Your Monday morning coffee briefing from TFG. Forecasters are predicting official figures released this week will show the UK economy suffered the worst impact from the coronavirus pandemic of any major advanced economy. The numbers of new confirmed cases are rising very sharply in Spain and quickly in France and Japan. New cases in the UK, Germany and the Netherlands have also grown at a slower pace.
WTO issues 2020 edition of its “World Trade Statistical Review”
The publication looks into the latest trends in global trade, with an in-depth analysis of trade in goods and services and in value-added terms. Highlighting the leading traders, the best-performing regions, the most traded goods and services, the performance of least-developed countries, the impact of COVID-19 on global trade and the outlook for 2020. Read more →
Bank of England tempers forecasts for UK economic rebound
The Bank of England has become less pessimistic about the short-term impact of COVID-19, revising its forecast for Q2 UK GDP from a contraction of 28% to a decline of 20%. However, the Bank does not expect output to return to pre-pandemic levels until the end of next year. Read more →
UK and Japan close in on post-Brexit trade deal
The UK and Japan hope to agree the details of a post-Brexit trade agreement by the end of the month. The two sides said they had made progress during two days of face-to-face talks in London. The UK’s Liz Truss said there was a “consensus” on extending Japan’s current trade standards with the EU in financial and digital services. Read more →
Afreximbank commits US$400 million to Mozambique’s LNG Project
Afreximbank, Africa’s foremost multilateral trade finance institution, is supporting the advancement of Mozambique’s energy industry and economy by committing up to US$400 million in guarantees and direct lending to the Area 1 LNG Project. It will play a key role in Mozambique’s economic growth and support the wider region. Read more →
Bolero International comes onboard the Marco Polo Network
Leading Trade Digitisation provider Bolero International has joined the Marco Polo Network, to bring Bolero’s e-Bill of Lading (BL) including e-documents and e-presentation solutions to the trade finance network. Read more →
EIB and Afreximbank direct EUR 300m to African COVID response & climate action
The European Investment Bank (EIB) and African Export-Import Bank (Afreximbank) are directing EUR 300m of financing to support the resilience and recovery of African nations in response to the COVID-19 pandemic. Over 25% of funds will be earmarked for climate action or for businesses led by women. Read more →
Trade Finance Innovation and Regulation Summit
TFG are delighted to be partnering with City & Financial Global Ltd at their Virtual Trade Finance Innovation and Regulation conference on the 17th September 2020. Themed: ‘Next steps for international financial trade post Covid-19’, you’ll be hearing from leaders within the trade finance industry. Read more →
