Welcome to the May 2020 issue of Credit Management News Digest. This issue is sponsored by Nexus Trade Credit.
Index
PLUS: This month's featured article: 'Shutdown – a UK Business Perspective', by Ian Selby – Commercial Director, Nexus Trade Credit UK.
Please note: Amid such a fast-moving global pandemic, news stories of just a few days old quickly become outdated.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 (13 May) displayed first.
UK Late Payment, Cashflow & Insolvencies
8 May: Coronavirus pushes the number of UK financially distressed companies to over half a million. The latest Red Flag Alert data from Begbies Traynor Group for Q1 2020 found that the number of businesses in significant distress stood at 509,000 – the highest number ever measured by Red Flag Alert research. In just three months, factors including the Coronavirus pandemic has pushed more than 15,000 UK businesses into significant distress with SMEs chiefly affected. Of even greater concern is the increase of businesses in critical distress – usually a precursor to insolvency – with a 10% increase in the past quarter alone. This figure would have been even higher, but creditors have been held back from taking court action due to the lockdown. To read Begbies Traynor's news release go to https://www.begbies-traynorgroup.com/news/business-health-statistics/coronavirus-pushes-financially-distressed-companies-over-the-half-million-mark.
8 May: The UK avoids a deluge of corporate insolvencies in the first month of the COVID-19 pandemic. According to an analysis of notices in The Gazette by KPMG, the number of UK corporate insolvencies in April 2020 was down by a third (from 91 to 61) compared to same period in the previous year. Overall, the first four months of 2020, saw a 5% reduction in insolvencies (to 444). Blair Nimmo, head of Restructuring at KPMG, commented: "The breadth and depth of support measures available, coupled with a supportive lending community, have given organisations vital breathing space in these early days of the crisis." To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2020/05/uk-avoids-deluge-of-corporate-insolvencies.html.
6 May: 1 in 10 UK businesses report a high-risk of insolvency due to Coronavirus.
The latest Opinium-Cebr Business Distress Tracker has warned that 1 in 10 British businesses say that there is a high risk they will enter insolvency as a result of the Coronavirus crisis.
This equates to 591,000 businesses. Meanwhile, the majority (51%) of businesses state that there is at least a small risk that they will go insolvent due to the crisis,
equating to nearly 3 million firms across the country. The Index also notes that UK businesses on average say they will need 6 months to return production to pre-crisis levels, and 1 in 6 firms will need at least a year to recover. To read Cebr's news release go to
https://cebr.com/reports/coronavirus-emergency-pushes-more-than-half-a-million-uk-businesses-to-the-brink-of-insolvency/.
30 April: A "surprising" decline in levels of UK corporate insolvency
in Q1 2020. New data from the Insolvency Service has indicated that in Q1 2020, there were a total of 3,883 UK company insolvencies.
This indicates a decrease in underlying corporate insolvencies of 8.5% in Q1 2020 compared to Q4 2019 and by 8.5% compared to Q1 2019.
Duncan Swift, former President of R3, commented: “The surprising decline in levels of corporate insolvency in Q1 2020 is partly reflective of the improving post-election business climate, which was abruptly curtailed by the COVID-19 pandemic. However, today’s quarterly and year-on-year decrease in corporate insolvency numbers is highly unusual given the circumstances and climate, and very unlikely to last.
The impact of the Coronavirus on every aspect of the business world is hard to overstate." To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/29389/page/1//.
21 April: A third of UK SMEs to run out of cash by July, despite government support. A third of UK SMEs will be unable to cover their costs by the end of July despite a £330 billion package of loans and guarantees from the Government, according to the latest research from Bibby Financial Services (BFS). This number could rise to more than half of UK SMEs should the lockdown continue into the third quarter. Furthermore, according to the research, a quarter of SMEs have already written off an average of £35,000 in bad debt since the beginning of February, and a third (33%) predict it will be too late to save their business by the time they can access the support available. To read BFS' news release go to https://www.bibbyfinancialservices.com/about-us/news-and-insights/news/2020/third-of-smes-to-run-out-of-cash-by-july.
