Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ Tue, 28 Jun 2022 01:33:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://business-continuity-and-disaster-recovery-world.co.uk/wp-content/uploads/2021/05/cropped-icon-32x32.png Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ 32 32 Asian Companies Struggle to Make Up for Losses from Rising B2B Bad Debts, Atradius Survey Reveals https://business-continuity-and-disaster-recovery-world.co.uk/asian-companies-struggle-to-make-up-for-losses-from-rising-b2b-bad-debts-atradius-survey-reveals/ Tue, 28 Jun 2022 01:33:05 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/asian-companies-struggle-to-make-up-for-losses-from-rising-b2b-bad-debts-atradius-survey-reveals/

AAn alarming 60% increase in business-to-business (B2B) write-offs is expected to pose a serious threat to corporate liquidity in Asia.

AMSTERDAM, June 28, 2022 /PRNewswire/ — The pursuit of unpaid B2B trade debts has become a major headache for Asian companies operating in domestic and export markets. They face greatly increased costs to manage customer credit risk internally and thereby protect cash flow from the disruptions caused by the current challenging economic and business environment.

Managing risk, fostering trade (PRNewsfoto/Atradius)

The problem becomes even more serious with long-term (more than 90 days) unpaid B2B trade debts that are written off as uncollectible despite multiple attempts to pay. In this situation, companies are struggling to find additional sales, a measure that could help offset their losses and thus avoid putting pressure on liquidity and jeopardizing a company’s entire future.

Serious warning signs of growing pressure on corporate liquidity are evident in the staggering 60% increase in business-to-business (B2B) bad debts that could not be collected, compared to our survey in 2021. This is the main concern expressed by companies surveyed in seven markets in Asia (China, hong kong, India, Indonesia, Singapore, Taiwanand Vietnam) and in the United Arab Emirates for the 2022 edition of the Atradius barometer of payment practices for Asia.

Taiwan sounded the highest alarm, with a bad debt write-off figure nearly three times higher than that found in our previous market survey – now at 8% of total B2B invoice value. Companies in hong kong and Singapore also said they were hit hard by the rise in radiation, with both recording an average increase of 50%. Another country that suffered was Indonesiawith a reported 40% increase in radiation. Vietnam was included in the survey for the first time and companies there said liquidity was impacted by both write-offs (at 6% of total B2B invoice value) and unpaid B2B trade debts, which affected about half of the B2B business value.

Another concern for businesses in the current difficult economic and business circumstances is the difficulty of recouping profits when experiencing a high impact from depreciation. The Atradius survey in Asia reveals that 20% more companies than the previous year reported an increased willingness to extend credit to B2B customers. This is a signal that current market conditions are very competitive and companies are struggling to secure the additional sales revenue that would offset write-off losses. The survey also revealed that a serious concern for businesses in the coming months is the ability to keep pace with demand (33%) as well as the resilience of B2B customer demand (25%).

All of this has led to increased awareness among most companies surveyed of the importance of strategic credit risk management in B2B trade, with one in two companies in surveyed markets expressing interest in insuring B2B trade receivables. to mitigate the impact of customer credit risk on the business.

Andreas TeschChief Market Officer of Atradius, said: “The growth prospects of Asia remains relatively robust at around 5% this year and in 2023. But many companies in the region are operating across the world in the current deeply unstable times, where the continued impact of the pandemic and geopolitical upheavals have prompted an upward revision. global growth outlook down to just over 3%. Companies in Asia are feeling the effects of this widespread disruption of the global trading arena. Dealing with rising bad debt write-offs can be a warning sign of a financially stressed business environment. This certainly explains why the need for strong strategic credit management was seen as a crucial theme throughout our survey in the major economies of the region. »

Roeland PuntAtradius Regional Sales Manager for Asiaadded: “Given the continued uncertainty in the market, we do not expect the bad debt trend to recover quickly. Concern over the longer time it takes for businesses to collect payments B2B customer pain remains acute. will be tested, and companies that take a flexible and holistic approach to the issue will be better placed to navigate the troubled waters that may lie ahead.”

The Atradius barometer of payment practices for Asia PacificJune 2022 edition can be downloaded from the Atradius website on the Atradius Group website (Publications section). It further provides an in-depth analysis of how companies in key Asia-Pacific markets are managing the risk of default when selling on credit to B2B customers. Topics covered include: payment terms, invoice collection time, managing late payments, the impact of late payments on business, and expected business trends.

About Atradius: Atradius is a global provider of credit insurance, surety and collection services, with a strategic presence in more than 50 countries. The credit insurance, surety and collection products offered by Atradius protect businesses around the world against the risks of default associated with the sale of goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in the Spain and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com.

