Welcome to the October 2023 issue of Credit Management News Digest.

Co-pilot sponsors this month's issue.

Index

Late Payment & Business Distress

Corporate Insolvencies

UK Economy

Global Economy & Trade

New Credit Management Product

Credit Insurance News Digest

About this month's sponsor: Co-pilot

PLUS: 'Managing Large Trade Credit Insurance Programmes', by Simon Marshall | CEO, Co-pilot.

Late Payment & Business Distress

New research reveals MPs favour tougher measures that crack down on late payments to SMEs. A survey conducted by YouGov on behalf of two of the UK's largest accountancy bodies – The Association of Accounting Technicians (AAT) and the Association of Chartered Certified Accountants (ACCA) – shows that 65% of UK MPs think the Prompt Payment Code (PPC) should be made compulsory for firms with more than 250 employees. There is also an appetite for more powers to be handed to the Small Business Commissioner (SBC) – with 54% of MPs believing that the SBC should be able to impose financial penalties for persistent non-compliance with the PPC. Currently, the PPC is voluntary and requires only its signatories to pay 95% of invoices from businesses with fewer than 50 employees within 30 days, amongst other measures. To read ACCA's news release go to https://www.accaglobal.com/gb/en/news/2023/september/MP-survey.html.

The UK's late payments watchdog has collected less than £1 million in the past two years. Smallbusiness.co.uk has reported that the Office of the Small Business Commissioner has clawed back just £800,000 in late payments since June 2021. Before that, the Birmingham-based Office of the Small Business Commissioner had recovered £7.8 million in overdue payments since it was established in December 2017. Terry Corby, chief executive of campaign group Good Business Pays, commented to The Times: "Big business has learnt that late payment and non-compliance has no consequences. The reporting regulations need beefing up, as does compliance, and the Commissioner needs the remit and resources to back that up." To read smallbusiness.co.uk's article go to https://smallbusiness.co.uk/late-payments-watchdog-collects-less-than-1m-in-past-two-years-2573474/.

The impact of late payments on UK businesses. According to new research from Intuit QuickBooks, UK SMEs are currently owed an average of £27,214 in late payments, and 73% of businesses have been negatively impacted by late invoices – 11% significantly. The research also found that around 40% of UK small business owners felt their business could be forced to close in the next year if late payments continued. Bigger businesses seem to experience the most late payments, and the manufacturing industry seems to be the industry that has experienced the most late payments in the past year. When respondents were asked how much they are currently owed, 28% revealed they are owed up to £9,999,14% are owed between £10,000 and £49,999 and 11% are owed between £50,000 and £100,000. To read Intuit QuickBook's news release go to https://quickbooks.intuit.com/uk/blog/late-payments-impact-on-businesses/?.

Fifteen years since the UK's Prompt Payment Code was introduced, has it prompted faster payments? BusinessMatters has published an article that examines why the UK's Prompt Payment Code (PPC) has not been more effective. For example, the article notes that many feel that the voluntary nature of the code undermines any attempt to address poor payment practices. By comparison, some states in the US, such as Texas, require that payments are made on time by law – for both public and private contracts. The payment deadlines are also shorter in the US. In the UK, 30-60 days is the target; in the US, 21-35 days is the standard. The Financial Stability Board Policy Chair, Tina McKenzie, commented in March 2023: "The UK is almost unique in being a place where it is acceptable to pay small businesses late, and that will remain the case without further action." To read BusinessMatters' article go to https://bmmagazine.co.uk/opinion/15-years-since-the-prompt-payment-code-was-introduced-has-it-prompted-faster-payments/.

The UK Government announces measures to tackle late payments. The UK Government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly, and will aim to improve the delivery and enforcement of policies. New measures to be announced in the review will include:

Extending the Reporting on Payment Practices and Performance Regulations 2017. Following consultation, the Government will take forward legislation to extend payment performance reporting obligations. This will include new metrics for reporting, including a value metric and a disputed invoices metric. Retention payments for businesses in the construction sector will also be introduced.
Providing advice to small businesses on negotiating payment terms and how going digital can help them get paid quicker and manage their cash flow.
Broadening the powers of the Small Business Commissioner: Introducing broader responsibilities, enabling the Commissioner to undertake investigations and publish reports where necessary based on anonymous information and intelligence.

