NEWS, PUBLICATIONS & EVENTS

What's new

09/17/2020
Country risk and economic studies

All the News

02/25/2020
Corporate news

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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02/24/2020
Corporate news

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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02/06/2020
Country risk and economic studies

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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02/05/2020
Corporate news

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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02/05/2020
Corporate news

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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12/18/2019
Country risk and economic studies

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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12/18/2019
Country risk and economic studies

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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10/29/2019
Country risk and economic studies

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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10/24/2019
Country risk and economic studies

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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10/23/2019
Corporate news

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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10/22/2019
Country risk and economic studies

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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10/21/2019
Country risk and economic studies

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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09/25/2019
Country risk and economic studies

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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09/12/2019
Country risk and economic studies

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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07/18/2019
Corporate news

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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07/17/2019
Country risk and economic studies

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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07/16/2019
Country risk and economic studies

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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07/10/2019
Country risk and economic studies

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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06/21/2019
Country risk and economic studies

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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05/30/2019
Country risk and economic studies

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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05/21/2019
Country risk and economic studies

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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05/15/2019
Country risk and economic studies

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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04/24/2019
Country risk and economic studies

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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04/24/2019
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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04/24/2019
Corporate news

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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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 (...)

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04/03/2019
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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04/03/2019
Corporate news

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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03/27/2019
Corporate news

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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03/20/2019
Corporate news

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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03/14/2019
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 (...)

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02/28/2019
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
Corporate news

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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12/20/2018
Country risk and economic studies

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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12/06/2018
Country risk and economic studies

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

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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11/22/2018
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 (...)

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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

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

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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

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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10/24/2018
Corporate news

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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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

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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10/09/2018
Country risk and economic studies

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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09/28/2018
Country risk and economic studies

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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09/17/2018
Country risk and economic studies

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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08/29/2018
Corporate news

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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08/17/2018
Country risk and economic studies

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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07/25/2018
Corporate news

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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07/03/2018
Corporate news

Patrice Luscan, Coface, becomes the 41st President of ICISA

At the Annual General Meeting of ICISA (International Credit Insurance and Surety Association), marking its 90th anniversary, the membership elected Patrice Luscan, Marketing and Innovation Director of the Coface Group, as President of ICISA.

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06/28/2018
Corporate news, Corporate news

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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06/27/2018
Corporate news

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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06/21/2018
Country risk and economic studies

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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06/19/2018
Country risk and economic studies

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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06/01/2018
Country risk and economic studies

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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05/23/2018
Country risk and economic studies

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

Latin America has a track record of being led by dictatorial political systems and populist governments. The Coface Political Risk Index takes into consideration various risk aspects related to security, political and social fragility issues (...)

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05/14/2018
Country risk and economic studies

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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04/24/2018
Country risk and economic studies

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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04/24/2018
Corporate news

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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04/17/2018
Corporate news

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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04/10/2018
Country risk and economic studies

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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03/29/2018
Country risk and economic studies

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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03/13/2018
Country risk and economic studies

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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03/07/2018
Country risk and economic studies

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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02/27/2018
Country risk and economic studies

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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02/12/2018
Corporate news

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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01/23/2018
Country risk and economic studies

Country Risk Conference 2018 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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12/20/2017
Country risk and economic studies

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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12/12/2017
Country risk and economic studies

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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11/28/2017
Country risk and economic studies

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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11/27/2017
Country risk and economic studies

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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11/20/2017
Country risk and economic studies

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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11/08/2017
Country risk and economic studies

Embargo on Qatar: Manageable for the time being, but not perennially

On June 5 2017, Saudi Arabia, the United Arab Emirates, Egypt and Bahrain (known as the quartet) announced they were breaking diplomatic ties with Qatar (...)

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11/07/2017
Country risk and economic studies

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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10/25/2017
Corporate news

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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10/18/2017
Country risk and economic studies

Argentine legislative elections: is the continuity of the pro-business direction at stake?

The trajectory of Argentina´s economic rebound will be subject to the outcome of the upcoming midterm elections on October 22.

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09/27/2017
Country risk and economic studies

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

Since the early 2000s, corporate debt in the emerging countries has been on a constant rise, with significant acceleration since the 2008 crisis

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09/26/2017
Country risk and economic studies

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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09/08/2017
Corporate news

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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09/08/2017
Country risk and economic studies

Infrastructure: The Achilles’ Heel of Development in Latin America

During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.The poor performance of recent years highlights the region’s competitiveness challenges.

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09/07/2017
Country risk and economic studies

Central & Eastern European insolvencies overview

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

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09/07/2017
Country risk and economic studies

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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09/05/2017
Corporate news

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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09/05/2017
Corporate news

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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07/31/2017
Country risk and economic studies

Latin America: The Winners and Losers of “Trumponomics”

Global credit insurer Coface released a report today outlining possible outcomes of US trade policies for the region, focusing on exchange rate, trade and investment.

