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10/26/2021
Country risk and economic studies

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02/17/2021
Country risk and economic studies

Coface Barometer Q4 2020 - An uneven recovery

As it releases its latest quarterly risk Barometer, and its annual Country & Sector Risk Handbook, Coface, a leader in credit insurance, highlights an uneven recovery across countries, sectors of activity, and income levels. Although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels this year. This rise in inequality, along with public dissatisfaction with the government's handling of the pandemic in many countries, is conducive to the emergence of more frequent potential protests and violence this year.

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02/11/2021
Corporate news, Corporate news, Financial news

COFACE FY-2020 RESULTS: NET INCOME AT €82.9M AND 100% PAY-OUT RATIO

Turnover: €1,451m, down by -0.6% at constant FX and perimeter

Trade Credit Insurance decreasing by -0.8% at constant scope and FX
Client retention reaches new record levels. New business increasing to €138m
Improving pricing conditions confirmed and lower client activity continues

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02/11/2021
Corporate news, Corporate news

COFACE SA: MOODY'S RAISES THE OUTLOOK FOR COFACE TO “STABLE”

Almost one year since the beginning of the coronavirus pandemic and the associated health and economic crisis, Moody’s has raised the outlook on Coface’s rating to stable.

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02/10/2021
Corporate news, Corporate news

GOVERNANCE EVOLUTION – BERNARDO SANCHEZ INCERA APPOINTED CHAIRMAN OF THE BOARD OF DIRECTORS

Following the change in the shareholder base and the arrival of Arch Capital Group Ltd. (Arch) - (NASDAQ: ACGL) - in Coface's capital, COFACE SA's Board of Directors is evolving. Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.
The transaction between Natixis and Arch for the sale of a stake in Coface's capital, which was announced on 25 February 2020, has received all the necessary approvals for its closing. As a result, Arch now holds 44.8m shares of Coface, representing 29.5% of the company's capital.

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02/01/2021
Country risk and economic studies

Coface Study - Dairy and Cheese Manufacturing Sector: positive evolution of revenues in 2019, with a 5% increase compared to previous year

A new study conducted by Coface Romania on the sector of "Dairy and Cheese Manufacturing” (NACE 1051) indicates a positive evolution of revenues in 2019, which increased with approximately 5% compared to 2018, with a slightly higher profitability. The study aggregated the data of 494 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of RON 5.4 billion. The weight of the cumulative market share held by the most important 10 players is 66%, which indicates a medium to high degree of concentration.

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01/25/2021
Country risk and economic studies

Coface Study: Retail Sale in Non-specialized Stores Sector – positive evolution of revenues in 2019, with a 10% increase compared to previous year

A new study conducted by Coface Romania on the sector of "Retail sale in non-specialised stores with food, beverages or tobacco predominating” (NACE 4711) indicates a positive evolution of revenues in 2019, which increased with approximately 10% compared to 2018, with a slightly higher profitability. The study aggregated the data of 46.571 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of RON 79.4 billion. The weight of the cumulative market share held by the most important 10 players is 63%, which indicates a medium to high degree of concentration.

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01/18/2021
Country risk and economic studies

Revenues from the sector of retail with pharmaceutical products in specialized stores increased by 8% in 2019

A new study conducted by Coface Romania on the sector of "Retail with Pharmaceutical Products in Specialized Stores” (NACE 4773) indicates a positive evolution of revenues in 2019, which increased by approximately 8% compared to 2018, with a slightly higher profitability. The study aggregated the data of 3,999 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of 20.06 billion RON. The weight of the cumulative market share held by the most important 10 players is 33%, which indicates a low degree of concentration.

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11/25/2020
Corporate news, Corporate news

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

Coface, a world leader in credit insurance, has signed the LGBT+ Commitment Charter of L’autre cercle, an association that promotes greater LGBT+ inclusion in the workplace. This commitment is part of the broader diversity & inclusion policy in place at Coface, who fully assumes its role as a socially responsible company.

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11/24/2020
Country risk and economic studies

How did CEE Top 500 companies perform

The twelfth CEE Top 500 study provides an outlook on the future and summarizes the region’s economic activity of the previous year, showcasing CEE as a region of prosperity. Moreover, it describes the condition of the 500 largest companies in CEE by their turnover

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10/27/2020
Corporate news, Corporate news, Financial news

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

As we continue to navigate an uncertain economic context, this successful quarter will allow us to better weather the challenges ahead. :



Some key highlights:

Client retention and new business are at record levels
Positive net production of €36.9 million
Coface reports €28.5m net income for this third quarter
Improved net cost ratio reflects continued cost controls

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10/05/2020
Country risk and economic studies

COVID-19, a catalyst for political risks

The annual update of Coface's Political Risk Index, published in the Coface Q3 Barometer, highlights a dual trend: on the one hand, a decrease in the risk of conflict at a global level, but on the other, an increase in the risk of political and social fragility. The latter is exacerbated in the countries most exposed to the coronavirus pandemic.

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09/21/2020
Country risk and economic studies

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

German companies want to cash in as early as possible, according to the fourth edition of Coface’s survey on corporate payment experience in Germany, conducted in July and early-August 2020, with 753 participating companies located in Germany.
Unsurprisingly, COVID-19 and its effects on the global and German economy is the predominant topic of this survey. One major finding is that German companies are getting worried: companies became cautious in providing payment terms to their clients and less companies are offering payment terms overall and these have shortened, even drastically in some sectors.

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09/17/2020
Corporate news, Corporate news, Product news, Product news

Coface launches Trade Credit Advisory, a product dedicated to improving the trade credit management process

Coface Romania supports companies with a unique product on the market, Trade Credit Advisory, which offers a full assessment of trade credit risk management processes. The launch of this product takes place in a context marked by structural changes in the economy. In this context, in-depth knowledge of a company's risk ecosystem, in parallel with the analysis of external evolutions, systemic risks, as well as key macro and microeconomic vectors becomes essential.

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09/14/2020
Country risk and economic studies

Will Europe remain a renewable energy powerhouse after the pandemic?

The COVID-19 health crisis has had a negative impact on short-term global renewable energy development, and challenges remain in the medium- to long-term, according to a recent Coface study.
Renewables have strengthened rapidly in the last 20 years, particularly in power generation, increasingly gaining market share from traditional energy sources such as coal, oil, and nuclear. The COVID-19 crisis has had a significant impact on this segment of the energy sector, as the pandemic disrupted supply chains and labour availability. Access to funding was also hit hard. These recent trends have affected projects that had already been approved, as well as other projects in the pipeline.

