​​Profit warnings issued by UK-listed companies reached a two-year high in Q3. According to EY-Parthenon's latest Profit Warnings report, UK-listed companies issued eighty-four profit warnings between July and September 2024 — the highest quarterly total for two years. The report found that profit warnings from UK-listed companies rose 11% compared with Q3 2023, and the proportion of those that have issued a warning over the last year now stands at 19.2% — the highest rolling 12-month percentage since the pandemic and, before that, since 2001. Leading factors behind Q3's profit warnings included contract and order cancellations or delays, cited in 38% of warnings, the highest percentage for this reason in fifteen years. Falling sales also triggered a third (33%) of the quarter's warnings. To read EY's news release, go to https://www.ey.com/en_uk/newsroom/2024/11/profit-warnings-uk-listed-companies-two-year-high-q3.

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Only 5% of UK companies qualify to be fast payers. Good Business Pays has reported that only 5% — 1% fewer than in 2023 — of the 5,367 UK's largest companies that report payment terms have qualified for its 2024 Fast Payer Award (i.e., big businesses that have paid at least 95% of invoices on time and within twenty-seven days or less). Furthermore, only 21.8% are signatories of The Prompt Payment Code. Terry Corby, CEO of Good Business Pays CIC, commented: "We expect the new Government to introduce legislation in 2025 requiring large companies to publish their payment record in their annual reports. When that happens, we will see the payment records of thousands of companies that don't currently report. Only then will the true picture of Britain's B2B payment culture become clear." To read Good Business Pays' news release, go to https://goodbusinesspays.com/posts/275-companies-receive-fast-payer-award/.

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UK retail faces a surge in late payments amid mixed signals. Insurance Business has reported that the UK retail sector is navigating a mix of challenges and opportunities as 2024 draws to a close. According to Atradius, there have been significant increases in late payments and insolvencies across specific retail categories in Q3 2024, with notable rises in payment defaults within retail supply chains. For example, domestic appliance firms experienced a 450% increase in payment defaults compared to the previous year and defaults in manufactured leisure articles rose by 60%. However, despite these setbacks, the sector has reported modest growth, with retail sales volumes rising by 1% in August 2024 and 0.3% in September 2024. To read Insurance Business' article, go to https://www.insurancebusinessmag.com/uk/news/breaking-news/uk-retail-faces-late-payments-surge-amid-mixed-signals--atradius-515440.aspx.

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The insolvency domino effect looms over the UK construction industry. RSM UK has reported that the UK construction industry experienced the highest number of insolvencies from 12 months to September 2024, reaching a total of 4,264 — much higher than levels seen during the COVID-19 pandemic and between 2014 and 2019. Commenting on the latest construction insolvency statistics, Kelly Boorman, National Head of Construction at RSM UK, warned: "Challenges remain for the construction industry following the collapse of several major firms in recent months, with businesses of all sizes anticipating further distress due to the number of sites impacted, without the workforce available to deliver projects." She added: "Although more funding provides reason for cautious optimism, there's still some uncertainty and concern there will be an insolvency domino effect." To read RSM UK's news release, go to https://www.rsmuk.com/news/insolvency-domino-effect-looms-over-construction-industry.​

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Insolvencies in England & Wales fell by 10% in October. The latest data from the Insolvency Service has found that corporate insolvencies in England and Wales decreased by 10.4% in October 2024 to 1,747, compared to September's total of 1,950, and decreased by 23.8% compared to October 2023's figure of 2,293. The fall is the result of a decrease in all corporate insolvency processes, with the exception of Receiverships. One in 186 companies on the Companies House effective register (at a rate of 53.8 per 10,000 companies) entered insolvency between 1 November 2023 and 31 October 2024. This decreased from the 56.5 per 10,000 companies that entered insolvency in the 12 months ending 31 October 2023. To read the Insolvency Service's news release, go to https://www.gov.uk/government/statistics/company-insolvencies-october-2024/commentary-company-insolvency-statistics-october-2024.​