UK Trade Sectors & Exports
8 May: UK retail sales have fallen by -29.6% year-on-year due to Coronavirus. According to BDO’s latest High Street Sales Tracker, total like-for-like UK sales, both in-store and non-store, dropped -29.6% this month from a base of +1.8% in April 2019. Although non-store sales soared +109.6%, this couldn’t offset the impact of Britain’s largely closed high streets and every sector recorded steep declines.
Sophie Michael, Head of Retail and Wholesale at BDO LLP, said: “These results reveal that almost a third of discretionary spend was wiped out in April.
With such a significant amount of spend removed, retailers will be focusing on preserving cash, engaging their customers through online channels, and building operational efficiency." To read BDO news release go to https://www.bdo.co.uk/en-gb/news/2020/retail-sales-plunge-29-6-percent-year-on-year-due-to-coronavirus.
8 May: New data indicates a consistent increase
in the number of UK stores lying empty.
The British Retail Consortium (BRC) has reported that the UK vacancy rate across all shopping locations was 12.2% in March 2020, an increase from 12.1% in December 2020.
The vacancy rate was 12.3% for high streets (12.1% in December 2019), 14.1% for shopping centres (14.4% in December 2019), and 8.2% for retail parks (8.1% in December 2019). The persistent vacancy rate - i.e., premises empty for two or more years – was 5.3%.
The South West and Wales saw the largest increases in the vacancy rate, at 0.6 and 0.4 percentage points respectively. The North West saw the largest decline of 0.2 percentage points.
To read the BRC's news release go to https://brc.org.uk/news/2020/trouble-ahead-for-retail-vacancy-rates/.
8 May: UK SME manufacturers see activity plunge sharply due to the COVID-19 crisis. UK SME manufacturing output fell at the quickest pace in over a decade in the quarter to April, according to the latest CBI SME Trends Survey.
This sharp fall is largely attributable to the COVID-19 crisis, with over four out of five firms noting that the measures to contain the outbreak have had a negative impact on their domestic output, and three-quarters of firms reporting cash flow difficulties.
Looking ahead, UK manufacturers expect output to plunge at a faster pace next quarter, marking the weakest expectations on record (since 1988). To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/sme-manufactures-see-activity-plunge-sharply-due-to-covid-19-crisis-cbi/.
4 May: European export growth falls to a 12-year low.
European export growth has fallen to its lowest point since the 2008 global financial crisis in Q1 2020, according to new figures.
The BDO European Export Growth Index, which provides snapshots of the export markets in Europe’s five largest economies, fell by 11 points from 98.2 to 87.2 in the first quarter of 2020.
The Index score is now well below the 95-mark, indicating that the annual rate of export growth is in deep negative territory. The UK recorded the most significant decline,
with the Index for British exports falling 14.6 points to 91.6 – the steepest quarterly drop since Q3 2006.
However, the UK’s export growth Index remained the highest of the five economies analysed for a third consecutive quarter – ahead of Germany (88.5), Spain (88.4), Italy (85.1) and France (85.0). To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2020/european-export-growth-plunges-to-12-year-low.
4 May: Historic slide in UK retail sales. The CBI’s latest monthly Distributive Trades Survey (DTS) reports that UK retailers reported the sharpest fall in sales in the year to April since December 2008 – a balance of -55% in April, from -3% in March. This represented the joint lowest balance in the history of the survey. Internet sales growth also fell close to its weakest since the start of this series in August 2009 (the second lowest reading ever, the weakest being in June 2019). Nearly all UK retailers (96%) also reported cash flow difficulties, with just under half (40%) warning that they are facing difficulties meeting tax liabilities. Rain Newton-Smith, CBI Chief Economist, said:
“It’s no surprise that the lockdown is hitting retailers hard. Two fifths have shut up shop completely for now." To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/historic-slide-in-retail-sales-cbi/.
