “Manufacturers are being forced into putting huge amounts of money and resources into contingency planning that could have been spent on creating jobs or making investments in new technology . . . As long as the deadlock continues, the sector is being held back from solving long-term challenges such as raising productivity and addressing skills shortages.” To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/brexit-uncertainty-sees-stockpiling-race-to-post-financial-crisis-peak-cbi/.
The UK private sector activity remains stuck in neutral, with conditions in the service sector notably weak. According to the latest CBI monthly Growth Indicator, economic activity in the private sector was broadly unchanged in the quarter to May, marking the seventh consecutive rolling quarter of flat or falling volumes. Furthermore, looking ahead, private sector activity is expected to remain flat over the three months to August (-1%), reflecting unchanged volumes across the board. The CBI also noted that although the UK economy as a whole grew strongly in Q1 2019, this was at least in part driven by pre-Brexit stockbuilding, and business surveys suggest that underlying conditions were more subdued and have remained tepid going in Q2. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/private-sector-activity-stagnant-cbi-growth-indicator/.
UK Exports
UK exports boom in all four nations. New data released by HMRC indicates that every UK nation recorded a greater value of goods exports in the 2018/19 financial year than ever before, and all of the UK nations have now recorded at least three consecutive financial years of growth. According to HMRC figures, goods exports from England, Scotland, Wales and Northern Ireland grew by 3.0% (to £251.9 billion), 12.9% to (to £32.8 billion), 7.5% (to £17.7 billion) and 4.4% (to £9.0 billion) respectively. The data also found that the number of businesses across the country exporting has also increased and now stands at 110,831 companies, 5,073, more than during the same period last year. HMRC notes that there are now more businesses exporting goods in every UK nation than ever before. To read Gov.uk's news release go to
https://www.gov.uk/government/news/uk-exports-boom-in-all-4-nations.
Licensed under the terms of Open Government. Licence v3.0.
Licensed under the terms of Open Government. Licence v3.0.
Weak first quarter for UK exporters. According to the latest Quarterly International Trade Outlook from the British Chambers of Commerce and DHL, 23% of UK manufacturers and 20% of service firms saw their export order books decline in the first three months of the year – the highest for both since Q2 2017 when records began. Two-thirds of exporting manufacturers also said exchange rates were of greater concern to them than in the previous three months, reflecting sterling volatility ahead of the original Brexit deadline. Furthermore, according to the findings, nearly a quarter of exporters reported a decrease in cashflow - also the highest level since Q2 2017. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2019/05/bccdhl-weak-first-quarter-for-uk-exporters.
British mid-sized companies boost overseas turnover as small and large businesses stumble. According to new research from BDO, growth in overseas turnover is being driven by UK mid-sized businesses. The research reveals that mid-sized businesses (what BDO refers to as the economic engine) have grown international turnover by 63% in the last five years from £96 billion to £157 billion. This growth exceeds both FTSE 350 companies and smaller businesses (<£10 million), both of which have witnessed a decline in overseas revenues of 15% and 37% respectively over the last five years, with FTSE companies generating £521 billion of turnover outside of the UK and smaller businesses generating £8.5 billion. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2019/british-mid-sized-companies-boost-overseas-turnover-as-small-and-large-businesses-stumble.
UK & Global Economy
18% of European business believe their country is already in a recession. The latest European Payment Report 2019 from Intrum has found that following several years of declining bad debt losses, companies around the European continent are now reporting negative signs related to payments and debts (including increased bad debt losses, later B2B payments and higher debt risks ahead). In addition, 18% of European companies believe that their country is already in recession and 40% of Intrum's respondents believe that their country will be in recession within two years, There are, however, significant regional disparities; in Greece and Italy, for example, businesses view recession as a current actuality, while companies in Austria and Germany do not foresee a recession in the coming five years. To read Intrum's news release go to https://www.intrum.com/press/press-releases/press-release-article/?id=68CEBB6EF9E5D628#New_signs_of_economic_downturn__3_out_of_10_companies_accelerate_sales_to_meet_recession.