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07/28/2017
Corporate news

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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07/27/2017
Corporate news

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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07/19/2017
Country risk and economic studies

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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07/10/2017
Country risk and economic studies

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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07/04/2017
Country risk and economic studies

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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07/04/2017
Country risk and economic studies

Sector risk assessments 2nd quarter 2017

12 Major sectors assessed worldwide

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06/08/2017
Country risk and economic studies

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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06/07/2017
Country risk and economic studies

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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06/02/2017
Country risk and economic studies

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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06/01/2017
Corporate news

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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05/24/2017
Corporate news, Product news

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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05/17/2017
Country risk and economic studies

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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05/05/2017
Country risk and economic studies

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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05/02/2017
Corporate news

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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04/26/2017
Corporate news

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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04/06/2017
Country risk and economic studies

New Coface Political Risk Index in 159 countries

The widespread rise in the political risk conceals mixed regional dynamics

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03/31/2017
Country risk and economic studies

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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03/29/2017
Country risk and economic studies

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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03/21/2017
Country risk and economic studies

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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03/21/2017
Country risk and economic studies

Infographics : Sector risk assessments - 1st quarter 2017

12 major sectors assessed worldwide

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03/15/2017
Country risk and economic studies

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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02/08/2017
Corporate news

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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02/07/2017
Country risk and economic studies

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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02/03/2017
Corporate news

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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01/24/2017
Country risk and economic studies

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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01/12/2017
Country risk and economic studies

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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01/02/2017
Corporate news

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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12/16/2016
Country risk and economic studies

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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12/07/2016
Corporate news

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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11/30/2016
Country risk and economic studies

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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11/28/2016
Country risk and economic studies

Six Downgrades Reflect Precarious Global Risk Situation

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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11/25/2016
Corporate news

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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11/09/2016
Country risk and economic studies

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

Why did the yen depreciation, which occurred during the early success of the first arrow, not boost Japan’s merchandise export volumes?

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11/07/2016
Country risk and economic studies

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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11/03/2016
Corporate news

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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11/02/2016
Corporate news

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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11/02/2016
Corporate news

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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10/17/2016
Country risk and economic studies

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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10/17/2016
Country risk and economic studies

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

European political calendar: crucial deadlines

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10/14/2016
Country risk and economic studies

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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09/30/2016
Corporate news

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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09/27/2016
Country risk and economic studies

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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09/26/2016
Corporate news

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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09/21/2016
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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09/16/2016
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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09/16/2016
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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09/16/2016
Country risk and economic studies

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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09/12/2016
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

Outlook of the US pharmaceuticals

The USA have the highest healthcare expenditure of all industrialized nations

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08/31/2016
Country risk and economic studies

US Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?

Despite having the highest healthcare expenditure of all industrialized nations, US public health is far below that of other advanced economies

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08/30/2016
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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08/16/2016
Corporate news

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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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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08/02/2016
Corporate news

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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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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07/19/2016
Country risk and economic studies

Sector assessments revised in 6 global regions

Sector risks are still increasing in emerging markets

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07/13/2016
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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07/08/2016
Country risk and economic studies

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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07/01/2016
Corporate news

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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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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06/29/2016
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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06/17/2016
Country risk and economic studies

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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06/13/2016
Corporate news

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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06/06/2016
Country risk and economic studies

24 nations warming up for the EURO 2016

Country risk assessments of qualified countries: their current form

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06/02/2016
Corporate news

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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05/31/2016
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?

La période janvier – avril 2016 a été riche en signaux positifs pour l’économie française

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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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05/06/2016
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

Infografics: Sector risk assessments • 1st half 2016

12 major sectors assessed worldwide.

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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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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

L’acier souffre de la faible croissance de l’économie mondiale, tandis que le déséquilibre offre / demande est alimenté par les surcapacités et exportations chinoises. Le risque de crédit grimpe pour les entreprises sidérurgiques. Quelles sont les perspectives pour ce secteur ?

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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 "Japanising": world growth remains low, despite ultra-expansionist monetary policies (...)

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03/16/2016
Country risk and economic studies

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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03/08/2016
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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02/22/2016
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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02/18/2016
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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02/09/2016
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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01/28/2016
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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01/28/2016
Country risk and economic studies

Infographics : Country risk assessment map - January 2016

160 countries under the magnifying glass

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01/26/2016
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

Infographics: Country Risk Assessment Map - January 2016

160 Countries under the magnifying glass.

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01/21/2016
Corporate news

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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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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12/09/2015
Country risk and economic studies

Europe’s qualitative wine production model resists competition

Europe’s qualitative wine production model is resisting competition, while Spain is more vulnerable

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12/09/2015
Country risk and economic studies

Sector assessments in the world, the persistence of high risks

2015 marked by the persistence of high risks around the world

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12/02/2015
Country risk and economic studies

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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12/02/2015
Country risk and economic studies

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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11/18/2015
Country risk and economic studies

Egypt: slow recovery and structural challenges

Coface forecasts growth of 4.4% for 2015/2016

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11/06/2015
Country risk and economic studies