UK Economy
13 May: UK GDP fell by 2% in Q1 2020. New data released by the Office for National Statistics (ONS) estimates that GDP fell by 2.0% in January to March 2020, following flat GDP in the fourth quarter of 2019.
This is the largest quarterly contraction in the UK economy since the 2008 global financial crisis and reflects the economic impact of the UK guidelines put in place in March in response to the Coronavirus pandemic.
The UK economy fell by 1.6% compared with the same quarter in the previous year, a decline last equaled in Q4 2009.
The decline in the first quarter largely reflects the 5.8% fall in output in March 2020, with widespread monthly declines in output across the services, production and construction industries. To read the ONS' news release go
to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/januarytomarch2020.
Licensed under the terms of Open Government. Licence v3.0.
Licensed under the terms of Open Government. Licence v3.0.
6 May: The UK economy looks set to shrink by 5.5% in 2020. Dun & Bradstreet's (D&B) latest UK Economic Outlook predicts that from a real GDP growth perspective, 2020 will see figures worse than those recorded during the global financial crisis in 2008-09. As a baseline scenario, it now expects the UK economy to shrink by 5.5% in 2020 (compared with a forecast of -2.5% in March and +1.2% at the start of the year), and has downgraded the UK Economy Rating outlook to ‘deteriorating rapidly’. These assessments are predicted on the on the assumption that lockdown measures in the UK and in key trading partners are gradually phased out from the end of May. Should this not be the case, D&B warns that the speed of economic contraction could easily hit double digits. To read D&B's report go to https://www.dnb.co.uk/perspectives/finance-credit-risk.html?&sort_by=most_recent&article=a0.
30 April: UK small business growth outlook collapses. A new business outlook by Hitachi Capital Business Finance has reported that the proportion of UK small businesses predicting growth has plummeted from 39% to just 14% in the last three months - with 31% of business owners scaling back their businesses
and 30% saying they will struggle to survive between now and the end of June. The new data reveals the scale of the impact that the COVID-19 pandemic has had on the sector; since the study began in 2015, the proportion of small businesses predicting growth for the next three months had remained remarkably consistent - standing at between 34%-39% over the last seven consecutive quarters. The industry sectors where small business owners most feared collapse were hospitality and leisure (50%), retail (40%) and transport/distribution (37%).
To read Hitachi Business Finance's article go to https://www.hitachicapital.co.uk/news-media/small-business-growth-outlook-collapses/.
29 April: Estimates for UK GDP growth in 2020 now range from around -5% to -10%. According to new analysis from PwC, UK GDP growth is expected to range from around -5% to -10% for 2020.
This is a downward shift from the previous estimate of -3% to -7% made a month ago, although a gradual recovery is still expected by the end of 2021.
John Hawksworth, chief economist at PwC, said:
“It is clear the COVID-19 crisis will lead to a sharp fall in GDP in Q2 2020, perhaps by around 12% to 16%. . . However, we assume output will recover gradually as lockdowns are eased and economic life slowly returns to normal.
We estimate that output could therefore be back to only around 1.5% to 4% below its pre-crisis trend levels by the end of 2021.”
To read PWC's news release go to https://www.pwc.co.uk/press-room/press-releases/pwc-publishes-weekly-uk-economic-update-.html.
28 April: Prospects are deeply uncertain for the UK economy.
The National Institute for Economic and Social Research (NIESR) has reported that it estimates that, assuming that UK lockdown remains in place from around the middle of March to the middle of May, UK GDP will fall by around 5% in Q1 and 15% in Q2.
Then, on the assumption of a progressive relaxation of stay-at-home measures, NIESR suggests that GDP could recover some of the lost ground and almost re-attain its 2019 Q4 level by 2021 Q4. However, NIESR stresses that this outlook is extremely uncertain and depends critically on the effectiveness of policies to manage the economy while limiting the spread of COVID-19. To read NIESR's news release go to https://www.niesr.ac.uk/media/niesr-press-release-prospects-deeply-uncertain-uk-economy-14238.