For more information:
Atradius Group website
www.atradius.com.hk

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Parliament approves €74.15 million for Tarkwa water project | Policy https://business-continuity-and-disaster-recovery-world.co.uk/parliament-approves-e74-15-million-for-tarkwa-water-project-policy/ Fri, 24 Jun 2022 12:31:49 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/parliament-approves-e74-15-million-for-tarkwa-water-project-policy/

Parliament has approved a loan of €74.15 million to finance the Tarkwa water supply project in the Western Region.
The facility is made up of 65 million euros for the commercial contract and associated insurance of 9.15 million euros as an export credit guarantee.
Objective of the project

The project aims to expand access to clean water for residents of Tarkwa and its neighboring communities by increasing the capacity of Bonsa’s existing water supply system and expanding access to neighboring communities.

It will increase the capacity of the existing water supply system from 2,800 cubic meters per day to 27,000 cubic meters per day to meet the current demand of 15,000 cubic meters, as well as the projected water demand for the municipality. until 2040.

The motion to approve the loan was moved by the chairman of the parliament’s finance committee, Kwaku Kwarteng, and seconded by the committee’s ranking member, Dr. Cassiel Ato Forson.

Mr. Kwarteng, who read the committee’s report before the loan facility was approved, said that after careful consideration of the agreement, the committee was confident that the facility, once approved, would help broaden the access to water in Tarkwa and its watersheds.

Dr Forson, in his presentation, said that although the terms of the loan were favorable, the problem was with the insurance component.

He therefore asked the government to work on the insurance aspect to ensure the optimization of resources.

The ranking member further said that the high insurance premium covering the loan was the result of the country’s low credit rating in the international market and proposed the government to put in place policies and programs to address this. the situation.

Contributing to the motion, works and housing committee chairman Isaac Kwame Asiamah said the government’s intention to secure the credit facility was to extend the water supply system in Tarkwa to fill gaps in water supply and demand in Tarkwa. and its surrounding communities.

The project, he said, was in line with the government’s policy to ensure access to safe drinking water for all by 2030, in line with the sixth sustainable development goal.
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Mr Asiamah said the existing Bonsa water treatment plant, which was built in the 1970s, had not been rehabilitated and expanded to meet the area’s ever-increasing water demand. supply and, therefore, the members of the Chamber must approve the loan for the project. to take off.

game changer

Western Regional Minister Kwabena Okyere Darko-Mensah, who is the MP for Takoradi, on his part said that the project will be a game-changer in water supply for the people of Tarkwa and its environs.

He said Tarkwa was the capital of Tarkwa Nsuaem Municipality in the Western Region, with a population of around 90,477.

The municipality was expected to experience rapid population growth as Tarkwa continued to discover greater potential for socio-economic growth.

He said the expansion of the water supply system would help meet the current demand for drinking water and beyond.

Source: graphiconline.com

Disclaimer: The opinions expressed here are those of the authors and do not reflect those of Peacefmonline.com. Peacefmonline.com assumes no legal or other responsibility for the accuracy of their content. Please report any inappropriate content to us, and we will evaluate it first.

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The Make it in the Emirates forum concludes with the signing of 32 industrial partnership agreements https://business-continuity-and-disaster-recovery-world.co.uk/the-make-it-in-the-emirates-forum-concludes-with-the-signing-of-32-industrial-partnership-agreements/ Thu, 23 Jun 2022 16:07:30 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/the-make-it-in-the-emirates-forum-concludes-with-the-signing-of-32-industrial-partnership-agreements/
  • AED 110 billion direct debit deals disclosed
  • The event witnessed the announcement of promising opportunities in 11 industry sectors
  • Forum identified 300 products to be produced locally, contributing AED6 billion to GDP annually
  • Agreements aimed at increasing the purchasing power of 12 large national companies

Abu Dhabi, United Arab Emirates:- The Make in the Emirates Forum, organized by the Ministry of Industry and Advanced Technology (MoIAT) in cooperation with the Abu Dhabi Department of Economic Development (AD DED), took place concluded by the signing of 32 agreements between government entities, industrial enterprises and financing institutions. 1,800 industry players and investors and 24 leading companies participated in the forum.

Major national companies have announced a commitment of AED110 billion in potential purchase agreements for existing and new partners. The forum included an exhibition highlighting opportunities and incentives in over 11 priority sectors and unveiled over 300 products to be made locally. These products will contribute over AED 6 billion to GDP per year.

The 32 agreements will diversify the industrial sector and enhance its sustainability, increasing the contribution of the domestic industrial sector to the economic diversification of the UAE.

The forum witnessed some important announcements including the unveiling of incentives for manufacturers in the UAE. Incentives include financing up to 80% of capital expenditures at low interest rates, with grace periods of two years and a repayment period of up to 15 years, reduced industrial royalties , reduction of service tariffs, facilitation of exports to new markets and financing via 7 major financial institutions.

