EU and UK have lost any shared vision of their future

Boris Johnson has set out his vision for a trade deal with the EU, saying there is “no need” for the UK to follow Brussels’ rules. The PM called for a Canada-style free trade deal, saying the UK would return to the Withdrawal Agreement if such a deal was not reached. But the EU’s Michel Barnier said its “ambitious” trade deal offer required a “level playing field”. Read more →

Car parts from China could run out in weeks, warns Jaguar Land Rover &  supply of iPhones would be “temporarily constrained” 

The biggest maker of cars in Britain has warned that it could run out of key components from China within a fortnight because of the coronavirus outbreak. Jaguar Land Rover has been flying parts out of China inside suitcases in an attempt to avoid the disruption triggered by the Covid-19 health crisis.

Apple warned that its global supply of iPhones would be “temporarily constrained” due to the disruption to manufacturing in China. Read more →

Venice Carnival, Milan Fashion Week disrupted as Italy coronavirus outbreak spooks Europe

Venice ended its carnival early and Fashion Week in Milan restricted public access after Italian authorities cancelled all public events in both cities to contain a surge of coronavirus infections.

The two iconic events, which drew hundreds of thousands of visitors to the northern Italian cities, were disrupted on Sunday (Feb 23) by an outbreak of the virus in surrounding regions. The sudden spread since a man sought treatment on Feb 18 has left Italy with more than 130 cases, the most in Europe. Read more →

EIB Group and Commerzbank join forces for additional lending to SMEs and Mid-Caps

The EIB Group has provided a mezzanine tranche guarantee of around EUR 100m to Commerzbank AG on a EUR 1.500m granular portfolio of loans to SMEs and Mid-Caps originated by Commerzbank in its ordinary business. The guarantee will release regulatory capital for Commerzbank and will enable Commerzbank to provide further lending of up to EUR 400m to innovative SMEs and Mid-Caps in Germany. Read more →

Climate Change is squeezing Glencore’s coal business

The world’s biggest coal shipper cut the value of its Colombian business — which mostly sells to Europe — by almost $1 billion as it adjusts to the struggling market. It also plans to stop mining coal in Colombia in the next 15 years.

The announcement is another example of how Europe’s dwindling demand for coal is reshaping the global energy industry as politicians pledge to make Europe the world’s first climate-neutral continent and phase out fossil fuels. A glut of natural gas, along with a milder winter, and higher costs for carbon-emissions allowances, has tilted the economics of generating electricity away from coal and toward using more gas. Read more →

Euler Hermes launches Trade Match to help companies identify export risks and opportunities

Euler Hermes officially launches Trade Match, a new, free and easy to access a web application that identifies export business opportunities in 70 economies and over 17 sectors. Trade Match also allows these commercial opportunities to be assessed against the level of risk of the corresponding country and region according to the proprietary rating of Euler Hermes, thereby making it a unique tool. Read more →

Citi joins HSBC, StanChart backed Contour trade finance blockchain

Citi is joining the blockchain trade finance network, Contour. Previously known as the Voltron Letter of Credit blockchain,  Contour was commercially launched last month in Singapore. Yesterday it was announced that Citi Ventures has invested in the platform. This is one of several blockchain announcements by Citi in a matter of weeks. Read more →