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Germany Corporate Payment Survey 2022: Battered companies prepare for another crisis

The impact on corporate payments in 2022 appears to be moderate and comparatively lower than the shock on the economy. However, companies are vigilant in the short-term and very pessimistic about the future.

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What is a Company Profile and Why It Is Important?

When business owners need to conduct background checks on their suppliers, customers, partners, and vendors, they use business information reports. The business information reports come in the form of a Company Profile Report, a Business Profile Report, and a Credit Report. Even though these terms are used interchangeably, they might differ in essence.

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What You Need To Know About Export Credit Insurance

Export credit insurance (ECI) protects your business against losses arising from international trade in case of non-payment by a foreign buyer.

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Coface confirms its excellent start of the year with first-half net income of €144.4m

Coface confirms its excellent start of the year with first-half net income of €144.4m. Annualised return on tangible equity at 15.4%. Turnover for the first half of the year: €895m, up 14.6% at constant FX and perimeter and up 16.5% on a reported basis.

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Jun Minorikawa appointed as Japan Country Manager

Coface announces today the appointment of Jun Minorikawa as Japan Country Manager effective as of today. In addition to the management and development of Coface’s branch in Japan, Jun will be in charge of further expanding the portfolio of Japanese Multinationals clients globally.

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Asia-Pacific: Companies face rising credit risks despite shorter payment delays

Coface’s 2022 Asia Corporate Payment Survey, conducted between November 2021 and February 2022, provides insights into the evolution of payment behaviour and credit management practices of about 2,800 companies across the Asia-Pacific region during another pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia-Pacific region.

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A recession to avoid stagflation? The world economy at a crossroads

Four months after the start of hostilities in Ukraine, first lessons can be drawn.
Which countries and sectors are doing best? Which ones are going to face major difficulties?
Read the forecasts from our Q2 Barometer now.

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CEE company insolvencies on the rise

Various economic conditions, support measures and legal changes have affected insolvency trends in the Central and Eastern Europe region over the last two years.

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Coface and Al Rajhi Takaful enter a strategic partnership in credit insurance

Coface and Al Rajhi Takaful, one of the largest financial institutions and insurance company in the Kingdom of Saudi Arabia, have entered into a strategic partnership to distribute credit insurance solutions and help Saudi Companies boost their growth in their domestic and export markets.

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A Guide To Trade Finance And Trade Finance Risks

Trade finance refers to the settlement arrangements used by importers and exporters to mitigate trade risks and ensure the terms and conditions of an underlying contract are met.

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Medium & long-term knock-on effects of the war in Europe on global sectors trends: will there be resilient sectors?

In the short run, all sectors for which Coface publishes sector risk assessments in six regions worldwide will be impacted by the knock-on effects of Russia’s invasion of Ukraine. Which ones would be the most resilient sectors? Read our full study now!

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Coface China Corporate Payment Survey : Increasing risks in supply chain disruptions and rising raw material prices

Coface’s 2022 China Corporate Payment Survey shows that fewer firms encountered payment delays in 2021, but those that did report longer periods of overdue payments than in the previous year. The average payment delay rose from 79 days in 2020 to 86 days in 2021. Firms in 9 out of 13 sectors reported an increase in payment delays, led by agri-food, which recorded the largest increase of 43 days, followed by wood, transport, and textile.

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War in Ukraine: Many (big) losers, few (real) winners

More than two months after the start of the war in Ukraine, of Russia’s invasion of Ukraine on 24 February, prospects for a rapid resolution of the war seem increasingly unlikely. As sanctions against Russia continue to pile up, a return to the pre-war situation seems illusory, even in the event of an early end to the conflict.

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Coface appoints Hugh Burke to lead its Asia Pacific Region

Coface announces the appointment of Hugh Burke as the CEO of Coface Asia-Pacific Region, effective on April 1, 2022.

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3M-2022 Financial Results: a strong start to the year with a net income of €66.2m

Coface releases its 3M-2022 Financial Results: a strong start to the year with a net income of €66.2m.

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Coface increases its footprint in New Zealand with the opening of a local branch

Global Credit insurer Coface today announces it has opened a branch in New Zealand after receiving the approval from the Reserve Bank of New Zealand on 1 April.

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Economic consequences of the Russia-Ukraine conflict: Stagflation ahead?

The Russia-Ukraine conflict has triggered turmoil in the financial markets, and drastically increased uncertainty about the recovery of the global economy. Since our last publication, the world has shifted, so have the risks.

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Barometer Q4 2021: The global recovery continues in 2022, but a bumpy road lies ahead

Two years after the onset of the pandemic, the global economy continues to recover, but still faces significant challenges. Download the Coface Q4 2021 Country & Sector Risk Barometer and its press release here.

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Coface FY-2021 results: record net income

Coface FY-2021 results: net income at €223.8m and 100% pay-out ratio.

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How Economic Insights Can Help In Making Business Decisions

Do you lack global economic knowledge to invest confidently? Are you struggling to understand how country and sectors contexts can affect your business? Before you decide to do business internationally, it is important for you to incorporate country-specific risks into your decision.

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Morocco Corporate Payment Survey 2021: shortened delays but still widespread late payments

According to Coface's 2021 study on the payment behaviour of companies in Morocco, contractual payment terms in the country remain long, reaching an average of 79 days. However, they have improved significantly, with a shorter duration of about 14 days compared to the previous survey conducted in 2019.

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Examining the euro, 20 years on

To mark the 20th anniversary of the euro’s introduction into European wallets, Coface's economic research team has examined the effects that this change has had in macroeconomic terms.

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Coface launches "GlobaLiner", its new service offer designed to better meet the needs of multinational companies.

GlobaLiner supports the development of multinational companies with faster contract issuance and greater control over local insurance policies.

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Use ICON Credit Risk Monitoring Tool to Avoid Credit Risks

Late payment or unpaid invoices are an inevitable part of any business. The first step to avoid the probability of default begins with understanding the financial situation of your customer. Knowing your customer, its company details, financial stability, payment behavior, credit history, etc. will help you to avoid bad deals and reduce credit risks. ICON, a new business intelligence platform developed by Coface designed to help businesses assess debtors' and suppliers' financial situation.

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U.S.Economy: an infrastructure package to support the recovery [#ExpressEco]

In the past 18 months, the US congress authorized more than 25% of GDP in spending to respond to the COVID-19 pandemic

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When Should You Consider Engaging A Third Party Debt Collection Service for Your Business?

The settlement of debts owed by either another company or an individual is a common challenge that businesses often experience. Debt collection can be a complex and highly involved process. It is time-consuming, especially if the debtor refuses to cooperate. Therefore, it makes sense to consider leveraging the services of a third-party debt collector.

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Coface achieves record net income of €67.7m in the third quarter

Turnover of first nine months: €1,158m, up +7.9% at constant FX and perimeter, and up +8.9% in Q3-2021

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Barometer Q3 2021: Supply chain and inflation headwinds hamper the global recovery

As the Covid-19 situation begins to improve, notably with the implementation of vaccination campaigns, there has been a rebound in consumption, particularly in developed countries. For emerging countries, the economic recovery is benefiting export-oriented countries, but service-dependent economies are lagging behind. Read our in-depth analysis in our latest Country and Sector Risk Barometer.

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Has the global retail sector returned to normal?

The retail sector’s activity has been affected by the COVID crisis through social distancing measures and closure of stores. However, the effect of the pandemic on the sector greatly varies across countries and segments. Check our study to know it all.

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China will continue to expand its role as a main destination for Latin American exports at the expense of the U.S.

Coface observes that LatAm countries’ foreign sales growth rates are expected to exceed their domestic demand expansion. Indeed the region’s activity rebound should be lower than the global average recovery, and more specifically lower than the Chinese and U.S. recoveries. Therefore, sales to China and the U.S. should post a bright performance in 2021. In terms of significance for Latin American exports, China should continue to gain ground over the U.S.

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Environmental risk is key to business strategy [#ExpressEco]

Coface’s Country Risk Assessment model now includes an environmental indicator. Our Economist Melina London explains how it works.

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6 Steps to Assess Creditworthiness of Potential Customers

In order to protect your business from late payments or non-payments, make sure you use the right tools to check the creditworthiness of potential customers before you extend credit. Here are some useful ways to determine the creditworthiness of potential customers.

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New wave of post-pandemic social movements: international trade as collateral victim

While the restrictions linked to the COVID-19 pandemic put a temporary stop to the upsurge of protest movements, a new wave is on the horizon. Protests, mainly in emerging countries, are expected to increase due to an unprecedented deterioration of socio-economic indicators.

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Germany Corporate Payment Survey 2021: Learning to live with the pandemic

The 5th edition of Coface’s survey on corporate payment experience in Germany suggests that German companies have acclimatised to the pandemic environment, with more companies offering payment terms and a positive outlook from surveyed companies.

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UAE: a brighter outlook for 2021 after a difficult 2020

The UAE’s economy was hit by a double shock in 2020: the collapse in oil prices and the COVID-19 pandemic. According to preliminary estimates, the UAE’s economy shrank by 6.1% in 2020. However, the outlook is brighter for 2021. Coface expects growth at 3.1% thanks to a fast vaccination campaign, a sharp recovery of the global economy and the rebound in energy prices.

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What are the 5 Benefits of Trade Credit Insurance?

Trade credit insurance (TCI) is one of the most effective ways to protect your business operations from unseen issues with cash flow, unpaid invoices and bad debts. It helps your business to grow.

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Coface strengthens further its leadership team

Coface strengthens further its leadership team and thus is pleased to announce new appointments within its executive committee

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What is Trade Credit Insurance And What You Need To Know?

Trade credit insurance, also known as credit insurance, is a risk management tool that covers losses arising from non-payment of goods and/or services. There is a significant amount of trade credit risk when doing business domestically or internationally.

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CofaMove: Coface's app for on-the-go credit risk management

Your business moves fast – and sometimes your life moves even faster! Now you can set the pace with CofaMove, the Coface app for swift credit risk management when you’re on the-go.

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Coface announces new appointment of Pamela Woon as Regional Head of Business Information Services, Asia Pacific Region

Coface announces today the appointment of the appointment of Pamela Woon as Regional Head of Business Information Services, Asia Pacific Region, effective July 1, 2021. Based in Singapore, Pamela will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific Region.

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Is the electric vehicle metals boom sustainable?

The metals used in electric vehicles, such as lithium, cobalt and copper, are at the heart of the revolution currently taking place in the automotive industry. But imbalances between supply and demand are pushing up their prices, even though the market share of electric vehicles remains modest. In its latest analysis, Coface does not foresee any major changes in these price trends over the next two years.

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Coface announces new appointment of Christopher Murphy as Regional Head of Mid-Market and Partners, Asia Pacific Region

Coface announces today the appointment of Christopher Murphy as Regional Head of Mid-Market and Partners, Asia Pacific Region, effective August 1, 2021. Based in Hong Kong, Chris will report directly to Hugh Burke, Chief Commercial Officer of Coface for Asia Pacific Region.

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Coface announces new appointment of Yasuyo Arihara as Commercial Director of Coface Global Solutions – Japanese Solutions

Coface announces today the appointment of Yasuyo Arihara as Coface Global Solutions – Japanese Solutions Commercial Director with effect from 1st July 2021. Based in Tokyo, Yasuyo reports directly to Shinkichi Hayashi, Global Head of Japanese Solutions.

