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05/09/2019
Country risk and economic studies

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04/18/2019
Country risk and economic studies

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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04/15/2019
Corporate news

COFACE STRENGTHENS ITS MARKET POSITION IN THE ADRIATIC REGION BY ACQUIRING SID - PKZ, THE LEADING CREDIT INSURANCE COMPANY IN SLOVENIA

Coface announces today the acquisition of SID - PKZ, the market leader in credit insurance in Slovenia with a high market share. As Coface has acquired all SID - PKZ shares, the business will operate under the new brand name Coface PKZ. The acquisition supports Coface’s strategy of profitable growth in Central & Eastern Europe region.

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04/09/2019
Country risk and economic studies

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. The economy is in a better position than it was in 2014, but many of the structural fragilities that Modi inherited continue to afflict India today and a mixed track record in terms of economic reforms has dampened enthusiasm for Modi.

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04/02/2019
Country risk and economic studies

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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04/02/2019
Country risk and economic studies

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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03/22/2019
Country risk and economic studies

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. The situation relating to payment delays also deteriorated. 62% of companies in China experienced payment delays in 2018, with 40% of respondents reporting that they recorded an increase in payment delays, much higher than the 29% registered in 2017.

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03/15/2019
Country risk and economic studies

POLAND PAYMENT SURVEY 2019: 99% OF COMPANIES EXPERIENCE PAYMENT DELAYS

In 2018, Poland reached a peak in economic recovery with a GDP growth of 5.1%, the highest level of economic expansion since 2011.Despite this positive macroeconomic environment, payment delays appear to be standard practice on the Polish market. Nearly 99% of the Polish companies surveyed by Coface experience payment delays. Only one out of 100 companies reports receiving payments on time.

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02/26/2019
Country risk and economic studies

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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02/11/2019
Country risk and economic studies

FY-2018 RESULTS: NET INCOME UP 47% AT €122.3M AND PAY-OUT OF 100% OF NET INCOME

Turnover: €1,385m, up 4.6% at constant scope and FX
Net loss ratio at 45.1%, an improvement of 6.2ppts; annual net combined ratio at 79.6%
Net income (group share) of €122.3m; of which €24.1m in Q4-2018. Annualised RoATE[2] at 7.7%
Solvency ratio estimated to have risen to ~169%[3], above target range (140%-160%)
Coface continues to actively manage its capital base

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02/05/2019
Country risk and economic studies

Coface Country Risk Conference 2019 in Paris

Two pitfalls for businesses in 2019: the economic downturn and political risks.
Coface will be sharing its vision of the major trends in the world economy in 2019 with businesses at its annual conference on country and sectoral risks.

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01/29/2019
Corporate news

Coface launches new online product Business Finder

Coface continues its innovation strategy expanding its online offer to Business Finder, an interactive online tool that helps clients to easily find new business partners. With this service, Coface enables its clients to select new target groups from the largest database in Central and Eastern Europe (CEE) with 30 million companies.

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11/27/2018
Country risk and economic studies

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

• After two years of improvement, insolvencies are on the rise and this trend should continue in 2019 (forecast of +0.8%)
• This uptrend mainly affects micro-enterprises with revenues of less than EUR 500,000
• The disappointing export performance of French companies is partly due to their choice to increase their margin rate
• This applies to most key export sectors: automotive, pharmaceuticals, aeronautics and agri-food
• But this recovery in margins would be an advantage to cushion the impact of slowing global trade in 2019

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11/19/2018
Country risk and economic studies

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. However, headwinds impacting Small and Medium Enterprises (SMEs) should not be neglected. SMEs are scrambling to access financial resources to meet their working capital and long-term expansion needs, amidst a looming trade war with the United States and rapidly deteriorating financing conditions. Given their importance in the Chinese economy, it is likely that policymakers will take steps to prevent SMEs from becoming the weak link. Several measures could be helpful: prudent fiscal stimulus, a rational approach to regulating shadow banking, and a shift to more market-based interest rates so as to reward underwriting procedures that allocate adequate risk returns.

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11/12/2018
Country risk and economic studies

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

European wind energy manufacturers are likely to keep leading position for next 10 years

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10/25/2018
Country risk and economic studies

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

• Thanks to its strategic location, the United Arab Emirates (UAE) plays a central role in regional exports and re-exports, as demonstrated by its various economic and cooperation agreements with other countries.
• Further involvement in the Belt and Road Initiative[1] represents both a risk and an opportunity for the UAE.
• However, the country is still only halfway through its diversification process, and is yet to be integrated in global value chains.

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10/10/2018
Corporate news

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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10/09/2018
Country risk and economic studies

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

The net number of protectionist measures currently in place throughout the world is 2.5 times higher than in 2010. In most advanced economies (such as the US, Western Europe, Japan, Canada and Australia) and in many of the large emerging countries (Brazil, Argentina and India), the share of imports impacted by protectionist measures is higher than imports benefitting from favourable measures. Nevertheless, several South East Asian countries (such as Vietnam, the Philippines and Cambodia), as well as Russia and a number of Latin American countries (including Mexico, Columbia and Peru) are not following this trend.

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10/09/2018
Country risk and economic studies

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
• A wave of sectorial downgrades in Turkey and Argentina
• Risks improve in Central Europe and the CIS
• Downgrades for Pakistan and Nicaragua, mainly due to political risks

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09/28/2018
Country risk and economic studies

CENTRAL AND 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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09/05/2018
Country risk and economic studies

Coface announces CEE Top 500 companies: Household consumption boosts economic activity in CEE

The international credit insurance company Coface presents its tenth annual study on the biggest 500 companies in Central and Eastern Europe – the Coface CEE Top 500. It ranks the businesses by their turnover and additionally analyses further facts such as the number of employees, the framework of the companies, sectors and markets as well as the new Coface company credit assessments. The trend of the CEE Top 500 reflects developments in the region.

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