Welcome to the February 2023 issue of Credit Management News Digest.
PLUS: This month's featured article, How Startups are driving innovation in credit insurance
UK Late Payment, Profit Warnings & Insolvencies
Begbies Traynor Red Flag alert report indicates that UK companies in 'critical' financial distress increased by 36% in Q4 2022.
Data from Red Flag Alert's research has revealed a 36% increase in the number of UK companies rated as being in 'critical financial distress' in the final quarter of 2022 compared to the same period a year ago.
This is a 10% increase compared to the preceding three-month period and an 11% rise compared to Q4 2019. It is also the sixth consecutive quarter that businesses in critical distress levels have risen.
In addition, 610,405 businesses across the UK are in 'significant' financial distress — 4% higher than a year ago.
To read Begbies Traynor's news release go to https://www.begbies-traynorgroup.com/news/business-health-statistics/red-flag-alert-report-q4-toxic-combination-of-risks-afflict-uk-businesses-as-concern-over-a-surge-in-insolvencies-grows.
UK company insolvencies in 2022 increased by 37% compared to 2021. New data from Creditsafe has found that 2,535 companies in the UK became insolvent in December 2022 —
a decrease of 5% compared to the previous month but an increase of 3% compared to the same month in 2021. 17% of insolvencies came from within the UK construction sector.
According to Creditsafe, this brings the total number of UK company insolvencies for 2022 to 27,219. This number represents a 37% increase compared to the same period in 2021 and a 38% increase compared to 2020.
Construction accounted for 18% of all company insolvencies in 2022.
To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.
Up to £60 billion of additional revenue could be unlocked for small businesses if large customers paid on receipt of invoices.
According to Good Business Pay, tackling late payments could unlock growth for small businesses in the UK. Research commissioned in 2022 by Good Business Pays from the Centre for Economics and Business Research (CEBR)
showed that up to £60 billion of additional revenue could be unlocked for small businesses if large customers paid on receipt of invoices. Yet data collected by the UK Government's Business Energy and Industrial Strategy
department reveals that 70-80% of businesses pay later than settlement terms. As a result, UK Government figures estimate there is more than £23.4 billion currently owed in outstanding invoices to UK businesses, with small businesses spending
an average of 3.6 hours a week chasing payment.
To read Good Business Pay's news release go to https://goodbusinesspays.com/posts/businesses-urged-to-tackle-late-payments-to-help-small-businesses-grow/.
Analysis from InfolinkGazette supports the worst-case predictions for insolvencies and company profits.
Figures released by InfolinkGazette show that Q4 2022 saw 96 UK profit warnings issued
compared to 65 in the same period last year — an increase of nearly 48% and almost 10% higher than pre-pandemic levels. The majority have been companies warning of profits that are lower than market
expectations (52%), with the next largest category being companies warning of decreasing margins (20%).
S Kaler, Head of Data and Ops at InfolinkGazette, commented: "We continue to see the number of
companies issuing multiple profit warnings in the space of a year going up, and we know the
incidence of insolvency rises sharply after three profit warnings in a twelve-month period."
InfolinkGazette also noted that initial Stage Winding Up petitions soared exponentially in 2022. Q4 figures showed an increase of 11.5% compared to the previous quarter,
while Q3 figures had skyrocketed by over 105% compared with Q2.
To read InfolinkGazette's news release go to https://www.infolinkgazette.co.uk/#press.
Corporate insolvencies for England and Wales in December 2022 were 75.5% higher than in December 2019.
New data from the Insolvency Service indicates that although corporate insolvencies for England and Wales fell by 3.25%
in December 2022 (to a total of 1,964), they were 31.9% higher than in December 2021 (1,489) and 75.5% higher than December 2019 (1,119).
Christina Fitzgerald, President of R3, commented that corporate insolvencies have increased compared to last year and three years ago due to an increase in Creditor Voluntary Liquidation
and Compulsory Liquidation numbers. She noted: "This is due to a combination of directors choosing to close their businesses and creditors chasing unpaid debts due to changes in legislation."
To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/31472/page/1//.
The total number of company insolvencies registered in 2022 was 57% higher than in 2021.
Latest data from the Insolvency Service indicates that one in 202 active companies in the UK (at a rate of 49.5 per 10,000 active companies) entered insolvent liquidation in 2022.
This was an increase from the 32.9 per 10,000 active companies that entered liquidation in 2021 and 41.9 per 10,000 in 2019 (before the COVID-19 pandemic).