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Coface reports first-half net income of €123.2m, confirming an excellent start to the year

Coface reports first-half net income of €123.2m, confirming an excellent start to the year. Turnover: €768m, up 7.4% at constant FX and perimeter.

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Coface Barometer Q2 2021: A two-speed world

18 months after the start of the pandemic, access to vaccination is now the main factor setting the pace of people's daily lives and the global economy. GDP growth forecasts for 2021 have been revised upwards (+5.6%), but this is mainly the result of positive surprises from the United States. These improved growth prospects are reflected in world trade: after a 5% decline in volume last year, Coface forecasts an 11% increase for 2021.

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Focus on remote work : The Risks and Opportunities of Virtual Offshoring

Remote work has emerged as a new norm during the Covid-19 pandemic. This cultural shift could allow companies located in developed countries to hire teleworking talent in emerging countries to reduce their labour costs.

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Asia Pacific: Corporate payment delay trend stabilized; companies see brighter outlook, but risks and uncertainty remain

Coface’s 2021 Asia Corporate Payment Survey provides insights into the evolution of payment behavior and credit management practices of over 2,500 companies across Asia Pacific during a pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia Pacific region.

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China: rising payment risks in construction and energy sectors despite stronger economic outlook

Coface expects an increase in bond defaults and insolvencies in 2021, especially among sectors that accumulated higher cash-flow risks in 2020 amid a slowdown in credit growth.

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Germany: More insolvencies in the pipeline, despite significant aid

Insolvencies in Germany dropped significantly in 2020 compared to 2019 - despite the worst recession since 2009.

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Coface Barometer Q1 2021: US leads the global recovery, emerging economies lag behind

More than a year after the start of the pandemic, global economic trends are uneven due to lingering uncertainties around the spread of COVID-19. The acceleration of the vaccination process, as well as its effectiveness, are key to an economic recovery

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Coface records a good start to the year with a net income of €56.4m

Coface records a good start to the year with a net income of €56.4m ; Turnover: €378m, up 4.2% at constant FX and perimeter.

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Fitch raises the outlook for Coface’s ratings to “stable”

The rating agency Fitch, on 20th April 2021, affirmed Coface AA- Insurer Financial Strength (IFS) rating. The agency also removed the Rating Watch Negative. The outlook is now stable.

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Coface report looks at China and Australia’s trade relationship

The China-Australia bilateral relationship deteriorated sharply over 2020, with China imposing trade restrictions on a number of Australian exports. But there are growing concerns that an escalation of bilateral tensions will see China hardening its stance towards Australia.

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United States: Stimulus plan paves the way for record trade deficit

As the world's largest importer, and second largest exporter of manufactured goods, the United States has had a trade deficit since the early 1970s. Using an analysis based on historical estimates of a potential trade balance, Coface estimates that the deficit could grow by 56 billion dollars as a result of the stimulus plan.

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The paradox of corporate insolvencies in Europe: miracle and mirage

In 2020, and even if the real impact of the COVID-19 crisis remains uncertain, the number of insolvencies actually fell in all major European economies. According to our research, the gap between the expected deterioration of the companies’ financial health and the number of insolvencies suggests that there is a high number of “hidden insolvencies” that have been postponed, rather than prevented.

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Diversification is one of the many effects of oil price volatility on Middle Eastern and African oil producers

The COVID-19 pandemic’s negative impact on global GDP growth and global trade volumes has caused a sharp drop in oil prices in the spring of 2020. This price drop, even if temporary, has affected Middle Eastern and African oil exporters differently, in line with their national output’s dependence on oil, as well as their fiscal strength and international reserves. Although Coface expects oil prices to average USD 60 per barrel in 2021, their volatility will remain a challenge for producing countries.

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Coface Barometer Q4 2020 - An uneven recovery

In its latest quarterly Barometer and on the occasion of the publication of the country and sector risk guide, Coface highlights an uneven recovery across countries, sectors of activity and income levels.

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Poland: Payment delays between companies shorten during the pandemic

The year 2020 was marked by the COVID-19 pandemic. In order to mitigate the impact of this difficult economic situation on Polish companies, various liquidity-supporting aid measures were introduced, such as tax and contribution exemptions and deferrals. As a result, despite the extensive economic crisis, payment delays between companies have shortened – however, with these aid measures are to be phased out in 2021, two thirds of companies expect their business activities to deteriorate this year.

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COFACE SA: Moody's raises the outlook for Coface to “stable”

The rating agency Moody’s, on 10th February 2021, has confirmed the financial strength rating (Insurance Financial Strength – IFS) for Coface at A2. The agency has also raised the outlook for Coface, which is now stable.

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Coface FY-2020 results: Net income at €82.9m and 100% pay-out ratio

Coface releases its FY 2020 Financial Results.

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Governance evolution – Bernardo Sanchez Incera appointed Chairman of the Board of Directors

Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.

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Attend our 25th Country Risk Conference 8-10 february

This year at our Country Risk Conference: 3 round tables to embrace the new business risks in a post-covid world.

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Coface announces new appointment of Asia Pacific Economist

Coface announces today the appointment of Bernard Aw as Economist for the Asia Pacific Region, effective December 1, 2020.

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Coface commits to LGBT+ inclusion by signing L’autre cercle’s Commitment Charter

Coface has signed the LGBT+ Commitment Charter of L’autre cercle, an association that promotes greater LGBT+ inclusion in the workplace.

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9M-2020 Financial Results: Strong balance sheet and positive operational KPIs

Coface releases its 9M-2020 Financial Results : A strong balance sheet and positive operational KPIs allow to launch share buyback programme

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COVID-19, a catalyst for political risks

In addition to our Q3 2020 Country & Sector Risk updates, Coface's Political Risk Index highlights a dual trend: a decrease in the risk of conflict at a global level, but an increase in the risk of political and social fragility.

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German companies have switched to “crisis-mode” and offer less payment terms

German companies want to cash in as early as possible, according to the fourth edition of Coface’s survey on corporate payment experience in Germany, conducted in July and early-August 2020, with 753 participating companies located in Germany.

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Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

Turnover for the first semester: €725m, down 0.6% at constant FX and perimeter:
Client retention and new business achieve record levels, with a positive net production of €33m.
First effects of re-pricing are now visible (+0.2%).
Revenues from services progress by 7%, including information services up by 13%.
Client activities continue to slowdown – a trend expected to continue over the following quarters.

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Post-pandemic production relocation: an opportunity for CEE countries?

Foreign trade and inclusion in supply chains had already increased in recent years, supported by EU membership by most CEE (Central and Eastern European) countries in 2004.

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Global Transport: What does the future hold beyond COVID-19?

The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, to limit the virus’propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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United States: Two-speed business bankruptcies

As the COVID-19 epidemic hits the United States very hard, Coface forecasts in its baseline scenario that the country's GDP will contract by 5.6% in 2020, before rebounding by 3.3% in 2021. Nevertheless, this forecast is threatened by the resurgence of the outbreak in several states, which are already pausing or even reversing the resumption of activity after the extensive lockdown of April.

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Coface finalises the acquisition of GIEK Kredittforsikring AS

Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company that manages a short-term export credit insurance portfolio.

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Asia Corporate Payment Survey 2020: COVID-19 will overturn last year’s incipient recovery

After a 2019 that was dominated by trade tensions between the United States and China, Coface has observed an incipent recovery in Asia (excluding China), supported by supply chain shifts and additional liquidity from the US Federal Reserve.

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Are corporate balance sheets in Spain and Italy ready for the COVID-19 shock?

Although the second quarter of 2020 is shaping up to be the most challenging period of the year, there are now good reasons to think that the road to recovery will be long and arduous. Despite immediate tax deferrals, liquidity guarantees, it is likely that many firms will find themselves in difficulty.

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Coface announces new appointment of Country Manager of Coface Japan

Coface announces today the appointment of Shinkichi Hayashi as Japan Country Manager effective 1 June 2020. Shinkichi will replace Tetsuya Komatsu, who has decided to leave Coface for personal reasons. We would like to sincerely thank Tetsuya for his contributions.

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Business insolvencies in Europe: amendments to legal procedures temporarily postpone due dates

Many European countries have temporarily amended the legal framework of default procedures to help companies deal with the crisis, postponing growth of insolvencies in Europe.

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Coface Barometer: From a massive shock to a diversified recovery

Coface forecasts that the recession in 2020 (a 4.4% drop in world GDP) will be stronger than that of 2009. Despite the recovery expected in 2021 (+5.1%) – assuming there is no second wave of the coronavirus pandemic – GDP would remain 2 to 5 points lower in the United States, the eurozone, Japan, and the United Kingdom, when compared to 2019 levels.

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China Payment Survey 2020: Payment delays will increase further because of COVID-19

In the context of weaker activity in China due to the health crisis, Coface’s latest survey on business payments in China shows a deterioration in payment behaviour in 2019. 66% of surveyed companies reported payment delays. The length of payment delays remained stable at 86 days in 2019. Nevertheless, sectors that have been hit the most by lockdown measures will have to delay payments in order to survive in 2020 and the number of corporate insolvencies should increase (...)

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World Trade: despite a sudden interruption, global value chains still have a bright future

Early 2020 marked by a sudden interruption in world trade, hampered by a global recession and soaring uncertainty

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COVID-19 swings the spotlight back onto emerging countries’ debt

While the focus has mainly been on China, Europe and the USA so far, the consequences of the Coronavirus pandemic are likely to be even more severe in emerging countries.

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First quarter shows solid operational performance but is impacted by the initial effects of the COVID-19 crisis

Xavier Durand, Coface CEO, commented: “The coronavirus crisis presents an unprecedented shock for our economies and for the credit insurance industry. First and foremost, I am very proud of our teams’ successful efforts to continue supporting our customers despite the containment measures (...)"

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Can China shield its economy from the impact of COVID-19?

Due to the current coronavirus (COVID-19) pandemic and its impact on the global economy, it is unlikely that China will be able to achieve its 2020 growth target. Coface forecasts a growth rate of 4% for the Chinese economy in 2020.

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Coface Barometer: COVID-19 - heading towards a sudden global surge in business insolvencies

At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting a large number of industries in all over the world.

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Fitch places Coface on Rating Watch Negative

The rating agency Fitch has, on 31 March 2020 placed Coface on Rating Watch Negative. This includes Coface’s Insurer Financial Strength (IFS) rating.

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Review of the credit insurance sector by Moody's

The rating agency Moody's confirmed Coface’s Insurance Financial Strength (IFS) A2 rating on 27 March 2020. The outlook for this rating has been changed to negative.

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Poland Payment Survey: reduced payment delays, but a challenging outlook

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 – but the impact of the coronavirus outbreak on the Polish economy remains to be seen.

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Coface capitalizes on its strategic successes and launches Build to Lead, its new 2023 strategic plan

Build to Lead will broaden and deepen the business and cultural transformation initiated in Fit to Win. In particular the new plan will: Continue to strengthen risk management and underwriting discipline; Improve service, and commercial and operational efficiency; Invest in select growth initiatives in trade credit insurance as well as in specialty lines; Maintain balance sheet strength.

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COFACE SA: Shareholding evolution

COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of 29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.