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​​​​​UK Economy

US tariffs would reduce UK GDP by 0.9%. If implemented, Cebr has warned that Donald Trump's 'America First' policies, including a 60% levy on Chinese goods and up to a 20% tariff on imports from other countries, could pose challenges for major exporting economies worldwide, including the UK. Cebr analysis indicates that a scenario in which the US enacts a 20% tariff on all imports and a 60% tariff on imports from China — without retaliation — could reduce the UK economy by 0.9% by the end of the Trump administration. However, Cebr stresses that, while US tariffs and rising protectionism pose challenges, other proposals under a new Trump administration also present opportunities for the UK to adapt and thrive. To read Cebr's news release, go to https://cebr.com/blogs/us-tariffs-would-reduce-gdp-by-0-9-but-trumps-presidency-provides-strategic-opportunities-for-uk/.

 

The UK economy grew by just 0.1% in the quarter to September. New Office for National Statistics (ONS) data estimates that GDP fell by 0.1% in September 2024, following unrevised growth of 0.2% in August 2024 and an unrevised estimate of no growth in July 2024. GDP is now estimated to have grown by 0.1% in the three months to September 2024 compared with the three months to June 2024. Services output rose by 0.1% in the three months to September. Construction output also increased by 0.8%, while production output fell by 0.2% over this period. On a quarterly basis, this gives growth of 0.1% in Quarter 3 (July to September) 2024, following growth of 0.5% in Quarter 2 (April to June) 2024 and 0.7% in Quarter 1 (January to March) 2024. To read the ONS latest news release, go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/september2024. 

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The UK economy is set to grow above potential. Flash estimates by the OECD suggest that momentum is positive, although GDP growth slowed to 0.1% in the third quarter after a strong first half of 2024. This year, 0.9% growth is expected (down from 1.1%), but UK GDP is now predicted to increase to 1.7% in 2025, boosted by the large increase in public expenditure set out in the autumn budget. Growth will then slow to 1.3% in 2026 as the effect of fiscal expansion tapers off. The OECD also said that UK interest rates will likely stay higher for longer due to measures set out in the Budget, which are expected to push up inflation. Inflation is expected to reach 2.7% next year, with headline inflation looking set to remain above target throughout 2025-26. To read the OECD's summary and full report, go to https://www.oecd.org/en/publications/oecd-economic-outlook-volume-2024-issue-2_d8814e8b-en/full-report/united-kingdom_946788ac.html. 

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Revised down growth expectations for 2024, but marginally improved GDP expectations for 2025 and 2026. The latest British Chambers of Commerce (BCC) Quarterly Economic Forecast (QEF) expects the UK economy to grow by 0.8% in 2024, a downgrade from the previous forecast (1.1%). However, growth has been revised upwards for the next two years, with 1.3% expected in 2025 and 1.5% in 2026 — higher than previously forecast (1.0% and 1.1%). Upgrades to 2025 and 2026 are driven by increased government spending, and the BCC stresses that the overall growth landscape remains relatively weak. The forecast picture of growth varies significantly across different sectors. Manufacturing production is expected to grow by 0.6% in 2025 and 1.2% in 2026. In comparison, the construction industry will grow by 1.4% in 2025 and 1.5% in 2026. To read the BCC's news release, go to https://www.britishchambers.org.uk/news/2024/12/bcc-economic-forecast-rising-business-costs-to-hit-wider-economy/.

 

Scotland's economic forecast weakens. According to the latest EY ITEM Club Scottish Forecast, Scotland's economy recorded strong growth in the first half of 2024, broadly keeping pace with the UK, but there are signs that growth is slowing in the second half of the year. EY predicts that GVA should expand by 0.7% over the course of 2024, slightly below the UK average of 0.9%. Although Scotland's growth is expected to increase in 2025 (1.3%) and 2026 (1.4%), the forecast is weaker than last quarter, with Scotland continuing to lag UK growth over the forecast period. Future growth is predicted to be concentrated in and around Edinburgh and Glasgow (1.8% and 1.7%, respectively, between 2025 and 2029), with weaker prospects for the Islands and rural parts of the country. To read EY's news release, go to https://www.ey.com/en_uk/newsroom/2024/12/scotlands-economic-forecast-weakens.