The total number of company insolvencies registered in 2022 was 22,109 — the highest number since 2009 and 57% higher than in 2021.
The increase compared to 2021 was driven by the highest annual number of Creditors' Voluntary Liquidations since the start of the series in 1960.
To read the Insolvency Service's news release go to https://www.gov.uk/government/statistics/company-insolvency-statistics-october-to-december-2022/commentary-company-insolvency-statistics-october-to-december-2022.
Over half of the invoices sent to UK construction firms were paid late last year.
Construction News has reported that the proportion of late payments by UK construction firms "significantly increased" to 52.9% across the sector in 2022 — a rise of 13% compared with 2021.
Data company Creditsafe looked at 21 sectors and found that only two others— water and waste (58%) and mining and quarrying (53.2%) — performed worse.
But construction's year-on-year change was the worst of any of the sectors.
Brian Berry, the Federation of Master Builders Chief Executive, commented that late payments are "a real issue for small, local builders who are cashflow-reliant."
To read Construction News' article go to https://www.constructionnews.co.uk/supply-chain/construction-payment-times-getting-later-24-01-2023/.
The UK's Small Business Minister calls for prompt payment as thousands of UK firms face closure.
Small Business has reported that the UK's Small Business Minister has made fresh calls for small businesses to be paid promptly by larger companies.
According to the Federation of Small Business (FSB), 50,000 UK businesses close every year due to late payments. However, the Shadow Small Business Minister, Seema Malhotra, pointed out that not a single company had been fined for failing to
comply with their duty
to report on payment policies and practices. In a speech, Small Business Commissioner Liz Barclay noted: "We've got to get the language right. I don't want my 5.6 million small businesses paid promptly,
I want them paid much quicker, because if they're paid promptly on 120 days, they've gone bust."
To read Small Business' article go to https://smallbusiness.co.uk/small-business-minister-calls-for-prompt-payment-as-thousands-of-firms-face-closure-2564107/.
UK Economy
The IMF predicts that the UK will be the only advanced economy to contract in 2023.
The IMF's latest World Economic Outlook (WEO) Update projects that growth in the UK will be –0.6% in 2023, a 0.9%
downward revision from October, reflecting tighter fiscal and monetary policies and financial conditions and still-high energy retail prices weighing on household budgets.
The IMF's forecasts place the UK far behind its counterparts in the G7 group as the only country across advanced and major emerging economies expected to see a year of declining GDP.
By comparison, Russia, despite sanctions, is expected to see growth of 0.3%. Although 2024 is looking a little brighter for the UK — with 0.9% growth predicted — it is still forecast to lag behind other
advanced economies — with the exception of Japan and Italy (both of which are also expected to see 0.9% growth).
To read the IMF's Update go to https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023.
The UK recession is likely to be deeper — but not longer — than previously expected.
A new EY ITEM Club forecast warns the UK is set for a deeper recession than previously thought, but the economy is still on course to grow again from the middle of 2023.
A GDP contraction of 0.7% is now expected in 2023 — a downward revision from the 0.3% contraction anticipated in October's Forecast. 2023 and the first calendar-year economic decline for the UK since 2009.
The impact of tighter fiscal policy and a deeper downturn, particularly on business investment, means the growth forecast for 2024 has also been downgraded from 2.4% to 1.9%.
Growth of 2.2% is expected in 2025, down from the previously forecast 2.3%. The UK economy is expected to have grown by 4.1% in 2022.
To read EY's news release go to https://www.ey.com/en_uk/news/2023/01/recession-likely-to-be-deeper-but-not-longer-than-previously-expected.
Bank of England anticipates a much shallower UK recession than in its November report.
The Bank of England's latest Monetary Policy Committee report has advised that after falling by 0.3% in 2022 Q3, UK GDP is expected to have grown by 0.1% in Q4. It now expects that UK GDP will fall slightly throughout
2023 and Q1 2024, as still-high energy prices and the path of market interest rates
weigh on spending. However, although its forecast is consistent with the technical definition of a
recession (at least two consecutive quarters of falling output), this is a
much shallower profile for the decline in output than in its November Report and compared with previous UK
recessions.
Q4 2023 GDP growth picks up to almost 1% by the end of the projection — although growth is expected to remain well below pre-pandemic rates.
To read the Bank of England's report go to https://www.bankofengland.co.uk/monetary-policy-report/2023/february-2023.