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AM Best assigns A (Excellent) rating to Compagnie française d'assurance pour le commerce extérieur and to Coface Re SA

Rating agency AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) to Compagnie française d'assurance pour le commerce extérieur (la Compagnie) and to Coface Re. Both ratings have a stable outlook. The agency has also affirmed the FSR of Coface North America Insurance Company (CNAIC) to A (Excellent). The outlook remains stable.

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Political and environmental risks are the main threats facing businesses in 2020

As Coface launches the 2020 edition of its Country & Sector Risks Handbook, Chief Economist Julien Marcilly today presents the main threats for the global economy in 2020 at the Coface Country Risk Conference in Paris. The US-China trade agreement will not be enough to rekindle international trade.

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FY-2019 results: Record net income up 20% at €146.7m and proposed dividend per share of €1.0

We have completed our Fit to Win plan with record results, despite a riskier economic environment. Our net income is up by 20%, to €147m. The tangible return on equity comes in at 9.1%, excluding non-recurring items. Record retention and a pick-up in new business boosted growth to 5.9%. Finally, in terms of capital, the French regulator authorised our usage of our internal model to calculate the solvency requirement. Our solvency ratio stands at 190%, up 21 points, which allows us to propose a payment of a dividend of €1.0 per share to the Shareholders Annual General Assembly.

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COFACE SA: Agreement to acquire GIEK Kredittforsikring

COFACE SA announces that it has signed an agreement with the Norwegian ministry of Trade, Industry and Fisheries regarding the acquisition of GIEK Kredittforsikring.

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Business failures in France are less frequent, but of a larger size

While the number of companies facing corporate insolvency has decreased since the beginning of the year, their cost has increased, both financially and in terms of the number of jobs affected. After a difficult first quarter, marked by the repercussions of the “yellow vests” movement, the number of corporate insolvencies since the beginning of the year in France is set to decline for the fourth consecutive year. However, Coface expects a slight rebound in insolvencies in 2020 (+0.9%), mainly due to the expected slowdown in the construction sector, which was largely driven by public works in 2019 in the run-up to the municipal elections.

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The global automotive industry and enhanced regulations: a very steep path ahead

The global auto sector is facing several challenges including enhanced and stricter regulations against environmental risks in the context of a slowdown of the global economy. Car sales are on a downward trend, as uncertainty bites.

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Broker Portal, Coface’s new digital interface for its brokers

Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world.

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2019 survey on company payments in Germany: turn of the tide

85% of companies report payment delays in 2019. This is an increase from 2017 by 7 percentage points. According to Coface's 2019 Germany payment survey of 442 companies in, the country is in a phase of change. The pressure on companies from international competition is increasing.

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Coface introduces CRAFT, a new forecasting tool to estimate growth in the Eurozone

Recession or slight decline, CRAFT provides the keys to the slowdown in the major economies of the Eurozone.

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Coface announces new appointment of Country Manager of Coface Indonesia and Philippines

Coface announces today the appointment of Chrisna Sudarma as Indonesia & Philippines Country Manager effective 2 October 2019. Based in Jakarta, Chrisna will report directly to Bhupesh Gupta, CEO of Coface for Asia Pacific

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Agri-food sector outlook: in a global economy marked by protectionist tensions, what does the future hold?

Central to the current trade tensions, notably between the USA and China, the global agri-food sector is impacted by knock on effects, notably via downward trends on the prices of key agri-food commodities, such as soybean. Coface has conducted an in-depth analysis of future trends in this market.

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Coface Barometer: general slowdown in the global economy despite central banks’ actions

With business morale being affected by a summer marked by a multiplication of areas of political uncertainty around the world, it seems likely that 2020 will be a year of economic decline.

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Netherlands: What is the secret of Dutch trade?

Rising protectionism in China and the United States, Brexit, contracting world trade... despite all the clouds on the horizon, the Dutch economy remains surprisingly bright.

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Insolvencies in Central and Eastern Europe: despite an increasingly difficult global economic context, the situation remains positive

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.

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Coface announces new appointment of China Country Manager and Head of China Global Solutions

Coface announces today the appointment of Benoit Ganzmann as China Country Manager and Head of China Global Solutions effective 8 July. China Global Solutions is a new initiative to follow and service Chinese companies and their subsidiaries across the world.

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Coface's political risks overview: the temperature is rising on the African continent

With numerous bouts of conflicts, terrorism, and social and political tensions, which show no signs of stopping in the near future, Africa will continue to experience fragility and destabilisation.

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Coface Barometer - Trade tensions return to the forefront of the global economy

US/China trade war, struggling automotive sector, slower growth in emerging economies... the second quarter of 2019 highlights a global economic slowdown

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Asia Corporate Payment Survey 2019: Deteriorating payment trends amid trade war woes

Coface’s 2019 Asia Corporate Payment Survey covered over 3,000 companies in nine economies (Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, Thailand and Taiwan). 63% of companies surveyed stated that they experienced payment delays in 2018. The length of payment delays increased to 88 days on average in 2018, compared to 84 days in 2017. The length of payment delays was highest in China, Malaysia and Singapore; as well as the energy, construction and ICT sectors.

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Natural gas: an oscillation between boom and gloom

The natural gas market is booming and will increase in the medium term, but many factors point to a less promising future.

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Corporate insolvencies in France: microenterprises in the trough of the wave

While the yellow vests movement did have a strong impact on corporate insolvencies at the beginning of the year, the decline in mobilization and the resilience of economic growth had a positive impact on the health of French companies in March and April.

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From copycat to early bird: Taking stock of China’s 5G ambitions

China coordinated its approach to 5G and some successes are already visible. However, China still relies on imports, especially for high-end products, leaving the sector exposed to protectionist threats. Moreover, the deployment of 5G networks by Chinese companies is perceived as a cybersecurity risk by many recipient countries. The US is banning Huawei equipment and pressing its allies to do the same, which could limit the growth of Chinese 5G in the future (...)

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In a global economic slowdown, luxury continues to outperform but faces new challenges

Counterfeiting, e-commerce, Chinese consumers importance, even if it is generally relatively spared by recessions, the luxury market must adapt to a profoundly changing economy if it does not want to lose its exceptional status.

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Central Asia, China, and Russia: a three-way partnership of reason

Located on two branches of the New Silk Road (Belt and Road or B&R), Central Asia is both a trading partner and gateway for China and Europe; Russia’s long-standing influence in the region through expatriate transfers, its military bases, and culture is also of note. For the moment, China and Russia find reasons for rapprochement in their opposition to Western ideas and their fight against the spread of radical Islam. However, the balance of power could soon change as China is the largest provider of funding for corridor development in the region.

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The turnaround in the industrial cycle hits companies in the chemicals sector in Europe and North America

Signs of a slowing global economy continue to accumulate - 2019: the number of insolvencies will increase in two-thirds of countries (+3% in Western Europe) - The chemical industry in Europe and North America is suffering from fewer opportunities in the automotive sector - Improvements in assessments are concentrated in the Middle East, including Saudi Arabia's upgrade (B)

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Coface delivers a strong first quarter 2019

Net income at €36.4m and RoATE at 9.0%, supported by full impact of Fit to Win plan, portfolio growth and sound underwriting management

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Despite five years of Modinomics, India continues to be constrained by economic fragilities

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May (...)

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Mexico and Brazil taking opposite directions in terms of energy policies

2019 will be marked by high volatility in the global oil market - Brent crude oil price to average USD 65 in 2019, according to Coface estimates - In Mexico, the financial stress already faced by Pemex might not be contained - Brazil oil policy is expected to have positive knock-on effect in the medium term

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Coface announces the publication of its 2018 Registration Document

The 2018 Registration Document includes the following information: The 2018 Annual financial report; The Report on corporate governance (attached to the management report); The Statutory Auditors’ reports and the news release concerning their fees; The description of the share buyback program; The draft resolutions submitted to the vote of the Combined Shareholders’ Meeting of May 16th 2019; The Non-Financial Performance Statement.

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Coface launches credit-insurance offer in Greece

Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.

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Coface announces new appointments in Australia and Singapore

Coface announces today the following changes in the country leadership in Australia and Singapore.

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China Payment Survey 2019: Longer delays as growth falters

2018 proved to be a relatively challenging year for China. Growth slowed to 6.6% and is expected to decline further in 2019 (6.2%, according to Coface forecasts). As a result, 59% of the 1500 Chinese companies that participated in Coface’s survey believe the economy will not improve in 2019, the worst since 2003 (...)

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Turkish economy: domestic demand still waning but exports fuelled by the lira’s depreciation

Stagflation becoming a reality, exports are a key-source of revenues for economy, especially in the automotive sector. Exporters are flexible; government support is vital for exporters to gain new market shares

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Two pitfalls for businesses in 2019: the economic downturn and political risks

An increasing number of pitfalls, such as escalating political risk, the high volatility of commodity prices, and supply constraints, began to slow world growth in late 2018 and cast a shadow over the outlook for 2019 (3 % in 2019, after 3.2 % in 2018 and 2017).

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FY-2018 results: net income up 47% at €122.3M and pay-out of 100% of net income

Our good 2018 results show the relevance of our Fit to Win strategic plan in a now more volatile economic environment. Our net income of €122 million is up 47% and corresponds to a return on equity close to our average through the cycle objective excluding further capital optimisation actions

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Tighter liquidity in Asia : not all gloom and doom in 2019

Asia has been under pressure following tighter global liquidity in 2018. Coface’s index for measuring relative vulnerability to outflows points to increasing divergence in Asia (...)

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French companies in 2019: Rise in insolvencies but higher margins will allow cushioning the impact of slowing global trade

In the third quarter of 2018, after two years of improvement, French companies experienced a reversal of the trend with the number of insolvencies increasing by +2.3% (...)

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SMEs in China: Monetary easing won’t be sufficient to reduce credit pressure

When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs) or large private conglomerates (...)

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Wind energy industry: Production costs will increase under the influence of the trade war and the liquidity squeeze

Alongside other renewables, wind energy has experienced a strong growth since the mid-2000s across the world (...)

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Halfway through its trade diversification process, the United Arab Emirates is yet to be integrated into international value chains

In the last three decades, the UAE has developed into the second largest and most diversified economy in GCC area through the implementation of specific policy frameworks regarding regulations (...)

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Coface results at 30 September 2018

Coface reports a solid performance confirming the relevance of its strategy and launches additional €15m share buyback programme

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US protectionism: Significant knock-on effect on trade partners of targeted countries

Increased protectionism is affecting a large number of economies – both advanced and emerging (...)

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Country and sector risks worldwide: Some emerging economies become increasingly vulnerable

Higher oil prices and continued capital outflows from emerging markets mark the third quarter of 2018 (...)

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Coface and Tradeshift announce strategic partnership

Global credit insurer to make risk indicators available to a network of 1.5 million businesses in 190 countries.

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Central & Eastern European insolvencies: The good times are over

Despite economic acceleration in the region, insolvencies increased by +6.4% in 2017 (...)

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Political risks in Asia are on the rise

According to Coface’s Political Risk Index, Asia scored 45% on the latest risk ranking, above the world average of 35% (...)