For more information go to https://www.gov.uk/government/news/government-takes-action-to-back-small-businesses-and-tackle-late-payments.

Licensed under the terms of Open Government. Licence v3.0.

More than 1,000 construction firms have defaulted on COVID-19 loans. Construction Index has reported that research by Price Bailey has found that the default rate on Coronavirus Business Interruption loans (CBILS) in the construction industry is higher than any other sector of the economy. At the same time, evidence is emerging that construction industry bosses are underestimating their insolvency risk, contributing to more business failures. Data obtained from the British Business Bank under the Freedom of Information Act shows that 1,084 businesses in the construction industry have defaulted at least once on their CBILS, representing nearly 8% of all borrowers in the industry. This is a 40% increase in defaults in a 12-month period. Over 14,000 construction industry businesses were awarded CBILS of up to a maximum of £5 million each, with loan terms of up to six years. To read Construction Index's article go to https://www.theconstructionindex.co.uk/news/view/more-than-1000-construction-firms-have-defaulted-on-covid-loans.

The European Commission proposes a stricter maximum payment limit of 30 days. The European Commission has announced new proposals for a Regulation on late payments in commercial transactions to tackle payment delays, "an unfair practice that compromises the cash flow of SMEs and hampers the competitiveness and resilience of supply chains." The new rules will repeal and replace the 2011 Directive on late payments with a Regulation. The proposal introduces a stricter maximum payment limit of 30 days, eliminates ambiguities and addresses the legal gaps in the current Directive. The proposed text also ensures an automatic payment of accrued interest and compensation fees and introduces new enforcement and redress measures to protect companies against bad payers. According to a Commission factsheet, by being paid on time, European companies will save each year at least five person-days currently lost to chasing debtors, equal to €8.74 billion for the entire EU economy. To read the European Commission's news release go to https://ec.europa.eu/commission/presscorner/detail/en/ip_23_4409.

Soaring payment risk spurs stricter B2B trade credit policy in the US. Atradius' latest Payment Practices Barometer for the US notes that heightened payment risk is prompting businesses polled in the US to implement a more stringent trade credit policy for B2B transactions. US companies have experienced an upward trend in late payments and bad debts arising from B2B trade on credit during the past 12 months. Currently, 55% of all B2B invoiced sales are overdue, while bad debts affect an average of 9% of all credit-based B2B sales. The electronics/ICT sector was the most affected. A significant majority of US companies polled told Atradius they would continue to retain and manage customer credit risk internally in the year ahead. However, there is a clear inclination among businesses polled to embrace a comprehensive and varied credit management strategy, including increased credit insurance use. To read Atradius' report go to https://atradius.co.uk/reports/payment-practices-barometer-b2b-payment-practices-trends-united-states-2023.html.

USMCA companies are on alert due to a late payments surge, with a 30% increase in Canada. Atradius' latest Payment Practices Barometer has found that USMCA companies face a notable uptick in late payments, with an average 13% increase from the previous year, particularly impacting Canada. The major concern for businesses polled in the USMCA region is a significant deterioration in the payment behaviour of B2B customers. Late payments increased by an average of 13% on the previous year, although they rose by 30% in Canada. Sales transacted on credit showed a sharp downturn among companies polled in Canada during the past 12 months, particularly in the chemicals sector. These now average just 32% of all B2B sales, with the majority of sales made on a cash basis. To read Atradius' report go to https://atradius.co.uk/reports/payment-practices-barometer-b2b-payment-practices-trends-usmca-2023.html.

