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13.09.2019
Kurumsal Yayınlar

Tüm Coface Yayınları

02.08.2019
EKONOMİ YAYINLARI

GCC: tight financial conditions for businesses feed alternative sources of financing

Despite improving economic performances across the Gulf Cooperation Council (GCC), monetary and financial conditions remain tighter than they were before 2015. Access to financing remains one of the key issues for companies, particularly for small- and medium-sized enterprises (SMEs). Loan growth in the region has recovered somewhat thanks to higher oil prices, but it remains below its historical average. The US Federal Reserve’s (Fed) policy normalisation is another cause: since the Fed announced its policy normalisation in 2013, central banks across the GCC have increased their policy rates in line with the Fed’s exit strategy. These tight bank credit conditions have forced companies to look for alternative financing sources in recent years, e.g. bond and sukuk issuances, trade finance, and initial public offerings. But despite their fast growth, these different sources of financing account for no more than around 5% of usual bank credit. GCC companies are now looking forward to the expected expansionary monetary policy in the United States, which should help them.

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10.07.2019
EKONOMİ YAYINLARI

Asia-Pacific Corporate PaymentSurvey 2019: deteriorating paymenttrends amid trade war woes

Trade wars , volatile global capital flows, slowing growth in the United States (U.S.) and Europe, Brexit — businesses in the Asia-Pacific (APAC) region had to navigate a number of political, economic, and financial pitfalls last year. To better understand the impact that such events have on companies, Coface conducts annual corporate payment surveys across the world. The 2019 Asia-Pacific Corporate Payment Survey covers nine economies in the APAC region. For the survey, data was collected from over3,000 companies during the fourth quarter of 2018.

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10.07.2019
Kurumsal Yayınlar

SECTOR RISK ASSESSMENTS 2ND QUARTER 2019

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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04.07.2019
EKONOMİ YAYINLARI

Political risks in Africa: the temperature is rising

Africa has seen a bevy of political events in recent months. After the deterioration of the security situation in the Sahel, as well as the forced departures of historical leaders from Algeria and Sudan via the streets, where will the political risks manifest in the second half of the year? Using its quantitative political risk model(Insert 1), created in March 20171, Coface intends to identify – beyond the pace dictated by current events – recent political risk trends and thus the countries to be monitored.

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04.07.2019
EKONOMİ YAYINLARI

Trade tensions return to theforefront of the global economy

The first part of 2019 was marked by the decline in world trade, which will decrease in volume over the year as a whole according to our forecasts (-0.7%), despite as light recovery expected in the second half of 2019.

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03.07.2019
Kurumsal Yayınlar

COUNTRY RISK ASSESSMENT MAP - 2ND QUARTER 2019

161 COUNTRIES UNDER THE MAGNIFYING GLASS
A UNIQUE METHODOLOGY
• Macroeconomic expertise in assessing country risk
• Comprehension of the business environment
• Microeconomic data collected over 70 years
of payment experience

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21.06.2019
EKONOMİ YAYINLARI

An unsure future for natural gas: How risks could derail the current boom

Evidence suggests that the natural gas market boom is likely to continue in the short-to-medium term. Natural gas is a convenient way to produce energy, due to its abundant supply, versatility, and the fact that it pollutes less than other fossil fuels. Moreover, its derivatives are used as raw inputs in a wide range of industries, notably in petrochemicals. However, this commodity market is not free of challenges. The energy industry is quickly evolving: as renewable energy sources increase in popularity compared to fossil fuels, their costs are plummeting. New forms of electricity conservation have recently become the focal point of widespread international attention, resulting in heavy investment and research. Furthermore, natural gas is increasingly losing its reputation as a cleaner energy source in the battle against climate change, as it pollutes more than renewable alternatives.

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20.06.2019
EKONOMİ YAYINLARI

Morocco Payment Survey 2019 Payment terms to remain long

During the first quarter of 2019, Coface conducted its fourth survey on businesses’ payment experience in Morocco. This survey aims to monitor the evolution of payment terms and delays. The payment behaviour reflects the evolution of both the economic situation and of the business environment.

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30.05.2019
EKONOMİ YAYINLARI

Corporate insolvencies in France:micro-entreprises in the wave’s trough

During the first four months of 2019, the rate of corporate insolvencies in France increased by +0.8%. This rate was particularly high during January and February, mainly due to the repercussions of the "gilets jaunes" (yellow vests) movement; however, the increasing rate of insolvencies declined in March and April. Nonetheless, Coface anticipates that, despite resilient economic growth, insolvencies will increase by +1.7% over the whole of 2019.

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24.05.2019
EKONOMİ YAYINLARI

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

China has rapidly become a big player in 5G technology1, thanks to the government’s strategy and its support of high investment in Research and Development (R&D). This new technology is part of the Made in China 2025 initiative, through which the Chinese government targets self-sufficiency in high-end industries. China coordinated its approach to 5G and some successes are already visible. For example, 40% of global patents for current 5G network standards are from Chinese firms. Moreover, Chinese companies are set to benefit from 5G. Huawei is the global leader in network infrastructures; it currently holds 29% of the market.