The UK and the euro area are estimated to have grown by 0.5% and 0.4% respectively in Q1 2019. New data from Eurostat has reported that seasonally adjusted GDP rose by 0.4% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2019, compared with the previous quarter. The data also indicated that GDP in the US increased by 0.8% compared with the previous quarter, while, in Europe, Croatia (1.8%) recorded the highest growth compared with Q4 1018, followed by Hungary and Poland (both 1.5%). The UK saw a 0.5% increase in growth compared to the previous quarter. To read Eurostat's news release go to
https://ec.europa.eu/eurostat/documents/2995521/9826893/2-06062019-AP-EN.pdf/7fb9b039-72ee-4441-987d-450c185450fc. Please note that the text above is a summary of Eurostat's news
UK economy boosted by temporary factors in the first quarter of 2019. The National Institute of Economic and Social Research (NIESR) has reported that although latest economic data shows that the pace of activity picked-up in the first quarter of 2019, with quarterly growth rising to 0.5% after an increase of 0.2% in the final quarter of last year, the improvement in the growth rate reflects temporary factors (such as the influence of additional stockbuilding on manufacturing output). According to NIESR, the economy is now on track to grow at the slightly slower pace of 0.3% in the second quarter as some of these temporary factors fade and at the "relatively sedate" underlying pace of 1½% per year. To read NIESR's news release with a link to the full report go to https://www.niesr.ac.uk/media/press-release-niesr-monthly-gdp-tracker-uk-economy-boosted-temporary-factors-first-quarter.
OECD warns that the global economy remains weak as subdued trade drags down growth. According to the OECD’s latest Economic Outlook, global growth slowed sharply in late 2018 and is now stabilising at a moderate level and is expected to achieve moderate but fragile growth of 3.2% in 2019 and 3.4% in 2020. The most significant economic growth is predicted for Argentina and Brazil, while the economies of the UK, US, Australia, Germany, France, Italy and Japan are all forecast to decline in the next two years. The UK's GDP is predicted to grow by 1.2% in 2019 and 1.0% in 2020, while the US is predicted to experience a slowing of GDP growth from 2.9% in 2018 to 2.8% this year and 2.3% in 2020. To read the OECD's news release go to http://www.oecd.org/economy/oecd-warns-global-economy-remains-weak-as-subdued-trade-drags-down-growth.htm.
Growth of the global economy has slowed to its lowest pace in three years. The World Bank’s recent report, Global Economic Prospects: Heightened Tensions, Subdued Investment, has reported that the global economy has slowed to its lowest pace in three years and, although it is on track to stabilise, its momentum is fragile and subject to substantial risks. International trade and investment have been weaker than expected at the start of the year, and economic activity in major advanced economies, particularly the euro area, and some large emerging market and developing economies has been softer than previously anticipated. Looking ahead, the report notes that growth in the emerging and developing world is expected to pick up next year as the turbulence and uncertainty that afflicted countries late last year and this year recedes. To read the World Bank's news release with a link to the full report, go to http://www.worldbank.org/en/news/immersive-story/2019/06/04/the-global-economy-heightened-tensions-subdued-growth.
Singapore topples the US as the world’s most competitive economy. According to the IMD World Competitiveness Rankings, Singapore has ranked as the world’s most competitive economy for the first time since 2010 taking over the top slot from the US, which has slipped to third place behind Hong Kong. Singapore’s rise to the top was driven by its advanced technological infrastructure, the availability of skilled labour, favourable immigration laws, and efficient ways to set up new businesses. In Europe, the UK lost three places and is now in 23rd place, while the biggest climber for the region, Ireland, rose five places to 7th place. To read IMD's news release with a link to the full report go to https://www.imd.org/news/updates/singapore-topples-united-states-as-worlds-most-competitive-economy/.
Prolonged geopolitical and economic uncertainty see foreign direct investment into Europe drop for the first time in six years. According to the latest EY European Attractiveness survey, foreign direct investment (FDI) projects into Europe dropped 4% (to 6,356 projects) in 2018. E&Y also found that the UK and Germany, which together account for around one-third of the FDI in Europe, attracted 13% less investment than in 2017, with the negative performance of the UK due to a 35% decrease in manufacturing FDI projects. Conversely, FDI is seeing notable positive increases in Spain, Belgium, Poland, Turkey and Ireland, while Italy recorded a 63% year-on-year FDI increase - the fastest FDI growth among the top 20 countries in Europe. To read E&Y's news release go to https://www.ey.com/en_gl/news/2019/06/prolonged-geopolitical-and-economic-uncertainty-see-foreign-direct-investment-into-europe-drop-for-the-first-time-in-six-years.