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09/10/2020
Corporate news, Corporate news, Product news, Product news

Coface launches Diagnostic, an innovative product that helps companies correctly assess the financial situation of business partners

In the current situation marked by numerous economic challenges, Coface Romania supports companies by launching Diagnostic, a unique product on the business information market in Romania. The new product develops a risk profile of a subject company in a widely addressable language.

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07/30/2020
Corporate news, Corporate news, Financial news

COFACE REPORTS A POSITIVE NET INCOME OF €11.3M FOR THE SECOND QUARTER 2020 AND CONTINUES TO IMPLEMENT ITS STRATEGIC PLAN

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

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07/27/2020
Country risk and economic studies

POST-PANDEMIC PRODUCTION RELOCATION: AN OPPORTUNITY FOR CEE COUNTRIES?

Here are the main points addressed in this Coface study:

A favourable context
Foreign trade and inclusion in supply chains had already increased for Central & Eastern European (CEE) in recent years, boosted by most of its countries’ decision to join the European Union (EU) in 2004.

Strong assets
• An educated workforce
• Geographical proximity to Western Europe
• Low labour costs
• Relatively good infrastructure
• A stable business climate
• Improving productivity through greater use of automation and "robotization

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07/21/2020
Country risk and economic studies

GLOBAL TRANSPORT: WHAT DOES THE FUTURE HOLD BEYOND COVID-19?

Here are the main points addressed in this study.
Coface does not expect the sector to recover to fourth quarter 2019 level before 2022.
In Coface’s central scenario, the turnover of listed companies of the global transport sector will be 32% lower in the 4th quarter 2020 and 5% lower in the 4th quarter 2021 than in the 4th quarter 2019.
In the hypothesis of a second wave of the pandemic in the 3rd quarter of 2020, the turnover would be 57% lower in the 4th 2020 and 27% lower in the 4th 2021.
The impact of COVID-19 is all the more important since economic activity was already slowing down before the crisis.

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07/14/2020
Country risk and economic studies

United States: Two-speed business bankruptcies

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

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07/06/2020
Country risk and economic studies

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

After a 2019 that was dominated by trade tensions between the United States and China, Coface has observed an incipent recovery in Asia (excluding China), supported by supply chain shifts and additional liquidity from the US Federal Reserve . Average payment terms improved in 2019, rising to 67 days compared to 69 days in 2018. And while 65% of companies reported experiencing payment delays in 2019 (63% in 2018), the average payment duration decreased to 85 days in 2019, down from 88 days in 2018.

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07/02/2020
Corporate news, Corporate news, Financial news

Coface finalises the acquisition of GIEK Kredittforsikring AS

Coface announces the closing of the acquisition of GIEK Kredittforsikring AS, a company created in 2001, and owned by the Norwegian Ministry of Trade, Industry and Fisheries, that manages a short-term export credit insurance portfolio. Coface has acquired all GIEK Kredittforsikring AS shares, and the business will thus operate under the brand name Coface GK.

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06/24/2020
Country risk and economic studies

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

Although the second quarter of 2020 is shaping up to be the most challenging period of the year, there are now good reasons to think that the road to recovery will be long and arduous. Despite immediate tax deferrals, liquidity guarantees, it is likely that many firms will find themselves in difficulty.
According to Coface forecasts, Spain and Italy will be among the economies hardest hit by COVID-19, contracting by 12.8% and 13.6% respectively in 2020. Corporate insolvencies are expected to increase by 22% in Spain and 37% in Italy by 2021, relative to 2019 levels. For 2021, Coface forecasts that Spain and Italy’s GDP will rebound by 10.2% and 8.9%, leaving the economies 3.9% and 5.9% below 2019 levels.

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06/17/2020
Country risk and economic studies

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

The economic consequences of the COVID-19 pandemic are of an unprecedented scale in Europe. The twin supply-demand shock has resulted in the halting of production (at least partially) in many companies as employees cannot go to work and in a fall in consumption because of mobility restrictions. The decline in revenues has deteriorated companies’ cash positions, fostering an increase in payment delays – and, ultimately, payment defaults.
Many European countries have temporarily amended the legal framework of default procedures to deal with the crisis

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06/08/2020
Country risk and economic studies

Coface Barometer Q2 2020-From a massive shock to a diversified recovery

A few weeks after the first containment easing measures, economic activity seems to be picking up in most European countries. However, about two months after China, this gradual and partial recovery will not erase the effects of containment on global growth.
In this context, Coface forecasts that the recession in 2020 (a 4.4% drop in world GDP) will be stronger than that of 2009. Despite the recovery expected in 2021 (+5.1%) – assuming there is no second wave of the coronavirus pandemic – GDP would remain 2 to 5 points lower in the United States, the eurozone, Japan, and the United Kingdom, when compared to 2019 levels.

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06/05/2020
Country risk and economic studies

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

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

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05/27/2020
Financial news

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

recession and soaring uncertainty
The global recession is expected to coincide with a sharp decline in international trade this year, especially as international trade tends to decline more than GDP in times of crisis. However, the extent of this overreaction is difficult to measure. The World Trade Organization (WTO) forecasts a 13-32% decline in world trade. This estimate indicates that all regions would suffer a double-digit decline in their trade volumes

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05/05/2020
Country risk and economic studies

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

While the focus so far has mainly been on China, Europe, and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe for emerging economies.
Even though their degree of vulnerability to this shock depends on many factors, the starting point of their public finances is a key issue, as it determines their capacity to respond to the crisis’ many economic consequences. However, their public debt was already at an all-time high in 2019. Coface assesses the direct risks (economic and sectoral) of the pandemic on the development of emerging countries.

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04/23/2020
Country risk and economic studies

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

Due to the current coronavirus (COVID-19) pandemic and its impact on the global economy, it is unlikely that China will be able to achieve its 2020 growth target. Coface forecasts a growth rate of 4% for the Chinese economy in 2020.
Economic activity in China could decelerate faster than expected this year and miss the Communist Party of China’s (CPC) growth target of 5.6%. In recent months, the Chinese economy has faced multiple headwinds, such as the consequences of the trade war with the United States, as well as structural factors, like the country’s demographic situation (15% of the Chinese population is over 65 years old). In this context, the COVID-19 pandemic is an additional shock that will add significantly to existing challenges.

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04/23/2020
Financial news

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

Turnover: €370m, up 0.9% at constant FX and perimeter
Record client retention and strong new business momentum prior to lockdown
Continued slowdown in client activities -a trend that is expected to accelerate over the coming quarters
Trade Credit Insurance growing at 0.2% at constant FX and perimeters
Dynamic growth of services, up 12%

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04/09/2020
Country risk and economic studies

Coface Barometer Q1 2020 COVID-19: heading towards a sudden global surge in business insolvencies

At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting a large number of industries in all over the world. The uniqueness of this crisis makes comparisons with the previous ones useless, as they all had financial origins (e.g. global credit crisis of 2008-09, great depression of 1929). The question is no longer which countries and sectors of activity will be affected by this shock, but rather which few will be spared.