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22.05.2019
Kurumsal Yayınlar

Luxury market performance in global economic downturns: is this time different?

The luxury market is unique, mainly due to the fact that its products are consumed for social distinction. This has helped companies in the segment to outperform other sector-segments over the past years.

Nevertheless, the luxury market is facing important challenges, notably regarding counterfeit products, a risk for companies, and e-commerce, which is disrupting how business is conducted. In addition, the market is not immune to challenging economic conditions.

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18.04.2019
EKONOMİ YAYINLARI

Central Asia: is the ménage à trois with China and Russia sustainable?

Central Asia is both a partner and a trade gateway for China and Europe. It is located on two branches of the New Silk Road. Despite criticism, China is the most involved in the development of Central Asian corridors. This deployment is not obvious given the competition from other routes and poor regional cooperation. While Russian influence remains significant through expatriate remittances, its military bases, and culture, it is being supplanted by China in economic matters.

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18.04.2019
Kurumsal Yayınlar

COUNTRY RISK ASSESSMENT MAP - 1ST QUARTER 2019

161 COUNTRIES UNDER THE MAGNIFYING GLASS
A UNIQUE METHODOLOGY
• Macroeconomic expertise in assessing country risk
• Comprehension of the business environment
• Microeconomic data collected over 70 years
of payment experience

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18.04.2019
EKONOMİ YAYINLARI

The great industrial rotation continues - Country and Sector risks Baromater

Signs of the global economic slowdown continued to accumulate at the beginning of 2019: companies are much less confident than a year ago, and global trade is showing signs of fatigue.

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18.04.2019
Kurumsal Yayınlar

SECTOR RISK ASSESSMENTS 1ST QUARTER 2019

13 MAJOR SECTORS ASSESSED WORLDWIDE

Coface assessments are based on 70 years of Coface expertise
Financial data published by listed companies from 6 geographical regions
5 financial indicators taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers

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09.04.2019
EKONOMİ YAYINLARI

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. Five years later, the economy is in a better position, but many of the structural fragilities that Modi inherited continue to afflict India today.

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03.04.2019
EKONOMİ YAYINLARI

Latin America: Brazil and Mexico’soil industries – opposite policies?

In the context of a global oil market that is likely to remain volatile (Chart 2), the two largest Latin American economies – Brazil and Mexico – are expected to implement significant changes in their energy policies in the medium term. Both countries have appointed new presidents in the last year following polarised elections: in Brazil the right-wing president Jair Bolsonaro took office in January 2019, while December 2018 saw the arrival of left-wing André Manuel Lopez Obrador (AMLO)1. Similarly, the two oil industries share two main common features: their state-owned companies have experienced significant financial and governance issues, and both countries are crude oil exporters and net oil derivative importers. Conversely, in terms of energy policies, they appear to be taking opposite directions.

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19.03.2019
EKONOMİ YAYINLARI

China Payment Survey 2019:Longer delays as growth falters

The Chinese economy experienced some cha l l enges i n 2018. Corporate bond defaults in US dollars quadrupled, reaching an amount of USD 16 billion, while the number of bankruptcy cases settled through the Supreme Court of the People’s Republic of China spiked to 6,646. Deleveraging eff orts led to tighter liquidity conditions during the first half of 2018. This coincided with an escalation of trade tensions between the United States and China, which eroded consumer sentiment, resulting in weaker domestic consumption.

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08.03.2019
EKONOMİ YAYINLARI

Poland Payment Survey 2019: Robust economic growth has not eliminated payment delays

The third edition of Coface’s survey on payment experiences in Poland was carried out in December 2018 with 293 companies participating in the study. The payment survey investigated businesses’ payment behaviour, which mirrors both the short-term economic situation and the more structural business environment. 2018 saw a peak period of economic recovery, with GDP growth accelerating to 5.1% in 2018 – the highest level of economic expansion since 2011. Such a macroeconomic environment created favourable conditions for businesses.

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28.02.2019
EKONOMİ YAYINLARI

Turkey’s economic slowdown continues, but exports offer some support

Turkey is experiencing a severe economic slowdown, coupled with a jump in inflation, as a result of the sharp depreciation of the lira during 2018 . This sharp depreciation has resulted in reduced consumption, and has impacted investment dynamics in the domestic market. The import-dependent structure of production has pushed the inflation rate to all time high levels, which forced the central bank to deliver a large rate hike in September. Although this rate hike has helped the Turkish lira to recover from these historical weak levels, it caused borrowing costs to rise extremely high, making funding extremely costly for both businesses and households. Growth is expected to remain very subdued and inflation at double digits.

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  • Turkish