Corporate Insolvencies

UK corporate insolvencies increased by 69.1% compared to pre-pandemic levels. The latest data from the UK's Insolvency Service has shown that UK corporate insolvencies increased by 33.6% (to 2,308) in August 2023 compared to July's total. Compared to August 2022, August 2021, and August 2019, insolvencies had increased by 18.9%, 71.3%, and by 69.1% respectively. Nicky Fisher, President of R3, commented: "August's corporate insolvency figures were their highest for this month in four years as a mixture of long-term economic issues, director fatigue, and creditor pressure saw more companies enter an insolvency process in an attempt to resolve their financial issues or shut their doors." To read R3's news release go to
https://www.r3.org.uk/press-policy-and-research/news/more/31788/page/1//.

UK company insolvencies in September 2023 increased by 17% compared to September 2022. New data from Creditsafe has found that 2,567 companies in the UK became insolvent in August 2023 – a decrease of 2% compared to the previous month but an increase of 17% compared to the same month in 2022. 16% of insolvencies in September came from within the UK construction sector. According to Creditsafe, this number of insolvencies suggests that while the current economic challenges are pushing an increasing number of businesses into insolvency, the insolvency trends are still uneven. The total number of UK company insolvencies for 2023 now stands at 22,392 – a 30% increase compared to the same period in 2022 and a 47% increase compared to 2021. The Construction sector remains the most significant contributor to the insolvency numbers, representing 17% of all insolvencies in 2023. To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.

There has been a 66% increase in winding up petition applications in the last six months. Company Watch has warned that the number of UK companies entering insolvency procedures or showing signs of financial risk is not slowing down as we enter Q4. New data released by Company Watch indicates that, as of 4 October 2023, over 1 million UK companies are in Company Watch's Warning Area; typically, around 64% of such companies enter into an insolvency process. In addition, nearly 6,000 companies in CompanyWatch's database have a winding up petition application filed against them - a 66% increase in the last six months. To see Company Watch's latest analysis in graphical format go to https://www.companywatch.net/uk-financial-risk-indicators/.

Half of all new UK businesses fail within three years of opening. A recent analysis from Experian reveals how new businesses in the UK often find it difficult to establish themselves as successful, ongoing enterprises. Experian's study (conducted on limited companies opening/closure rates 2013-2022) found that around 4% of new businesses have ceased trading by the end of the first year of operations, but the failure rate rises significantly to more than a third (34%) by the end of the second and to half (50%) within three years of opening. Meanwhile, nearly two-thirds of businesses (60%) in the highest risk categories for accessing new borrowing are firms which can be defined as 'young' – i.e. formed in the last five years. To read Experian's news release go to https://www.experianplc.com/media/latest-news/2023/half-of-all-new-businesses-fail-within-three-years-of-opening/.

The UK hospitality sector saw an almost 60% increase in insolvencies in H1 2023 compared with the same period in 2022. PwC's analysis of the latest UK insolvency data found that the first six months of 2023 saw approximately 13,000 corporate failures – 15% higher than in 2022. Although 97% of collapses were driven by companies with less than £1 million turnover, PwC notes that an increasing number of larger firms by revenue – more resilient to the economic pressures to date – are beginning to feel more distress. In the first half of this year, 157 businesses entering insolvency had a reported revenue exceeding £10 million. The impacted firms employ over 33,000 staff and collectively generated over £6 billion in revenue. The hospitality sector was particularly hard hit during H1, with nearly a 60% increase in insolvencies compared to 2022. To read PwC's news release go to https://www.pwc.co.uk/services/business-restructuring/insights/restructuring-insights.html.

Global insolvencies adjust back to pre-pandemic levels. Atradius' latest insolvency forecast for September 2023 advises that the adjustment process for insolvencies has accelerated in 2023, driven by normalisation after the pandemic, the bankruptcy of zombie firms, less government support and tighter lending conditions. After a 9% global increase in insolvencies in 2022, Atradius expects a 34% increase in 2023, with rising insolvencies across all regions, with North America experiencing a relatively strong increase, while Europe is seeing milder increases. For 2024, Atradius predicts that insolvencies will rise by 19% compared to 2023 and, by the end of the year, will have more or less normalised compared to pre-pandemic levels. To read Atradius' report go to https://atradius.co.uk/reports/economic-research-insolvencies-adjust-back-to-pre-pandemic-levels.html.