Profit warnings from UK-listed companies increased by 50% in 2022.
According to EY-Parthenon's latest Profit Warnings report, 305 profit warnings (17.7% of the UK's 1,193 listed businesses) were issued by UK-listed companies in 2022 — an increase of 102 from 2021.
This equals the proportion of companies that issued warnings during the global financial crisis in 2008. Half of the warnings were due to rising costs — double the share in 2021.
FTSE Retailers issued the highest number of warnings. Of those warning for a third time in 2022, 13% have already gone through a restructuring process,
19% have breached covenants, and 35% have changed CEO or CFO as of mid-January 2023.
To read EY's news release go to https://www.ey.com/en_uk/news/2023/01/profit-warnings-from-uk-listed-companies-increased-50-in-2022-as-rising-costs-prompted-record-levels-of-warnings.
UK Business Confidence & Retail
UK small business confidence collapses.
The Q4 2022 Small Business Index from the Federation of Small Businesses (FSB) has found that small UK firms' confidence has fallen again, plunging to a level almost on a par with the second pandemic lockdown.
In several individual industry sectors, the confidence reading was particularly low, with the FSB's Small Business Index's headline confidence figure falling to -83 points for retail businesses and -71 for hospitality firms.
This is particularly troubling as Q4 includes the 'golden quarter' for consumer-facing businesses such as shops, bars, and restaurants.
In addition, the FSB noted that late payments are still holding back a significant number of small firms, with three in ten small businesses saying their payment situation had worsened over the previous three months.
To read the FSB's news release go to https://www.fsb.org.uk/resources-page/small-business-confidence-collapses-fsb-calls-for-growth-plan-to-power-through.html.
UK business leaders are pushed "to the brink". Aviva's third annual Risk Insights Report shows that the ongoing cost-of-living crisis is weighing
on businesses' confidence.
63% of business leaders said they are 'worried' about the impact of the cost of living on their business, while 29% said the crisis would have a 'serious' impact on their business.
Furthermore, 45% of companies reported a supply chain impact on their business, 38% have experienced significantly higher supply costs as a result of systemic inflation pressures, and 16% have suffered total supplier failure in the last 12 months.
As a result, a fifth of UK businesses (21%) have reduced, or considered reducing, their insurance cover over the last year.
To read Aviva's report news release go to https://www.aviva.com/newsroom/news-releases/2023/01/aviva-risk-insights-report/.
UK CEOs are generally more optimistic than their global counterparts.
According to PwC's 26th annual CEO Survey, although only 21% of UK CEOs expect the global economy to improve over the next 12 months (down from 82% last year), UK CEOs are generally more optimistic than their global counterparts —
only 4% expect the economy to decline significantly, compared to 12% of global CEOs. Furthermore, 48% of UK CEOs are very or extremely confident about their prospects over the next 12 months (42% for global CEOs). PwC's research also
found that global CEOs have moved the UK up one place to third position (joint with Germany, and behind only the US and China) in their rankings of the most important countries for growth.
To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/pwcs-26th-annual-global-ceo-survey.html.
Only 26% of UK SME exporters saw increased export sales in Q4 2022. The BCC's quarterly Trade Confidence Outlook for Q4 2022 has revealed that UK overseas trade "continues to languish" as the global economy heads into another difficult year.
According to the BCC, more SME exporters are continuing to report falling export sales (27%) than are reporting an increase (26%).
Furthermore, although just over a third of SME exporters (36%) expect to see increased profitability in the next 12 months, an almost equal number (35%) expect a decrease.
In addition, 64% of the exporters surveyed expect to raise their prices.
To read the BCC's news release go to https://www.britishchambers.org.uk/news/2023/01/sme-exporters-under-tightening-pressure.
Fewer vacant UK stores at the end of 2022. The latest data from the British Retail Consortium (BRC) has found that in the fourth quarter of 2022, the overall UK vacancy rate improved to 13.8% — 0.1% better than in Q3 2022
and 0.6% better than the same period in 2022.
This was the fifth consecutive quarter of falling vacancy rates, although vacancy rates have still not recovered to pre-pandemic levels.
All locations saw improvements.
Geographically, Greater London, South East and East of England had the lowest vacancy rates. The highest rates were in the North East, followed by Wales and the West Midlands.
To read BRC's news release go to https://brc.org.uk/news/corporate-affairs/fewer-vacant-stores-by-end-of-2022/.