The incentives also include facilitating access to sources of finance, such as concessional loans, trade finance and credit solutions to support exports by the Abu Export Support Office. Dhabi and the Export Credit Union.

The Department of Economic Development Abu Dhabi has launched several programs to support the industrial sector and improve its competitiveness, such as the Abu Dhabi Local Content Program (ADLC) and the Electricity Tariff Incentive Program (ETIP), as well as initiatives to improve the financing environment for the sector. Other favorable factors introduced at the forum include discounts on land and office rental at KIZAD, and up to an 18-month grace period on land rental at Tawazun Industrial City.

Presentations

The second day of the forum included presentations from public and private sector entities on available investment opportunities. Abu Dhabi National Oil Company (ADNOC) made a presentation on the industrial opportunities related to mechanical products and air conditioners, the industrial opportunities related to pipes, fittings and valves, the opportunities related to electrical, control and communication products, and the opportunities related to technological products.

There were also presentations from PureHealth, Etihad Airways, Emirates Global Aluminium, EDGE Group, Baker Hughes International for Industrial Services, Abu Dhabi Fund for Development and Taziz.

32 chords

Over two days, the forum saw the signing of 32 agreements between government entities and leading industrial companies. As part of these deals, some companies have joined the National In-Country Value (ICV) program which will provide around AED110 billion worth of potential purchase deals to existing and new partners in a step that will locate channels supply.

Among the deals, ADNOC, as a major driver of industrial growth in the UAE, has signed deals worth AED21 billion with local and international companies to purchase locally manufactured products.

Exposure

The forum presented an exhibition in which more than 24 national entities and enterprises participated and through which they announced promising industrial opportunities. A number of enablers and incentives have been announced. The forum saw the participation of seven major financial institutions, including Emirates Development Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Etihad Credit Insurance, Abu Dhabi Fund for Development, Abu Dhabi Islamic Bank, HSBC and Standard Chartered.

-Ends-

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DGDA signs MoU with Al Rajhi Bank to help finance home buyers https://business-continuity-and-disaster-recovery-world.co.uk/dgda-signs-mou-with-al-rajhi-bank-to-help-finance-home-buyers/ Wed, 22 Jun 2022 13:22:18 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/dgda-signs-mou-with-al-rajhi-bank-to-help-finance-home-buyers/

Riyadh: The Diriyah Gate Development Authority (DGDA) has signed a Memorandum of Understanding with Al Rajhi Bank to provide financing options for the purchase of residential real estate units. The agreement facilitates the financing of people wishing to buy housing in the residential projects of the DGDA and strengthens cooperation in real estate investments, banking services and other areas related to the coordination, development and implementation. implementation of projects and initiatives.

The MoU was signed by Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, and Waleed Al-Mogbel, Managing Director of Al Rajhi Bank. The agreement will pave the way for cooperative discussions in areas such as corporate and retail banking, Sharia-compliant solutions and e-commerce products to help DGDA improve its efficiency and manage administrative challenges such as import and export lines of credit, bank letters of guarantee. , shipping letters of guarantee and online supply chain finance. In addition, the agreement includes cooperation with the bank’s corporate banking group for cash flow management, collections and payments solutions, as well as the management of digital payments through the bank’s online portal. DGDA.

Under the terms of the memorandum of understanding, the two parties will also explore the possibility for the bank to offer sales management in VEFA using tools including an advanced user interface and a reporting system, which would allow the DGDA to obtain a granular visibility on its projects. The two parties also agreed to develop new ways to offer financial support to people looking to buy homes around Diriyah, as well as the possibility of extending full banking services to DGDA staff at competitive rates.

The MoU also covers working with Al Rajhi Bank’s insurance arm, Takaful, to offer Sharia-compliant insurance for DGDA properties and staff, including medical insurance policies, automobile and savings.

Mr. Inzerillo said that one of the main objectives of the memorandum of understanding is to train DGDA staff in financial management, adding that the two parties would work together to categorize real estate developers according to their credit rating, in more than exchanging their expertise and their research. “With this Memorandum of Understanding, we aim to help ensure financial sustainability and maximize returns from our assets, as well as to enhance the skills and train our staff to help us achieve our ambitious goals,” a- he commented.

Meanwhile, Al-Mogbel said the MoU will create potential opportunities for the creation of new real estate funds designed to finance specific types of developments, lease them out, and then dispose of them as and when needed.

He also said real estate funds can be created to operate on a sale-sale-sale model, with cash and investment management tools tailored to each individual project, as well as co-funding with other companies. other banking institutions. In conclusion, he expressed his hope that the agreement would strengthen the collaboration between the two parties to achieve their mutual goals.

