TFG Weekly Trade Briefing, 9th March 2020
Your Monday morning coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. The coronavirus outbreak has impacted financial markets globally, with governments around the world responding through monetary easing, further quarantines and support. FlyBe is one of the first corporate victims, going into administration last week.
TFG Celebrates International Women’s Day 2020
TFG celebrates International Women’s Day by speaking to 18 female role models within the trade space, asking for their stories, advice and challenges on the way to becoming the inspirational leaders that they are today.
Covid-19 to cost USD320bn of trade losses every quarter
Euler Hermes estimates trade losses of goods and exports from Coronavirus. The ongoing containment measures to respond to the Covid-19 outbreak are already equivalent to +0.7pp of additional tariffs on goods — bringing the world tariff average to a notional 6.5% at end of Q1 2020. In one quarter, global trade already suffered from the equivalent of the full-year trade war between the U.S. and China in 2019.
The coronavirus outbreak continues as the death toll in Italy jumps by 133 in one day, causing 14 provinces in the north to go into quarantine. Read more →
Oil plummets 26% in biggest drop since Gulf War as Saudi cuts spark all-out price war
Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe. The losses are being fueled by sinking demand due to coronavirus concerns, which has in turn sparked a series of price cuts. Read more →
The US added 100,000 more jobs than expected in February
The world’s largest economy hired 273,000 people last month – 100,000 more than expected. Wages and hours also rose and the unemployment rate dropped to a 50-year low. The leisure and hospitality sector – which employs a tenth of the US workforce and is likely to take one of the biggest hits from COVID-19 – saw an uptick in jobs. Read more →
ExCred International A Roaring Success
ExCred International was hosted in London, an event focussed on insuring global trade & investment. A global conference, attracting over 300 delegates from around the world, the conference featured macroeconomic updates, a regulatory overview on export credit and credit insurance, as well a Berne Union address on claims, distribution and share of world trade.
ICC launches Digital Trade Standards Initiative, backed by ADB and Government of Singapore
ICC has launched the Digital Trade Standards Initiative (DSI) – a collaborative cross-industry effort to enable the standardisation of digital trade.
The ICC Digital Trade Standards Initiative (DSI) will build on work done by various like-minded initiatives, many of which aim to digitise trade, notably through the development of open trade and technology standards to promote interoperability. Read more →
FlyBe collapses into administration
Flybe went into administration in the early hours of Thursday morning, with the loss of 2,400 jobs, less than two months after the government announced a rescue deal, having promised to “level up” Britain by investing in transport links. Read more →
Trade Finance Global Launches Spring 2020 Edition of Trade Finance Talks Publication
Trade Finance Global has released its latest issue of Trade Finance Talks entitled ‘Challenging Business: Trade Finance in Developing Markets.
Read more →