UK economy shrinks 1.5% in first quarter amid Covid lockdowns

The UK economy shrank by 1.5% in the first quarter, a lesser hit than had been expected given the restrictions in place. Activity in March, despite only limited reopening, grew 2.1% from the previous month. Read more →

Britain, Ireland agree to work together to smooth post-Brexit trade

The UK and Ireland agreed to work together to ease trade between Great Britain, Northern Ireland and the Republic of Ireland. Negotiations between the two sides over how to stop any disruption in trade between Britain and Northern Ireland have so far failed to produce any solutions but London may hope EU member Ireland could help move those talks along. Read more →

Colonial pipeline resumes operations following ransomware attack

The US Colonial Pipeline has resumed operations of its main pipeline after a ransomware attack forced a five-day closure of the line carrying 45% of the East Coast’s diesel, petrol and jet fuel supply. The owners paid a $5m ransom to the hacker. The shutdown caused petrol prices to jump to $3.008 per gallon on average, breaking the $3 mark for the first time since the end of 2014. Read more →

International sales boost SMEs

Analysis from Mastercard shows that online and international sales helped SMEs survive the pandemic, with two-thirds seeing growth in online sales. Some 66% recorded an increase in online sales from overseas, while 73% said the ability to receive online cross-border payments helped them survive in the pandemic. Read more →

The end of LIBOR and what it means for trade finance

Come the end of 2021, the London Interbank Offered Rate (LIBOR) – the reference interest rate for millions of financial contracts worldwide worth more than USD$240 trillion– will cease to be in use. This is set to have significant implications for trade finance, and banks need to ensure they are fully prepared for the transition and what lies ahead. Read more →

Physical metals trader Traxys signs $1.3bn syndicated revolving credit facility with 26 lenders

TRAXYS, a leading global physical trader and merchant in metals and natural resources, announced the successful signing of its flagship multicurrency syndicated revolving credit facility in the amount of USD 1.330 billion with a group of 26 Lenders, including 2 new banks with a strategically important and complementary geographic regional presence. Read more →

TFG partners with Surecomp’s webinar on Next Gen Trade Finance Digitization

TFG partners with Surecomp’s webinar, held this Thursday – Next Gen Trade Finance Digitization – Leveraging regulatory change to drive better customer service. The webinar will be held on Thursday 20th May. Read more →

$500 million sustainability-linked borrowing base facility closed by Sucafina

Sucafina, a leading sustainable Farm to Roaster coffee company, announced that it has successfully closed a 2-year Sustainability-linked Senior Secured Borrowing Base Facility, securing US$500 million. Read more →