TFG Trade Briefing, 16th September 2019
Your weekly coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. The wider public expects Brexit to push the cost of living. Figures from PwC show that the net number of shop closures has reached a record high in the UK. Romanian businesses will benefit from greater access to finance thanks to a €20 million loan, from the EBRD to Crédit Agricole Romania. Global services trade also set to slow, according to the WTO.
What happened last week?
BoE survey: Inflation to hit 3.3%
The Bank of England’s (BoE) latest inflation attitudes survey shows that the public expects Brexit to push up the cost of living. August’s poll shows that respondents expect inflation of 3.3% in the coming year, up from 3.1% in May, with over half of the people surveyed saying Britain’s exit from the EU will be the driving factor behind the increase. By a ratio of 57% to 7%, respondents believed that the economy would end up weaker rather than stronger if prices started to rise faster. The poll of 2,110 people also asked them to consider inflation over the longer term, with respondents saying it is likely to fall to 3.1% over the next five years. Read more →
Store closures reach record high
Figures from PwC show that the net number of shop closures has reached a record high. There were 16 store closures each day in the first half of this year, resulting in 1,234 net closures – the highest level since the survey began in 2010. In total, 2,868 stores were closed during the first six months, while 1,634 shops opened, with the biggest declines among fashion sellers, restaurants, estate agents and pubs. Read more →
FCA opens Brexit helpline
The Financial Conduct Authority has set up a telephone line to help companies to prepare for a no-deal Brexit. The helpline, which went live yesterday, is open for the 59,000 financial services firms regulated by the FCA. Read more →
National Bank of Fujairah PJSC, a leading bank in the Middle East joins the Marco Polo Network
National Bank of Fujairah PJSC (NBF), one of the leading bank in the Middle East announced today that it has become a member of the Marco Polo Network, the largest and fastest-growing trade finance network.
The addition of NBF is a major step and further fuels the network’s positive momentum. The Marco Polo Network has grown to over 25 financial institutions and continues to expand steadily each month with members on all six key continents. Read more →
EBRD provides loan to Crédit Agricole Romania to support SMEs
Romanian businesses will benefit from greater access to finance thanks to a €20 million loan, in Romanian lei equivalent, from the EBRD to Crédit Agricole Romania. The funds will be used by the Romanian lender to finance local micro, small and medium-sized enterprises (MSMEs), a vital sector of Romania’s economy in terms of wealth and job creation. Read more →
Moody’s cuts Hong Kong’s outlook to ‘negative’ amid growing risks
Moody’s said the negative outlook “reflects the rising risk that the ongoing protests reveal an erosion in the strength of Hong Kong’s institutions, with lower government and policy effectiveness than Moody’s had previously assessed, and undermine Hong Kong’s credit fundamentals by damaging its attractiveness as a trade and financial hub”. Read more →
Global Services Trade Also Set To Slow, Says WTO
The World Trade Organization on Monday launched a new Services Trade Barometer that aims to flag changes in volumes over coming months. The measure fell to 98.4 in June, below the long-term average of 100 and down from a recent peak of 103.1 a year earlier. Read more →