Your Monday morning coffee briefing from TFG. The pandemic has been vastly disruptive. It has prompted powerful responses from the government and the private sector. The number of new cases globally appears to have stabilised. Lockdown measures early in the quarter weighed heavily on UK growth but the recovery picked up some pace in June, with GDP rising 8.7% from May. [/box]
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WTO issues new report on how COVID-19 crisis may push up trade costs
The WTO has published a new information note warning of possible increases to trade costs due to COVID-19 disruptions. The note examines the pandemic’s impact on key components of trade costs, particularly those relating to travel and transport, trade policy, uncertainty, and identifies areas where higher costs may persist even after the pandemic is contained. Read more →
Detroit auto makers near finish line in Covid-19 ventilator push
Detroit’s two largest auto makers are nearing completion of federal contracts to manufacture tens of thousands of ventilators. Ford Motors is close to meeting an order for 50,000 ventilators from the US government by the end of the month; GM is also expected to meet its 30,000 target by the end of August. Read more →
World’s largest free-trade pact targets first deal in 2021
The first commercial deal under an Africa-wide free trade zone will take place on Jan. 1 as outstanding talks are set to move online, the African Union said. Transactions that were due to start on July 1 were delayed as Covid-19 set back negotiations on the protocol for trade in goods, including tariff concessions. Read more →
European banks lose appetite for commodity trade finance
Some of Europe’s biggest banks are turning their backs on the business of financing the global market in raw materials, amid a series of scandals, large losses and increasing regulation. ABN Amro announced it was exiting commodity trade financing. BNP Paribas also decided to pull out of funding the sector amid questions over the future of its Geneva-based branch. Read more →
UK remains attractive to investors despite Brexit, says Tata boss
The UK will remain an attractive investment destination after Brexit as the global trade crisis has become the ‘new normal’ for businesses, according to India’s chief Tata, one of the world’s largest employers. UK private sector. Read more →
Customs, the BOM and Ro-Ro – What Next for the UK?
TFG heard from Kevin Shakespeare, Director of Stakeholder Engagement at the Institute of Export & International Trade (IOE&IT), on the significant changes in how exporters and importers trade with the EU come 1st January of 2021 – the end of the transition period. customs, tariffs and documentation are some of the many changes UK importers and exporters will need to be aware of. Read more →
Mitsubishi Corporation RtM Japan Goes Live With ECO, Powered By Skuchain’s Blockchain-Based EC3 Platform
Skuchain announced today the launch of the ECO system for precious metals trading, a joint project with Mitsubishi Corporation RtM Japan, the minerals trading subsidiary of Mitsubishi Corporation. ECO is powered by Skuchain’s proprietary EC3 Platform for blockchain-based supply chain management and finance. Read more →