27 April: UK economy is not expected to return to its late 2019 size until 2023. The EY ITEM Club Spring Forecast 2020 has warned that due to the impact of COVID 19, UK GDP is now expected to contract by 6.8% in 2020, before returning to positive growth of 4.5% in 2021.
The forecast is based on the assumption that some lockdown restrictions will start to be eased in May, with even more in June.
Howard Archer, Chief Economic Advisor to the EY ITEM Club, commented: “The UK economy is clearly in for a very difficult year with GDP expected to contract around 13% quarter-on-quarter in Q2.
To put this into perspective, the largest quarter on quarter contraction suffered during the 2008/9 financial crisis was 2.1% in Q4 2008." To read EY's news release go to https://www.ey.com/en_uk/news/2020/04/uk-economy-not-expected-to-return-to-its-late-2019-size-until-2023-says-ey-item-club-forecast.
20 April: UK companies are facing a COVID-19 “pincer movement”. New data suggests that the UK economy is facing a “pincer movement” due to the Coronavirus pandemic, with a surge in limited companies going bust being mirrored by a drop in new firms setting up. The analysis by the Enterprise Research Centre shows that 61,472 limited companies folded between the start of March and mid-April, with a parallel drop in the numbers of new firms registering with Companies House. Comparing figures from March this year with the full month’s data from last March, the number of firms going out of business was 70% higher than a year ago (up 21,206), while the number of new firms incorporated fell by 23% (14,270 fewer). To read the Enterprise Research Centre's news release go to https://www.enterpriseresearch.ac.uk/uk-companies-facing-covid-19-pincer-movement-data-shows/.
17 April: The UK is almost certain to enter a technical recession in Q2 2020. Dun & Bradstreet (D&B) has published an article which notes that it has downgraded the UK's country risk rating several times since the Brexit referendum in 2016 and it now stands at a new all-time low. The article also predicts that the economic damage caused by the current lockdown in the UK is likely to be immense, and that it has consequently lowered its real GDP growth forecast for 2020 from 0.8% to -2.5%. According to D&B, the UK will now almost certainly enter a technical recession in Q2 2020. To read D&B's article go to https://www.dnb.co.uk/perspectives/finance-credit-risk/managing-credit-risk-in-economic-uncertainty.html.
9 April: GDP contraction of 0.1% in February shows a subdued UK economy even before Coronavirus started to impact. EY ITEM Club has reported that GDP contraction of 0.1% month-on-month after growth of just 0.1% in January means that the UK had a lacklustre start to 2020 - even before Coronavirus began to really impact. Looking ahead, EY predicts that it expects the UK economy to grow by 4.5% in 2021 but does not expect to return a size similar to Q4 2019 until the first quarter of 2023. This forecast assumes that the UK and EU will avoid a 'no-deal' outcome at the end of 2020 when the Brexit transition arrangement is due to end. To read EY's news release go to https://www.ey.com/en_uk/news/2020/04/gdp-contraction-in-february-shows-a-subdued-uk-economy-before-coronavirus-started-to-impact-says-ey-item-club.
Global Economy
6 May: The EU economy is set to experience "a recession of historic proportions". The European Commission has warned that the Coronavirus pandemic represents a major shock for the global and EU economies and has predicted that, despite the swift and comprehensive policy response at both EU and national level, the EU economy will experience a recession of historic proportions this year. The EU economy is now forecast to contract by 7.5% in 2020, with growth projections for the EU and euro area revised down by around nine percentage points compared to the European Commission's Autumn 2019 Economic Forecast. To read the European Commission's news release with a link to its Spring 2020 Economic Forecast go to https://ec.europa.eu/commission/presscorner/detail/en/ip_20_799.
Please note that this is a summary of a European Commission news release
Please note that this is a summary of a European Commission news release
28 April: Grim short-term prospects for the World economy. The National Institute for Economic and Social Research (NIESR) has reported that the effects of the Coronavirus pandemic and the control
measures taken to combat its spread have transformed the immediate global economic outlook in an unprecedented manner from its previous forecast in February.