Positive January UK retail sales mask negative underlying trends.
According to BDO's High Street Sales Tracker, total LFL sales, combined UK in-store and online, grew by +10.9% in January, with total in-store LFLs increasing "by an impressive +19.5% in the month". The fashion sector drove overall figures, with total LFLs climbing +20.1% — the twenty-third consecutive positive month for the sector.
In-store LFLs saw a particularly strong performance, jumping by +26.1% — the category's strongest result since July 2022.
Sophie Michael, Head of Retail and Wholesale at BDO LLP, commented:
"Although these results look positive at first glance, they are masking a very different picture, with our +10.9% figure for total LFLs only slightly higher than the 10.5% inflation rate."
To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2023/positive-january-retail-sales-mask-negative-underlying-trends.
Global Economy
Global economy to avoid recession in 2023.
According to the latest edition of PwC's Global Economy Watch, the global economy will face a slowdown but avoid recession in 2023.
In PwC's main scenario projections, the UK is set to record the largest contraction (-0.8%) across the G7, closely followed by Germany (-0.5%) and Italy (-0.4%). France may report modest growth of 0.1%, while US growth is expected to slow to 0.2% though it will probably avoid a technical recession.
India is set to see the highest growth (5.4%) across the G20, Indonesia (4.4%) will be the fastest-growing Southeast Asian economy, and Ireland (2.3%) will record the highest growth in the Eurozone.
China's economy is forecast to expand by 4.7%, although this will be highly dependent on the progress of the country's re-opening following COVID-19 containment measures.
To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/global-economy-watch-january-2023.html.
The IMF predicts that global growth will fall to 2.9% in 2023 — 0.2% higher than forecast in October.
The IMF's latest World Economic Outlook (WEO) Update predicts that global growth will fall to 2.9% in 2023 but rise to 3.1% in 2024.
The 2023 forecast is 0.2% higher than anticipated in the October 2022 World Economic Outlook but below the historical average of 3.8% growth.
Rising interest rates and the war in Ukraine continue to weigh on economic activity. However, China's recent reopening has paved the way for a faster-than-expected recovery.
Global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, still above pre-pandemic (2017–19) levels of about 3.5%.
The IMF advises that the balance of risks remains tilted to the downside, but adverse risks have moderated since its October 2022 WEO.
To read the IMF's Update go to https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023.
The majority of global CEOs fear recession could be worse than the financial crisis. The latest EY CEO Outlook Pulse has found that the vast majority of global CEO respondents (98%) are bracing for an economic
downturn characterised by geopolitical tensions, supply chain disruption and ongoing COVID-19-related uncertainty. The survey found that 48% foresee a moderate slow-down in the global economy, while more than half (55%)
of those preparing for a persistent downturn fear a recession worse than the global financial crisis of 2007-08.
To read EY.com's news release go to https://www.ey.com/en_gl/news/2023/01/majority-of-ceos-fear-recession-could-be-worse-than-the-financial-crisis. For the full report, please visit ey.com/CEOOutlook.
The global economy is forecast to grow by 2.3% in 2023 — the weakest growth since 1993 (apart from the recession years of 2009 and 2020).
A new analysis by Euromonitor International suggests that the global economic outlook for 2023 looks set be among the weakest in decades, with global GDP growth forecast to increase by 2.3% in 2023, down from 3.3% recorded in 2022.
Despite beating expectations in the final months of 2022, advanced economies are forecast to see stagnant growth in 2023, with the Eurozone economy forecast to grow by just 0.2% in 2023 and 1.6% in 2024.
The economic outlook is expected to vary among emerging and developing markets: China's real GDP growth remains unchanged from the previous quarter, at 4.7% for 2023 and 4.9% for 2024,
while India and some Southeast Asian countries are expected to still outperform in 2023 — though at a slower pace of growth.
To read Euromonitor International's news release go to https://www.euromonitor.com/article/global-economic-outlook-q1-2023.
Only three of twenty-one trade sectors saw an improvement in late payments in 2022.
Creditsafe has published its latest Accounts Receivable Report 2022,
which analyses almost 15 million invoices across nine countries (UK, Germany, Belgium, Ireland, Italy, Netherlands, Sweden, France, USA) and shows the percentage of late payments in 2022 by industry, compared to 2021.