UK Economy

UK growth is expected to slow over the remainder of this year and into 2024. According to KPMG's latest UK Economic Outlook, high interest rates, continued uncertainty and low productivity could see the UK struggle to keep its head above water in the second half of the year – with GDP growth forecast at 0.4% in 2023 and 0.3% in 2024. In addition, inflation remains high and, KPMG predicts, may only return to its 2% target by the latter part of 2024. KPMG's long-term assumption is for the UK economy to grow by an average of 1%, significantly lower than the average GDP growth of 1.9% between 1990 and 2019. KPMG notes that this estimate sits between the estimates from the OBR and the Bank of England and is based on productivity growth of 0.9%. To read KPMG's news release go to https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2023/09/uk-economic-outlook.pdf.

A mild recession is taking hold in the UK. The latest insight from the Peterson Institute for International Economics (PIIE) predicts that on a year-over-year basis, UK real GDP growth is projected to decline by 0.3% in 2023 and 0.2% in 2024. With the exception of Russia (predicted to see a 2.1% decline in GDP in 2023), the UK is the only advanced economy expected to decline in growth in 2023 and the only advanced economy expected to see negative growth in 2024. According to PIIE, a mild recession is taking hold. In contrast, both the eurozone and the US are predicted to be on course for growth this year and next. To read PIIE's news release go to https://www.piie.com/blogs/realtime-economics/piie-projects-global-economy-poised-soft-landing.

Revised figures show that the UK economy outperformed France and Germany in Q2 2023. New data published by the Office for National Statistics (ONS) reveals that UK GDP is estimated to have increased by an unrevised 0.2% in Q2 2023 and by 0.3% in Q1 2023 – revised up from a previous estimate of 0.1%. Taking into account all recent revisions, this means that GDP is now estimated to be 1.8% above pre-COVID-19 pandemic levels in Q2 2023 – a substantial upward revision from the ONS' previous estimate in August that the economy was 0.2% smaller than before the pandemic, which had placed the UK at the bottom of the table among major advanced economies. In addition, UK GDP is now estimated to have increased by 4.3% in 2022, revised from a first estimate of 4.1%. To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/apriltojune2023.

Licensed under the terms of Open Government. Licence v3.0.

UK business performance across different sectors varies considerably. The BCC's Quarterly Economic Survey for Q3 2023 shows that business performance across different sectors varies considerably, with activity in the service sector improving but manufacturing lagging behind. The percentage of all firms reporting increased domestic sales remained unchanged from Q2 at 35%, although the services sector saw a larger bump, with 36% seeing an increase, diverging from manufacturers where 29% saw an increase. For cashflow, more businesses saw an improvement rather than a decline, but the changes remain small – 28% of businesses said their cash flow has improved over the last three months (26% in Q2), while 26% have seen it decline (29% in Q2). To read the BCC's news release go to https://www.britishchambers.org.uk/news/2023/10/bcc-quarterly-economic-survey-investment-flatlining-as-interest-rate-fears-climb/.

The retail market remains active in 2023 despite economic challenges. A new report by the Local Data Company (LDC) indicates high levels of activity across Britain's retail locations in the first half of 2023 despite the ongoing economic challenges. Retail and leisure closures across GB reached 27,504 units, representing an 11% year-on-year increase. However, this was matched relatively closely by the number of openings, reaching 23,504, the second-highest recorded openings since H1 2014. Retail parks were the only location type to record more openings than closures across the year's first half, with a net increase of +0.6% units. To read LDC's news release go to https://www.localdatacompany.com/insights-hub/press-resources/press-release-retail-market-remains-active-in-2023.