-Ends-

About Diriyah Gate Development Authority (DGDA)

The Diriyah Gate Development Authority (DGDA) was established in July 2017 to preserve Diriyah’s history, celebrate its community and make the historic UNESCO World Heritage Site of At-Turaif one of the most great gathering places in the world at the heart of Saudi culture and heritage. We are focused on protecting and preserving the history of the Kingdom, including the stories of our ancestors as well as our physical heritage. In accordance with design, development and preservation standards, DGDA will create an environment that enhances the historical, national and international relevance of Diriyah, including the preservation of At-Turaif. DGDA is transforming Diriyah into one of the region’s leading destinations for cultural knowledge sharing activities and international events. We aspire to make Diriyah a global gathering place by creating rich experiences that tell the stories of our history, instilling a sense of Saudi pride, and creating world-class destinations and landmarks. The Authority ensures that Diriyah’s cultural landmarks are complemented by leading hotel brands, fine dining experiences and world-class retail offerings. We are committed to enabling the people of Diriyah to achieve their goals. The DGDA will celebrate the local community, showcasing social, cultural and historical achievements, connecting to the roots of the Saudi state and creating strong foundations on which to build the best possible future for the community. The DGDA works alongside the executive bodies of Diriyah, as the main regulator for the supervision area (190 km²) and will apply best practices in land management, issuance and monitoring of construction permits and licenses.

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How the war in Ukraine benefits Russian insurers and drives up insurance premiums everywhere https://business-continuity-and-disaster-recovery-world.co.uk/how-the-war-in-ukraine-benefits-russian-insurers-and-drives-up-insurance-premiums-everywhere/ Mon, 20 Jun 2022 14:07:18 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/how-the-war-in-ukraine-benefits-russian-insurers-and-drives-up-insurance-premiums-everywhere/

An EU/UK plan to ban their insurers from covering ships carrying Russian oil is causing tension with Washington. America argues that Europe’s dominance of global insurance will make it very difficult for Russia to export oil if this continues, which could drive oil prices much higher than they are already.

Yet that may not happen as Russia takes steps to solve the problem on its own. The national national reinsurance company, RNRC, would step in to take the place of Western insurance companies by insuring the fleets and their cargo. Russia will also now provide liability and environmental damage insurance in place of the Protection and Indemnity (P&I) clubs. If these changes are viable in the long term, it will mean that some of the business that was primarily aimed at European and UK insurance companies will now be kept in Russia.

This is just one of the many ways Western insurance is affected by the war in Ukraine. Insurers are already facing severe losses following sanctions passed in March banning the provision of various types of cover to Russia-related business. This has significant implications at all levels for business and society. So what happens and where does it go from here?

Insurance and geopolitics

The insurance sector dwarfs the GDP of every country in the world except China and the United States. It has been estimated at more than US$5 trillion (£4 trillion) in premiums paid in 2021 and is expected to rise by 10% in 2022.

We’re all used to thinking that insurance companies protect people and businesses from risk, but behind that lies another set of specialist companies called reinsurers. These players insure the risks of insurance companies against, for example, losses resulting from claims, i.e. they offer insurance taken out on insurance. In some cases, complex insurance and reinsurance networks exist to ensure that the risk is properly protected.

Main insurers and reinsurers by turnover

2021 data.
Gallagher Re Reinsurance Market Report for the year 2021; Reinsurance news

Before the invasion of Ukraine in February, there were instances where sanctions against Russia involved the insurance industry. When the United States pressured Germany to abandon its NordStream 2 pipeline project, insurance and reinsurance companies were among those that pulled out until the Biden administration eased. his approach.

This time around, it’s a whole different level. Claims have been made on policies related to aviation, marine, trade credit, cyber and political risk. This represents only a relatively modest exposure for the entire industry, but the potential long-term effects are another matter. Since Western sanctions were imposed in March, major players such as Lloyd’s of London, Swiss Re and SCOR and brokers such as Marsh, Aon and Willis Towers Watson have stopped taking new business with Russia. With a considerable amount of assurance previously provided to Russian sectors such as aviation and space in London and New York, for example, this is a major change.

We are now in a situation where the planes of the world no longer fly through Russia. It raises the prospect of years, if not decades, of claims by owners of up to 600 seized planes, many of which are leased.

Count the cost

It is not easy to estimate the overall blow to the Western insurance industry from the deterioration of relations with Russia. This is partly because much depends on the worsening of the current crisis and the possibility of finding a political or military solution.

In early April, a report by S&P Global predicted losses to specialized categories such as aviation, maritime and political risk would be in the range of US$16 billion to US$35 billion. Lloyd’s of London alone was reported in March as facing aviation and space payments of between US$1 billion and US$4 billion, or 1% of its premiums.