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Third quarter slowdown in UK trade. New Office for National Statistics (ONS) data estimates that the value of UK goods imports decreased by £3.0 billion (6.3%) in September 2024, with both EU and non-EU imports falling. The value of goods exports fell by £3.4 billion (10.6%) in September 2024, following a rise in August. Imports and exports of machinery and transport equipment fell substantially in both EU and non-EU countries. Responding to the latest ONS data on trade, William Bain, Head of Trade Policy at the BCC, said: "The UK's broader economic slowdown in the third quarter of the year is clearly reflected in the trade data. September's export data reflected the continued volatility in goods in the last few months, with a further large drop in UK exports across the world. . . Taking Q3 overall, both goods and services exports fell, which is a real concern." To read the BCC's news release, go to https://www.britishchambers.org.uk/news/2024/11/third-quarter-slowdown-in-trade/. 
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Bank lending to UK businesses looks set to return to growth this year and accelerate over 2025 and 2026. According to the latest EY ITEM Club Outlook for Financial Services, total bank lending to UK businesses is forecast to return to growth this year, following a -2.2% (net) contraction in 2023. Lower borrowing costs due to falling inflation and interest rates are boosting the borrowing appetite of UK businesses, and the EY ITEM Club forecasts UK bank-to-business lending to return to growth this year (3.1% net, up from -2.1% net). Looking further ahead, business borrowing appetite is expected to strengthen provided interest rates continue to gradually fall and as deal-making picks up as expected. As a result, the EY ITEM Club forecasts bank-to-business lending to rise to 5.6% (net) in 2025 and 6.2% (net) in 2026 — the highest growth since 2020 when the Government announced loan support during COVID-19. To read EY's news release, go to https://www.ey.com/en_uk/newsroom/2024/11/total-bank-lending-is-forecast-to-return-to-growth-this-year.

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Sentiment among UK retailers nosedived in November. According to the CBI's latest quarterly Distributive Trades Survey, sentiment amongst retailers about their business situation over the next three months fell at the fastest pace for two years in November. Retail sales volumes declined moderately, with retailers judging sales as "poor" for the time of year to a similar extent as the previous month. Looking ahead to December, retailers expect annual sales growth to deteriorate at a faster pace. Sentiment amongst retailers about their business situation over the next three months further weakened in November (-21%, from -13% in August, and the weakest balance since a reading of -22% in November 2022). To read the CBI's news release, go to https://www.cbi.org.uk/media-centre/articles/sentiment-among-retailers-nosedived-in-november-cbi-distributive-trades-survey/.

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Decreased footfall in November comes "as a blow to many retailers". According to the latest BRC-Sensormatic data, total UK footfall decreased by 4.5% in November (YoY), down from -1.1% in October. Footfall decreased year-on-year for all four nations, with Northern Ireland falling by 2.8%, England by 4.2%, Scotland by 6.8%, while Wales experienced the biggest decline at 7.1%. Andy Sumpter, Retail Consultant EMEA for Sensormatic, commented: "This lacklustre footfall performance will have come as a blow for many retailers, who would have been counting on getting early Christmas trading results under their belts before the start of advent. However, it's worth noting that these figures do not include Black Friday and the Saturday of the Black Friday weekend - tipped as one of the top busiest days for store shopping during peak trading - which will hopefully jump-start seasonal shopping." To read BRC's news release, go to https://brc.org.uk/news/corporate-affairs/hopes-pinned-on-the-festive-period-as-footfall-tumbles-in-november/.