UK Small business confidence hits a two-year low. New research from Hitachi Capital Business Finance has found that the proportion of small businesses predicting growth for the next three months has fallen to 34% - its lowest level for eight successive quarters. Furthermore, for the first time, the proportion of businesses predicting significant expansion has fallen below 5%. Sole traders were least confident in their business outlook – only 28% predicted net growth for the period to 30 June, compared to 46% for those larger businesses with 10-50 employees. Transport, agriculture and hospitality were the sectors where companies were least likely to predict growth - 25%, 27% and 29% respectively. Click here to read Hitachi Capital Business Finance's news release.
Supply Chains, Cashless Economy and Cybercrime
Over eight in ten organisations experience third party failure. Deloitte has warned that the majority of organisations have insufficient visibility of their supply chains and the potential risks they face from within these networks. According to Deloitte's research, 83% of organisations globally and 90% of UK based respondents have experienced a third party incident – such as a supplier losing data after falling victim to a cyber-attack – in the past three years. Deloitte also noted that fines issued directly from third-party failures have reached £650 million for those firms operating internationally, and an average share price drop of 2.55%. To read Deloitte's news release go to https://www2.deloitte.com/uk/en/pages/press-releases/articles/over-eight-in-ten-organisations-experience-third-party-failure.html.
A new report suggests that half of European businesses believe their country will be cashless within ten years. The European Payment Report 2019 from Intrum, shows that a quarter of all businesses believe their country will abandon cash within five years, while another quarter believe it will happen in ten years. Asked about the consequences of a cashless economy, more than half of all businesses fear higher exposure to cyberattacks, while a third appreciate that it would make payment routines and accounting more efficient. A third also believes that information about transaction data will be more available to them as businesses. To read Intrum's news release go to https://www.intrum.com/press/press-releases/press-release-article/?id=C5D01B01FEC8CCAA#A_cashless_Europe_within_10_years.
The Trade Credit Dilemma in the US.
The Trade Credit Dilemma Report is a new report, produced by PYMNTS in collaboration with Fundbox, which examines the toll trade credit practices are taking on American SMBs’ cash flows, capital and resources. Key findings include data which indicates that 27.5% of the share of firms that frequently receive late payments also pay their suppliers late. In addition, 32.3% of the more than 1,000 companies surveyed say that offering trade credit makes their daily operations difficult. To obtain a copy of the report go to https://www.pymnts.com/study/trade-credit-dilemma-report/.
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June's News Quiz
We are delighted to launch June's News Quiz.
Just nine short questions (all answers can be found in this issue and Credit Insurance News Digest), with the chance to win a £20 Amazon gift card or equivalent donation to the charity of your choice.
We will announce our next winner in the next issue on 10 July.
Just nine short questions (all answers can be found in this issue and Credit Insurance News Digest), with the chance to win a £20 Amazon gift card or equivalent donation to the charity of your choice.
We will announce our next winner in the next issue on 10 July.
Click here to take part.
Thank you to readers who took part in May's Quiz. We are delighted to say that the prize went to Tammy Saunders at Coface. Congratulations Tammy!
Thank you to readers who took part in May's Quiz. We are delighted to say that the prize went to Tammy Saunders at Coface. Congratulations Tammy!
Events & Offers
TXF Global 2019: Export, Agency & Project Finance
12, 13 & 14 June, Grand Hyatt Berlin.
This 12, 13 & 14 June we bring your flagship export, agency & project finance show to Berlin! If you only attend one event of the year in this industry, TXF Global is ‘the one’. Join the gig and throw yourself into deal heaven with the CEOs of Corporates, ECAs, DFIs, SOEs and government ministers.