HQ sign for Lloyd's of London
The Lloyd’s insurance market is among those hard hit.
Simon Vayro

The industry could be hurt by claims payouts for a decade or even two, acting as a drag on insurers’ balance sheets in the meantime. Those who have not yet unloaded their Russian cases also run the risk of their policies being seized by the Russian government.

Meanwhile, premiums are rising more and more as insurers seek to make up for their losses, especially in all categories except life insurance. Global aviation insurance premiums have reportedly doubled as insurers seek to protect their profit margins. Bounties on tankers and other important cargoes in the Black Sea, such as agricultural and grain products, have also increased significantly. All of this will translate into higher prices for consumers and businesses, even outside of all the other current inflationary pressures.

Another area affected is cyber insurance, which protects against the risk of cyber attacks. With Russia linked to numerous cyberattacks, both in connection with Ukraine and other countries, the demand for cyberinsurance has increased, but it is becoming increasingly difficult to obtain and as a result prices are rising. arrow.

Russia is a potential winner in much of this. Assuming the sanctions continue, it is likely that Western insurers will increasingly be replaced by Russian insurers (and those from countries it deems friendly). For example, the RNRC already replaces Western reinsurers for other cargoes than oil. Russia could also follow the Iranian model, where various new reinsurance pools, companies, P&I clubs and coinsurance (multiple companies providing cover) guaranteed by the government have been created in response to the sanctions.

Russian sanctions and the forced exodus of Western companies from the Russian market give Russia the chance to have inherited in-house expertise and knowledge of the insurance and reinsurance industry that it does not have. paid. While Western insurance companies have to absorb the hit from the sanctions, it is not entirely clear that their Russian counterparts will suffer in the same way.

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Daily Update: June 17, 2022 https://business-continuity-and-disaster-recovery-world.co.uk/daily-update-june-17-2022/ Fri, 17 Jun 2022 17:56:38 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/daily-update-june-17-2022/

Start each business day with our analyzes of the most pressing developments affecting markets today, along with a curated selection of our latest and most important news on the global economy.

Russia’s crude exports rise as global energy crisis deepens

The divestment of the world economy vis-à-vis Russia has disrupted more than 10% of world oil flows, but the energy superpower continues to export the raw material to recalcitrant buyers.

Russia’s attack on Ukraine has spurred unprecedented penalties Western economies and their allies who continue to disrupts global commodity marketsin particular by restricting the supply of Russian oil which represents nearly 13% of total oil exports, according to S&P Global Commodity Insights. However, Russian maritime crude exports remained at their highest level in three years after the pandemic in the first half of June as China and India gobble up oil from the former Soviet superpower. Russian Deputy Prime Minister Alexander Novak announced today that the country’s oil exports increased by 12% in the first five months of 2022.

“The United States has already banned imports of Russian crude, and with the European Union in the process of doing so, that has left Asia as the only major outlet for these crudes,” said Lim Jit Yang, oil markets adviser at Platts Analytics of S&P Global Commodity Insights. “As a result, Asian buyers should have the upper hand in terms of price.”

Changing market dynamics come as oil outlook supply becomes more worrying. The International Energy Agency warned this week that global oil supply may struggle to match demand in 2023 due to Russian constraints, OPEC+ production reserves, and China’s needs following its COVID lockdowns. The OPEC producer coalition said this week that crude demand is expected to increase while Russian production will fall by the end of the year.

Market participants expect Russia’s oil exports to increase and the country to be able to circumvent sanctions imposed by the EU prohibiting operators in the euro zone ensure and finance the maritime transport of Russian oil to third countries by turning to suppliers from other regions wishing to intervene. Other market participants believe that alternative approaches to energy sanctions against Russia could punish the aggressor for its invasion of Ukraine while stabilizing the world oil market.

“There are always ways for cheap rough to get inespecially when they remain competitive even after factoring in freight and insurance,” a crude trader at a Chinese state-owned oil company told S&P Global Commodity Insights, explaining that China and India are likely to take more Russian crude, while Europe could import more. Barrels from the Middle East.

Today is Friday, June 17, 2022and here is today’s essential intelligence.

Written by Molly Mintz.

Economy


Listen: The Essential Podcast, Episode 63: India Unleashed – Reforms Needed for an Emerging Economic Superpower

Dr. Ajay Chhibber joins the Essential Podcast to talk about India’s path to becoming an upper-middle-income country, the reforms needed that will unlock the country’s potential, and the challenges still holding it back. S&P Global’s Essential Podcast is dedicated to sharing essential information with those who work and are affected by the financial markets. Host Nathan Hunt focuses on issues of immediate importance to global financial markets – macro trends, credit cycle, climate risk, ESG, global trade and more. – in interviews with subject matter experts from around the world.