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UK retail sales remain 0.4% lower than pre-Covid levels. Tokio Marine HCC's (TMHCC) new report on the UK retail sector shows that after a tough 2022-23, the worst for the sector may be over. According to figures from the Office for National Statistics (ONS), UK retail sales rose 1.2% in the three months to August 2024 — the highest in 25 months — with gains across most sub-sectors. However, pressures remain: sales remain 0.4% lower than pre-Covid levels from February 2020 and, in 2023, the sector saw 2,219 bankruptcies — a 23.1% increase. Although 1,344 retailers filed for insolvency from January to August 2024 — down 5.7% y/y there were some notable failures such as Ted Baker, Carpetright, Body Shop, MatchesFashion and Wilko. The sector also faces ongoing challenges as brick-and-mortar stores attract fewer shoppers, and hybrid working limits footfall in city centers. Retailers must continue adjusting to these shifting consumer behaviors, with a stronger focus on online sales. To read TMHCC's report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-retail-sector-report.

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UK retail sales plunged in November. According to BDO's latest High Street Sales Tracker, total retail sales in discretionary spend categories fell by -5.3% in November, marking the worst performance for the sector since January 2021. BDO's latest report shows negative in-store and online sales growth, compared to a poor performance in November 2023, when overall sales declined -0.3%. Sales performance was particularly poor online, with sales down -7.8%. In-store sales fell by 5.5%, with the fashion sector recording notably poor figures of -8.0% compared to November 2023. Sophie Michael, Head of Retail and Wholesale at BDO, called the results "disastrous". To read BDO's news release, go to https://www.bdo.co.uk/en-gb/news/2024/november-retail-sales-plunge-as-heavy-discounting-fails-to-save-christmas.

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Global: Late Payment, Insolvencies & Global Economy

The euro area is forecast to avoid recession despite Trump tariffs. Goldman Sachs has predicted that although the euro area economy in 2025 will "lag behind expectations", the region will avoid recession. The euro area economy is anticipated to expand by 0.8% in 2025, compared with the consensus forecast of economists surveyed by Bloomberg, indicating 1.2% growth. German GDP is expected to contract by 0.3%, and France's economy will shrink by 0.7%. In comparison, Spain's GDP (again outperforming) will increase by 2%. Sven Jari Stehn, Goldman Sachs' Chief European Economist, writes in the report, 'Euro Area Outlook 2025: Under Pressure', that Donald Trump's planned tariffs are likely to significantly weigh on growth, with much of the drag stemming from higher trade policy uncertainty. Although the region's economy is expected to expand in the coming year, there's a 30% chance of a significant recession. To read Goldman Sachs' article, go to https://www.goldmansachs.com/insights/articles/the-euro-area-is-forecast-to-avoid-recession-despite-trump-tariffs.

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A trade war could bring nominal global trade growth below 5% in 2026. Allianz Trade's latest Global Trade Outlook 2024 warns that Donald Trump is likely to increase tariffs on Chinese and other strategic imports (to 25% for the former and 5% for the rest of the world, excluding Mexico and Canada), which would decrease nominal global trade growth by -0.6pp in 2025. China and the EU would bear most of the cost, with USD 67 billion in exports at risk in 2025-26, especially in automotive manufacturing, transport equipment, and metals. However, in the event of a full-blown trade war (60% tariffs on China and 10% on the rest of the world), the toll would increase to 2.4pps of nominal global trade growth and China, Mexico and Canada would be hit the hardest, with export losses totalling close to USD217 billion over 2025-26. However, this scenario looks unlikely as the US would also have to face a high cost, according to Ana Boata, Head of Economic Research at Allianz Trade. To read Allianz Trade's report, go to https://www.allianz-trade.com/en_global/news-insights/news/global-trade-outlook-2024.html.​

 

Economic growth for 2025 is forecast to be solid but unremarkable. Atradius' Chief Economist, John Lorié, looks ahead to a year that feels almost impossible to predict. He notes that global economic growth for 2025 is forecast to be solid but unremarkable, with predictions between 2.5% and 3%. However, uncertainties loom due to factors like geopolitical tensions, particularly in Ukraine and the Middle East. The potential impact of Donald Trump's second term is also a significant concern. Trump's policies, including tariffs and deregulation, may affect global trade, but their implementation could be more gradual and targeted than expected, or may stimulate the US economy — potentially boosting global trade. In Asia, while growth is expected to outpace the global average, China's slowing economy poses challenges. Meanwhile, Western Europe faces poor growth — especially in the Eurozone. To read Atradius' news release, go to https://group.atradius.com/knowledge-and-research/news/will-2025-be-the-year-of-tariffs-and-trade-wars. 