This 12, 13 & 14 June we bring your flagship export, agency & project finance show to Berlin! If you only attend one event of the year in this industry, TXF Global is ‘the one’. Join the gig and throw yourself into deal heaven with the CEOs of Corporates, ECAs, DFIs, SOEs and government ministers.
3 days of epic headline acts, intimate networking, inspiring content and innovative session types
await anyone brave enough to get themselves a ticket.
Keynote speakers include:
- Prof. Dieter Kempf, President, FEDERATION OF GERMAN INDUSTRIES
- Dr. Christoph Herfarth, Head of Export Finance and Export Credit, Guarantee Department, GERMAN FEDERAL MINISTRY FOR ECONOMIC AFFAIRS AND ENERGY
- Anna-Karin Jatko, Director General, EKN - THE SWEDISH EXPORT CREDIT AGENCY
- Gabriel Cumenge, Deputy Assistant Secretary, MINISTRY OF FINANCE OF FRANCE - DG TRÉSOR
- Jose Pedro Freitas, CFO, MOTA-ENGIL GROUP
- Debora Revoltella, Chief Economist, EUROPEAN INVESTMENT BANK
Visit the website for the full speakers list and agenda.
To secure your ticket please book online here .
GTR US 2019, 13 June 2019. Chicago.
The GTR US conference is set to return to Chicago for its third consecutive year on June 13, 2019.
With the US midterm elections taking place in November 2018 amidst ongoing global geopolitical volatility and technological disruption across the trade sector, the strategic challenges surrounding trade financing, working capital optimization, and credit risk management remain a firm fixture on the boardroom agenda. A rapidly evolving market offering competing digital solutions across physical trade flows and the associated financing sectors only adds to the complexity faced by those tasked with financing US commerce.
Featuring a host of expert speakers, GTR US 2019 provides the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling corporate treasurers, financiers and trade credit managers to form a resilient, bottom line-boosting business strategy.
An in-depth, interactive agenda spanning business-critical insights from geopolitical risks to the latest financing trends, liquidity sources and tech innovations in the trade space will furnish attendees with a comprehensive view of the key commercial trends emerging in 2019. 2018’s meeting saw record attendance from across the trade sector, welcoming companies including Microsoft, Mars Inc, Caterpillar, Motorola, Bunge, Siemens, Olam, Samsung, BP, Louis Dreyfus Commodities and IBM, as well as leading trade and supply chain financing practitioners, credit risk mitigation experts, government bodies and those tech companies leading the disruption of trade.
With a keen focus on networking, GTR US 2019 will once again provide the ideal forum for US companies and financial service providers to meet and discuss the next steps for US trade, and the evolution of the trade finance space.
Last year, 26% of attendees were corporates & traders and 24% were bankers & financiers representing over 100 different companies. 91% of all attendees held a senior to a c-level position.
Companies that attended last year included ArcelorMittal, BP, Caterpillar, Louis Dreyfus Commodities, Mars Inc., Microsoft Corporation, Plexus Corp, and more. View the full list of companies that attended last year’s event here.
10% early booking discount available when booking online by May 17 with code: EBD10. Click here for more information.
The GTR US conference is set to return to Chicago for its third consecutive year on June 13, 2019.
With the US midterm elections taking place in November 2018 amidst ongoing global geopolitical volatility and technological disruption across the trade sector, the strategic challenges surrounding trade financing, working capital optimization, and credit risk management remain a firm fixture on the boardroom agenda. A rapidly evolving market offering competing digital solutions across physical trade flows and the associated financing sectors only adds to the complexity faced by those tasked with financing US commerce.
Featuring a host of expert speakers, GTR US 2019 provides the latest business intelligence required to navigate trade-related risks, and the practical know-how enabling corporate treasurers, financiers and trade credit managers to form a resilient, bottom line-boosting business strategy.
An in-depth, interactive agenda spanning business-critical insights from geopolitical risks to the latest financing trends, liquidity sources and tech innovations in the trade space will furnish attendees with a comprehensive view of the key commercial trends emerging in 2019. 2018’s meeting saw record attendance from across the trade sector, welcoming companies including Microsoft, Mars Inc, Caterpillar, Motorola, Bunge, Siemens, Olam, Samsung, BP, Louis Dreyfus Commodities and IBM, as well as leading trade and supply chain financing practitioners, credit risk mitigation experts, government bodies and those tech companies leading the disruption of trade.