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Fitch affirms Coface AA- rating, with an outlook ‘stable’

Fitch Ratings affirmed, on August 29th 2018, Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

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Greece's exit from the international bailout programme: Greek companies are experiencing a revival - more competitive and less indebted

Multiple signs of an economic recovery in Greece. Reforms have helped to clean up public accounts, restore Greece's credibility and strengthen confidence.

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In the first half of 2018, Coface continues to record a solid performance in a gradually normalising risk environment

Net profit of €62.8m and RoATE1 at 7.8%

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France’s loss of market share in Africa benefits several European countries, China and India

While France’s trade balance has remained in surplus, its market share of exports to Africa halved from 11% in 2000, to 5.5% in 2017.

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Coface awarded “Best Credit Insurance brand in France 2018”

Coface France has been recognised as industry leader with the Best Credit Insurance brand France 2018 Award by Global Brands Magazine (...)

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Country and sector risks worldwide: Signals of risk on the increase in the 2nd quarter

Downgraded assessments in the majority this quarter

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Coface sells its stake in Cofacrédit

Coface announces today that it has ceded to Factofrance (Groupe Crédit Mutuel – CM11) its 36% stake in the capital of Cofacrédit, a factoring company previously jointly owned by the two groups.

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Global metals sector: prices to continue to rise in 2018, ahead of a possible slight decline in 2019

On the back of highly-synchronised economic growth, technological shifts boosting a surge in the use of metals and a shortfall in supply, metals have been benefitting from a bull market since mid-2016 (...)

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Election season in Latin America: Growing political risks undermine economic activity

The Coface Political Risk Index takes into consideration various risk aspects: (...)

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Western Balkans’ accession to EU membership likely to be completed - supported by the region’s strategic importance

The European Union - Western Balkans Summit will take place in Sofia, Bulgaria, on the 17th of May 2018. This meeting aims to reaffirm the EU’s commitment towards the Western Balkans gaining EU membership. Coface’s economists see the EU accession as likely to happen, particularly as it would counterbalance Russian and Chinese presence in the region.

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Africa: diminishing reserves increase risks of another crash

Adversely affected by the slump in raw material prices, most African currencies lost over 20% of their value between 2013 and 2016

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Coface results for the first quarter 2018:

Net income of €35.5m and RoATE(1) at 8.8%; Fit to Win execution drives profitability in a supportive economic environment

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Country and sector risks worldwide - 1st quarter 2018

Now that peak growth has been reached in the United States and Europe, businesses are preparing for supply side constraints and the risk of protectionism

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New Mediterranean trade routes will be through the South and East of the region

In the Mediterranean, the recent rise in protectionism is starting to transform the vast network of free trade agreements and reshape intra-Mediterranean trade routes. Two new trends are emerging.

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Central and Eastern Europe: Political risks on the rise but no impact yet on local businesses

With the wave of ongoing elections in countries such as Hungary, Czech Republic, Poland and Slovenia, Central and Eastern Europe is undergoing a major period of change against the background of economic growth that is still strong (...)

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Insolvent or ‘zombies’, distressed companies represent nearly 6% of the total in France

The beginning of the year marked a clear improvement in key business insolvency indicators (...)

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Regional economic ambitions of China and Japan show striking parallels

According to Coface, China and Japan are becoming competitors for trade and investment in the Asia Pacific region (...)

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NAFTA renegotiations - could Mexico’s “high-risk” automotive industry deteriorate into a crisis?

Mexico’s automotive industry plays an important role in its economy (...)

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Women to Win, when Coface conjugates with the feminine

The International Women's Day is an opportunity to review the numerous projects carried out within the framework of the Women to Win dedicated to women's leadership, networking and knowledge and experience- sharing (...)

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Full-year results 2017: Coface doubles net income to €83.2m, and activates the capital optimisation lever provided for in its Fit to Win plan

Turnover: €1 354.9m, up 0.3% at constant scope and exchange rates. Net loss ratio 51.4%, improved by 14.1 pts; annual net combined ratio at 86.6%.

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Country Risk Conference. 2018: the upturn continues, but corporates risk overheating

During its annual conference on country and sector risks, Coface shares with companies its vision of the major global economic trends for 2018 (...)

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Turkey records dynamic growth but is increasingly vulnerable to external factors

Turkey’s economy recorded substantial growth during the first three quarters of 2017, up by 7.4% compared to a year earlier. This was achieved despite the series of shocks which occurred in the country in 2016 (...)

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Although dynamic, France’s organic food sector could be forced to abandon its original principles in order to increase scale

The increasing preference of households for organic food is reflected in the sector’s very strong growth which is expected to exceed €8 billion in 2017

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Germany’s corporate payment survey 2017

The second annual corporate payment survey for Germany carried out by Coface confirms many of the foregone trends. However, some improvements can be seen (...)

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Poland Insolvency Report: Insolvencies and restructuring proceedings still on the rise, despite a robust economy

Insolvencies and restructuration proceedings increased by 14% in the first three quarters of 2017 compared to the same period last year. Most sectors experienced an increase in the number of proceedings.

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The effects of a "hard" Brexit will be decisive for the innovation capacity and competitiveness of the British automotive industry

After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017 saw a drop in production of nearly 2% (...)

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China's ambitions in sub-Saharan Africa: efforts to rebalance bi-lateral relations still needed

Almost twenty years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced. Bilateral trade has leaped over the past ten years (a total of $123 billion in 2016), driven, up to 2014, by exports, which have fallen by 51% since the peak.

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Coface 9M-2017 Results: Net income at €55.0m driven by loss ratio improvement, in line with new guidance

We now see the full impact of the measures taken in the previous quarters within the Fit to Win strategic plan to drive down the loss ratio, in what is a still favourable economic environment. The net profit for the quarter, at €35m, shows significant progress compared to previous quarters.

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Country and sector risks: Europe remains the big winner in the world economic upturn

World economic growth might not yet be at its highest (2.9% in 2017 and 2018), but there can be no denying that there are healthy signs.

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Financing businesses: the bond market is turning into a "spare tyre"...

Corporate bond financing: an advantage in times of crisis?

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Infrastructure: the Achilles’ heel of development in Latin America

Weak development of infrastructure in the region. Poor record in improving investment rates

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Coface announces CEE Top 500 companies: Automotive & transport sector is the regional leader. Oil & gas continues downturn, losing number one posit...

2016 – a mixed year for CEE. The labour market boomed, while turnover and net profit of the largest companies decreased by -0.6% and -3.1% / CEE Top 500 companies increased their workforces in 2016. Lower regional unemployment rates / Poland (+3.3% in turnover) remains the biggest player, followed by Hungary (-11.5%) and the Czech Republic (-2.2%) / Sectors: automotive industry up (+8.6% in turnover), oil & gas sector down (-5.6%)

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Central & Eastern European insolvencies overview

Company insolvencies dropped by 14% in 2015 and 6% in 2016

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Fitch affirms Coface AA- rating, with an outlook ‘stable’

Fitch Ratings affirmed, on September 8th 2017, Coface AA- Insurer Financial Strength (IFS) rating. The outlook is stable.

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Coface appoints Samuel Jesuratnam as Country Manager for Singapore

Coface announces the appointment of Samuel Jesuratnam as Country Manager of Coface in Singapore effective from 1 September.

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Coface appoints Bhavesh Patel as Country Manager for India

Coface announces the appointment of Bhavesh Patel as Country Manager of Coface in India effective from 1 September. Bhavesh succeeds Samuel Jesuratnam who has been appointed as Country Manager of Coface in Singapore.

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How could “Trumponomics” affect Latin America’s economies?

Political developments in the US have caused uncertainties over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions (...)

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Coface H1-2017 Results

Operating income up 17.5% and net income at €20.2m
Improving guidance for 2017: net loss ratio 3pts better, at below 58%

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Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors

Isabelle Laforgue and Nathalie Lomon join COFACE SA’s Board of Directors

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GCC banks urged to fine-tune liquidity management in order to address new economic cycle - Coface Economic Report

The stagnation of low oil prices is weighing on liquidity conditions across Gulf Cooperation Council (GCC) countries. This is slowing down government fiscal revenues (...)

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Asia Corporate Payment Survey 2016: Tail risks are on the rise

Coface’s latest annual payment survey covered 2,795 corporates in the Asia Pacific region, focusing on 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey also traced the evolution of corporate payments in 11 sectors (...)

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Country and sector risks worldwide

The second quarter of 2017 marked a new start for Europe, Russia and, on the sector side, for the automobile and agrofood industries in several countries (...)

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Sector risk assessments 2nd quarter 2017

12 Major sectors assessed worldwide

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Brexit: Despite several shocks, the United Kingdom will remain attractive for businesses

Businesses have proven their resilience since the referendum, but a downturn in investments is starting to be seen.
The fall in growth (1.4% in 2017 and 1.2% in 2018) will lead to a rise in the number of business failures, of 8.7%1 and 8%1 respectively

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Infographics - Brexit: despite a series of shocks, british companies remain sound

Mixed resilience, first signs of Brexit during the exit negociations phase but still some positive points...

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Russia is emerging from recession, but the structural constraints risk impeding its mid-term growth

The diversification of the Russian economy, made necessary by a slump in oil prices that is set to last, is coming up against structural constraints that may well have a deleterious effect on its mid-term growth.

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Coface appoints Carlos Casanova as Economist for Asia Pacific Region

Coface has appointed Carlos Casanova as the Economist for the Asia Pacific Region effective from 15 May. Carlos is based in Hong Kong. The appointment underscores Coface’s local expertise on macroeconomic research and trade risks.

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Coface places digital transformation at the heart of its strategy with launch of new customer portal

Coface’s new customer portal and fully revamped CofaNet online credit insurance contract management tool are being launched today. With the new solutions, customers will benefit from innovative features, unique access, customised content, advanced ergonomics, real time results displays and easier contacts.

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New Coface survey shows optimism among UAE non-oil private companies

Coface, the worldwide leader in trade credit management solutions and risk information services, has published its first-ever Credit Opinion Survey for the UAE region (...)

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Labour shortages in the Central and Eastern Europe region: an opportunity for households but a threat for local companies

Developments in Central and Eastern Europe (CEE) labour markets have been beneficial for households. Rising wages and low inflation, combined with improving consumer confidence, have led to lower unemployment rates and an increase in private consumption.

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Coface digitalizes the customer experience

One of the priorities of Coface’s three-year strategic plan Fit-to-Win is to enhance Client Service.

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Coface results for Q1-2017: Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

Net income at €7.3m driven by an improvement in net loss ratio. Fit to Win progressing as planned.

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New Coface Political Risk Index in 159 countries

The widespread rise in the political risk conceals mixed regional dynamics

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Corporate payments improve in China in 2016 but ultra-long overdues are up under financial stress

A survey on corporate credit risk management, to which 1,017 Chinese companies responded, reveals that corporate payments improved in 2016, with only 68% of the respondent companies experiencing overdue payments in 2016 (...)

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Country and sector risks worldwide - Business confidence is picking up again, despite persistent political risk

Main economic surprise of early 2017: the rise in business confidence is perceptible, but is not yet generating a positive widespread upturn in country and risk assessments.

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Infographics : New political risk index for 159 countries

Conflicts grew by +100% between 2007 and 2015. 2017 likely to pay a heavy price, due to intensification of armed conflicts

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Infographics : Sector risk assessments - 1st quarter 2017

12 major sectors assessed worldwide

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RMB depreciation, capital flow measures and new monetary stance: What are the implications for Chinese corporates?