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03/31/2020
Corporate news, Corporate news, Financial news

COFACE SA: Fitch places Coface on Rating Watch Negative

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

The ratings agency estimates that the adverse effects of the coronavirus pandemic will have a negative impact on the trade credit insurance industry, and that it is now more likely that Coface’s profitability, as measured by Fitch, will reach a level no longer compatible with the current rating.

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03/27/2020
Corporate news, Corporate news, Financial news

Coface SA: Review of the credit insurance sector by Moody's

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

As part of its credit insurance sector review, the agency estimates that the progression of the coronavirus epidemic, and the measures taken by governments to slow its spread, represent a scenario of severe stress for credit insurers.

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03/11/2020
Corporate news, Corporate news, Country risk and economic studies

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

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 – but the impact of the coronavirus outbreak on the Polish economy remains to be seen.
Payment terms: transport and construct offer the most generous credit periods
Poland’s GDP growth reached 4.1% in 2019 – a slowdown from the 5.1% recorded in 2018 – and is expected to slow further: Coface anticipates GDP growth in Poland to reach 3.3% in 2020. A relatively favourable macroeconomic environment has created supportive conditions for businesses in previous years. However, the full impact of the COVID-19 coronavirus remains to be observed, notably concerning trade partners. The coronavirus’ knock-on effects could further impact the economic outlook for Poland.

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03/02/2020
Corporate news, Corporate news, Product news, Product news

Coface launches new online product: Cross Border Network

Coface continues its innovative strategy expanding online offerings such as this novel Cross Border Network product. With this service, Coface enables its clients to visualize a company’s and individual’s connections leveraging the largest B2B database in CEE with about 34 million companies.
This easy-to-understand interactive, visual application provides useful background information on companies, their risk level, and sales potential

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02/28/2020
Corporate news, Corporate news, Financial news

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

The strategic plan Build to Lead is based on strong beliefs: credit insurance is an attractive service business, with strong barriers to entry and growth potential where Coface has strong capabilities which it will seek to deepen: its skills, scale and agility.
This new plan will broaden and deepen ongoing transformations at Coface to be recognized as a leader in its industry. It includes two types of initiatives to drive the business forward: the first for the core credit insurance business and the second for the specialty businesses that can leverage its capabilities and know-how.

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02/26/2020
Corporate news, Corporate news

COFACE SA: Shareholding evolution

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

Natixis has stated its intention to resign from COFACE’s Board of Directors after the closing of the transaction. Natixis also specified that its agreement with Arch states that, on this date, COFACE’s Board of Directors will be composed of ten members comprising four members proposed by Arch and six independent directors (including the current five independent directors).

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02/25/2020
Corporate news, 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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02/20/2020
Corporate news, Corporate news, Country risk and economic studies

Coface Romania Study: Insolvencies in Romania decreased by 22% in 2019 compared to previous year, reaching its lowest level over the last decade

The majority of insolvencies were registered in the wholesale and distribution sector followed by the constructions and retail sectors
The most recent Coface Romania study shows that in 2019 there were 6,384 insolvent companies, -22% less compared to the level registered in the previous year. The data also indicate a gradual decrease of insolvent companies with revenues over EUR 0.5 million (medium and large companies). The latter reached 444 companies during 2019, below the average of 550 over the last three years. This evolution was also reflected in the decrease of financial losses of only RON 4.6 billion in 2019, half of the average for the last three years.

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02/20/2020
Corporate news, Corporate news, 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
With 2019 being marked by a rise in protectionist rhetoric (more than 1,000 measures implemented worldwide) and the first decline of global trade in ten years, Coface anticipates that international trade will grow by only 0.8% in 2020. The truce trade agreement between the United States and China is unlikely to restore corporate confidence or significantly boost industry and world trade, especially as only 23% of the protectionist measures taken between 2017 and 2019 affect the United States or China. The rise in protectionism is therefore a global and lasting trend that to which companies will need to adapt

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02/03/2020
Corporate news, Corporate news, Country risk and economic studies

Turkey Payment Survey 2019: better picture in payment term but companies remain cautions regarding economic prospects

Right after the recession that the economy went into during the second half of 2018 the private sector remains mixed in terms of the economic outlook.
Payment terms: shorter terms reflect preference for liquidity
The deterioration of cash flow has slowed down and fewer companies expressed tougher conditions while making their payments. Nowadays, the average payment term offered by Turkish companies to their clients stood nearly at 85 days in the domestic market and at 69 days in export markets (vs 108 days in 2017).

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01/30/2020
Corporate news, Corporate news

Coface Study: Retail Sale in Non-specialized Stores Sector – positive evolution of revenues in 2018, with an 8% increase compared to previous year

A new study conducted by Coface Romania on the sector of "Retail sale in non-specialised stores with food, beverages or tobacco predominating” (NACE 4711) indicates a positive evolution of revenues in 2018, which increased with approximately 8% compared to 2017, with a slightly lower profitability. The study aggregated the data of 42.051 companies that submitted their financial situation for 2018 (as of September 2019) and generated a consolidated turnover of RON 71.96 billion. The weight of the cumulative market share held by the most important 10 players is 61%, which indicates a medium to high degree of concentration.

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01/14/2020
Corporate news, Corporate news

Coface Study: Revenues from the sector of retail with pharmaceutical products in specialized stores increased by 15% in 2018 compared to 2017

A new study conducted by Coface Romania on the sector of "Retail with Pharmaceutical Products in Specialized Stores” (NACE 4773) indicates a positive evolution of revenues in 2018, which increased with approximately 15% compared to 2017, with a slightly higher profitability. The study aggregated the data of 4.425 companies that submitted their financial situation for 2018 (as of September 2019) and generated a consolidated turnover of RON 19.07 billion. The weight of the cumulative market share held by the most important 10 players is 31%, which indicates a low degree of concentration.

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01/06/2020
Corporate news, Corporate news

AM Best affirms A (Excellent) rating to Coface North America Insurance Company, with stable outlook

Rating agency AM Best, on 17 December 2019, has affirmed Coface North America Insurance Company’s ‘A’ (Excellent) Insurer Financial Strength (IFS) rating, with a stable outlook.
Coface North America Insurance Company (CNAIC) is a major credit-insurance operating entity of the Coface Group and its main vehicle to access the large North American market.
In its press release, AM Best highlights that this rating reflects “Coface’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management”.

