TFG Weekly Trade Briefing, 27th July 2020
Your Monday morning coffee briefing from TFG. Almost half of all Covid-19 cases reported so far were from just three countries: the US, Brazil and India. Wearing masks became compulsory in UK shops and other enclosed public spaces. EU leaders agreed to create a €750bn EU recovery fund to support member states worst hit by COVID-19.
ICC Global Survey on Trade Finance – Banks predict up to 30% decline in trade flows
The International Chamber of Commerce’s (ICC) 11th annual Global Survey on Trade Finance reveals that despite banks being optimistic about the evolving nature of trade finance, the industry-wide challenges and disruption as a result of the COVID-19 pandemic push trade and trade finance into a state of global uncertainty. Read more →
Global transport: What does the future hold beyond Covid-19?
The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, in order to limit the virus’ propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment. Read more →
Imperial and Citi launch new centre to help create next generation of responsible business leaders
The new centre will focus on generating meaningful change in businesses through evidence-based research that addresses the key economic, social, environmental and technological challenges facing organisations today. Read more →
Liz Truss announces £500m loan guarantee to Ford
Ford Motor Company has received a £625 million loan facility from commercial banks with support from a £500 million guarantee from UK Export Finance (UKEF) during a visit to Ford of Britain’s engine production plant in Dagenham. Read more →
EU Recovery Package: a brave step but lacks SME component
SMEunited welcomes the European Council deal on the Recovery package. European leaders took an important step, which is a strong sign of cross-border solidarity amid the pandemic. However, important instruments for SMEs were cut severely. Read more →
SMBC accelerates trade finance digitalisation using blockchain technology
Sumitomo Mitsui Banking Corporation (SMBC) signed a (1) Letter of Intent with Contour (Singapore) to participate in its “Beta Network” and (2) Membership Agreement with Komgo SA (Switzerland), and hereby announces its engagement in two blockchain-based trade platforms. Read more →
UK abandons hope of US trade deal by end of year
UK trade secretary Liz Truss said it would be “dangerous” to put a timeframe on the talks between the UK and US for a trade deal, suggesting there would not be an agreement anytime soon, while the EU’s chief Brexit negotiator Michel Barnier said “no progress” has been made on the key issues and that a trade agreement between the UK and the EU is unlikely. Read more →