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The Eurozone economy remains weak. AU Group's latest G-Grade for Q4 2024, which summarises over 140 country risk assessments by leading credit insurers, advises that growth in the Eurozone economy remains weak, with GDP growth projected at 0.8% for 2024 and expected to reach 1.3% in 2025. This is due to several headwinds: geopolitical tensions in Ukraine and the Middle East, the industrial sector (particularly in Germany) continues to face a loss of competitiveness and weak demand, with high public debt levels (especially in France). The Chinese economy also faces major challenges, with GDP growth for 2024 revised down to 4.6%, below the government's target of 5%. In 2024, corporate insolvencies are expected to rise by over 11% globally compared to 2023 (Allianz Trade estimates), with countries representing over half of the global GDP expected to experience a double-digit increase and most countries surpassing their pre-pandemic level. To download AU Group's report, go to https://au-group.com/en/studies-and-publications/au-g-grade-q4-2024.​

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GDP increased by 0.4% in the euro area and the EU in Q3 2024. According to an estimate published by Eurostat (the statistical office of the European Union), seasonally adjusted GDP increased by 0.4% in both the euro area and the EU in Q3 2024 compared with the previous quarter. In Q2, GDP had grown by 0.2% in both zones. Compared with the same quarter of 2023, GDP increased by 0.9% in the euro area and 1.0% in the EU in Q3.​ Ireland (+3.5%) recorded the highest GDP increase compared to the previous quarter, followed by Denmark and Lithuania (both +1.2%). The highest decreases were seen in Hungary (-0.7%) and Latvia (-0.2%). To read Eurostat's news release, go to https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-06122024-ap.

 

Increase in bankruptcies and registrations in Q3 2024. New data from Eurostat indicates that the number of EU business registrations increased in most economic sectors. When compared with the previous quarter, in Q3 2024, the highest increases in the number of registrations were in transport (+3.9%), construction (+3.7%) and the financial sector (+2.7). Decreases were recorded only in the information and communication sector (-0.8%), industry (-0.5%) and accommodation and food services (-0.2%). The number of bankruptcy declarations also increased in most sectors; in Q3, the largest increases were recorded in transport (28.8%), information and communication (15.3%), and accommodation and food services (9.8%). On the other hand, bankruptcy declarations decreased only in education and social activities (16.3%) and the financial sector (6.8%). To read Eurostat's news release, go to https://ec.europa.eu/eurostat/en/web/products-eurostat-news/w/ddn-20241114-3.

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The world's economic powerhouse is coping with a worsening global trade environment. Atradius' latest Regional Economic Outlook for Emerging Asia advises that most economies' short-term growth outlook is positive. Stronger exports will continue to grow into 2025 — albeit less robustly. However, Atradius cautions that this picture does not apply to China, where monetary easing and fiscal stimulus will provide short-term relief but do little to address the broader structural problems in the Chinese economy. Meanwhile, export growth is slowing due to the trade war. India and the five largest ASEAN economies are relatively well positioned in the changing global trade environment. Most of these countries show steady growth in 2024/25, with India and the Philippines having the highest growth rates and Thailand the lowest. To read Atradius' Outlook, go to https://group.atradius.com/knowledge-and-research/reports/regional-economic-outlook-emerging-asia-november-2024.