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12/19/2019
Corporate news, Corporate news

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

Hit by increasingly stringent regulations, particularly for environmental purposes, the global automotive industry is facing a downturn and is being forced to reinvent itself.
In a gloomy global economic context, the automotive sector faces several very specific challenges, including stronger and stricter environmental regulations. As a result, car sales are experiencing negative growth not seen since the Great Recession of 2008 and there is an uncertainty prevail in the sector.

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12/12/2019
Corporate news, Corporate news

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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12/02/2019
Corporate news, Corporate news

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

Coface launches its new portal for brokers, offering a new experience to its partners in the development of their business around the world.
Available in 42 of the countries covered by the Coface group, the Broker Portal is a digital platform for Coface’s brokers. Modern and intuitive, the portal allows brokers to optimize the management of their activity. The tool portal was developed by Coface, whose ambition was to provide brokers with a high level of service and optimal satisfaction.

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11/26/2019
Corporate news, Corporate news

Coface Study: Dairy and Cheese Manufacturing Sector-negative revenue evolution in 2018, with a 5% decrease compared to 2017

A new study by Coface Romania on the sector of "Dairy products and cheese manufacturing" indicates a negative evolution of revenues in 2018, which decreased with approximately 5% compared to 2017, with a slightly increased profitability. The study aggregated the data of 448 companies that submitted their financial situation for 2018 and generated a consolidated turnover of RON 3.8 billion. The weight of the cumulative market share held by the most important 10 players is 58%, which indicates a high degree of concentration.

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11/07/2019
Corporate news, Corporate news

Meat Processing and Preservation Sector: negative evolution of revenues in 2018, with 19% decrease compared to previous year

A new study by Coface Romania on the Meat Processing and Preservation Sector indicates a negative evolution of revenues for 2018, with a decrease of approx. 19% compared to the previous year. Thus, the African swine fever (ASF) lead to cuts of over RON 1 billion in the turnover of these companies, the consolidated revenues at sectoral level decreasing from RON 6.13 billion (2017) to only RON 4.96 billion (2018), the minimum in the last 5 years. According to NSVFSA (National Sanitary Veterinary and Food Safety Authority), almost 1.000 outbreaks of African swine fever are registered in Romania, just two months before Christmas. The Coface study aggregated the data of 507 companies that submitted their financial statements for the year 2018 and generated a consolidated turnover of RON 4.96 billion.

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11/04/2019
Corporate news, Corporate news

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

85% of companies report longer payment terms in 2019 vs 2017
According to Coface's 2019 Germany payment survey of 442 companies, the country is in a phase of change. The pressure on companies from international competition is increasing. This is one of the reasons why the pressure on their cash flow continues to increase. On average, German companies saw their payment terms increase from 29.8 days in 2017 to 35.9 days in 2019.
Even if credit risks are insured, companies' confidence in their customers has declined. Short- and medium-term credit periods still dominate the market. 87% of companies request that payments be made within 60 days – a very short time in terms of international comparison. Clients missing payment deadlines now affects 85% of German companies, compared to 78% two years ago.

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10/31/2019
Corporate news, Corporate news

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.
A particularly strategic sector, agri-food (along with ICT) is one of the sectors key to the current trade war between the United States and China. Recently, Chinese authorities have taken steps to ban all agri-food imports from the United States, in response to the tariff increases announced by the Trump administration

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10/28/2019
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.
The Argentine currency crisis, major demonstrations in Hong Kong and Russia, Brexit, the attack on oil installations in Saudi Arabia – these are just some of the many events that marked the third quarter of 2019. Increasing political uncertainty, combined with the decline in the volume of world trade, the high volatility of oil prices, and the decline in automobile sales in Europe and China, has continued to affect corporate morale.

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10/09/2019
Corporate news, Corporate news

The "Made in Russia" strategy: a limited instrument for economic diversification

Faced with fluctuations in hydrocarbon prices and economic sanctions from Western countries, Russia has developed a strategy that favours "Made in Russia" - but the results have remained mixed.
In an effort to accelerate the diversification of its economy following Western sanctions linked to the annexation of Crimea, Russia has implemented a series of mechanisms to reduce its dependence on imports and hydrocarbons. But the willingness to substitute local production for imports depends on many factors, not all of which are present.

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09/30/2019
Corporate news, Corporate news

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.
A dominant global maritime and economic power in the 17th century, the Netherlands has remained a major player in world trade. In 2018, the Netherlands was the sixth-largest merchandise exporter in the world and, in terms of GDP, ranked third in 2015 (just behind Ireland and Switzerland).

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09/23/2019
Corporate news, Corporate news

Insolvencies in Central and Eastern European Countries (CEE): despite an increasingly difficult global economic context, the situation remains posit...

The Central and Eastern European region has experienced unparalleled growth in the European Union. However, a slowdown is expected in the coming years.
The CEE region has seen an improvement in economic activity in recent years. In 2017 and 2018, GDP growth in the region rose to 4.6% and 4.3%, respectively, the highest rates since 2008.

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09/18/2019
Corporate news, Corporate news

Coface publishes CEE Top 500 companies: Do external risks overshadow long-lasting solid economic growth in Central and Eastern Europe?

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

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08/26/2019
Corporate news, Country risk and economic studies

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 compared with 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

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08/22/2019
Corporate news, Corporate news

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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08/20/2019
Corporate news

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 destabilization. The countries on the African continent have been regularly afflicted by conflicts of different intensity and nature in recent decades that made them suffer from a decline in investment and trade flows, delaying the development of some countries on the continent. In its latest panorama of political risks, Coface looks at the African continent and highlights, not only the latest trends in terms of conflicts, but also the risks of instability that impact the region's economic development.

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08/13/2019
Corporate news, Corporate news, Financial news

Coface Survey: 4% increasing income for the wholesale of pharmaceuticals

A new survey conducted by Coface Romania on the wholesale of pharmaceutical products indicates a positive trend of the revenues of the companies operating in this sector of activity in 2017, but with a slight decrease in profitability. This study aggregated the data of 1,662 companies, which submitted the financial data for 2017 and generated RON 28.6 MLD consolidated turnover.

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08/07/2019
Corporate news, Corporate news

Coface Survey: 33% decrease of Insolvencies in Romania in H1 2019 compared to the same period of the previous year

A new survey conducted by Coface Romania on the evolution of insolvencies in Romania in H1 2019, points out a 33% decrease in the number of insolvent companies during this period, in the context of a real and sustainable economic growth of 5.1%. However, the macroeconomic evolution is not sustainable due to many imbalances: the growth of the fiscal deficit by 81% during the first half of this year compared to the same period of the previous year, the highest annual inflation in the EU of 4.1%, the increase of the trade deficit and depreciation of the national currency. Moreover, Coface’s analysis shows that the decline of insolvencies is offset by the increase of the number of radiated companies, the payment delays increase significantly and the large companies are facing a challenging economic environment.

