Your Monday morning coffee briefing from TFG. The Office for National Statistics estimated that 336,000 people in England had COVID-19 in the week ending 8 October, up from 224,000 the previous week. The UK government announced a three-tier system of restrictions on movement and socialising. With rising new cases and tighter social distancing restrictions, the strong summer recovery is likely to fade into an uncertain and weak autumn.
SMEs expect only slow recovery from crisis
The latest EU SME Barometer shows a drop in the Business Climate for SMEs caused by the COVID-19 crisis. This is mainly due to very negative results for the past semester, but also the expectations from the second semester are subdued. As a consequence, the SME Climate Index falls by 18.8, reaching 54.6 points, which is the lowest level ever registered. Read more →
B.B. Energy Group successfully closed its USD 197.5m – 1 Year Revolving Credit Facility
B.B. Energy Group Holding Ltd. announced the successful signing of its USD 197.5 million 1 Year Revolving Credit Facility (RCF). The facility will be used to refinance the existing Revolving Credit Facility signed in 2019 and for general corporate purposes. Read more →
Accountants ‘deeply concerned’ social and environmental impacts
A global survey of 829 accountants and finance professionals reveals their deep concerns about social and environmental issues. “Mainstreaming Impact: scaling a sustainable recovery” from ACCA, also reveals the desire of accountants to spearhead this change, with 95% agreeing finance teams have a role to play in building a more socially inclusive and environmentally sustainable future. Read more →
Hope for African MSME exporters as banks propose measures to reduce cost of COVID recovery
Ian Sayers, International Trade Centre’s Senior Adviser for Access to Financing takes a closer look at the findings from Trade Finance Pulse Check survey, released on 9 October ahead of this year’s WB-IMF Washington meeting and explains how they may support ITCs work to improve conditions for the continent’s MSMEs. Read more →
WTO publication addresses common questions about trade and the environment
The WTO launched a new publication to answer commonly raised questions about trade and the environment. “Short Answers to Big Questions on the WTO and the Environment” explores trade’s impact on the planet, the policies that governments enact to protect it and the role of the WTO regarding environmental issues. Read more →
British business groups sound alarm over no-deal Brexit
With the Prime Minister suggesting that Britain may exit the EU with no trade deal in place, business leaders have voiced concern that Britain’s economy is ill-prepared for a no-deal Brexit. Carolyn Fairbairn, director-general of the CBI, said: “After four years of negotiations and so many hurdles crossed, this is no time to give up.” Read more →
PODCAST: FCI – Views from the Board, Factoring and Receivables
The Receivables finance industry now plays a critical role in recovery and the turn towards eventual growth in global trade, particularly by continuing to finance SMEs during this challenging period. TFG’s Deepesh Patel caught up with FCI’s Chairman, Mr. Patrick de Villepin, and FCI Vice Chairman, Mrs. Daniela Bonzanini. Read more →