The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.

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Coface results at 31 December 2016

“The second half of 2016 marks the beginning of the transformation of Coface. We delivered a net profit of €41.5m in the year, successfully closed the transfer of our French State export guarantees activity, and launched our 3-year strategic plan, Fit to Win, the (...)

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First Brazilian Corporate Payment Survey 2016

Payment experience affected by the bleak economic scenario.
75% of interviewed companies received payment extensions requests from their clients;

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Coface Group: Executive Committee appointments

As part of the implementation of the three-year strategic Fit-to-Win plan, aimed at positioning Coface as the most agile global credit insurer on the market, changes are to be made to the Group's Executive Committee, effective from 3 April 2017.

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2017: A year of political and banking risks for emerging countries

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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Infografics - 2017: An economic upturn in the face of political risk

Four major risks for 2017 but some positives points...

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Poland Payment Survey: Payment delays pervade Polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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Coface has transferred French State export guarantees activity to Bpifrance

In line with previous communication, Coface has ceded its State export guarantees activity to the French public investment bank, Bpifrance.

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After a series of shocks in 2015 and 2016, Turkey’s economy is coming to the end of its new “Tulip era”

Greater political uncertainty resulting from two parliamentary elections in 2015, drying global liquidity due to the US Federal Reserve’s rate hike process and the weaker Turkish lira, all contributed to dragging down growth.

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South Africa’s economy challenged by crises in agriculture and mining, amid fears of an investment downgrade

Concerns over the country’s economic performance have been amplifying, due to its prolonged economic decline since 2011 (...)

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Uberisation of French economy: a positive impact on employment but will it last?

Taxi company insolvencies in France increased by nearly 60% in one year, rising from 141 cases in August 2015, to 224 at the end of August 2016 and resulting in the loss of 3.38 jobs on average (...)

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Coface appoints Thiti Musuwan as Country Manager of Coface in Thailand

Reinforcing its commitment to continue to be the leading credit insurance provider of Thailand, Coface is appointing Thiti Musuwan as Country Manager of Coface in Thailand effective from 1 December. Thiti will manage the operations and develop Coface’s credit insurance and credit management services in Thailand.

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Global sector risks in precarious balance

At the end of 2016, global sector trends remained mixed, including in the regions that until now have been relatively spared by the increase in risks. Over the whole year, across 12 sectors evaluated in six regions of the world, nearly half saw their assessments change. There were 23 downgrades for 10 upgrades.

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German Economy in 2017: Stable, but not staid

The signs for Germany’s further economic development are promising, with a high level of stability. Coface’s expectations for solid growth therefore come as little surprise.

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Coface appoints Abhay Narkar as Vice President and Head of Single Risk, Financial Institutions & Structured Finance in Asia Pacific Region

As Coface positions its business in the Asia Pacific Region for growth we need to ensure that we are driving global and regional collaboration to deliver our global product and sector expertise to provide smart solutions for our customers, as well as to ensure acceptable and smart risk management. In order to do this, we are strengthening and upgrading our coverage in the important segments consisting of solutions for financial institutions, single risk transactions and structured finance.

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Mexico’s Economy: more difficult times ahead

In the 2nd Quarter of 2016, seasonally adjusted activity decelerated to 1.5 %, down from 2.5% y/y reported in the previous period. Industry, which shrank by 1.5% q/q, was the main contributor to this weak result, due to the fall in oil production and challenges faced by manufacturing and construction industries. The services sector also slowed during the period, to a growth rate of 2.4% YoY, down from 3.4% for 1Q2016.

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The first arrow of Abenomics: why is it not working?

Since the launch of Abenomics in early 2013, the Bank of Japan (BOJ) has been aggressively easing its monetary policy, commonly known as “the first arrow of Abenomics”. These measures have included the introduction of “Quantitative and Qualitative Monetary Easing (QQE)” in April 2013, the modified “QQE with a Negative Interest Rate” in January 2016 and the most recently announced “QQE with Yield Curve Control”, in September 2016. Just over 3.5 years since its launch, the impact of the first arrow has become less effective, particularly on Japan’s exports and the yen.

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Coface results at 30 September 2016: Operating trends in line with Fit to Win

Xavier Durand, CEO of Coface, commented: These results are in line with the trends that we highlighted last September at our Investor Day.

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Franck Marzilli appointed Group Compliance Director of Coface

Effective in December 2016, with the objective of strengthening Coface’s controllership functions in a context of increasing complex and stringent regulations.

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Pierre Bevierre joins Coface as Group Human Resources Director

Pierre Bevierre, who holds a post-graduate degree (DESS) in Human Resources from Paris Dauphine University, is appointed Group Human Resources Director with effect from January 2017.

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Further downgrades triggered by the Brexit shock and falling oil revenues

Global growth: stability in developed countries, slight improvements among emerging economies..

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Infographics - Is political risk a new threat for the global economy?

European political calendar: crucial deadlines

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Rising Political Risks in Developed Countries: The Sword of Damocles Hangs Over Europe’s Major Economies

Periods of economic crisis naturally lead to heightened political uncertainty and this aspect is crucial in assessing country risks

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Latin America: Why are manufacturing exports still lackluster?

Foreign trade is unlikely to be a main contributor to the growth of Latin American economies over the next few years..

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Coface welcomes Fitch’s decision to affirm its AA- rating

Fitch Ratings issued, on September 29th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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The French economy: a temporary pause in growth

Q2 impacted by external shocks
2016 growth forecasts remain positive at 1.6%
Non-financial corporate debt: an upward momentum unique in Europe but far below alert thresholds

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Coface is awarded Best Trade Credit Insurer in Asia Pacific

Coface is awarded ‘Best trade credit insurer in Asia Pacific’ in 2016 by GTR, marking the second time the firm has won this award. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.

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Short-term risk is reduced for the French automotive sector, but profound changes are ahead

The automotive sector has been upgraded to the best risk category; Private buyers are returning to the car market, driving up sales of new vehicles, which are expected to increase by 5.6% in 2016 (..)

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Moroccan company payments survey 2016

Morocco’s growth rate has slowed in 2016, after recording an increase of close to 4.5% in 2015.

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Poland Insolvency Report: Insolvencies fall amid fair economic growth

Poland’s economy is slowing this year, although the growth rate will remain fair: 3.2% for 2016, following 3.6% in 2015
Business is benefiting from positive macroeconomic conditions
Insolvencies and restructuration proceedings fell by over 14%. Coface forecasts further improvements, with the number of proceedings falling in 2016 and 2017

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Fit to Win plan to transform Coface into the most agile global trade credit partner in the industry, while evolving to a more efficient capital model

Fit to Win 3-year plan financial ambitions

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Agrofood in North Africa: a strategic sector at nature’s mercy

Several favourable factors are boosting the sector, including rising populations, increasing demand for processed food, higher per capita incomes and improved production capacities. Infrastructures, climate and government strategies are major influencers.

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Pharmaceutical companies in the United States face two opposing scenarios for their business: "optimistic" or "pessimistic”

Despite strong private and public investments, health indicators in the United States are below average compared to the 12 most advanced countries

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New Germany Corporate Payment Survey 2016

Despite the solidity of Germany’s economy, payment delays are still commonplace

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The outlook for the us pharmaceuticals

Of all the industrialised nations, the USA has the highestn expenditure for public healthcare but poor results

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Coface awarded “Asian Credit Insurer of the Year” & Country Award “Digital Insurance Initiative of the Year – Singapore”

Coface won big at the Asian Banking and Finance (ABF) Insurance Asia Awards 2016, receiving double awards with the Regional Award “Asian Credit Insurer of the Year” & Country Award “Digital Insurance Initiative of the Year – Singapore”.

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China’s two-speed economy: Sector winners and losers

China’s economy grew by 6.9% in 2015, the slowest expansion pace in 25 years. Growth should continue to slow in 2016 and 2017, and will probably undershoot the government’s average annual growth target of 6.5% - as set out in the 13th five-year plan for 2016-2020.

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Coface appoints Hugh Burke as Chief Commercial Officer of Asia Pacific Region

In line with its Asian growth strategy, Coface is appointing Hugh Burke as Chief Commercial Officer of the Asia Pacific Region. He will take up his new role in October 2016.

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H1-2016 results in line with July 4th announcement.

Strategic plan Fit to Win designed to transform Coface into the most agile global trade credit partner in the industry

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Sector assessments revised in 6 global regions

Sector risks are still increasing in emerging markets

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Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

Company insolvencies in central, eastern and northern Europe: Positive trends but the decline will be slower than in 2015 in some countries

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Coface Insolvency Panorama for Central and Eastern Europe: Less business insolvencies due to favourable economic conditions

The number of insolvencies decreased over the course of 2015 in 9 out of 13 countries, while the GDP-weighted regional insolvency average was -14%.

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United Arab Emirates: A new era of slower growth

High level of diversification does not make the UAE totally immune from the energy prices fall, retail and tourism challenged (..)

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EURO 2016: the final as seen by Coface economists!

Economic outlook of the two finalists: how countries have beat the competition

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World corporate risk reaches peak levels

Forecast world growth for 2016 down by 0.2 points to 2.5%. The average level of global risk corresponds to B, « significant risk ». Increasing numbers of emerging markets included in the "extreme" and "very high" risk categories. Three leading world economies become fragile. China penalises activity in several Asian countries. Europe facing positive dynamics, but political risk driven by the Brexit must be monitored (..)

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Coface strengthens its risk function with the appointment of Thierry Croiset as Group Risk Director

Thierry Croiset, 56, will join credit insurer Coface as Group Risk Director as of 11 July 2016, reporting directly to Carine Pichon, Chief Finance & Risk Officer.

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Despite persistent crises, sub-Saharan Africa presents opportunities in 2025 time-frame

Heavily impacted by the Chinese slowdown and the fall in commodity prices, sub-Saharan Africa posted its lowest level of growth since 2008. 15 countries, including several that have been severely impacted by cri-ses, show significant potential in terms of consumer spending. Two sectors offer medium-term opportunities: retail and ICT (..)

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Infographics - Despite persistent crises, Sub-saharan Africa presents opportunities in the 2025 time-frame

15 countries identified as having high potential consumer markets

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Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

Europe’s improved macroeconomic situation has had favorable effects on businesses in most European countries and led to fewer insolvencies in 2015 in the four Northern (..)

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Thibault Surer appointed Group Strategy and Business Development Director

Thibault Surer, 54, joins credit insurer Coface as Strategy and Business Development Director of the Group. The department he will head up covers Strategy, Business Development, Marketing & Innovation. Thibault becomes also a member of the Group Management and Executive Committees.

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24 nations warming up for the EURO 2016

Country risk assessments of qualified countries: their current form

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Coface strengthens organisation in Asia, with the appointment of Bhupesh Gupta as Asia Pacific CEO

In line with its Asian growth strategy, Coface is appointing a seasoned financial services professional, Bhupesh Gupta, to run its Asia Pacific operations.

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Is the French economy definitely taking off?

A number of positive indicators for the French economy appeared between January and April 2016.

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No improvement in Asia Pacific corporate payments in 2015

Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets: Australia, China, Hong Kong, India, Japan, Singapore, Taiwan and Thailand. The survey traced the evolution of corporate payments in 11 sectors of activity. 85% of companies offered sales on credit terms to their customers, as a solution to tackling their problems of liquidity (..)