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08/01/2019
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
The decline in world trade is confirmed for this first half of the year and even if a slight recovery is expected in the second half of the year, it should suffer a 0.7% loss in volume over the year according to the Coface barometer. World economic growth is expected to decrease from 3.1% in 2018 to 2.7% in 2019 and then remain stable in 2020. In this context, Coface expects that a majority of countries should see an increase in corporate insolvencies this year.

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07/22/2019
Corporate news, Corporate news

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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07/16/2019
Corporate news, Corporate news

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.
Until recently, natural gas was acclaimed as the "cleanest" of fossil fuels and all indicators point to an increase in demand and production.

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07/09/2019
Corporate news, Corporate news

Morocco: payment delays are improving but remain too long

Coface's fourth survey on payment terms in Morocco shows a situation that remains worrying despite a slight improvement.
Coface presents its fourth survey on the payment behavior of companies in Morocco. Carried out at the beginning of 2019, this survey aims to monitor the evolution of payment terms and delays between the various Moroccan economic actors.

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07/04/2019
Corporate news, Corporate news

Positive revenue trend and an increase of 17% in 2017 compared to the previous year for wholesale of wood, construction materials and sanitary equip...

Positive revenue trend and an increase of 17% in 2017 compared to the previous year for wholesale of wood, construction materials and sanitary equipment

Strengths:
• 17% increase in consolidated revenues in the sector;
• The money conversion cycle became positive in 2017, 3 days, from -1 day in 2016;
• Decrease in the period of receivables collection from 64 to 60 days.

Weaknesses:
• More than one third of companies (43%) registered a decrease in revenues;
• Almost a third of the companies operating in this sector do not obtain profit from their core business;
• Among companies with turnover > EUR 1 Million, 2018 was a maximum in terms of the number of incidents recorded and the number of companies for which they were registered.

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06/14/2019
Corporate news, Corporate news

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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06/04/2019
Corporate news, Corporate news

In Global Economic slowdown, Luxury continues to outperform but faces new challenge

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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05/22/2019
Corporate news, Country risk and economic studies

Road freight transport sector: 61% of the companies in this sector exposed to a medium to high and high risk of insolvency

Strengths:
• Consolidated sector revenues increased by 14%
• Over a third of the companies (40%) made investments in 2017
• Profitability ratios have remained at the same level as last year

Vulnerabilities:
• Over half of the companies in the sector are exposed to an insolvency risk above average
• The car fleet is obsolete, with 75% of the registered vehicles in use at the end of the year being older than 10 years, in line with the modest evolution of the infrastructure
• Over one third of the companies (43%) reported a decrease in revenues

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05/06/2019
Corporate news, Country risk and economic studies

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

When Narendra Modi ran for Prime Minister in 2014, he pledged to boost the competitiveness of India’s industrial sector to promote growth. Modi will be running for president again in India’s general elections between 11 April and 19 May. The economy is in a better position than it was in 2014, but many of the structural fragilities that Modi inherited continue to afflict India today and a mixed track record in terms of economic reforms has dampened enthusiasm for Modi.

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04/24/2019
Country risk and economic studies

Coface anticipates a 3% increase in insolvencies in Western Europe and 4% in Central and Eastern Europe

• 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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04/22/2019
Corporate news, Country risk and economic studies

Coface strengthens its market position in the Adriatic region by acquiring SID - PKZ, the leading credit insurance company in Slovenia

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

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04/08/2019
Corporate news, Country risk and economic studies

Coface launches credit-insurance offer in Greece

Local companies set to benefit from Coface’s expertise in risk prevention and payment protection.
In line with its strategic ambition to grow in promising new markets, Coface is launching its credit insurance offer in Greece. Coface is now able to strengthen its support to Greek businesses, by providing them with its recognised expertise in monitoring the credit-worthiness of millions of companies all over the world, and by protecting their commercial transactions.

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02/20/2019
Country risk and economic studies

In 2018, insolvencies in Romania remain at approximately the same level of 2017, but the forecasts show an increase of at least 20% in 2019-2020

The macroeconomic context becomes unstable, following the procyclical fiscal policies that cause the increase of a very high fiscal deficit in a period of attenuated economic growth. The number of insolvent companies in 2018 is similar to the one registered in the previous year, namely almost 8,200 companies, and continues to be on the level of the last decade.

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02/20/2019
Country risk and economic studies

Infographic: Situation of Insolvencies in Romania 2018

In 2018, insolvencies in Romania remain at approximately the same level of 2017, but the forecasts show an increase of at least 20% in 2019-2020

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09/05/2018
Country risk and economic studies

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

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

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08/23/2018
Country risk and economic studies

Insolvencies are the minimum level of the last ten years, but the level of losses generated to creditors is close to the maximum in the last decade

The number of large companies with the turnover over EUR 1 M becoming insolvent registered a growth of almost 5%, reaching 189 insolvent companies in the first semester of the current year.

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08/23/2018
Country risk and economic studies

Infographic: Insolvencies in Romania in the first semester of 2018

4,199 new insolvency procedures were initiated in the first semester of the current year, down by 5% fewer in relation to the same period of the previous year, when 4,442 insolvency procedures were initiated.

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07/11/2018
Country risk and economic studies

Join the ranking of the biggest companies in Central and Eastern Europe

Take this opportunity to present your results and compare them with the largest companies in CEE. The ranking gives you the possibility to show that you belong to the best companies in this region.

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06/27/2018
Country risk and economic studies

41% of the companies of the wholesale of cars and equipment have an insolvency risk above average

41% of the companies of the wholesale of cars and equipment have an insolvency risk above average and the number of companies with banking incidents doubled in 2017 compared to 2016

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06/13/2018
Country risk and economic studies

Residential and non-residential construction works

The sector of residential and non-residential construction works had a negative evolution of the returns in 2016, dropping 8% compared to 2015, while the profitability continued to increase.

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05/14/2018
Country risk and economic studies

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

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

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05/05/2018
Country risk and economic studies

The non-specialized wholesale of food, beverages and tobacco

In the sector of non-specialized wholesale of food, beverages and tobacco, more than one third of the companies have had a decrease in their income and 40% an insolvency risk above average.