—Listen and subscribe to The Essential Podcast from S&P Global

Access more information on the global economy >

Capital markets


Listen: Take Notes: How Australia’s Renminbi Sector’s Resistance to Monetary Tightening Will Be Tested

Credit analyst Erin Kitson joins the latest episode of Take Notes to discuss the Australian RMBS sector’s likely resistance to rising interest rates in the country due to inflationary pressures. They dive deep into a scenario analysis conducted to explore borrower sensitivity to rising interest rates, the industry fixed rate phenomenon, property prices, unemployment, geographic diversity and performance. ratings.

—Listen and subscribe to Take Notes, a podcast by S&P Global Ratings

Access more information on capital markets >

International trade


Russian maritime oil exports at 3-year high despite sanctions shake-up

Russian exports of maritime crude remained at post-pandemic highs in the first half of June as India and China continued to source supplies at discounted prices despite tougher Western sanctions against Moscow. Compared to pre-war levels in January and February, crude exports from Russia from June 1-15 increased by 576,000 bpd to an average of around 3.88 million bpd , according to preliminary data from shipping analytics provider Kpler. The latest export flows, up from 3.81 million b/d in May, put Russian maritime crude exports at their highest since May 2019.

—Read the article by S&P Global Commodities Outlook

Access more information on global trade >

ESG


Listen: critical moment for EU carbon market reform as lawmakers finalize negotiating positions

Attempts to overhaul the EU’s emissions trading system have entered a critical period as the European Parliament and European Council aim to finalize their negotiating positions by the end of June. The European Parliament rejected the bill proposed by lawmakers in its plenary vote on June 8, but is preparing for a second vote on June 22. The eastern flank of Europe. Frank Watson and Michael Evans of S&P Global Commodity Insights look at the key elements of the negotiations and explain why they matter to carbon prices and other energy commodity markets in Europe.

—Listen and subscribe to Future Energy, a podcast from S&P Global Commodities Outlook

Access more information on ESG >

Energy and raw materials


Listen: Premium Gasoline Comes at a Cost

In this episode of the Oil Markets Podcast, Light Price Editors Sarah Hernandez and Jordan Daniel and U.S. Clean Products Manager Matthew Kohlman discuss record gasoline prices affecting drivers across the United States. They discuss historically low inventories, how an octane shortage is driving up premium prices, what the outlook is for gasoline demand, and prices through the rest of the summer.

—Listen and subscribe to Oil Markets, a podcast by S&P Global Commodities Outlook

Access more information on energy and raw materials >

Technology and media


Top tech stocks lost $3 trillion in market capitalization in 2022

For years, large-cap tech stocks looked invincible. Then came 2022. Year-to-date through June 13, Microsoft Corp. and FAANG shares — the historically prized basket of Facebook operator Meta Platforms Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google-parent Alphabet Inc. — lost $3.328 trillion combined.

—Read the article by S&P Global Market Intelligence

Access more information on technology and media >

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OIC strives to achieve 25% intra-OIC trade by 2025: official https://business-continuity-and-disaster-recovery-world.co.uk/oic-strives-to-achieve-25-intra-oic-trade-by-2025-official/ Thu, 16 Jun 2022 06:51:18 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/oic-strives-to-achieve-25-intra-oic-trade-by-2025-official/

Jeddah: The Secretary General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha, underlined that the Organization has set itself the target of achieving 25% intra-OIC trade among member states during the next three years by 2025. He added that the amount recorded for trade finance, business insurance operations and support for private sector activities has reached a cumulative amount of US$140 billion since inception. International Islamic Trade Finance Corporation (ITFC), Islamic Investment and Export Credit Insurance Corporation (ICIEC) and Islamic Corporation for Private Sector Development (ICD).

This was revealed in a statement of the Secretary-General, delivered on his behalf by the Under-Secretary-General for Economic Affairs, Dr. Ahmad Kawesa Sengendo, during the opening ceremony of the 17th OIC Trade Fair, held in Dakar, Republic of Senegal, June 13. 2022.

“It is my hope and prayer that this trade fair will effectively contribute to increasing intra-OIC trade from 18% in 2021 to 25% by 2025,” the OIC Secretary General said.

“I urge all our trade promotion agencies to continue collaborating with the entire OIC family towards achieving this achievable goal,” he added.

The Secretary General noted that the organization of the biennial general trade fair and the regular holding of specialized trade fairs represent an important instrument for the promotion of trade and services among the OIC Member States, adding that it becomes even more important given the disruptions to trade caused by the COVID 19 pandemic and the global food crises caused by a cocktail of challenges.

Hissein Brahim Taha also pointed out that the tourism sector represents effective and inclusive cooperation in the significant expansion of intra-OIC trade. In this context, he called on all Member States to actively participate in the upcoming 11th Islamic Conference of Tourism Ministers (ICTM) to be held in Baku, Azerbaijan from 27-29 June 2022.