UK private sector activity is unlikely to see growth through this year. UK private sector activity fell slightly in the three months to September, according to the CBI's latest Growth Indicator. This contraction matched the pace of decline seen last month and extended the mild downturn seen over the last year. Services reported another fall in business volumes in September (-9%), reflecting mild contractions across both business & professional services (-9%) and consumer services (-7%). Manufacturing also saw output decline in the quarter to September (-10%), while distribution sales were broadly unchanged (-3%). Looking ahead, the CBI anticipates that activity in both services (+1%) and manufacturing (0%) will remain broadly unchanged. This is expected to offset another contraction in distribution (-10%). To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/private-sector-activity-unlikely-to-see-growth-through-years-end-cbi-growth-indicator/,

UK manufacturing output falls further. According to the CBI's latest Industrial Trends Survey, UK manufacturers reported that output volumes declined more quickly than expected in the three months to September. Output fell in 9 out of 17 sub-sectors, with the decline driven by the motor vehicles & transport equipment, chemicals and paper, and printing & media sub-sectors. The CBI also found that total order books were reported as below "normal" in September to a broadly similar extent to August (-18% from -15%). This left the level of total order books below the long-run average (-13%). Export order books were also seen as below "normal", having deteriorated from last month (-23%, from -18%). This brought them below the long-run average (-18%). To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/manufacturing-output-falls-further-with-volumes-tipped-to-be-flat-through-to-the-years-end-cbi-industrial-trends-survey/.

retail-sector-woes-continue-with-flat-sales-in-september.

UK manufacturers are seeing a very sharp slowdown in activity. Britain’s manufacturers are battening down the hatches amid a very sharp slowdown in activity and potential recession, according to the latest data from Make UK and BDO. The findings in the Make UK/BDO Q3 Manufacturing Outlook survey show that the positive picture of the year's first half has now gone sharply into reverse. According to the survey, the balance on output fell from +21% in Q2 to just +3%. Total orders also turned negative at -1%, with both UK and export orders negative at -3% – having been at +15% in Q2. According to Make UK, the scale of the fall in the indicators highlights the extent of the slowdown. In terms of overall output this year, Make UK and BDO are now forecasting a contraction of -0.5%, slightly worse than the -0.3% forecast in Q2. Make UK has also downgraded its forecast for 2024 to growth of just 0.5%, down from 0.8% in Q2. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2023/manufacturing-battens-down-the-hatches-as-downturn-looms-%E2%80%93-make-uk-bdo-survey.

Global Economy & Trade

European growth may pick up in 2024, but the recovery remains fragile. The latest insight from the Peterson Institute for International Economics (PIIE) predicts that, after growing 3.4% in 2022, the global economy will expand by 3% in 2023 and by 2.8% in 2024. Most large economies will see different degrees of subdued growth in 2024, with restrictive financial conditions holding back economic activity in the euro area, the US and the UK – with the latter having recently entered a mild recession. European growth may pick up a bit in 2024, but the recovery remains fragile, with PIIE projecting euro area GDP growth of 0.6% in 2023 and 1% in 2024. To read PIIE's news release go to https://www.piie.com/blogs/realtime-economics/piie-projects-global-economy-poised-soft-landing.

German GDP hasn't recorded positive growth since Q3 2022. Cebr has estimated that the German economy is just 0.2% larger than in the last pre-pandemic quarter and notes that German GDP hasn't recorded positive growth since Q3 2022. According to Cebr, although the challenges facing Germany are not unique, the country is being hit harder than most by the surge in energy prices following Russia's invasion of Ukraine. German manufacturers are also struggling with a downturn in the global economy and, in particular, in China – one of Germany's most important trading partners. However, Germany remains an economic giant; even under a scenario where GDP growth would only be half of what Cebr forecast in its December 2022 WELT report, it would still maintain 5th position in Cebr's World Economic League Table by 2037, ahead of the UK – albeit by a smaller margin. To read Cebr's news release go to https://cebr.com/reports/germany-needs-to-rethink-its-growth-model-also-for-the-benefit-of-uk-plc/.