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05/05/2018
Country risk and economic studies

Infographic: The non-specialized wholesale of food, beverages and tobacco

The non-specialized wholesale of food, beverages and tobacco - more than one third of the companies have registered a decrease in their income and 49% a high and above average insolvency risk

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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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04/10/2018
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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02/07/2018
Country risk and economic studies

Romanian insolvencies remain at a level twice as high as the average in Central and Eastern Europe

In 2017, in Romania, 8,256 new insolvency proceedings were opened, by 3% more than in the previous year, when 8,053 insolvencies were opened. Despite the minimum level of the insolvencies registered in the last 15 years, Romania reports an average rate of the ratio between the number of insolvent companies and 1.000 active organizations is of 2.4%, almost twice the average in the Central and Eastern Europe.

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02/07/2018
Country risk and economic studies

Infographic: Insolvencies Romania 2018

In 2017, in Romania, 8,256 new insolvency proceedings were opened, by 3% more than in the previous year, when 8,053 insolvencies were opened.

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02/07/2018
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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01/25/2018
Country risk and economic studies

Turkey records dynamic growth but is increasingly vulnerable to external factors

Cresterea continua depaseste asteptarile
Economia Turciei a inregistrat o crestere semnificativa in primele trei trimestre ale lui 2017, in urcare cu 7,4% comparativ cu anul precedent. Acest lucru s-a realizat in ciuda seriei de socuri care au avut loc in tara in 2016.

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01/17/2018
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

Organic production is insufficient to meet consumer demand
France’s organic food sector has been experiencing double-digit growth since 2014. This upward trend was confirmed during the first half of 2017 and suggests that there will be a growth of almost 14% for the entire year which will represent a turnover of over 8 billion Euros, according to Coface’s estimates.

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01/04/2018
Country risk and economic studies

Germany’s corporate payment survey 2017

A better year for exporters and domestic trade
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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11/09/2017
Country risk and economic studies

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

Risky trade dependence for sectors and countries that export commodities
Almost twenty years after the launch of the first Forum on China-Africa Cooperation, China-Africa relations remain unbalanced.

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11/02/2017
Country risk and economic studies

Country and sector risks worldwide

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. This quarter, once again, nearly all of the revised country and sector risk assessments from Coface show marked improvements.

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10/25/2017
Country risk and economic studies

The wholesale of wood material and constructions materials

The trend of the insolvency ratio in the sector is downward over the past three years, similar to the trend at the level of the entire economy, but it is maintained above the latter.
In 2015, the wholesale of wood material and constructions materials and equipment sector ranked 8 in the Top 10 sectors (NACE 4 digits) based on the number of insolvent companies (as in 2014), considering that the number of insolvent companies related to the number of active companies (turnover > 0) was above the national average (2.2% in 2015 and 4.5 in 2014, respectively).

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10/19/2017
Country risk and economic studies

The bond market is turning into a "spare tyre" in several countries of Asia, Central Europe and Latin America

Since the early 2000s, corporate debt in the emerging countries has been on a constant rise, with significant acceleration since the 2008 crisis: the value growing fourfold between 2008 and 2017, corresponding to a nigh-on 25 percentage point rise in the GDP. Emerging Asia is the region most concerned by corporate debt (133% of GDP in 2016), largely caused by China.

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10/12/2017
Country risk and economic studies

Morocco Corporate Payment Survey, first half of 2017

Extended payment periods across practically all sectors: 99 days on average in 2017, up from 82 days in 2016.
The latest edition of Coface’s annual survey analyses the payment behaviour of 256 companies in different sectors of activity. The sample of participants covered is 23% larger than for the 2016 edition and includes more export companies.

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09/28/2017
Country risk and economic studies

Central & Eastern European insolvencies overview

Less business insolvencies in 2016, but a downturn in the construction sector.
2016 showed a continued decline of 6% in the number of company insolvencies in the Central and Eastern European region, following a fall of 14% in 2015. In all, over the course of last year, six entities per 1,000 became insolvent. This improvement was in line with the favourable macroeconomic environment, largely due to the positive situation on the labour market, with lower unemployment rates and rising wages. Despite this, insolvencies are still above the pre-crisis levels of 2008 in most countries. Romania and Slovakia were the only two countries to record lower levels of company insolvencies than before 2008.

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09/14/2017
Country risk and economic studies

Infrastructure: the Achilles’ heel of development in Latin America

The fragile performance of recent years highlights the region’s competitiveness issues. What are the weaknesses in the infrastructures in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico and Peru?

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09/06/2017
Country risk and economic studies

Coface announces CEE Top 500 companies

The CEE Top 500 companies generated a turnover of EUR 580 billion in 2016. The biggest companies experienced a decrease in turnover and net profit, but increased their workforces significantly.

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09/06/2017
Country risk and economic studies

Infographic: CEE Top 500 companies

The CEE Top 500 companies generated a turnover of EUR 580 billion in 2016. The biggest companies experienced a decrease in turnover and net profit, but increased their workforces significantly.

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08/30/2017
Country risk and economic studies

The paradox of insolvencies in Romania

Although the number of insolvencies in the first semester of 2017 is similar to that of the last year, namely 4,442 new proceedings, the companies with a turnover of more than 1 M EUR which became insolvent in the time interval analyzed increased by almost 20%, reaching 180 companies.

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08/30/2017
Country risk and economic studies

Infographic: Insolvencies Romania H1 2017

Although the number of insolvencies in the first semester of 2017 is similar to that of the last year, namely 4,442 new proceedings, the companies with a turnover of more than 1 M EUR which became insolvent in the time interval analyzed increased by almost 20%, reaching 180 companies.

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08/22/2017
Country risk and economic studies

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

Political developments in the US have caused uncertainties over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions.
Costa Rica, El Salvador, Honduras and México are the countries in the region that are the most vulnerable to any eventual import measures imposed by the United States. This is due to their high level of trade exposure to the US (which is also, more specifically, focused on manufactured goods). In addition to their overexposure to the US, these countries’ GDPs are more dependent on exports than other countries in the region are.

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08/17/2017
Country risk and economic studies

GCC region banks situation

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

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07/27/2017
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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07/25/2017
Country risk and economic studies

UEA companies payment survey

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, which was conducted among 136 companies from 11 different sectors with the aim of understanding trends and developments in corporate payments.
The survey’s participants reported that payment terms are lengthening. Companies have reacted to lower sale volumes, stemming from weaker global trade and tightened liquidity, by delaying payments. Nevertheless, despite these lengthier payments, the majority of the respondents are optimistic on the future economic outlook for the UAE and GCC region.