The report notes that 53% of invoices in the Construction sector were paid late in 2022 — up 13% compared to
2021, 48% of invoices paid by the Manufacturing sector were paid late in 2022 — up 6% compared to
2021, and 46% of invoices paid by Energy Supply companies were paid late in 2022 — up 11% compared
to 2021.
Across all 21 sectors, on average, 43% of all invoices in 2022 were paid beyond agreed
terms, and only three of twenty-one sectors saw an improvement in late payments compared to the same period in
2021.
To download a copy of Creditsafe's report go to https://www.creditsafe.com/gb/en/blog/reports/ar-report-2022.html.
Useful Business Apps
Tripit. Now that we are to travelling again, readers might find Tripit useful. Once users have forwarded their
confirmation emails for flights and hotel bookings to Tripit, Tripit automatically creates a master itinerary that can be shared with managers, colleagues or family.
Tripit users are also provided with updates on the status of their flights, allowing them to check for delays — or possibly even find better seats.
It also gathers weather forecasts, maps, and directions. A basic TripIt account is free. To sign up for Tripit go to https://www.tripit.com/web.
MileIQ. If you drive a personal car for work or need to track the miles you drive, MileIQ is a free mileage tracker app that
automatically tracks your drives in the background and enables you to easily classify (with a quick swipe)
if they are business or personal. Additional features enable users to generate a mileage report for HMRC, their accountant or employer. For details go to https://mileiq.com/.
Plan ahead to avoid missing important payments in 2023.
Bacs has advised that a free-to-download processing calendar has been published by Pay.UK which outlines all of the UK public holidays throughout next year.
The calendar also highlights the dates when Bacs payments should be submitted to avoid non-processing days.
To download a copy go to https://www.bacs.co.uk/resources/pages/processingcalendar.aspx.
CrewStudio. CrewStudio is an innovative new mobile app that enables businesses to publish low-cost, top-quality, high-impact videos quickly for internal communications, sales, marketing and social media amplification. The video is then expertly edited according to the client's brief (and revised as necessary) by the CrewStudio team.
A white label version of CrewStudio can also offer clients a complete digital video production platform. Go to https://wtvglobal.com/crewstudio/ for details.
Events & Professional Development
TXF Americas 2023: Structured Trade & Export Finance. 28 February - 1 March. Hybrid Event: East Miami Hotel, In Person & Online
(Conducted in English)
Get the best seats in the house and join the King Kong of the structured trade and export finance worlds. TXF Americas 2023 is returning to make a splash!
Bringing together the who's who of structured trade finance, TXF Americas is coming back to Miami! Brush off your finest conference attire and let us do all the leg work for you when you join another edition of this innovative, networking-focused event. We deliver the latest updates from the biggest names in export and commodities finance to sow the seeds of dealmaking over two days of networking.
Key Topics Up For Debate
Export Finance
Get the best seats in the house and join the King Kong of the structured trade and export finance worlds. TXF Americas 2023 is returning to make a splash!
Bringing together the who's who of structured trade finance, TXF Americas is coming back to Miami! Brush off your finest conference attire and let us do all the leg work for you when you join another edition of this innovative, networking-focused event. We deliver the latest updates from the biggest names in export and commodities finance to sow the seeds of dealmaking over two days of networking.
Key Topics Up For Debate
Export Finance
- The changing role of ECAs in a world where pure exports aren't the only part of the mandate
- The US 'whole of government approach', and how US Exim is seeking to create partnerships with other agencies and the private sector
- Waste and water treatment - how do we finance these projects?
- Decarbonisation - how do we finance technologies that will help the Americas transition
- Transport infrastructure in Latin America
- How do traders navitate pricing volatility? How will they restructure their portfolios to maintain healthy profit margins?
- Food security across the globe is an increasing worry - how can producers in the Americas support global food security?
- How will geopolitical tensions across the globe continue to affect commodity pricing?
- Insurance brokers give a political risk overview of the Americas
- Hear from bank and corporate buyers of the insurance product
- Hear an update on the claims landscape in the Americas
- Hear from key, senior figures in the region at Managing Director/CEO/CFO, Global Head and Regional Head level
- Ask questions and have your say with speaker Q&A throughout
- Enjoy different session styles from workshops and idea labs to 'game show' speaker panels and behind closed doors roundtables
- Take part in additional networking activities on top of the main event - such as ice-breaker drinks the night before and relaxed networking drinks at the end of day 1 within the conference venue
- Get access to the full guest list prior to the event and set up meetings with our custom-made messaging platform
- Experience an event which puts people first and encourages a more relaxed atmosphere and open, honest discussion
Join the best structured trade and export finance event in the
Americas with over 200 of the most active lenders, ECAs, exporters, borrowers, traders and more looking to finance deals and meet key clients. Special offers available - email marketing@txfmedia.com to enquire
For more information go to https://www.txfnews.com/events/264/TXF-Americas-2023-Structured-Trade-Export-Finance.