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Credit Management News & Resources

New Fair Payment Code. With the support of the Department of Business and Trade, the Small Business Commissioner has launched a new Fair Payment Code. The new Code rewards businesses in the UK for adopting fair payment practices for suppliers of all sizes, and will include a set of fair payment principles that companies are required to sign up to, as well as three award categories: Gold — For companies paying 95% of their suppliers within 30 days; Silver — For companies paying 95% of their small business suppliers within 30 days and all other suppliers within 60 days; Bronze — For companies paying 95% of suppliers within 60 days. The new Code will replace the Prompt Payment Code, which has been operational since 2008. The Small Business Commissioner, Liz Barclay, said: "The new Code will reward businesses that treat their suppliers fairly and pay them quickly. It will also include an ambitious new Gold Award which aims to make 30-day payments the new standard for which businesses can aim." For more information, go to https://www.smallbusinesscommissioner.gov.uk/new-fair-payment-code/. 
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Large businesses make up only 0.2% of EU enterprises but generate more than half of net turnover. Preliminary data on structural business statistics for 2023 published by Eurostat indicates that, in 2023, the EU had around 33 million enterprises, that registered a net turnover of over €38 trillion. Large enterprises (more than 249 persons employed) represented only 0.2% of the total number of enterprises in the EU's business economy (53,000 enterprises). However, they employed more than a third of the labour force and generated more than half (51%) of the net turnover (€19.6 trillion). Medium-sized enterprises (50-249 persons employed) constituted a small share of the total number of enterprises (0.8%, 246,000 enterprises) and registered approximately one-fifth of the net turnover (€6.5 trillion, 17%). The vast majority, 99% (32.4 million enterprises), were micro and small enterprises employing up to 49 persons. Together, micro and small enterprises generated €12.2 trillion in net turnover, representing 32% of the total net turnover. To read Eurostat's news release, go to https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20241205-1.

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Data indicates a spike in EU business bankruptcies in transport in Q3 2024. New data on business registrations and bankruptcies from Eurostat shows that, in the third quarter of 2024, the number of bankruptcy declarations of EU businesses increased by 2.7% compared with the second quarter of 2024. At the same time, business registrations also went up by 2.2% compared with the second quarter of 2024. The number of bankruptcy declarations increased in most sectors compared to Q2, with the largest increases also recorded in transport (28.8%), information and communication (15.3%), and accommodation and food services (9.8%). Bankruptcy declarations decreased only in education and social activities (-16.3%) and the financial sector (-6.8%). To read Eurostat's news release, go to https://ec.europa.eu/eurostat/en/web/products-eurostat-news/w/ddn-20241114-3.

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Forthcoming Products: New tool, Stela — AI Report, will leverage advanced artificial intelligence to deliver instant, comprehensive company assessments. Company Watch has announced that it will launch (initially as a limited beta) a new AI-powered financial reporting tool, Stela — AI Report, in early January 2025. Designed to transform financial analysis and risk management, the new tool will leverage advanced artificial intelligence to deliver instant, comprehensive company assessments, thereby reducing research time, enhancing decision-making accuracy, and streamlining risk management processes. Details will be available on Company Watch's website (https://www.companywatch.net/) in early 2025.

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Events & Professional Development

​​GTR MENA, 18-19 February, 2025. Dubai.
Having celebrated the largest ever edition of GTR MENA in 2024, welcoming a record-breaking 1,136 attendees, GTR is excited to return to Dubai on February 18-19, 2025, bigger, better and ready to host the region's leading content and networking platform for the global trade, export, commodity and supply chain finance community.

The annual two-day conference will provide high value networking opportunities, enabling delegates to catch up with industry friends, forge new business connections and meet with highly esteemed exhibitors from leading trade service providers across the Middle East and North Africa. Over 90 industry experts will explore the latest trends and developments, highlighting both challenges and opportunities whilst offering future projections of the market. The GTR team looks forward to welcoming you there!

2025 key discussion themes:

• The changing nature of global shipping

• Seizing the African opportunity

• Delivering trade growth: Do banks need to less cautious?

• Diversification, state support and ‘flight to quality’: The commodity financing melting pot

• Milestones reached but challenges ahead: How can digital reach the parts others can’t?

• Is supply chain finance on a downward curve?

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2025 event features:

• 45+ exhibitors

• 5+ hours of networking opportunities with key stakeholders in the industry

• Unparalleled expertise from 90+ speakers

• Exceptional content on topics and regions covered

• Enhanced networking with opportunities to schedule meetings and swap business cards

• Invitation to the evening networking reception

 

Discounts and promotions

• !0% Early booking discount – January 17, 2025
  Early booking discount available for new registrations only and not in conjunction with additional discounts. 10% is automatically processed during online checkout or with a GTR team member.