With a keen focus on networking, GTR US 2019 will once again provide the ideal forum for US companies and financial service providers to meet and discuss the next steps for US trade, and the evolution of the trade finance space.
Last year, 26% of attendees were corporates & traders and 24% were bankers & financiers representing over 100 different companies. 91% of all attendees held a senior to a c-level position.
Companies that attended last year included ArcelorMittal, BP, Caterpillar, Louis Dreyfus Commodities, Mars Inc., Microsoft Corporation, Plexus Corp, and more. View the full list of companies that attended last year’s event here.
10% early booking discount available when booking online by May 17 with code: EBD10. Click here for more information.
GTR Asia 2019, 3-6 September 2019, Singapore.
GTR Asia 2019 (formerly known as Asia Trade & Treasury Week) will return to Singapore September 3-6, 2019. Recognised as the world’s largest international gathering for the trade, commodity, fintech and treasury community, GTR’s annual event in Singapore last year welcomed a record-breaking total of over 1,100 industry participants from local and international banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and more!
2019’s event is set to be even bigger and better! Participants will have the chance to hear over 100 of the world’s leading trade, treasury and fintech experts reflecting on developments in the Asian market and more globally, whilst also having the chance to network and discuss trade priorities with over 500 different companies.
Delegates will also benefit from the use of multiple streams with coverage at the event focused on a range of topics and markets, whilst a variety of formats (breakouts, workshops, debates, formal launches, speed-networking) will provide excellent opportunities for engagement and knowledge sharing.
With the event once again enjoying unrivalled support from local government organisations and public bodies including the Monetary Authority of Singapore (MAS) and Enterprise Singapore, as well as the world’s leading financial institutions, attendees will receive critical market insight, build business relationships and gain the inside track on the latest financing trends and techniques.
Use code: EBD10 for 10% early booking discount – expires August 2. Click here for more information.
GTR Asia 2019 (formerly known as Asia Trade & Treasury Week) will return to Singapore September 3-6, 2019. Recognised as the world’s largest international gathering for the trade, commodity, fintech and treasury community, GTR’s annual event in Singapore last year welcomed a record-breaking total of over 1,100 industry participants from local and international banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs and multilaterals and more!
2019’s event is set to be even bigger and better! Participants will have the chance to hear over 100 of the world’s leading trade, treasury and fintech experts reflecting on developments in the Asian market and more globally, whilst also having the chance to network and discuss trade priorities with over 500 different companies.
Delegates will also benefit from the use of multiple streams with coverage at the event focused on a range of topics and markets, whilst a variety of formats (breakouts, workshops, debates, formal launches, speed-networking) will provide excellent opportunities for engagement and knowledge sharing.
With the event once again enjoying unrivalled support from local government organisations and public bodies including the Monetary Authority of Singapore (MAS) and Enterprise Singapore, as well as the world’s leading financial institutions, attendees will receive critical market insight, build business relationships and gain the inside track on the latest financing trends and techniques.
Use code: EBD10 for 10% early booking discount – expires August 2. Click here for more information.
GTR Europe 2019, 14 October 2019, Paris.
GTR Europe 2019 returns to Paris to welcome regional trade experts from across the continent. A key market gathering for European trade and export finance business heads and key relationship builders, the event will further expand on GTR’s unrivalled reach across the regional and global trade finance market.
Expected to welcome over 250 delegates from 15 countries, the conference will deliver a well-rounded outlook on Europe’s economic growth, trade concerns and priorities for the future, allowing representatives to share their insights on the most current topics.
This one-day event features sessions addressed by and for corporates and is one not to be missed by those looking to build trade relations across a range of exciting markets!
GTR Europe 2019 returns to Paris to welcome regional trade experts from across the continent. A key market gathering for European trade and export finance business heads and key relationship builders, the event will further expand on GTR’s unrivalled reach across the regional and global trade finance market.
Expected to welcome over 250 delegates from 15 countries, the conference will deliver a well-rounded outlook on Europe’s economic growth, trade concerns and priorities for the future, allowing representatives to share their insights on the most current topics.