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Credit Insurance Market Research Report 2025 (Covering US, Europe, China, Japan, India, Southeast Asia, etc.) Defense News https://business-continuity-and-disaster-recovery-world.co.uk/credit-insurance-market-research-report-2025-covering-us-europe-china-japan-india-southeast-asia-etc-defense-news/ Sun, 12 Jun 2022 21:16:33 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/credit-insurance-market-research-report-2025-covering-us-europe-china-japan-india-southeast-asia-etc-defense-news/

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Georgia native returns to export it all and receives honor from Emory https://business-continuity-and-disaster-recovery-world.co.uk/georgia-native-returns-to-export-it-all-and-receives-honor-from-emory/ Fri, 10 Jun 2022 21:19:09 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/georgia-native-returns-to-export-it-all-and-receives-honor-from-emory/

Over the past seven years, 126 Georgian businesses – mostly small ones – have received support from Ex-Im, making the state the 11th largest recipient of the bank’s support. (Georgia is the 8th most populous state.)

The bank has a dozen regional offices, including one in Atlanta. With approximately 400 employees, Ex-Im relies on the Department of Commerce, which has many other foreign agents around the world. In the agency’s budget, officials estimated that the Ex-Im this year will provide support for $9.6 billion in spending, supporting about 59,000 jobs.

Lewis said she grew up immersed in small business. His parents ran two – Lewis Mart and Lewis Van Lines Moving and Storage.

Lewis, the first person of color to run the bank, was recently in Atlanta to receive an award at Emory University, where she earned a law degree.

During her career, she has worked in the public and private sectors. She was previously Director of Congressional Affairs at the German Marshall Fund in the United States and worked at the US State Department and the White House, as well as for a number of law firms and the US Chamber of Commerce.

She spoke to the AJC during her visit to Atlanta. His remarks have been edited for brevity and clarity.

AJC: Welcome to Georgia. I wonder, how do you relate where you come from to what you are doing now?

lewis: Being from a small town, whose parents were small business owners, I am fully aware of the challenges, but I would also say the great opportunities that entrepreneurs and small business owners have to create jobs .

The mission, fundamentally, of the Export-Import Bank is to support American jobs and encourage the export of American goods and services. It’s one of the tools in the President’s toolbox around our economic security to help American businesses maintain our competitiveness.

AJC: How does insurance work for exporters?

lewis: Basically it’s Ex-Im providing (support). Their work is backed by the full faith and credit of the United States. We provide insurance against the risk of non-payment by this foreign entity. If they don’t pay and they work with us, Ex-Im steps in and covers that.

AJC: Do you have a metric, a reference to measure what you do?

lewis: We use the signpost which is in our charter. He talks specifically about making products and services available, especially to small businesses. Make more available in China, in Africa, in projects with clean energy.

We began to consider more work with state and local leaders, with minorities, women, veterans, LGBTQ communities – all traditionally underserved areas. We have come to understand that mayors, governors and county executives are the primary economic drivers of development in their communities. So we try to make more partnerships with them and the organizations that serve them.

AJC: Has the Russian war in Ukraine had an impact on what you do?

Lewis: We have a commitment to Ukraine. The Prime Minister was in Washington a few weeks ago and we let them know that Ex-Im Bank supports Ukraine. We were able to reaffirm a $3 billion commitment, making funding available, that we signed last August. We are convinced that American companies can play a central role in rebuilding Ukraine.

We believe Ex-Im funding can be used to bring a number of their projects to life, particularly around building bridges and digital infrastructure, clean energy facilities and much more.

AJC: Do you steer exporters one way or another, to certain companies or certain regions?

Lewis: We can tell them where things are going, where things are happening. (We’re talking) about being sustainable, AI, biotech and semiconductors.

What we’re trying to do is be more strategic. Part of being (in Atlanta) this week is raising awareness for the Make More in America initiative. Even here in the United States, there was a broad understanding that COVID pandemic and all the events that followed revealed the flaws in our supply chain. It showed that we had insufficient manufacturing capacity. It showed that our American industrial base had been eroded and it showed how China and other countries, how aggressive they had been in their work around the world.

The idea is to make more in America and export more from America.

I think we are in a different era now, and at Ex-Im Bank we need to diversify our portfolio. It’s just a good time for me to be at Ex-Im. I hope this will be a great legacy that we can all leave behind, ensuring that American businesses, large and small, are able to compete, but also, we want them to win.


