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07/11/2017
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09/22/2016
Corporate news

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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09/20/2016
Country risk and economic studies

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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09/14/2016
Country risk and economic studies

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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09/14/2016
Country risk and economic studies

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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09/09/2016
Country risk and economic studies

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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08/31/2016
Country risk and economic studies

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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08/30/2016
Country risk and economic studies

The outlook for the US pharmaceuticals

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

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08/26/2016
Country risk and economic studies

New Germany Corporate Payment Survey 2016

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

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08/09/2016
Country risk and economic studies

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 five-year plan for 2016-2020.

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07/27/2016
Corporate news

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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07/18/2016
Country risk and economic studies

Sector assessments revised in 6 global regions

Sector risks are still increasing in emerging markets.

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07/18/2016
Country risk and economic studies

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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07/13/2016
Country risk and economic studies

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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07/11/2016
Country risk and economic studies

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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07/04/2016
Corporate news

Noting a higher than expected increase in claims in emerging countries, Coface continues to adapt its risk management policy and foresees a net [...]

...loss ratio of 63% to 66% for full year 2016

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06/29/2016
Country risk and economic studies

Infografics - 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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06/29/2016
Country risk and economic studies

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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06/29/2016
Country risk and economic studies

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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06/24/2016
Country risk and economic studies

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

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

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06/03/2016
Country risk and economic studies

No improvement in Asia Pacific corporate payments in 2015

Coface’s annual survey on Asia-Pacific economies questioned 2,793 companies in 8 markets (...)

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05/25/2016
Country risk and economic studies

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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05/23/2016
Corporate news

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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05/17/2016
Country risk and economic studies

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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05/10/2016
Country risk and economic studies

Hungary: Private consumption rising but challenges remain for corporates

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

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05/04/2016
Corporate news

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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04/13/2016
Country risk and economic studies

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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04/13/2016
Country risk and economic studies

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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04/13/2016
Country risk and economic studies

Infografics - 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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03/24/2016
Country risk and economic studies

Infografics: companies in emerging countries: is another “Phoenix miracle” possible?

Consult coface new infographics

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03/24/2016
Country risk and economic studies

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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03/24/2016
Country risk and economic studies

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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03/17/2016
Country risk and economic studies

Iran: Sharp turn ahead, drive carefully

After five years of sanctions, Iran is finally to rejoin the global community. The return of Iran should have an effect on international growth via the oil channel but, above all, will bring huge changes to Iran itself.

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03/17/2016
Country risk and economic studies

Infografics: The return of Iran to the global market

Iran: Strengths, weaknesses, opportunities and threats

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03/16/2016
Country risk and economic studies

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

A new Coface survey on corporate credit risk management, to which 1,000 companies based in China responded, reveals that corporate payments continued to deteriorate in 2015 (...)

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03/02/2016
Country risk and economic studies

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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02/18/2016
Country risk and economic studies

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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02/16/2016
Country risk and economic studies

Panorama : Company insolvencies in France

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

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02/09/2016
Corporate news

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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01/27/2016
Country risk and economic studies

Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glas

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01/27/2016
Country risk and economic studies

Three Risks to Monitor in 2016: Weak Growth, Political Tensions and Company Debt in Emerging Economies

A cautious approach to country risk will be necessary in 2016, since the risks that emerged in 2015 are expected to continue this year. Coface forecasts global growth to remain soft at 2.7%, compared to 2.5% in 2015. At the forefront are the political tensions gaining ground in both advanced and emerging countries.

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01/26/2016
Country risk and economic studies

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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01/15/2016
Corporate news

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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11/16/2015
Country risk and economic studies

Egypt: slow recovery and structural challenges

Coface estimates that growth will increase to 4.4% for 2015/2016. With the new Suez Canal, confidence seems to be returning to Egypt, marking the beginning of a new era for the country. In effect, Egypt’s economy is trying to get back on track following the effects of six different governments since 2011.

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10/12/2015
Corporate news

Moody's Affirms the A2 IFSR of Coface with a Stable Outlook

Moody's has affirmed the A2 insurance financial strength rating of Coface, the interna-tional credit insurer, and the associated Baa1(hyb) guaranteed subordinated debt rating. All ratings carry a stable outlook, Moody’s said.

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09/14/2015
Corporate news

Company insolvencies in Western Europe

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 further shock waves, with increases of +8% in 2012 and +5% in 2013.