This one-day event features sessions addressed by and for corporates and is one not to be missed by those looking to build trade relations across a range of exciting markets!
Last year, the two largest sectors in attendance were corporates & traders (39%) and bankers & financiers (22%). Over 250 different companies from around the world were in attendance, 78% of all attendees held a senior to a c-level position. Use code: EBD10 for 10% early booking discount – expires September 20. Click here for more information.
Supply Chain Finance Summit, 15-16 October 2019, Singapore.
BCR’s Supply Chain Finance Summit-APAC in Singapore focuses on the growth of supply chain
finance across the APAC region.
With local governments, international and regional banks; and investors all actively encouraging the development of local and cross-border SCF programmes, it is now, more than ever before, vital to review the latest developments in this market and understand how to capitalise on opportunities in this region.
Join us in Singapore to hear from the industry's thought leaders, engage in debate, network with your peers and help define the future of working capital.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-apac-0.
The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking.
With local governments, international and regional banks; and investors all actively encouraging the development of local and cross-border SCF programmes, it is now, more than ever before, vital to review the latest developments in this market and understand how to capitalise on opportunities in this region.
Join us in Singapore to hear from the industry's thought leaders, engage in debate, network with your peers and help define the future of working capital.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-apac-0.
The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking.
Alternative & Receivables Finance Forum, 14 November. London.
Alternative & Receivables Finance Forum tracks the transformation of receivables and invoice finance; showcasing the most successful new entrants to the market, examining the future of technology-enabled funding models, and driving the conversation on alternative finance for SMEs. This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing.
The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/alternative-receivables-finance-forum-1. The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
Alternative & Receivables Finance Forum tracks the transformation of receivables and invoice finance; showcasing the most successful new entrants to the market, examining the future of technology-enabled funding models, and driving the conversation on alternative finance for SMEs. This is a unique gathering, where you can network with established receivables finance providers and ‘alternative’ SME funders and find out how the competitive landscape for commercial finance is changing.
The comprehensive programme provides insights into the priorities influencing SMEs’ financial choices and showcases the latest technology-enabled distribution models.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/alternative-receivables-finance-forum-1. The Credit Insurance News delegate discount code is CIN19 – please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
Supply Chain Finance Summit, 30-31 January 2020. Amsterdam
The fifth annual Supply Chain Finance Summit is a great opportunity to learn about the latest trends, ideas and developments transforming working capital and supply chain management, as well as a chance to network with leaders in the industry.
This in-depth event tracks the transformation of supply chain finance (SCF); showcasing the latest innovations within the industry for both domestic and cross-border financing, examining the future of technology-enabled supply chain models, and driving the conversation on increasing access of SCF for SMEs and emerging markets.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-1.
The Credit Insurance News delegate discount code is CIN20– please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
The fifth annual Supply Chain Finance Summit is a great opportunity to learn about the latest trends, ideas and developments transforming working capital and supply chain management, as well as a chance to network with leaders in the industry.
This in-depth event tracks the transformation of supply chain finance (SCF); showcasing the latest innovations within the industry for both domestic and cross-border financing, examining the future of technology-enabled supply chain models, and driving the conversation on increasing access of SCF for SMEs and emerging markets.
As event partners, Credit Insurance News can offer their members a 10% discount on a delegate pass rate. To register please follow this link https://bcrpub.com/events/supply-chain-finance-summit-1.
The Credit Insurance News delegate discount code is CIN20– please utilise the code upon booking. Alternatively you can contact yongmei.he@bcrpub.com quoting your discount code for payment via invoice.
About the Sponsor: Farosol
Farosol is an international network of specialist credit insurance brokers from more than 20
countries around the world.
The Farosol broking team provides 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. It consistently meets the needs of clients seeking results in complex global markets to mitigate risk and maximise profitability.
Client needs are paramount in Farosol’s approach working across frontiers to put winning strategies in place.
The Farosol broking team provides 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. It consistently meets the needs of clients seeking results in complex global markets to mitigate risk and maximise profitability.
Client needs are paramount in Farosol’s approach working across frontiers to put winning strategies in place.
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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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