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07/20/2017
Country risk and economic studies

Evolution of the national sector of road transport of goods

In the absence of sufficient profits, the investments continue to be financed by the late payment of suppliers.
According to the financial data available for 2015 for all the companies which activate in the sector of road transport of goods, these register increasing rev-enues which can be found in insufficient profits. The investments for revamping represent 39% of the total assets, significantly over their wear and tear dynam-ics for the fourth consecutive year, the impact being slightly visible in the light of a sensitive increase of the consolidated profitability. The companies in the analyzed sector have maintained the high level of the supplier credit, their aver-age payment duration being of 112 days while the receivables are collected at 88 days.

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07/18/2017
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.
In order to give companies a more complete picture of the risks worldwide, Coface is now publishing quarterly assessments of 12 sectors in 24 countries representing almost 85% of the world's GDP, as well as 160 country risk assessments.

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07/18/2017
Country risk and economic studies

Infographic: Sector risk assesments Q2 2017

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.
In order to give companies a more complete picture of the risks worldwide, Coface is now publishing quarterly assessments of 12 sectors in 24 countries representing almost 85% of the world's GDP, as well as 160 country risk assessments.

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07/11/2017
Country risk and economic studies

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

Despite the UK economy's resilience, a wait-and-see attitude will develop among businesses and intensify during the negotiations phase.
One year on from the vote to leave the EU, UK businesses are showing resilience, bolstered by household consumption (up 2.6% in 2016), favourable credit conditions and strong worldwide demand. In the last quarter of 2016, companies’ profits totalled over 105 billion pounds sterling - an all-time high. Confidence rose significantly, especially amongst SMEs, after an initial fall in the aftermath of the referendum. Sterling's sharp drop, which is the most visible sign of the looming Brexit, explains the strength of exports, even if the benefits of price competitiveness remain slight.

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07/11/2017
Country risk and economic studies

Infographic: Brexit - UK will remain attractive for businesses

Despite the UK economy's resilience, a wait-and-see attitude will develop among businesses and intensify during the negotiations phase

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07/06/2017
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 (compared to the previous 5-year average of 80%) and fewer respondents reporting an increase in overdue amounts. Nevertheless, the situation surrounding ultra-long overdues gives cause for alarm, as 35.7% of those companies concerned had ultra-long overdue amounts (over 180 days) which exceeded 2% of their annual turnover.

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07/04/2017
Country risk and economic studies

Business immunity on the background of internal and international risks

Starting with the internal and external risks to which the Romanian business environment is subjected, Coface Romania analyzes a very important additional risk with a possible devastating impact on the business environment: low immunity in case of commercial credit failure.
The implications of commercial credit risk have become serious, given that 7 out of 10 companies pay their suppliers later, the supplier credit balance has doubled since the financial crisis so far, the average debt collection period has increased twice, suppliers have becoming the biggest creditors of the companies.

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06/26/2017
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. Certain sectors (agrifood, chemicals, automotive, etc.) do, however, seem to be benefiting from an upturn in business that will contribute to recovery in 2017.

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06/22/2017
Country risk and economic studies

The local sector of construction

While public infrastructure construction is at least the last 10 years, the residential sector is experiencing a rather accelerated recovery.
In order to draft this study, we considered all the sectors that are directly involved in the construction activities, regarding the residential area, public infrastructure, recurrent maintenance or related activities (sanitary installations, electrical installations, painting, coating, window assembly, carpentry and woodwork, etc.). Thus, the sample comprises 65,445 companies, approximately 10% of all Romanian companies, distributed for each sector depending on the turnover.

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05/31/2017
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 Essentials 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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05/30/2017
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. However, the upturn on the labour market is such that companies are increasingly facing difficulties in recruiting, especially qualified personnel. Manpower shortages and the consequential rise in labour costs are concerns for businesses.

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05/30/2017
Country risk and economic studies

Labour market in the Central and Eastern Europe region

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. However, the upturn on the labour market is such that companies are increasingly facing difficulties in recruiting, especially qualified personnel. Manpower shortages and the consequential rise in labour costs are concerns for businesses.

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05/15/2017
Corporate news

COFACE ENHANCES THE CUSTOMER EXPERIENCE

One of the priorities of Coface’s three-year strategic plan is to enhance the service we provide to our clients.

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05/11/2017
Country risk and economic studies

What led the revenue growth in the grain sector

Revenue from grain growing rose by 5% in 2016 compared to the previous year.
According to the financial statements submitted to the Ministry of Public Fi-nance for 2015, the number of companies working in the grain cropping sector (NACE 0111) is of 8,056, out of which 1,438 (18%) did not carry out any activity, while 2,692 (33%) have registered incomes below 100 K EUR.

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05/04/2017
Country risk and economic studies

New Coface Political Risk Index in 159 countries

The widespread rise in the political risk conceals mixed regional dynamics. A complete global index to quantify political risks rooted in the current state of affairs.
Following the political risk index specific for Western Europe (2016) and emerging countries (2013), Coface launches a global index for 159 countries. Combination of two major components - the security risks (conflict and terrorism) and the political and social risks - allows a complete ranking of the political risk.

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03/29/2017
Corporate news

Coface opens a regional IT development center in Bucharest and launches recruitment drive for 80 specialists

The Coface Group, expert in credit insurance, will be opening an IT development center in Bucharest at the beginning of April, employing 80 people.
The opening of the center is designed to support Coface’s ambition to become the most agile global trade credit partner in the industry. As part of the Group’s strategic plan, a large number of projects have been initiated aiming to extend and consolidate Coface’s information systems. In the credit insurance sector off-the-shelf software does not exist for all “core” business activities, which leads Coface to develop the most critical core business applications internally.

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03/14/2017
Corporate news

Parteneriatul strategic intre Coface si Smart Bill

Study on issuing and cashing invoices among SMEs resulting from the strategic partnership between Smart Bill and Coface, whereby companies from Romania will be able to recover their outstanding invoices easier.

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02/02/2017
Country risk and economic studies

Infographics: Romanian Insolvencies 2017

The number of insolvencies decreased by 21% in 2016 compared to 2015, from 10,174 to 8,053 and with 54% compared to the average of the last 10 years.

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11/22/2016
Country risk and economic studies

The French economy: a temporary pause in growth

The French economy remains on a positive trend despite Q2 being impacted by external shocks.

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11/17/2016
Country risk and economic studies

Short-term risk is reduced for the French automotive sector

The automotive sector has been upgraded to the best risk category

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10/05/2016
Country risk and economic studies

Infographic: Health indicators in the United States are below average

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

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09/20/2016
Country risk and economic studies

Coface Baltics Top 50: largest companies of the region in Lithuania

The three largest companies in Baltic States based on turnover are all from Lithuania, according to the Baltics Top 50 companies rating compiled by the international credit insurer Coface. As a positive trend in the Baltics Coface experts mark the rise of household consumption and labor market improvements.