A challenging outlook for global corporates in Q3. Allianz Trade has published its latest Sector Atlas, 'Assessing non-payment risk across global sectors.' The report notes that global GDP growth is projected to decelerate to +2.5% in 2023 (as low as in 2019); and although advanced economies will likely dodge a full recession, they will experience low growth in 2023 and 2024. For Q3, the outlook for corporates looks challenging, especially for Europe, with the US showing slight improvement. Against this backdrop, Allianz Trade predicts a balanced risk landscape from a sector perspective; the bulk of sector ratings are either 'Medium' risk or 'Sensitive' risk (a combined 85% of all ratings) across all regions. However, there is quite some risk dispersion between regions as Asia seems to be on the safer side while Latin America is on the riskier side. In terms of sectors, pharmaceuticals or software & IT services have better ratings overall, while construction, textiles and metals are often deemed riskier. To read Allianz Trade's report go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/Sector-Atlas.html.

Positive (though fragile) growth continues, with persistent inflation posing a key risk. The global economy was stronger than expected in the first half of 2023, but the growth outlook is weak, inflation is proving persistent, and there are significant downside risks, according to the OECD's latest Interim Economic Outlook. With monetary policy working its way through economies and a weaker-than-expected recovery in China, the Outlook projects global growth of 3.0% in 2023 and 2.7% in 2024. Annual GDP growth in the US is projected at 2.2% in 2023 and 1.3% in 2024, with the slowdown driven by cooler labour markets and, more generally, the effects of tighter monetary policy. In the euro area, where demand is already subdued, GDP growth is projected to ease to 0.6% in 2023 and edge up to 1.1% in 2024 as the adverse impact of high inflation on real incomes fades.
OECD, Positive growth continues, albeit fragile, and with persistent inflation posing a key risk, 19/09/2023. https://www.oecd.org/newsroom/positive-growth-continues-albeit-fragile-and-with-persistent-inflation-posing-a-key-risk.htm.

A trough in global economic activity is expected at the turn of the year, followed by below-trend growth in 2024-25. Allianz Trade's latest Global Economic Outlook projects "a timid" exit from recession from -0.6% growth in 2023 to +3.3% in 2024. The US will see +1.1% GDP growth in 2024, the slowest rate since 2009, followed by +1.7% in 2025. Germany and France will only grow by +0.7%, followed by +1.6% in 2025. China's growth is expected to slow to +4.7% and +4.2% in 2025. Emerging markets will face a growth deceleration to +4% and +3.9%, respectively, below pre-pandemic levels. The report also warns that, particularly in Europe, many corporates are bracing for significant post-COVID debt repayments due in late 2024-25. Business insolvencies are expected to rise by +11% in 2023 and at least +7% in 2024, with Western Europe being a key contributor to the global trend. To read Allianz Trade's news release, with a link to the full report and a presentation, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/global-economic-outlook-Q3-2023.html.

Global recovery remains slow, with growing regional divergences. The IMF's latest World Economic Outlook (WEO) forecast is for global growth to slow from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024 – well below the historical (2000–19) average of 3.8%. For advanced economies, the expected slowdown is from 2.6% in 2022 to 1.5% in 2023 and 1.4% in 2024, amid stronger-than-expected US momentum but weaker-than-expected growth in the euro area. Emerging market and developing economies are projected to have growth modestly decline, from 4.1% in 2022 to 4.0% in both 2023 and 2024, with a downward revision of 0.1% in 2024, reflecting the property sector crisis in China. Forecasts for global growth over the medium term, at 3.1% are at their lowest in decades. Global inflation is forecast to decline steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024 (the forecasts for 2023 and 2024 are revised up by 0.1% and 0.6%, respectively), and inflation is not expected to return to target until 2025 in most cases. To read the IMF's WEO go to https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023.