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07/06/2015
Product news

Coface Launches TradeLiner Credit Insurance for Mid-Market Companies

Aimed at the evolving credit insurance needs of mid-range companies, Coface has modernised its flagship policy, TradeLiner. The move follows 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 from credit risk.

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07/03/2015
Country risk and economic studies

Sub-Saharan Africa: Sunny in the East, Cloudy in the Centre

Most of the sub-Saharan (1) economies have been enjoying economic growth since 2008, which has reached nearly 5% p.a. on average since that date, despite the storms such as Lehman Brothers collapse and the sovereign debt crisis in the Euro-zone.

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07/03/2015
Corporate news

GCR Affirms Coface South Africa Rating of AA+(ZA); Outlook Stable

Global Credit Ratings (GCR) has affirmed the national scale rating assigned to Coface South Africa (Coface ZA) of AA+(ZA); with the outlook accorded as Stable.

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05/28/2015
Corporate news

SA Economic Outlook for 2015

South Africa has a relatively heavy regulation burden compared to most developed countries. Rising wages, poverty, inequalities, high unemployment and a shortage of qualified labour are other challenges facing SA.

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05/27/2015
Corporate news

SA Inflation – Lower Food Inflation

SA’s annual headline consumer inflation at 4,0% in March from 3,9% in February was lower than the markets expectations. The lower rate relative to forecasts stemmed from lower-than-expected food prices.

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05/26/2015
Corporate news

SA’s Energy Infrastructure

The government’s 2015 budget has named the country’s infrastructure as a “National Strategic Priority”. The proposed spend includes R105 billion on housing and associated support infrastructure and an additional R18 billion to boost grid connections and the availability of off-grid electricity.

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05/25/2015
Corporate news

South Africa Records March Trade Surplus

SA has recorded a trade surplus of R482 million in March 2015, following large deficits in the previous two months. Exports were boosted by increases across most of the main export goods.

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05/22/2015
Corporate news

Coface Expects SA’s Mining Production to Improve

Growth in mining production should continue to improve in the coming months as the effects of last year’s five-month platinum strike works through the economy. However, poor global growth, lower commodity prices and interrupted electricity supply will keep output relatively weak.

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05/19/2015
Corporate news

Cash Flow: The key to success

Cash flow difficulties negatively affect many companies’ day-to-day operations. Exter-nal stakeholders, such as banks, are looking for evidence that firms are actively im-proving their working capital by cutting costs and managing their inventory better be-fore granting or extending credit.

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03/19/2015
Corporate news

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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03/09/2015
Corporate news

Coface China Payment Survey: Overdues Affected 80% of Corporates in 2014

A new Coface survey on corporate credit risk management in China reveals that eight 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 debt levels, the high cost of financing and low profitability driven by overcapacity, Coface expects that non-payments will not improve in the short term.

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02/19/2015
Corporate news

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

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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02/04/2015
Corporate news

Julien Marcilly appointed Coface chief economist

Julien Marcilly is appointed chief economist of Coface, with effect from 2 March 2015. He will take over from Yves Zlotowski, who will pursue a career outside economic research and the credit insurance industry.

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01/29/2015
Corporate news

2015 Coface 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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01/21/2015
Country risk and economic studies

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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01/19/2015
Country risk and economic studies

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 prelimi-nary 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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11/20/2014
Corporate news

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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11/20/2014
Corporate news

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

For Coface, this year-end shows a clear improvement in the North American sector risk. After a short-lived downturn due to the poor climate conditions in the first quarter, the United States has resumed solid and balanced growth (forecast at 2.0% in 2014 and 2.5% in 2015). Companies have taken advantage of the favourable momentum in consumption and investment, as is shown by the high level of their profits.

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11/13/2014
Corporate news

Raising rates will harm economy, Reserve Bank is warned

An interest rate hike next week is undesirable as it will threaten a further slowdown in consumer spending, which is a major driver of SA’s economic growth, an economist warned on Wednesday.

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11/06/2014
Corporate news

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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10/24/2014
Corporate news

Global trade: a return to pre-crisis levels is unlikely, but the potential for growth exists

Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change. Is the slowdown a cyclical phenomenon or long-lasting and structural?

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10/24/2014
Corporate news

Updated country risk assessments

Global trade: a return to pre-crisis levels is unlikely, but the potential for growth exists

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09/09/2014
Corporate news

Stay connected to Coface with CofaMove

With CofaMove, analyzing risk has never been so easy. Stay connected to Coface and make timely, informed credit decisions no matter where business may take you.

