Your Monday morning coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. Hong Kong just entered a recession. The FED cut the interest rates for a third time this year over a fear of global slow down. The ASEAN leaders met in Bangkok on Saturday to finalise a planned trade deal backed by China that could create the world’s biggest free trade area. Trafigura opened a new power and renewables trading desk as part of an energy transition push.
What happened last week?
EBA calls on EC to boost cross-border banking and payments
The EBA is calling on the EC to further harmonise rules and to make it easier to identify cross-border services taking account of the digitisation of the financial services industry. Read more →
Hong Kong just entered a recession
Hong Kong’s government said domestic consumption weakened amid ongoing anti-government protests. It also cited the protracted U.S.-China trade war as another factor, as Hong Kong reported “an enlarged decline” in exports. With no end in sight for either the protests or the U.S.-China trade war, economists said that they believe Hong Kong’s economy will continue to slow down this year. Read more →
Federal Reserve Cuts Interest Rates for Third Time in 2019
The Federal Reserve cut interest rates on Wednesday for the third time this year, reversing nearly all of 2018’s rate increases as uncertainty from President Trump’s trade war and slowing global growth continue to pose risks to the United States economy. Read more →
Citi backs Dominican micro-finance expansion
Citi announced today together with the United States Embassy in Santo Domingo the launch of a credit facility, which will allow the main microfinance institutions of the Dominican Republic to expand their services to 23,000 entrepreneurs / as more, of which 14,000 will be women. Read more →
ASEAN leaders meet to talk trade
Southeast Asian countries must stick together in the face of a trade war started by US President Donald Trump, Malaysian Prime Minister Mahathir Mohamad said on Saturday at the start of a regional summit held in the shadow of US-China tensions.
But as Asean leaders met in Bangkok on Saturday, there was no sign they had yet finalised a planned trade deal backed by China that could create the world’s biggest free trade area. Read more →
Commonwealth Trade Bank chooses Intellect Digital Core
Intellect Design Arena, a specialist in applying true Digital Technologies across Banking and Insurance, announces a prestigious engagement with The Commonwealth Trade Bank, an established UK regulated wholesale bank, focused on supporting the financial needs of clients operating in the international trade arena. Read more →
Trafigura opens renewables division in energy transition push
Trafigura opened a new power and renewables trading desk as part of an energy transition push that is prompting trading houses and oil firms to look for ways to diversify away from fossil fuels into greener energy, the trading house said on Friday. Read more →
Want to find out more about digital trends in the alternative and receivables finance? TFG has partnered up with BCR at both their Alternative & Receivables Finance Forum and Masterclass in November.