New Credit Management Products
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Events & Professional Development

Africa 2023: Export & Natural Resources Finance, 24-25 October. The Westin Cape Town, South Africa.
Taking place in October 2023, this is an unmatched opportunity to end the year on a high and start 2024 with new connections, crucial business intelligence insights and get ahead of the competition. Without anything quite like it in the market right now, this unique free offering will bring you the best of all things export, project, commodities & development finance. Click here for details

Special offers available — email marketing@exilegroup.com to enquire.

MENA Supply Chain Finance 2023, 7-8 November, Dubai.
ICC UAE is partnering with @bcr to bring you the second annual MENA Supply Chain Finance
conference on 7-8 November, in Dubai Chambers.
The first line of speakers, who we are happy to introduce today, is as follows:

•Anurag Chaudhary, CEO, Pinnacle Trade Finance
Betül Kurtulus, Regional Director for Central, Eastern and South-Eastern Europe and the
Middle East, FCI
Doaa Hafez, General Manager, Head of Technical Functions & Alternate Head of
International Factoring, Egypt Factors, Executive Committee Member, FCI
Elat Niyas, Treasury Manager, Al Masaood
Lionel Taylor, Managing Director, Trade Advisory Network
Maninder Bhandari, Director, Derby Group
Richard Wulff, Executive Director, ICISA - International Credit Insurance & Surety
Association
Shamila Ashiq, Regional Senior Legal Counsel, MENA Global Trade & Receivables
Finance, HSBC
Shereen Elansary, Head of Supply Chain Finance & Custody Division, Qatar National Bank
Alahli
Syed Imtiaz Hussain, Regional Head of Product and Propositions, Global Trade and
Receivables Finance (GTRF), HSBC
Syed Khurrum Zaeem, Head of Trade & Working Capital and Transaction Banking, Africa
and the Middle East, Standard Chartered Bank
Yusuf Ali Khan, Managing Director Head of Trade and Working Capital Solutions for
Middle East, North Africa and Pakistan, Citi
Ayman Allam, Former Director of Operations, Roche Middle East. Click here for details.

SCHUMANN Connect, Network Event. 16 November, London.
You are invited to the SCHUMANN CONNECT! event! Be part of our exclusive networking event for trade credit & surety insurers, brokers and trade finance managers on 16 November in London!

Underwriting in trade credit insurance and surety business is undergoing change. We will discuss with experts what demands the market is placing on digitalisation. Speakers from Allianz Trade, Nexus and Gracher, among others, will be there to discuss with us the possibilities of future-oriented digital solutions that are urgently needed for the competitiveness and sustainability of modern insurance companies.

These will be our topics:

Intelligent Underwriting Assistance
Benefits of Automated and Lean Processes
Annual Financial Statement Analysis in the Digital Age
Actual Trends in the Surety Industry

Don't miss the opportunity to exchange ideas with colleagues from the insurance and trade finance sectors.

Thursday, 16 November 2023, from 4 pm
citizenM Tower of London, 40 Trinity Square, London EC3N 4DJ

Become part of the SCHUMANN community and CONNECT!

Export & Project Finance Dealmakers Assembly 2023, 21-22 November 2023. Berlin, Germany.
After the resounding success of our seminal event last year, in October 2023, we head to Germany for the highly anticipated second edition of the TXF Export Finance Dealmakers Assembly, a conference turned upside down. The event's primary focus will be on securing those all-important meetings, strengthening ties with existing clients and forging new connections. The Dealmakers Assembly will be a conference like none you've attended before. A completely unique and innovative event format focused on deal origination, networking and meeting rooms galore. Discounts are available on bookings of 2 or more — email marketing@exilegroup.com to enquire. Click here for details.

The Working Capital Forum Europe 2023, 28 November 2023. Beurs van Berlage, Amsterdam. #WCFE23

Leading the way in Working Capital Management

The world’s largest specialist working capital event, Working Capital Forum Europe, returns to Amsterdam on 28th November 2023 at the Beurs van Berlage, with the prestigious Working Capital Awards taking place on 27th November at the Sofitel Legend The Grand Amsterdam.