• Young Professionals Pass – Limited free tickets available
  To qualify, you must be under 25 years old, with less than three years of experience in the trade finance industry. Limited to 2 events per year.
  10 passes are available for this event for those who work within the industry, limited to 2 passes per institution, and cannot be combined with other promotions. Two passes are available for this event to those studying a relevant educational/University course. Confirm your eligibility by contacting ypp@gtreview.com with your work email address, LinkedIn profile, and age.

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For more information about this event, go to https://www.gtreview.com/events/mena/gtr-mena-2025-dubai.

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GTR Africa, 13-14 March 2025. Cape Town.
GTR Africa has solidified its position as the premier event for the African trade and trade finance community. Returning to Cape Town on March 13-14, 2025, this flagship event will deliver essential insights spanning trade, supply chain, infrastructure, working capital, export and commodity financing markets. Supported by prominent players representing the entire trade finance ecosystem, the conference will feature over 60 speakers sharing unparalleled expertise over two impactful days. Anticipating the participation of more than 550 delegates from over 250 companies, GTR Africa 2025 offers a prime opportunity to engage with key figures in African trade. Don’t miss your chance to reconnect with familiar faces and establish vital new connections in the market during this unrivalled conference.

Event features:

• 30+ exhibitors

• 8+ hours of networking opportunities with key stakeholders in the industry

• Unparalleled expertise from 60+ speakers

• Exceptional content on topics and regions covered

• Enhanced networking with event app, meetings zones and digital business cards

• Invitation to the evening networking reception

Don’t miss your chance to join the unrivalled opportunity to catch up with old friends and build those crucial new market connections at what is set to be an excellent conference.

We look forward to seeing you there!

 

Discounts and promotions

• 10% Early Booking discount – Available until February 7, 2025
  Early booking discount available for new registrations only and not in conjunction with additional discounts. 10% is automatically processed during online checkout or with a GTR team member.

• Young Professionals Pass – Limited free tickets available
  To qualify, you must be under 25 years old, with less than three years of experience in the trade finance industry. Limited to 2 events per year.
  10 passes are available for this event for those who work within the industry, limited to 2 passes per institution, and cannot be combined with other promotions. Two passes are available for this event to those studying a relevant educational/University course. Confirm your eligibility by contacting ypp@gtreview.com with your work email address, LinkedIn profile, and age.

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For more information about this event, go to https://www.gtreview.com/events/africa/gtr-africa-2025-cape-town.

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About this month's sponsor: Markel

We Are Markel

We’re a leading global specialty insurer with a truly people-first approach.

As part of Markel Group, we’ve been insuring the usual and the unusual for more than 90 years. It means
we have a deep understanding of risk and the financial strength to stay by your side long into the future:
Markel Group was listed at number 262 in the 2024 Fortune 500 and has $55 billion in total assets as of Dec.
31, 2023.

With more than 5,000 employees across the globe, finding creative solutions for complex risks is our
passion. And our broad array of tools and knowledge allows us to create tailored coverage solutions for
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Markel International is a division of the Markel Group. Looking after the commercial insurance needs of
major businesses, SMEs, professionals and sole traders, Markel International has offices in 17 countries,
across the UK, Europe, Canada, Latin America and Asia Pacific.

Markel’s International Wholesale division is made up of three product divisions – Professional Financial
Risks (PFR) and Cyber, Marine and Energy, and Speciality – and serves London, Asia Pacific and
Lloyd’s Syndicate markets. We have our own trusted Lloyd’s syndicate but can also underwrite risks
through our other Markel companies, depending on where you are in the world. We have underwriting
and claims specialists in London and across Asia Pacific, with teams working in Singapore, Hong Kong,
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Our broad array of capabilities and expertise allows us to create intelligent solutions for the most complex
risks. However, it’s our people – and the deep, valued relationships they develop with colleagues,
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​