Your Monday morning coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. The pound dropped to its lowest level versus the dollar since the Article 50 process began in March 2017. Lizz Trust announced the opening of 10 free-ports in a plan to boost post-Brexit trade. CBI appointed John Davies to new SME council.
What happened last week?
Liz Truss to announce ‘freeports’ in a plan to boost post-Brexit trade
Freeports are an area of a country where its taxes and tariffs do not apply. They allow companies to import goods, store them and re-export them without paying UK tax. Companies can also undertake to manufacture on imported components and re-export them without paying UK duties. Read more →
Pound sinks to a 28-month low on Brexit fears
Sterling suffered, at the worst possible time for holidaymakers, as the probability of leaving the EU without a deal rises. It dropped to its lowest level versus the dollar since the Article 50 process began in March 2017, just about staying above $1.22. Read more →
Bank of England cuts UK growth forecast
The Bank left interest rates unchanged at 0.75% against a backdrop of weaker global growth and ongoing trade tensions between the US and China. It also warned that a no-deal Brexit would hit the economy and trigger a further drop in the value of the pound. Read more →
Microsoft and Anglo-Gulf Trade Bank to launch the world’s first end to end digital trade finance bank
Anglo-Gulf Trade Bank (AGTB) will offer a transformational service in the sector by providing a superior client experience and addressing the challenge of creating a revolutionary digital banking solution that helps bridge the trade finance gap. Read more →
Raiffeisenbank Implements Digital Trade Finance Platform
Two entities of Raiffeisenlandesbank are live with a Digital Trade Finance Solution that will enable end-to-end operational optimisation as a response to changing market demands and consumer behaviour. Read more →
First ISO 20022 usage guidelines for cross-border payments released
The adoption of ISO 20022 will benefit corporate payments. It will allow for rich invoice and tax information, originator and beneficiary details, and necessary regulatory information for beneficiary jurisdictions. Read more →
CBI appoints John Davies to new SME Council
“A concern for many SMEs — especially in a post-Brexit world — is being able to access the finance to invest and grow,” Read more →
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