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Coface AA- rating affirmed by Fitch

Fitch Ratings issued today, May 20th 2016, a press release on Coface in which the agency affirms the Group’s Insurer Financial Strength (IFS) rating at 'AA-', Outlook Stable.

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What to expect from Brazil’s perfect storm?

Brazil is in the midst of a perfect storm. The enduring political crisis and deep economic recession, which led to the collapse of confidence indexes, have now been topped by an impeachment trial of President Dilma Rousseff (..)

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Hungary: Private consumption rising but challenges remain for corporates

Hungary is performing well, considering the context of struggling economies globally.

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Coface Q1-2016 results: A tough quarter in a polarized environment

This has been a tough first quarter. Business turnover and profits were lower compared to the same period last year, against the backdrop of a polarized and volatile economic environment.

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Steel overcapacity around the world: risk reaches a high in 2016

Following a long period of increasing demand, driven by China in the 2000s, steel is suffering from weak growth in the global economy (...)

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Sector risks remain under pressure in the emerging markets

Global growth at half-mast (2.7% projected by Coface for 2016), under the impact of the highly volatility financial markets and continuing low oil prices, is compromising the health of industries analysed by Coface (...)

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Infographics - Steel: faced with global overcapacity

Metals industries, the world's riskiest sector. Over-capacities remain. Outlook: return to normal for 2018.

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Czech Republic, Poland, Chile, and Thailand closest to a quick upturn in exports

Although the current crisis in emerging countries is surprising in its intensity, with their growth cut in half in five years and increased exposure (...)

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Quarterly update of Coface country risk assessments

The global economy is turning "Japanese": world growth remains low, despite ultra-expansionist monetary policies (...)

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Infographics: Companies in emerging countries: is another “Phoenix miracle” possible?

Consult coface new infographics

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Few companies in China spared from overdue payments: 80% of corporates affected in 2015

Slower growth, rising non-performing loans, RMB and stock market volatility are all concerns for China in 2016 (...)

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Risks for German exports have risen significantly

The greater export risks faced by German companies are hampering growth performance. As Germany has strong trading ties with the Emerging Market and Developing Economies group (EMs), it is highly exposed to the (...)

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Coface Group CEO inked MOU with Sinochem International reaffirming Coface development strategy in the Chinese market

On 3rd March 2016, Coface, a worldwide leader in credit insurance, signed a Memorandum of Understanding with Sinochem International Corporation in Shanghai, China. Coface Group CEO, Mr. Xavier Durand reiterated the support for Chinese companies development locally and globally. (...)

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China’s role in Latin America is much more than a trade issue

China, on its way to becoming an important financial player for economies with restricted access to international markets, has announced its intention to increase its (...)

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Panorama : Company insolvencies in France

Lessons learned 2015, hope in 2016: situation of companies returning to normal

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Coface 2015 results: net income €126M and proposed dividend stable at €0.48 per share (5)

At the end of 2015, a year marked by a deterioration in the global economic environment, Coface recorded a slight increase in net income (group share), at €126M (€125M in 2014).

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Country risks again under tension in 2016

To be monitored: cheap oil, financial market volatility and the Chinese slowdown in advances countries and growing debt of companies in emerging countries

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Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glass

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Graham Crozier appointed Chief Executive of Coface in Australia and New Zealand

Graham Crozier is appointed Chief Executive of Coface Branch in Australia, effective from 1st February 2016. He will oversee the business development and the operations of Coface‘s trade credit insurance and services activities in Oceania.

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The Board of Directors of Coface announces the appointment of Xavier Durand as Chief Executive Officer

This appointment will become effective following the Board of Directors’ meeting to be held on 9 February to approve the accounts for fiscal year 2015. Jean-Marc Pillu will continue in his role as Chief Executive Officer of Coface until this date.

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Europe’s qualitative wine production model resists competition

French and Italian producers are not suffering from the new world competition on low and mid-level products while Spain is more vulnerable

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Sector assessments in the world, the persistence of high risks

Marked by the commidities price fall and the slowdown in sales, 2015 requires a greater control over risks

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Infographics : Globalisation of the vine market

Europe's double positioning and Asia, the world's futur landing consumer

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Infographics : Sector risks - 4th quarter 2015

The temperature of 14 sectors in 3 of the world’s major regions

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Construction: the Achilles' heel of the French economy

Following a long period of stagnation, construction in Europe is showing signs of recovery. In France it is the only sector, out of the fourteen studied by Coface, to be rated as very high risk (...)

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French companies are starting to benefit from a tenuous recovery, although certain sectors remain at risk

Coface economists estimate a growth of 1.1% for 2015 and 1.4% for 2016. Company insolvencies are down, although the level remains high (...)

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Egypt: slow recovery and structural challenges

Coface forecasts growth of 4.4% for 2015/2016

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Coface announces its latest country and sector risk assessments at its annual Country Risk Conference in Hong Kong

Although worldwide growth continues to recover, its rate will not exceed 3% for the fourth year in a row (2.6% in 2015). The advanced economies are doing much better: Activity in the USA rose significantly in the 2nd quarter (2.5% forecast for 2015), thanks to both consumer spending and investment, and in the Eurozone (1.5%) the gradual upturn in activity continues.

Growth in China is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment. According to Coface, the country risk in the emerging countries will remain a major point of vigilance this year (...)

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Brazil: no quick fix for the crisis

Brazil, downgraded to B (significant risk of businesses defaulting) by Coface in September, has been facing a scenario of economic juggling (...)

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Results at 30 September: Coface stabilizes results and posts profit of EUR 98 million

Coface once again posts an increase in turnover this quarter. In spite of a difficult economic climate in certain emerging markets, we have managed our loss ratio well by applying our expertise in risk management. In doing so, we are pursuing our path of profitable growth while protecting and supporting that of our clients.

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Focus on the future of solar energy in Europe: photovoltaics

Despite the strong domination of Chinese companies and overcapacity in Europe, the European market remains promising in the medium term.

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Infographics : focus on the future of solar energy in Europe: photovoltaics

Discover our new Infographics focus on the future of the solar energy in Europe

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Quarterly sector risk assessments update

Energy is more risky than ever, while Information and Communication Technologies is the only sector to receive a positive revision and automobile is adjusting.

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Infographics : The temperature of 14 sectors activity in the world

Discover our sector risk infographics on the temperature of 14 sectors activity in the world

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Half year 2015 Insolvency Report: Poland continues on improvement track

Poland’s increased economic activity has already reached the levels required to stabilise the number of company insolvencies.

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Coface is awarded Best Trade Credit Insurer in Asia Pacific

Coface is awarded ‘Best trade credit insurer in Asia Pacific’ by GTR. GTR is the world’s leading news source, publisher and event organiser for the global trade, commodity, export and supply chain finance industries, with offices in London, Hong Kong and Singapore.

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How Gulf Cooperation Council countries (GCC) are dealing with falling oil prices

As oil continues to be a major contributor to economic performance in the GCC, economic diversification is vital for the Gulf countries to ensure continued healthy growth. This has been showcased in Saudi Arabia and the UAE, which are driving sustained GDP growth through significant government investment in non-oil sectors. In the UAE, the food and beverage sector is forecasted to grow by 36% between 2014 and 2019, while KSA’s automotive industry is slated to rise by 5.2% in 2015.

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Quarterly update of the Coface country risk assessments

Large and small emerging countries are experiencing strong turbulence (...)

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Is a Chinese shadow cast over Asia?

China is trying to find a way to achieve healthier, more sustainable growth, but this is not completely painless for its economy – or for those of its neighbours. According to Coface estimates, growth is unlikely to exceed 6.7% in 2015 and 6.2% in 2016, compared with 13.4% over the period 2006-2007. This is mainly a result of the technological and capital catch-up process running out of steam: several industries are suffering from overcapacity and corporate indebtedness is high, thus impacting investment. (...)

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Infographics: Chinese slowdown: what risk of contagion for Asian countries?

We are witnessing a shift in the Chinese economic model. Which Asian countries will be the first victims if there is a hard landing? And which will enjoy the greatest immunity?

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Latin America: what life after the commodity burst?

Growth in Latin America has been slowing down since 2011. This lacklustre situation, caused by weak domestic fundamentals, has been exacerbated by cyclical factors experienced since the second half of 2014. In 2015 we have ob-served a further deterioration of this (...)

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Country risk assessment map - 3rd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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Company insolvencies in Western Europe: a drop of 7% expected in 2015 but situation is contrasted

Company insolvencies in Western Europe have experienced two successive storms. The subprime crisis, which made insolvencies jump by an average of +11% in the twelve countries studied was, unsurprisingly, followed by (...)

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Infographics: Insolvencies in Western Europe: A downward cycle has started

Infographics : Insolvencies in Western Europe: A downward cycle has started - The economic recovery in the euro zone supports this trend - September 2015

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Coface appoints Yoshihiro Suchi as Country Manager of Coface in Japan

Yoshihiro Suchi has been appointed as Country Manager of Coface in Japan effective from 28 September 2015. Based in Tokyo, Yoshihiro will oversee the business development and the operations of Coface’s trade credit insurance and services activities in Japan.

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Coface appoints Andrew Ross as Regional Head of Coface Global Solutions in Asia Pacific

Andrew Ross has been appointed as Senior Vice President, Regional Head of Coface Global Solutions in Asia Pacific effective from 1 August 2015.

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H1-2015 results: Coface posts a profit of EUR 66 million in spite of an increase in claims in emerging countries

Since the end of last year, at the occasion of our periodic results publications, we have noted weaknesses affecting the macro-economic environment. The first half of this year confirms this trend, and it was marked by an increase in the frequency of claims, in particular in emerging markets. Given this context, we are publishing good quality half-year results. The Group thus confirms the robustness of its business model: product innovation and multi-channel distribution, while controlling risks and costs.

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The CEE automotive sector is highly dependent on foreign investments - but there are positive dynamics in domestic demand

The CEE region has become an attractive destination for investments by global car manufacturers. In 2014, 3.6 million vehicles were produced in Eastern Europe, equating to 21% of total EU production (...)

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Country risk map - 2nd quarter 2015

This map gives you a global overview of country risk assessments. Coface's methodology in assessing country risk uses macroeconomic expertise, comprehension of the business environment and microeconomic data collected over 70 years of payment experience.

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Sub-Saharan Africa: three East African economies are sheltered from the economic storm

Although growth was accelerated by the high prices of commodities on which sub-Saharan Africa is highly dependent, the region must now deal with the effects of falling oil prices. The 45 countries screened by Coface are affected to different degrees.

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Coface appoints Thomas Yong as Executive Vice President, Chief Commercial Officer, Asia Pacific

Coface appoints Thomas Yong as Executive Vice President, Chief Commercial Officer for Asia Pacific Region with effective 29 June 2015.

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New appointments of Coface Risk Underwriting team in Asia Pacific Region

Coface appoints Victoria Ma as Executive Vice President, Chief Risk Underwriting Officer, Asia Pacific and
Xavier Farcot as Executive Vice President, Regional Risk Underwriting Director of Coface Global Solutions, Asia Pacific

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Infographics : Country risk assessments June 2015

Discover in this new infographic which country risk assessments are upgraded or downgraded by Coface.
In addition: Focus on Sub-Saharan economies - Is the risk of bad economic weather high?