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09/04/2014
Corporate news

Appointment of Adam Maniki Rakgalakane, Country Manager of Coface South Africa

Adam Maniki Rakgalakane has been appointed as Country Manager, Chief Executive Officer of Coface South Africa with effect from 1st September 2014.

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07/18/2014
Corporate news

Effects of the Mining Strikes on the South African Economy

A wave of violent, wildcat strikes that erupted periodically in 2012 rooted in a turf war be-tween AMCU and the National Union of Mineworkers, cost platinum and gold producers over R16-billion that year, when the current account gap was 5,2% of gross domestic product (GDP).

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06/19/2014
Corporate news

Global economic outlook: emerging market headwinds

Global gross domestic product (GDP) growth is expected to improve from 2.6 per cent in 2013 to 3.1 per cent in 2014, with two thirds of global growth coming from emerging countries, despite ongoing pressure in these markets.

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04/25/2014
Corporate news

Ten countries hot on heels of Brics

Indonesia, Bangladesh and Ethiopia are among ten countries set to take over as emerging economies from the powerful Brics nations as they struggle with growing pains, a French credit body said on Tuesday.

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03/27/2014
Corporate news

Reserve Bank ‘will keep interest rates on hold’

THE rand’s rally since January, a slow pick-up in domestic economic activity and moderate job creation are some of the factors that will persuade the Reserve Bank to leave interest rates unchanged on Thursday.

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03/26/2014
Corporate news

SA country outlook - inflation to peak above 8% in 2014

The economy of South Africa is the largest in Africa, accounting for 24% of the continent’s GDP in terms of PPP, and is ranked as an upper-middle income economy by the world bank.

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03/14/2014
Corporate news

Eskom-bound low-grade coal could soon face global demand

The construction of new thermal power stations in India might prompt an increase in the export of low-grade South African coal to fuel these new power stations, reports international credit insurer Coface.

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02/28/2014
Corporate news

Mauritius creates aviation hub

The Mauritian government is helping the airfreight sector to become more efficient. In his 2014 budget speech, vice prime minister and minister of finance and economic development Xavier Luc Duval told parliament that Airports of Mauritius was expanding its cargo and Freeport facilities at the airport for a total investment of Rs525 million (R190M), to create a 72-hectare airfreight hub.

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02/27/2014
Corporate news

Credit risk to increase in 2014

2013 saw a significant increase in the number and value of credit insurance claims received by Coface South Africa year on year, according to Gerhard Buitendag, collections manager of Coface South Africa.

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02/10/2014
Corporate news

Solutions sought for high port tariffs

SHIPPING industry players and port authorities are seeking to resolve the challenges that South Africa’s high port tariffs represent and to make it easier to do business in the country, says chairman at shipping industry leader Maersk South Africa Fred Jacobs.

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02/06/2014
Corporate news

China in 2014: Stable Growth with Risks of Financing and Overcapacities

Coface, the international credit insurer, says 2014 will be a year of divergence of the Chinese economy, representing the diverging trends of macro and micro environments.

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01/28/2014
Country risk and economic studies

China in 2014: stable growth with risks of financing and overcapacities. Risks remain in several sectors

2014 is a year of divergence for the Chinese economy, representing the diverging trends of macro and micro environments. Focus of 2014: rising cost of funds.

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11/20/2013
Corporate news

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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11/12/2013
Corporate news

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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11/05/2013
Country risk and economic studies

Coface CEE Top 500: Top companies with increasing turnover but sharply declining profits

Poland again ranked first, Hungary and Romania catching up while Ukraine dropping out of the Top 3

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04/18/2013
Country risk and economic studies

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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03/28/2013
Corporate news

Antonio Marchitelli joins Coface as new Mediterranean and African Region Manager

Antonio Marchitelli has been appointed Mediterranean and African Region Manager of Coface, effective from March 1st 2013.

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01/22/2013
Corporate news, Country risk and economic studies

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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01/21/2013
Corporate news

A new identity and a new tagline for Coface

A new brand positioning, symbol of a strong commitment to clients.

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06/07/2012
Corporate news

Richard Burton is appointed Manager of the Asia Pacific Platform

He held the position of Deputy Manager up until he took over from Jean-Claude Speitel who retired at the end of May.

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