Your morning coffee briefing from TFG. Service trade slump continues as travel wanes, however, some sectors appear to be recovering, the EU trade chief says US stell deal may fall short of expectations, UK economy is growing at fastest rate in 80 years, ARRC’s publishes recommendations and best practices to accelerate the transition away from LIBOR and CDC provides USD 50 million trade finance facility to help close trade finance gap in Africa.
Services trade slump persists as travel wanes; other service sectors post diverse gains
Global services trade remained sluggish in the first quarter of 2021, falling 9% year-on-year after posting a 21% decline for the full year of 2020 driven by continued weakness in travel services. Other services sectors, such as transport, are starting to bounce back, with variations across regions due to the uneven distribution of vaccines and differing rollback of pandemic restrictions. Read more →
EU trade chief says US steel deal may fall short of removing all barriers
A resolution to the EU’s Trump-era dispute with the US over steel and aluminium tariffs may fall short of removing all the barriers sheltering the industries, according to the bloc’s trade enforcer. Read more →
Coronavirus and the global recovery: the dangers of whiplash economics
The unwelcome return of restrictions has planted a new fear in the minds of investors: that the rapid spread of the coronavirus Delta variant could bring the global recovery to a juddering halt. Read more →
UK economy growing at fastest rate in 80 years, says forecaster
The British economy is growing at its fastest pace in 80 years and could recover its pre-pandemic size by the end of this year. Read more →
CDC provides USD 50 million trade finance facility to help close trade finance gap in Africa
United Kingdom development finance institution (DFI) CDC Group is providing a USD 50 million trade finance facility through Ecobank International to support trade finance in Africa. This is a new partnership between the UK development finance institution and a bank and is set to bring liquidity to trade finance in Africa. Read more →
ARRC’s publishes recommendations and best practices to accelerate the transition away from LIBOR
The Alternative Reference Rates Committee (ARRC) is announcing recommendations and best practice advice to aid and accelerate the transition away from the U.S. dollar (USD) LIBOR. The committee is recommending loan conventions and highlighting areas where SOFR Term Rates can be leveraged to ease the transition. Read more →
New trade report indicates UK should reject ‘green protectionism’ and focus on free markets to address climate change
A new report published on the 21st of July highlights how free and fair trade can support and accelerate the global low carbon transition and calls on the UK to challenge green protectionism. Read more →
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