Trade & Investment Forum, 2023, 9 March. London.
The financing of international trade has long been the preserve of banks. But the democratising of investment in trade assets is closer than ever. Bankers, lawyers and fintechs are combining their expertise and drawing on experience from both the capital and trade finance markets to make this happen. There is now a clear recognition and demand for opening up the trade financing ecosystem in order to narrow the trade finance gap to support global supply chains, particularly in emerging markets. In the post-banking crisis era, there is growing interest from non-bank investors for new low-risk, short-term assets providing respectable yields. And as banks expect technology to increase the level of automation of trade finance distribution and start distributing open account transactions — such as unconfirmed receivables and approved payables — transaction volumes will surge. However, apart from through banks – which are largely unablenot always able to meet global demand because of regulatory bank capital and balance-sheet restrictions — an appropriate infrastructure for non-professional and low experience trade asset investors is not yet available. The new Trade and Investment Forum (TIF23) will examine the potential to create an ecosystem and enable a framework to facilitate access to trade finance by advancing the evolution of trade finance as an asset class for investors.
Join asset managers, insurers, pension funds, trade finance banks, fintechs ,family office, sovereign wealth funds and all those interested in alternative investment with risk/return profiles that align with the character of trade finance portfolios, at the first TIF23. Considering the anticipated growth in world trade, it is expected that the requirement for trade financing will increase substantially. Therefore, bankers are increasingly valuing the option to originate and distribute trade finance assets and to participate within more diverse solutions. TIF23 will examine these prospects with top speakers and provide excellent networking opportunities. Come along and be part of this new, exciting initiative which looks at realistic methods of closing the trade finance gap by establishing a wider market for trade assets.
The financing of international trade has long been the preserve of banks. But the democratising of investment in trade assets is closer than ever. Bankers, lawyers and fintechs are combining their expertise and drawing on experience from both the capital and trade finance markets to make this happen. There is now a clear recognition and demand for opening up the trade financing ecosystem in order to narrow the trade finance gap to support global supply chains, particularly in emerging markets. In the post-banking crisis era, there is growing interest from non-bank investors for new low-risk, short-term assets providing respectable yields. And as banks expect technology to increase the level of automation of trade finance distribution and start distributing open account transactions — such as unconfirmed receivables and approved payables — transaction volumes will surge. However, apart from through banks – which are largely unablenot always able to meet global demand because of regulatory bank capital and balance-sheet restrictions — an appropriate infrastructure for non-professional and low experience trade asset investors is not yet available. The new Trade and Investment Forum (TIF23) will examine the potential to create an ecosystem and enable a framework to facilitate access to trade finance by advancing the evolution of trade finance as an asset class for investors.
Join asset managers, insurers, pension funds, trade finance banks, fintechs ,family office, sovereign wealth funds and all those interested in alternative investment with risk/return profiles that align with the character of trade finance portfolios, at the first TIF23. Considering the anticipated growth in world trade, it is expected that the requirement for trade financing will increase substantially. Therefore, bankers are increasingly valuing the option to originate and distribute trade finance assets and to participate within more diverse solutions. TIF23 will examine these prospects with top speakers and provide excellent networking opportunities. Come along and be part of this new, exciting initiative which looks at realistic methods of closing the trade finance gap by establishing a wider market for trade assets.
For more information go to https://bcrpub.com/events/trade-and-investment-forum-2023.
MENA 2023: Export, Project & Development Finance, 14-15 March. Dubai, United Arab Emirates. Hybrid Event: Online & In Person.
Welcome to a networking spectacular! We combine forces with our sister brands Proximo & Uxolo for a bumper edition which brings together the Export, Project & Development Finance industries...
Collaboration between Africa and the Middle East has arguably never been greater with many key players looking to reap the benefits of a promising trade corridor between the two regions. Newly formed Middle Eastern ECAs are united by both their desire to bolster exports from the region and by their designs on Africa as a key reciprocal trading market.