NIESR now expects widespread falls in GDP, particularly in the first half of this year, with global GDP predicted to fall by 3.5% in 2020, a downward revision of around 6.5% points from NIESR's view in February.
This fall in GDP is substantially larger than during the Financial Crisis (–0.1%), and NIESR notes that the closest parallel is the Great Depression, when there was multi-year fall in output. To read NIESR's news release go to https://www.niesr.ac.uk/media/press-release-grim-short-term-prospects-world-economy-14237.
14 April: Worst economic downturn since the Great Depression. The IMF latest World Economic Outlook
predicts that assuming the Coronavirus pandemic recedes in the second half of this year, global growth in 2020 will fall to -3% - a downgrade of 6.3% from January 2020. As the IMF notes, this will lead to the worst recession since the Great Depression in 2020 - far worse than the Global Financial Crisis. Then, in a baseline scenario, which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the global economy is projected to grow by 5.8% in 2021 as economic activity normalises helped by policy support. If the pandemic continues into the second half of 2020 or into 2021, the global economic outlook is significantly worse. To read the IMF's WEO go to https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020.
Credit Management News
13 May: UK government announces a plan to support businesses through a Trade Credit Insurance guarantee. To prevent the risk of UK businesses having their credit insurance withdrawn, or premiums increasing to unaffordable levels, the UK government has announced that it will temporarily (provisionally until the end of 2020) guarantee transactions currently supported by trade credit insurance. The guarantee will be delivered through a temporary reinsurance agreement with trade credit insurers currently operating in the market and will cover trading by domestic firms and exporting firms. The intent is for agreements to be in place with insurers by end of this month. To read UK government's news release go to https://www.gov.uk/government/news/government-to-support-businesses-through-trade-credit-insurance-guarantee.
7 May: New tool aims to help kickstart global business after COVID-19.
A new service, openupforbusiness.com, has been launched to provide businesses and individuals with free access to accurate and real-time information on virus restrictions so that they can plan their next business trip.
An interactive map help viewers see which COVID-19 restrictions apply to specific countries
and includes information about area lockdowns, quarantine measures, flight restrictions, school closures, and links to more information. The data is continuously monitored and updated. To take a look go to https://openupforbusiness.com/.
22 April: UK Credit Reference Agencies (CRAs) agree a support package to help protect business credit scores. UK CRAs have confirmed new guidance to minimise the impact to businesses' credit reports during the COVID-19 pandemic. Lenders can now offer an emergency payment freeze to UK businesses that may be worried about meeting regular payments because of the pandemic. Once agreed, lenders will not report a build-up of arrears to the four designated CRAs - Experian, Creditsafe, Dun and Bradstreet, and Equifax - ensuring the impact to business credit reports are minimised. To read Experian's news release go to https://www.experianplc.com/media/news/2020/experian-agrees-support-package-to-help-protect-business-credit-scores/.
22 April: Tips for understanding and maintaining your company credit score. InfolinkGazette has published some useful tips on how companies can maintain their credit score. The guide notes that all of the Credit Reference Agencies use their own models but have in common the same basic scientifically proven techniques and are all influenced by similar factors, such as Liquidity Ratio, Current Ratio, and Shareholder's Funds Total Asset Ratio (or similar). The guide recommends that companies should ensure that they know their credit score with all CRAs: Dun & Bradstreet, Experian, Graydon, Creditsafe, Red Flag Alert, Equifax, Company Watch, and Vistra. To read InfolinkGazette's article go to https://www.infolinkgazette.com/?pid=6.
20 April: UK government launches new Coronavirus business support finder tool. A new ‘support finder’ tool has been launched to help businesses and self-employed people in the UK quickly and easily determine what financial support is available to them during the Coronavirus pandemic.
The finder tool on GOV.UK will ask business owners to fill out a simple online questionnaire, and they will then be directed to a list of all the financial support they may be eligible for. The new business support finder tool can be found at https://www.gov.uk/business-coronavirus-support-finder.