Reta Jo Lewis

Age: 68

Hometown: Stateboro

Education: University of Georgia (AB), American University (MSAJ) Emory University School of Law (JD)

Current position: Chairman and President, Export-Import Bank of the United States

_______________________________

Ex-President Im Reta Lewis and Atlanta Mayor Andre Dickens at a recent conference of US mayors

Credit: cus

Credit: cus

Ex-President Im Reta Lewis and Atlanta Mayor Andre Dickens at a recent conference of US mayors

Credit: cus

Credit: cus

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Great American Insurance Group Announces Leadership Changes for Two of Its Specialty Insurance Divisions | Company https://business-continuity-and-disaster-recovery-world.co.uk/great-american-insurance-group-announces-leadership-changes-for-two-of-its-specialty-insurance-divisions-company/ Wed, 08 Jun 2022 18:02:45 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/great-american-insurance-group-announces-leadership-changes-for-two-of-its-specialty-insurance-divisions-company/

CINCINNATI–(BUSINESS WIRE)–June 8, 2022–

Great American Insurance Group recently announced the promotion of two division presidents to its Specialty Property & Casualty group in anticipation of expected retirements.

Michael (Mike) B. Mulvey has been appointed Division President within the FCIA – Trade Credit and Political Risk Division of Great American. Mr. Mulvey succeeds Phil Lally, who will retire in July after more than 31 years of distinguished service with the Society.

Mr. Mulvey joined FICA in 2012 as a Divisional Vice President, leading its claims and collections business. In 2021, he was promoted to division senior vice president and was responsible for reinsurance, compliance and corporate governance, as well as serving on the division’s credit committee. He brings over 30 years of experience to this position with expertise in claims and underwriting. Mr. Mulvey holds a Bachelor of Arts from Lehman College and a Juris Doctor (JD) from Pace University.

Additionally, the company recently promoted Stephanie M. Hoboth to Division President within its Fidelity/Crime division. Ms. Hoboth succeeds Frank Scheckton, who will retire in September after nearly 28 years of distinguished service with Great American.

Ms. Hoboth joined Fidelity/Crime in 1997 as the division’s sixth employee and has spent her entire career with Great American. Since then, she has held numerous leadership positions within the company and most recently served as Divisional Senior Vice President, overseeing most of Fidelity/Crime’s underwriting offices, its specialty underwriting group and IT functions. . Ms. Hoboth has been instrumental in the development of many initiatives, including a program business model and the Kidnap and Ransom program. Additionally, she was instrumental in helping the company become the largest Native American risk crime novelist in the United States.

Ms. Hoboth graduated magna cum laude from the University of Connecticut with a Bachelor of Arts. In 2016, she was named Elite Woman in Insurance by Insurance Company America.

About CIFA

FICA is a division of Great American Insurance Company. The FCIA underwrites and administers the credit and political risk insurance policies of Great American Insurance Company and has been part of the Great American Insurance group since 1991. The FCIA’s associate organization, the Foreign Credit Insurance Association, pioneered the export credit insurance in the United States in 1961. FICA provides export and domestic credit insurance as well as a wide variety of specialized trade credit and political risk products that facilitate global trade and related fundraising activities. With over six decades of service, FICA’s seasoned team of credit professionals has a well-established track record in providing customized solutions to meet the unique needs of its policyholders.

About the Fidelity/Crime Division of Great American

With more than 25 years of protecting virtually every class of business against crime-related losses, Great American’s Fidelity/Crime division has deep underwriting and claims experience that is unmatched in the market. As one of the largest single-line crime insurers in the hemisphere, the Fidelity/Crime division maintains an underwriting capacity of $50 million for private and public businesses, financial institutions and government entities, and $65 million dollars in a vast policy of kidnapping, ransom and extortion. Additionally, Fidelity/Crime offers specialty products and programs for casino and gaming operations, armored vehicle companies, mining hazards, ATM companies, security guards and check tellers, and insurance works of art for museums, galleries, private collections, libraries and restorers.

About Great American Insurance Group

The roots of Great American Insurance Group date back to 1872 with the founding of its flagship company, Great American Insurance Company. Headquartered in Cincinnati, Ohio, Great American Insurance Group’s operations are primarily engaged in property and casualty insurance, focusing on specialty commercial products for businesses. Great American Insurance Company has received an “A” (Excellent) or better rating from AM Best Company for over 110 years (last rating of “A+” (Superior) confirmed on December 3, 2021). Members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220608005996/en/

CONTACT: Diane P. Weidner, IRC

Vice President, Investor and Media Relations

American Financial Group, Inc.

513-369-5713Websites:

www.GAIG.com

www.AFGinc.com

KEYWORD: OHIO UNITED STATES NORTH AMERICA

SECTOR KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Large American insurance group

Copyright BusinessWire 2022.

PUBLISHED: 08/06/2022 14:00/DISC: 08/06/2022 14:02

http://www.businesswire.com/news/home/20220608005996/en

Copyright BusinessWire 2022.

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