The conference themes this year are Resilience, Innovation, and Growth.

The one-day event will bring you live demos, panel debates, workshops, keynote sessions and Q&A’s, covering every aspect of working capital and management and supply chain finance, including payables finance, inventory management, receivables finance, cash forecasting, liquidity strategies, FASB and IASB regulatory changes, and much more…

Attendees will have the unparalleled opportunity to meet, network and participate in panel discussions and debates with industry experts and professionals from the largest corporations across Europe and the world.

This is a must-attend event for: corporate treasurers, procurement directors, CFOs, finance directors/heads and senior leaders in large corporations.

Click here for information.

The 9th Alternative and Receivables Finance Forum, 28-29 November, London.

As the financial landscape continues to evolve, alternative receivables finance has emerged as a
crucial component of business operations. The 9th Alternative and Receivables Finance Forum
(ARF23) aims to bring together experts, innovators, and thought leaders from various sectors to
discuss and share insights on alternative receivables finance models, strategies, and best practices.
Join our partner BCR Publishing for this essential industry event on 28-29 November at the London
offices of Clifford Chance.

For the programme and registration click here.

Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range ofwebinars and classroom training courses.
Classroom training courses are organised once or twice per year or on demand while webinars
are organised multiple times per year or on demand for groups of participants.

For 2023 the following courses are scheduled.

31 October & 1 November: The Trade Credit Insurance Foundation Course*
2 & 3 November: The Trade Credit Insurance Advanced Course*

* Both course are confirmed to be run as the minimal number of participants has been reached already.

For 2024 the following courses have been planned in Q1:

26 & 27 February: The Surety Bonds Foundation Course
28 & 29 February: The Surety Bonds Advanced Course.

All classroom courses will take place in the Steigenberger Airport Hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include lunches and a dinner at the end of the first training day. The courses are hosted by very experienced experts from the industry and there is enough opportunity for asking questions, discussions and networking.

Also, there is the possibility of arranging in-house training: then there will be created a tailor-made outline for your staff based on the training demands of your company. The training will be effected at your own offices or at a venue of choice.

Detailed information about the webinar and classroom training courses is available on Stecis’ website: www.stecis.org. Also, further information can be obtained by sending an e-mail to info@stecis.org.

About our Sponsor: Co-pilot

Co-pilot has cultivated a prestigious client portfolio, featuring global multi-billion-dollar brands, tirelessly committed to delivering mutual benefits for Clients, Brokers, and, where applicable, Funders.
With two decades of expertise, Co-pilot specialises in advising companies on optimising O2C processes, enhancing Trade Credit Insurance Compliance, implementing robust Business Information programs, and more, primarily through a stellar reputation, extensive networks, and word-of-mouth referrals.
As external consultants, our mission revolves around meticulously scoping initial requirements, sourcing the ideal vendors and solutions, formulating robust implementation plans, and conducting diligent solution audits post-launch.
At Co-pilot, we understand that one size does not fit all. We embark on a tailored journey with each client, guiding them towards discovering the precise tools, technology, and techniques indispensable to their unique business needs.
Our knowledge and experience in advising clients are unparalleled, encompassing cutting-edge credit risk management practices, enriched by our exclusive data sources, tools, techniques, and methodologies for real-time credit risk management. This fusion of core competencies is a hallmark of Co-pilot's distinctiveness, enabling us to provide clients with a comprehensive advisory package for achieving optimal solutions.

WHY CO-PILOT?

Our unrivalled expertise in selecting platform vendors (see case studies on website).
Our profound knowledge, extensive experience and sterling reputation in the Trade Credit Insurance market.
Our adaptable “Digital Collaboration” solution which, we believe, represents a new future for the industry.

For further information, please speak to Simon Marshall at +44 20 7813 2182 or visit https://www.co-pilot.co.uk/about-us/.

Your journey to tailored, effective solutions begins here.