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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11/02/2015
Corporate news

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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10/19/2015
Country risk and economic studies

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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10/19/2015
Country risk and economic studies

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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10/19/2015
Country risk and economic studies

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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10/19/2015
Country risk and economic studies

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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10/19/2015
Country risk and economic studies

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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10/06/2015
Corporate news

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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09/29/2015
Country risk and economic studies

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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09/23/2015
Country risk and economic studies

Quarterly update of the Coface country risk assessments

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

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09/22/2015
Country risk and economic studies

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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09/22/2015
Country risk and economic studies

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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09/18/2015
Country risk and economic studies

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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09/09/2015
Country risk and economic studies

Latin America: Coface Outlook Post-Commodity Bust

Global credit insurer Coface’s latest economic Panorama focuses on Latin America. Growth in the region has been slowing since 2011. This lackluster situation, caused by weak domestic fundamentals, has been exacerbated by cyclical factors since the second half of 2014. In 2015 Coface notes a further deterioration of the downward trend, with regional GDP expected to contract by 0.2%. It will be the first recession since 2009, when activity shrunk by 1.4% due to the subprime crisis.

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09/08/2015
Country risk and economic studies

Company insolvencies in Western Europe: a drop of 7% expected in 2015 but the 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 further shock waves, with increases of 8% in 2012 and 5% in 2013. Today the skies have begun to clear. The average drop of 9% observed in 2014 will continue with -7% in 2015. While insolvencies continue to increase in Italy and Norway, we are seeing the positive impact of the timid recovery in the eurozone in ten other countries (Germany, Belgium, Denmark, Finland, France, the Netherlands, Portugal, United Kingdom, Spain and Sweden).

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09/01/2015
Corporate news

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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07/29/2015
Corporate news

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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07/22/2015
Country risk and economic studies

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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07/17/2015
Country risk and economic studies

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.

Read More
06/29/2015
Corporate news

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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06/29/2015
Corporate news

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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06/22/2015
Country risk and economic studies

Coface Panorama on Sub-Saharan Africa:Three East African Economies Are Sheltered from the Economic Storm

Global credit insurer Coface recently reviewed the economic situation in 45 African countries, finding 13 growing economies despite the fall in world commodity prices, and three economies that have the ingredients needed for dynamic growth in both the short and long-term.

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06/19/2015
Country risk and economic studies

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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06/17/2015
Country risk and economic studies

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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06/04/2015
Country risk and economic studies

Turkey Panorama: 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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06/01/2015
Country risk and economic studies

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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05/26/2015
Country risk and economic studies

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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05/26/2015
Country risk and economic studies

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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05/05/2015
Corporate news

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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04/29/2015
Country risk and economic studies

70% of companies in the Asia-Pacific Region experienced overdue payments in 2014

Coface’s annual survey on Asia-Pacific region questioned 2,695 companies in eight economies. Seventy percent of the companies surveyed experienced overdues in 2014, the highest level in three years. In addition, 37% of the respondents reported that overdue amounts increased in 2014, up by 2% compared with the previous year. Companies in China, India, Hong Kong and Thailand are particularly affected.

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04/22/2015
Country risk and economic studies

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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04/22/2015
Country risk and economic studies

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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04/15/2015
Country risk and economic studies

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

Discover the new Coface infographics (April 2015)

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03/30/2015
Country risk and economic studies

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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03/30/2015
Country risk and economic studies

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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03/20/2015
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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03/04/2015
Country risk and economic studies

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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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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01/28/2015
Country risk and economic studies

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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01/23/2015
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 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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01/23/2015
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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01/23/2015
Country risk and economic studies

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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12/23/2014
Country risk and economic studies

“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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12/23/2014
Country risk and economic studies

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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12/17/2014
Corporate news

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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12/15/2014
Corporate news, Product news

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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11/26/2014
Country risk and economic studies

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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11/26/2014
Country risk and economic studies

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
Country risk and economic studies

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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11/12/2014
Country risk and economic studies

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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10/30/2014
Country risk and economic studies

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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09/23/2014
Country risk and economic studies

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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09/18/2014
Country risk and economic studies

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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09/11/2014
Country risk and economic studies

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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09/11/2014
Country risk and economic studies

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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09/11/2014
Product news

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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08/27/2014
Corporate news

Coface strengthens organisation in Asia, with appointment of Hung Wong as Asia-Pacific Regional 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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07/29/2014
Corporate news

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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07/29/2014
Corporate news

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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07/28/2014
Corporate news

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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07/21/2014
Corporate news

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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07/15/2014
Country risk and economic studies

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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06/27/2014
Corporate news

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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06/25/2014
Country risk and economic studies

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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06/25/2014
Country risk and economic studies

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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06/24/2014
Country risk and economic studies

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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05/26/2014
Country risk and economic studies

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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05/21/2014
Country risk and economic studies

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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05/07/2014
Corporate news

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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05/05/2014
Country risk and economic studies

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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05/05/2014
Country risk and economic studies

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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