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Quarterly updated country risk assessments

Downgrade for China. Economies affected by the fall in oil prices placed on negative watch.

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After a decade of well-implemented reforms and high growth rates, the Turkish economy struggles to maintain the same performance

A Coface Panorama on Turkey forecasts a growth rate of 3.5% this year, still solid but below the potential growth rate estimated at 5% and lower than similar economies

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Is India’s economic revival thanks to the Modi government?

In May 2015, the IMF highlighted India as “one of the bright spots in the global economy”, mainly due to more effective policies and the end of political uncertainty. Coface expects the country’s GDP growth to reach 7.5%. But to what extent have Modi’s reforms contributed to the recent pickup in growth? Are the improvements in the economy without risks?

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Launch of TradeLiner : Coface revamps its credit insurance offer for mid-market companies

Aimed at the evolving credit insurance needs of mid-market companies, Coface has modernised its flagship policy, renamed TradeLiner. The move follows on from the experience Coface gained through its first global non-payment protection offer introduced fifteen years ago and is based on its desire to work harder to help protect mid-sized companies operating in the real economy.

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Coface Insolvency Monitor for Central and Eastern Europe: Economic perspectives improved but corporate challenges remain

CEE’s improved economic activity in 2014 resulted in the stabilisation of company insolvencies, with a minor drop of -0.5% in the regional average.

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Business insolvencies in France at the end of April 2015: The numbers continue to slowly improve, at -2.7% on a year

The favourable swing first seen in 2014 continues. The immediate rise in business insolvencies in the first four months was partly due to a catching up after the artificially low year-end data, because of the industrial action within the court system, which has however resurfaced in May.

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The end of milk quotas: New rules

April 1st 2015 marked the end of milk quotas in Europe, a regulatory tool imposed in 1984 in response to overproduction, leading to the so-called “butter mountain” and the “milk lake”. For the first time in 30 years, the market alone will determine the quantities of milk produced. Are French dairy farmers ready for this? Is the abolition of milk quotas going to make it possible for milk producers to supply the rapidly growing markets in Asia? Or to develop to meet the high level of demand for organic products?

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Infographics: End of Milk Quotas: a new era for the french dairy sector

The dairy market

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Coface begins 2015 with robust results: increased turnover and profitability in Q1

We begin 2015 with robust results: the Group’s growth and profitability are satisfactory and demonstrate the steadfastness with which the Group is implementing its strategy in a still mixed economic environment.

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70% of companies in the Asia Pacific Region experienced overdues in 2014:</br>China, India, Hong Kong and Thailand face more challenges in 2015

Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in 8 economies. 70% of the companies surveyed experienced overdues in 2014 - the highest level in 3 years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% since the previous year.

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Has the US automotive sector shifted safely into top gear?

The bail-out for the US automotive industry, at a cost of 80 billion dollars and large-scale layoffs, traumatised the United States. Its automobile manufacturers are now rebuilding their competitiveness and benefiting from the upturn in US economic growth (forecast at 2.9% in 2015). The industry has picked up and demand is being driven partly by easier access to credit, but at what price? In 2015 , Coface’s model predicts an increase in sales of 3.8% a sustained level of growth, but well below the level recorded in recent years.
The automotive sector needs to continue to look towards the future and the changes required to meet the new challenges ahead.

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Two sectorial assessments updated due to impact of lower oil prices

The recent drop in the price of oil has had knock-on effects for company credit risk around the world. Among the 14 sectors analysed, Coface has identified one big winner and one big loser, with the corresponding assessments revised upwards or downwards.

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New infographics, The US automobile sector : a risky recovery?

Discover the new Coface infographics (April 2015)

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Quarterly updated country risk and business environment assessments

Coface upgrades country risk assessments of two European economies and places Brazil under negative watch
Business environment in Russia downgraded to C

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Five advanced economies will avoid the risk of "secular stagnation" within the next decade

More than three years after the official recovery, advanced economies are struggling to return to a path of sustained growth. Some are even forecasting stagnant growth, a situation sometimes seen as irreversible. But not all advanced economies are in the same position when it comes to this risk of long-term stagnation and some exceptions stand out in what is a fragile global landscape. Which of the OECD’s advanced economies have what it takes to accelerate their growth over the next decade?

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Holding a leading position in business information, Coface starts credit-insurance in Israel

Local companies to benefit from Coface’s expertise in prevention and credit risk protection in addition to collection and information services.

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Corporate overdue payments in China at high levels: 80% of corporates affected in 2014

A new Coface survey on corporate credit risk management in China reveals that 8 out of 10 corporates experienced overdue payments in 2014. Coface, a leading global credit insurance group, forecasts that GDP growth will slow down to 7% in 2015 (vs 7.4% in 2014). As corporates are still facing the challenges of high leverage, the high cost of financing and low profitability (driven by overcapacity), it is expected that non-payments will not improve in the short term.

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Impact of lower international oil prices on Latin America

Latin America is a major producer of commodities and the recent drop in oil prices is impacting the region’s countries in different ways. Which countries could benefit from lower international quotations - and why are others negatively impacted?

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Coface posts 2014 results in line with objectives and proposes distribution of €0.48 per share (1)

We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.

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2015 Country Risk Conference: In 2015, the global recovery will be laborious and subject to multiple risks

The global economy is on the path of gradual recovery. Less vigorous than before the 2008 crisis, global growth continues to follow a moderately accelerating trend.

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Turkey: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets. Turkey entered this period with a high current accounts deficit, a production sector substantially dependent on imports and three successive elections.

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Middle East and North Africa region: What progress after the “Arab Spring”?

After a period of political and social turmoil, the economic activity is gaining strength in the Middle East and North Africa region. The growth is expected to stand at 2.6 percent in 2014 and to accelerate to 3.2 percent in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However the growth performance will continue to stand below the 2000-2010 average of 5.4 percent.

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Latin America - Growth picking up for Pacific countries

Three decades ago, Latin America was associated with negative terms such as ‘dictatorship’, ‘debt crises’ and ‘high inflation’. Over the years, the region has begun to be associated with economic growth, the new middle class, poverty reduction and controlled inflation.

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Company insolvencies: a limited decrease

The number of company insolvencies over the past 12 months stood at 63,002 companies at the end of October. Coface registered a 0.9% fall over the year.

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“Low-flation” in France, the sign of a change in pace of growth

In a context of slow inflation (“low-flation”) and flat growth, France is in danger of not being able to escape the vicious circle of falling prices. Is it possible that France, without going to the extremes of the deep depression of the 1930s in the United States and a number of European countries, could experience a lengthy period of price and growth stagnation, such as happened in Japan between 1990 and 2010? And if so, what would it mean for the French economy and its companies?

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Coface is awarded ‘Best Provider of Trade Credit Insurance’ by CFO Innovation Asia for the second time in a row

Coface is awarded ‘Best Provider of Trade Credit Insurance’ by CFO Innovation Asia, an online publication exclusively for top-level finance managers in the corporate sector in Asia and China, for the second time back to back.

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Coface obtains credit insurance license in Morocco and strengthens its leading position in Africa

Present in Morocco since 2007, Coface has now obtained its license for insurance and reinsurance activities from the regulatory authorities.

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After the economic crisis, what does the future hold for pharmaceutical companies in Europe?

The pharmaceutical sector’s dependence on the economic situation of European countries proved to be crippling for the industry during the 2008-09 crisis, and once again during the sovereign debt crisis of 2011-12. Particularly weakened by reduced health expenditure in Europe, pharmaceutical companies are now looking to revive, expand into new markets and invest in niche markets to break the deadlock.

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Coface quarterly sector risks assessments : 14 sectors in three major regions of the world

North American chemicals, transport, textiles and clothing upgraded from "medium risk" to "low risk"
In North America, sector risk has improved due to the positive economic outlook and the drop in oil prices

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Polish insolvencies stop rising - but for how long?

The insolvency statistics for Polish companies reflect an improvement during the first half of 2014. In total 402 companies declared bankruptcy, representing a decrease of 11.5% compared to the same period in 2013.

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Register Now - 2014 Coface Country Risk Conference in Hong Kong

Happening once a year, Coface is holding 2014 edition Coface Country Risk Conference – In the Search of Growth Momentum in the morning of 12 November (Wednesday) at Asia Society Hong Kong Center (Admiralty).

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Coface predicts slow growth of world economy at its annual Country Risk Conference in Hong Kong

Coface held its annual Country Risk Conference in Hong Kong today which attracted more than 300 people attended the event. Top economists and executives from renowned companies including ANZ, Crédit Agricole CIB, Hong Kong General Chamber of Commerce, ANTA Sports Products Ltd and Telos Capital & Risk Management Ltd gave their insights on economic developments in major countries around the globe and shared their views on business risk management at the conference.

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Coface predicts slow growth of world economy at its first Country Risk Conference in Taiwan

Coface held its first Country Risk Conference in Taipei today which attracted more than 200 people attended the event. Top economists and executives from renowned companies including Fubon Financial, China Credit Information Service, Ltd. and Taiwan Academy of Banking gave their insights on economic developments in major countries around the globe and shared their views on business risk management at the conference.

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Updated country risk assessments

A slow recovery but a recovery nonetheless in the Eurozone, political and financial instability in large emerging countries.

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Results at 30 September 2014: Coface continues to progress on a path of growth and profitability

Coface’s performance is in line with objectives. At the end of these first nine months, the Group has posted satisfactory growth and solid profitability.

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European airlines are among the least profitable in the world: what is the adaptation scenario?

At a time when it appears vital to capture the growth potential in Asia, European airlines are stumbling due to aggressive competition from low cost operators and airlines from the Gulf. Currently, they are among the least profitable in the world. Faced with these new constraints, what changes are conceivable?

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Romania at the front line of economic growth in 2013 – but will it catch up after the contraction in 2014?

Romania’s economic performance has made it one of the leaders in Europe’s recovery. Its growth has exceeded expectations, with GDP rising by 3.5% in 2013. Significant contributions came from the agricultural and industrial sectors, in particular from car production supplying mainly foreign customers. Although Romania will not continue this pace of growth in 2014, the outlook remains positive.

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Company insolvencies in Brazil: what to expect in the near future?

Restructuring and bankruptcy remain increasingly used procedures.
Activity in Brazil remains lacklustre, inflation above targets and interest rates are amongst the highest in the world. Various indexes show that confidence in Brazil remains down, while the low investment ratio continues to deteriorate.

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Coface quarterly sector risks survey : 14 sectors in three major regions of the world

Nil growth recorded in the eurozone in Q2 2014 confirms the scenario of an exceptionally slow recovery. However, according to Coface's forecasts, in 2014 growth in GDP will be ...

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Carrot-and-stick : Challenges ahead for the Chinese economy

Since the beginning of the year, the Chinese government has continued its effort to carry out various items on the reform agenda, particularly on fine-tuning the structure of the Chinese economy. As domestic demand remains subdued, property market continues to be sluggish and over-capacity in some sectors remains unsolved, it would be unlikely China will achieve the 7.5% growth target. Coface expects the GDP growth of China could reach 7.4% in 2014, given more policy support in sight.

