TFG Weekly Trade Briefing, 1st June 2020

Your Monday morning coffee briefing from TFG. As countries begin to lift lockdown restrictions, the World Health Organization warned of an “immediate second peak” if measures were lifted too soon. Economic developments in the past few weeks suggest the UK has now passed the peak for both jobs and growth decline.

WTO report looks at impact of COVID-19 on services trade

A WTO report looks at how COVID-19 has affected trade in services, from tourism and transport to retail and health services. The note provides an overview of the impact of COVID-19 on various modes of supply and sectors that have been heavily affected by the crisis. It underscores that the crisis has led to greater reliance on online services in a number of sectors. Read more →

Rishi Sunak set for July stimulus package

UK chancellor Rishi Sunak is looking at pumping money into training schemes and infrastructure projects, as well as providing help for technology companies as part of an economic stimulus package expected to be unveiled in July. Workers will be allowed to return part-time from July, with firms paying wages. Mr. Sunak also announced an extension of support for the self-employed. Read more →

FCI perspective: 10 factoring predictions in a post-COVID world

Will history repeat itself, or will we see a new normal post the COVID-19 crisis? Unpacking previous events, TFG heard from FCI’s Secretary General Peter Mulroy, comparing how the factoring and receivables industry has fared during previous crises and what we can learn moving forwards. Read more →

ADB study maps supply chains for key products in COVID-19 response

ADB has released a study which maps supply chains for critical products in the global response to the COVID-19 pandemic, clearing the way for the identification and removal of blockages in their production and distribution. The interactive maps will enable banks, investors, governments, and healthcare professionals to pinpoint key companies in the supply of medical equipment. Read more →

Quarter of SME merchants borrowing funds to pay costs – even before Covid-19

Research commissioned by Banking Circle has found that nearly two thirds (64.6%) of online merchants have needed extra finance in the past two years (excluding borrowing due to the current COVID-19 crisis). Nearly a quarter (23%) needed the additional funding to cover payroll, and a further 26.5% to cover regular business costs. Read more →

ING closes syndication of SEK 8.8bn Senior Debt Financing for IP-Only

ING, along with Deutsche Bank and SEB, have successfully closed syndication of a SEK 8.8bn senior debt financing for IP-Only Group AB, the leading alternative provider of fiber-based data communication services to consumers, enterprises and the public sector in Sweden. Read more →

Appetite for open banking picking up pace worldwide

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. Read more →