10 April: Creditsafe launches a COVID-19 impact score for US businesses. Creditsafe has announced that it has created a free COVID-19 Impact Score that is designed to help businesses identify risk areas within their customer and supply chain portfolios. The Score grades the likely disruption to any business on a scale ranging from A – very low risk of disruption through to E – very high risk of catastrophic disruption. Creditsafe’s analysis shows that almost 30% of US companies are likely to face considerable disruption within the next 90 days. For more information go to https://www.creditsafe.com/us/en/b2b-guide/newsroom/launch-covid-19-impact-score.html.
What government support is available for UK businesses during the pandemic? CompanyDebt has created a free online resource to clarify and explain the government support available to UK businesses during the current pandemic. A free guide, in which of the information is condensed into a handy guide, is also available and covers:
- What money is available to pay employees?
- How to get Business Rates Relief
- CBILS Loans and how to get them
- COVID Corporate Financing Facility (CCFF) for larger firms
- Getting Time to Pay from HMRC
- Grants for small businesses
- Protection for eviction for commercial tenants
- VAT & Self-assessment deferral
- Statutory Sick Pay Claims
For more information and to download a copy go to https://www.companydebt.com/coronavirus-business-help/.
Recommended App: Free Webcam. During the current pandemic, when most webcams seem to be out of stock, there is a solution that is currently free (until 2 June) which will quickly
and easily convert your phone into a high quality webcam (compatible with Zoom, Skype, Google Duo and Discord etc). This applies whether you have a Mac or a PC. We use the tool at Credit Insurance News and can highly recommend it. It takes about 10 minutes to set up using the informative video and the result far surpass most webcams. For more information go to https://www.newtek.com/software/ndi-camera/.
Events & Offers
GTR UK 2020. 6 May. London. RESCHEDULED TO 2 NOVEMBER
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.
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 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.
TXF Global 2020: Export, Agency & Project Finance, 3-5 June 2020. Madrid.
The global export, agency & project finance games return for 2020! Join TXF on 3-5 June in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.
The global export, agency & project finance games return for 2020! Join TXF on 3-5 June in Madrid for the largest gathering of its kind with a vision to taking your network further than ever before.
With the CEOs of EKF, MIGA, US EXIM and more already in training for the Olympic games, along with 1000 of the industry’s key players, quite simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global allows for an intimate networking environment like no other.
As a Credit Insurance News member, get an exclusive 15% off the standard ticket price using code: LETTHEGAMESBEGIN on the booking page.
Visit the website to find out more.
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.
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.
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.
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.
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: Nexus Trade Credit
Nexus Trade Credit offer a range of solutions to cover the requirements of suppliers, subcontractors,
service providers and importers/ exporters for business–to-business transactions against trade credit
risks. The client may have a policy in place already or may be looking to insure a specific requirement
that does not fit within their existing programme.
In addition, we provide products that enhance companies’ credit management including First Collect, a highly regarded debt collection service, and First Limit, a service offering real-time credit opinions and 24/7 monitoring.
We currently operate from offices in the UK, Germany, Netherlands, France, and the USA. We specialise in Whole Turnover, Trigger and XOL policies, also offering cover on a Top-Up and Key Buyer basis.
In addition, we provide products that enhance companies’ credit management including First Collect, a highly regarded debt collection service, and First Limit, a service offering real-time credit opinions and 24/7 monitoring.
We currently operate from offices in the UK, Germany, Netherlands, France, and the USA. We specialise in Whole Turnover, Trigger and XOL policies, also offering cover on a Top-Up and Key Buyer basis.
Nexus Trade Credit is backed by several leading Lloyd’s syndicates, thus enabling us to offer policies
with a very strong “A” (AM Best) rating.
For any enquiries please contact:
Ian Selby – UK Commercial Director
T: +44 (0) 203 011 5623
M: +44 (0) 7917 540 307
E: iselby@nexusunderwriting.com
For any enquiries please contact:
Ian Selby – UK Commercial Director
T: +44 (0) 203 011 5623
M: +44 (0) 7917 540 307
E: iselby@nexusunderwriting.com
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