Moreover, burgeoning use of Dubai as a trading hub for the Middle East make it a ripe location to gather a deal-hungry attendee list from leading ECAs, exporters, borrowers, EPCs, developers, lenders, investors, ECAs and other key export and project finance players!
Why join this senior-level gathering?
For more information go to https://www.txfnews.com/events/267/MENA-2023-Export-Project-Development-Finance.
Collaboration between Africa and the Middle East has arguably never been greater with many key players looking to reap the benefits of a promising trade corridor between the two regions. Newly formed Middle Eastern ECAs are united by both their desire to bolster exports from the region and by their designs on Africa as a key reciprocal trading market.
Moreover, burgeoning use of Dubai as a trading hub for the Middle East make it a ripe location to gather a deal-hungry attendee list from leading ECAs, exporters, borrowers, EPCs, developers, lenders, investors, ECAs and other key export and project finance players!
Why join this senior-level gathering?
- Hear from key, senior figures in the region at Managing Director/CEO/CFO, Global Head and Regional Head level
- Ask questions and have your say with speaker Q&A throughout
- Enjoy different session styles from workshops and idea labs to 'game show' speaker panels and behind closed doors roundtables
- Take part in additional networking activities on top of the main event - such as ice-breaker drinks the night before and relaxed networking drinks at the end of day 1 within the conference venue
- Get access to the full guest list prior to the event and set up meetings with our custom-made messaging platform
- Experience an event which puts people first and encourages a more relaxed atmosphere and open, honest discussion
- Together with TXF, our sister brands Proximo & Uxolo join forces for a spectacular networking opportunity
For more information go to https://www.txfnews.com/events/267/MENA-2023-Export-Project-Development-Finance.
TXF Global 2023: Export, Agency & Project Finance, 15-16 June. Lisbon, Portugal.
TXF Global 2023 returns to Lisbon for a very special 10 Year Anniversary edition!
Your largest export, agency & project finance event is returning to Lisbon for the second year running! We bring you this innovative, unique and ultimate networking gathering which is absolutely crucial if you work in this industry.
Let the festival commence! Expect:
For more information go to https://www.txfnews.com/events/266/TXF-Global-2023-Export-Agency-Project-Finance.
TXF Global 2023 returns to Lisbon for a very special 10 Year Anniversary edition!
Your largest export, agency & project finance event is returning to Lisbon for the second year running! We bring you this innovative, unique and ultimate networking gathering which is absolutely crucial if you work in this industry.
Let the festival commence! Expect:
- Exclusive networking activities from the hugely popular Lisbon walking tour, to ice-breaker drinks & cocktail reception
- ECA & DFI CEO hot seat: 1-1 fireside leadership interviews
- Corporate CEO keynote: Navigating economic turmoil to enable a greener future
- Tomorrow’s borrowers: The investment landscape & project pipeline
- Dedicated Uxolo Development & Impact Finance content stream
- TXF at 10: Legendary panelists from TXF Paris 2013 return to the stage to review the last 10 years of export finance and plot what this means for the next 10 years
- Delegate list of all those on-site so you can arrange meetings in advance + 1-to-1 dedicated meeting spaces, and separately bookable meeting rooms
- Even more time and space to network, attend private meetings and take part in intimate roundtables
- TXF Subscriber Exclusive: Watch all sessions on-demand, or enjoy the full event virtual-only from the comfort of your office chair!
For more information go to https://www.txfnews.com/events/266/TXF-Global-2023-Export-Agency-Project-Finance.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
- 14 & 15 February 2023: Trade Credit Insurance Foundation Course
- 16 & 17 February 2023: Trade Credit Insurance Advanced Course
- 14 & 15 February 2023: Surety Foundation Course
- 16 & 17 February 2023: Surety Advanced Course
Registrations have to be in before 11 December 2022.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: Tinubu
About Tinubu – watch our brand reveal video
Tinubu is the business facilitator and exchange enabler that delivers fluidity and simplicity to the
insurance industry by using the strength of collective performance.
Our company is an alliance of technology software and insurance expertise offering the best combination to its clients. It covers the entire value chain of credit insurance & surety with one end- to-end platform, connecting every part of your business with one digital highway.
Created in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 Credit & Surety underwriters worldwide.
Our company is an alliance of technology software and insurance expertise offering the best combination to its clients. It covers the entire value chain of credit insurance & surety with one end- to-end platform, connecting every part of your business with one digital highway.
Created in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 Credit & Surety underwriters worldwide.
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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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