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Launch of CofaMove application: CofaNet goes mobile

Coface now offers customers a mobile application providing access anywhere and at any time to the essential features of Cofanet, its online platform for managing credit insurance contracts. The application will be available for download at the Apple App Store and Google Play Store.

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Coface strengthens organisation in Asia, with appointment of Hung Wong as Asia-Pacific CEO

In line with its pursuit of a dynamic growth strategy in Asia, Coface has appointed Hung Wong to run its Asia-Pacific operations and to the group’s Executive Committee.

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Coface launches an innovative offering for SMEs in Hong Kong: EasyLiner, a simple on-line solution to protect against unpaid invoices

Coface has developed a tailored SME offering with two aims in mind: protection and accessibility. EasyLiner provides quality cover adapted to the needs of SMEs, as well as an easy subscription process, leaving businessmen free to concentrate on their core business.

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Serbia becomes 98th market for Coface’s credit insurance offer

Coface, a world-leading credit insurer, is enriching its offer in Serbia through a local partnership with Axa. From now on, in addition to debt collection and business information services, Serbian companies can benefit from Coface’s longstanding expertise in credit insurance and its international footprint.

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Results for the first half of 2014: Growth and profitability in line with guidance

Turnover growth of +1.8% on a like-for-like basis
Customer retention rate increased to 92.3% and production of new contracts
up +14%

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Appointments to the Coface Board of Directors

The Combined General Meeting of Shareholders of COFACE SA, which was held on 2 June 2014, appointed four new independent directors with effect from 1 July 2014, for a term of four year

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Coface appoints Nicolas Garcia as Group Commercial Director

In this new position, he also becomes a member of the Group Management Board and the Executive Committee.

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Downgraded to A4, Brazilian economy gears towards a year of adjustments in 2015

Coface expects a considerable slowdown of GDP in 2014 (at +1.3% in 2014, down from +2.5% in 2013), due to household consumption growing at a slower pace, investments losing momentum and a weak trade balance. Coface considers 2015 to be a turning point, boosting GDP in the medium term.

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Success of the Coface IPO

"During the IPO, we received a warm welcome from investors, who were particularly receptive to us, both in France and abroad. This makes us proud of the work of our teams around the world to build a solid group, which is profitable and has confirmed growth prospects[...]" Jean-Marc PILLU, Coface Chief Executive Officer

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The UK upgraded to A2 due to the strength of its recovery

Affected in 2009 by a recession more intense than other European countries under the effect of a sharp drop in household consumption and investment, the British economy is currently distinguished by the strength of renewed growth (1.8% in 2013). Forecast at +2.7% in 2014 by Coface, it could be as dynamic as that of the United States and exceed Germany (2%).

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The Turkish economy - what to expect in 2014

Prior to the forthcoming presidential elections in August 2014, Coface is cautious in its assessment of corporate risks in Turkey. If political tensions rise again, as happened in December and January, investors may flee the country which could result in a fluctuation in Forex markets. Such a situation would negatively impact the corporate sector’s external debt stock, already at a record high.

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Coface notes an improvement in risks in Western Europe and in "new" emerging economies

The first quarter of 2014 confirmed the acceleration in global growth: according to Coface's forecasts, after 2.6% in 2013, growth will be close to 3% in 2014 and 3.3% in 2015.

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Coface forecasts a 13% drop in SME insolvencies in Spain and stabilisation in France in 2014

With comparable profiles in terms of entrepreneurial activity, Spain and France are following a worrying trend in terms of company insolvencies. However, SMEs in the two countries have evolved differently since the 2008-2009 crisis, and insolvency forecasts for 2014 further underline this divergence.

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Survey reveals corporate overdue payment in Asia Pacific region stabilised in 2013

- Slowing growth of China remains a concern in 2014 -

According to the survey of credit risks management in Asia Pacific by Coface, corporate payment experience in the region generally stabilised. Companies in Australia and China suffered more non-payment. The growth slowdown in China remains a concern for other economies in the region in 2014.

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New Appointments of Coface Commercial Team in Asia Pacific Region

Coface is expanding its commercial organisation in Asia Pacific Region to better serve the multinational clients and bank and financial institutions.

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Coface quarterly credit risks survey: 14 sectors in three major regions of the world

Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.

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New paradigm for the electronics industry in Asia: clear dynamism, increased risks

Emerging Asia is the new epicentre of electronics innovation. Local companies are now counting on the internalisation of production and research. However, the dynamism of the sector faces new risks, as the gradual rise in unpaid invoices. In 2013, close to 3 out of 4 companies in the electronics & IT sector in Asia-Pacific experienced overdue payments.

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Insolvencies in Central and Eastern Europe 2013: New peak with 70,000 companies affected

Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and household consumption decreased due to fiscal measures designed to tackle rising budget deficits. Access to credit was further constrained in line with reduced supply and demand for new loans.

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Country risk assessments : United States one of best risks whilst major emerging economies struggle

The upturn in the advanced economies (1.9% forecast for 2014, after 1.2% in 2013) is reflected in the upwards revision of the country risk assessments for the United Kingdom and the United States, which join the best risk category.

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Coface identifies 10 emerging countries hot on the heels of the BRICS

After 10 years of frenetic growth, the BRICS are slowing down sharply: for 2014, Coface forecasts growth of on average 3.2 points lower than the average growth these countries registered over the previous decade. At the same time, other emerging countries are accelerating their development.

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2013 Annual Results

Good commercial dynamics and improvement in loss ratio

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Corporate overdue payments in China at the highest level in last 3 years: 80% of corporates affected in 2013

- More pressure on financing market / shadow banking in China in spite of stable growth in 2014 -

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Coface launches a direct offering in Colombia

As a leading credit insurer in Latin America, the Group now operates directly in 9 of the region’s countries.

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China in 2014: stable growth with risks of financing and overcapacities

2014 is a year of divergence for the Chinese economy, representing the diverging trends of macro and micro environments.

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Country Risk Conference 2014:<br>In 2014, favourable risk trend in advanced economies but persistent tensions in large emerging countries.

After a post-crisis readjustment between advanced and emerging countries, in 2014 global country risks are set to change in line with a more classic model.

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Coface Quarterly ‘Panorama Sectors’ - Textiles

Positive changes in North America and Asia
Risks stabilise in Europe as the textile industry invests in innovation

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Coface is awarded ‘Best in Credit Insurance’ by CFO Innovation Asia

Coface was voted ‘Best in Credit Insurance’ by CFO Innovation Asia, an online publication exclusively for top-level finance managers in the corporate sector in Asia and China.

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China : Continuous reform in economy, industries, RMB and globalization

The Third Plenary Session of the 18th CPCCC was held between November 9 and 12 in Beijing. Chinese leaders of the Xi-Li regime used the plenary session as the platform to channel their ideology and roadmap of structural reforms. Given the recent signals and evidence from the government, the current regime is likely to successfully take the reform effort forward.

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Coface : The euro zone out of recession and growth to accelerate in the US in 2014

After having slowed for three years in a row, global GDP growth is likely to pick up in 2014: we expect it to stand at 3.1% (versus 2.5% in 2013). The upward trend will be mainly driven by the recovery in the euro zone and higher growth in the United States.

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Coface is optimistic about business risks in the United States and concerned about those of emerging countries such as Brazil and Thailand

Revised Country Risk assessments. Overall, advanced economies are doing better. The concerns come from the emerging countries, which are facing a structural decline in growth.

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Emerging Asia : Coface warns of growing risks linked to household debt

The growth potential in Asia remains high, driven by the middle class. Malaysia, South Korea, Singapore and Thailand: household debt similar to that of the United States at the time of the subprime crisis.

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Coface Quarterly "Panorama Sectors"

Coface downgrades its credit risk assessment in three business sectors: chemicals, pharmaceuticals and automotive.

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Coface is expanding with a global network of economists</br>- Asia Pacific regional economist appointed in Hong Kong

The Group's economic research team is taking on a new international dimension by appointing economists in major regions around the world.

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How Coface credit insurance can help you to prevent non-payment of invoices

A straightforward and didactic video to present, in less than three minutes, how Coface credit insurance can help you to prevent non-payment of invoices.

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Brazil's economic woes: any chance of a kick start?

The archetypal emerging country, Brazil passed the test of the great crisis of 2009 with flying colours. Four years on, social protests have begun to highlight the failure of its growth model.

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Coface is expanding further in Central Europe to offer credit insurance in Croatia

As of 1 July 2013, the first day of Croatia’s membership of the European Union, Coface simultaneously launches its credit insurance services in this country, to meet growing demand from companies.

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A glimmer of hope for some advanced economies: Japan, Iceland and Ireland

Coface has noted an improvement in a number of advanced economies : Japan, Iceland, and Ireland. On the other hand, the contraction in activity, financial problems and above all growing political and social pressures are increasing risk in South Africa and Tunisia

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Italy: Company payment practices worsen, reflecting the severity of the recession

The preponderance of fragile small companies and the sheer scale of late payment within the public sector.

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Victims of sluggish growth, businesses in Central Europe will not emerge from the crisis in 2013

Compared to Western Europe, defaults in Eastern Europe are accelerating at a very high rate.

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Survey reveals over 50% of enterprises in China indicated increase of overdue

- China enterprises are less optimistic on global and local economies recovery -
- Taiwan enterprises continuous demonstrate good credit management -

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Survey reveals corporate overdue payment in Asia Pacific region deteriorated in 2012

- Companies are less optimistic about recovery of global economy in 2013 -

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The gap between Europe and the rest of the world is widening

Credit risks still high in Europe but the outlook is favourable in Emerging Asia and in North America.

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Risks are back on the radar in emerging countries: political instability, increasing protectionism, credit bubbles

Despite resilient growth, estimated at 5.1% in 2013, and improved sovereign and external fundamentals, emerging country risks have not disappeared altogether, but have changed form. Three major risks now weigh on emerging markets. Politically, tensions have sharpened, illustrated by protests in North Africa and the Middle East, and now also in Russia and India. Economically, we are seeing a rise in protectionist measures. Financially, excessive growth in bank loans to the private sector in a number of emerging economies is stoking fears of a credit bubble, in Asia in particular.

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Coface reinforces co-operation with Adira to develop trade credit market in Indonesia

Coface has been supporting PT Adira Dinamika Asuransi (Adira) to offer trade credit insurance for Indonesian companies since 2008. In February 2013, Coface opened an official Representative Office in Jakarta to provide better support to Adira to promote trade credit management in Indonesia.

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Country Risk Conference 2013: The crisis in Europe is far from over for corporates

Based on its day-to-day contact with companies worldwide, Coface has issued a cautious scenario for the global economy in 2013. The recovery of advanced countries is still in hostage to public and private debt. Furthermore, household and corporate confidence has not been restored given the worsening situation of labour markets and the incomplete institutional reforms in Europe. The lack of visibility in U.S. budget policy may also impact American growth. Coface predicts a continued recession at -0.1% in the Eurozone with a persistent contraction in activity in Southern Europe. Growth in the USA will slow down to +1.5%, whilst emerging countries will post growth that is both healthy and sustainable at +5.2%.

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The crisis in Europe

Based on its day-to-day contact with companies worldwide, Coface has issued a cautious scenario for the global economy in 2013.

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A new identity and a new tagline for Coface

The reflect a successful strategic refocusing.

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