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09/13/2016
Country risk and economic studies

Cele doua viteze ale Chinei: sectoare castigatoare vs. sectoare perdante

Economia Chinei a crescut cu 6,9% in 2015, cel mai slab ritm de expansiune din ultimii 25 de ani. Cresterea ar trebui sa-si continue incetinirea in 2016 si 2017 si probabil va atinge 6,5% - astfel cum este prevazut in planul de cinci ani, pentru 2016 - 2020. Reformele structurale continue ale Chinei au inceput sa se concentreze asupra serviciilor si a consumului, ceea ce face ca economia cu doua viteze a tarii sa fie si mai evidenta. Decalajul dintre sectoarele castigatoare si cele perdante este legat de potentialul lor de crestere pe termen mediu si lung, de politicile guvernamentale relevante si de cererea structurala.

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09/01/2016
Corporate news

Coface publishes CEE TOP 500 Companies

Biggest players benefit from favourable business conditions in CEE

• Booming economy: increase in turnover by +4.2%
• Poland wins again, Czech Republic climbs up to the second rank fol-lowed by Hungary
• Sectors: 12 of 13 sectors with increase in turnover, only oil & gas still in trouble

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08/24/2016
Country risk and economic studies

Over 100,000 companies became insolvent in the last 5 years. What is the impact?

Romania registered a total of 105,545 new insolvent companies 2011-2015, an annual average of about 20,000 insolvent companies. A very large volume, especially they represent about 16% of the total registered Romanian companies, and a quarter of all active companies (which register revenues). Not only the number of insolvent companies in the analysed period is very high, but also their size. Thus, 2,933 of insolvent companies in the analysed period registered over 1 M EUR turnover, given that the average of the active companies operating nationwide in this income segment was about 23,455. The business environment in Romania has lost in the past five years about 13% among companies with high incomes.

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08/18/2016
Country risk and economic studies

Infographic: Focus on impact of the Turkish coup on Romanian companies

Radical measures implemented by the Turkish government that followed the attempted coup fuelled uncertainty of international investors.

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08/10/2016
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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08/04/2016
Country risk and economic studies

Infographic: For the first time after 10 years, the decreasing of insolvencies is accompanied

Coface upgraded the Romanian’s rank level to A4, risk class indicating that the economic and financial outlook could be marked by some weakness. The political context suffers from tensions, and the business climate still presents significant shortcomings. The average probability of company default is reasonable. In this context, we notice, for the first time in the last eight years, a decreasing effect in the economy caused by insolvencies.

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07/20/2016
Country risk and economic studies

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

The global economy is in turbulence. China’s economic slowdown and the fall in commodity prices have weighed on fundamentals in sub-Saharan African countries. Growth, at 3.4% in 2015 and 2.6% in 2016 (according to Coface forecasts), is the weakest since the 2008 crisis.

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07/15/2016
Corporate news

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

Thierry Croiset (56) s-a alaturat asiguratorului de credit Coface in calitate de Group Risk Director incepand cu data de 11 iulie 2016, raspunzandu-i direct lui Carine Pichon, Chief Finance & Risk Officer.

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07/13/2016
Country risk and economic studies

Coface Insolvency Panorama: Less business insolvencies due to favourable economic conditions

Countries in the Central and Eastern Europe region enjoyed favourable economic con-ditions last year. This led to an improved situation for CEE businesses. 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%. The region showed a varied picture, with double-digit deterioration recorded in Ukraine and Lithuania, whereas Romania and Hungary enjoyed significant improvements. Coface forecasts that businesses will continue to take advantage of supportive conditions and that company insolvencies will drop by -5.3% in 2016.

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06/09/2016
Country risk and economic studies

Infographic: Is the French economy definitely taking off?

Economic activity underpinned by domestic demand, but undermined by exports

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05/12/2016
Country risk and economic studies

Infographic: The retail sales of pharmaceutical products in Romania

The most important 20% companies accomplished 83% of the industry turnover

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04/26/2016
Country risk and economic studies

Infographic: Rick barometre sectorial

Sector risks remain under pressure in the emerging markets

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04/21/2016
Country risk and economic studies

Infographic: Steel overcapacity around the world

The imbalance between supply and demand is being fed by overcapacity and Chinese exports

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04/12/2016
Country risk and economic studies

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

Of the 34 emerging countries studied, only 4 are capable of bouncing back in the short term

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04/08/2016
Country risk and economic studies

Map of country risk assessments

Quarterly update of Coface country risk assessments

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03/29/2016
Country risk and economic studies

Infografic: Iran - Sharp turns ahead, drive carefully

Discover in this new infographic the key figures for the evolution of economy in Iran.

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03/24/2016
Corporate news

Eugen Anicescu is the new Country Manager of Coface Romania from March 2016

As of 2007, Eugen joined Coface Romania, and he owned, over time, more strategic positions, such as Credit Insurance Manager during April 2007 - January 2011, Deputy Managing Director, during January 2011 - September 2012.

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03/03/2016
Country risk and economic studies

Infographic: Company insolvencies in France: starting to return to normal

Discover in this new infographic the key figures for the evolution of company insolvencies in France.

Read More
02/23/2016
Country risk and economic studies

Infographic: Focus on the Road Transport Sector

Discover in this new infographic the key figures for the Road Transport Sector in Romania.

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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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02/03/2016
Country risk and economic studies

Infographic: Insolvencies in Romania for 2015

Discover in this new infographic the key figures for the evolution of insolvencies in Romania in 2015.

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02/03/2016
Country risk and economic studies

The evolution of the Romanian economy in 2015 - Macro balance coupled with challenges within the business environment

Coface has kept the country risk assessment for Romania to B, a risk class indicating an unstable macroeconomic environment, capable to affect a company's historical payments. Despite the macroeconomic balance, the kickback in the euroisation and nominal convergence criteria, Romania remains vulnerable due to structural imbalances in the domestic microeconomic.

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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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01/15/2016
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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01/14/2016
Country risk and economic studies

Infographic: Focus on the Constructions Sector

Discover in this new infographic the key figures for the Constructions Sector in Romania.

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01/14/2016
Country risk and economic studies

The local real estate residential construction sector - companies in this area have the highest share of high insolvency risk in ECE

According to the financial data available for 2014, companies operating in the sector of construction of residential and non-residential real estates register increased revenues observed in higher profits. This is the conclusion after we have analyzed 15,246 companies that submitted financial statements in 2014 in an extended format; it is a relevant sample taking into consideration that it generates about 95% of the turnover of the entire portfolio of companies. On this occasion, it appeared that investments in retechnologisation are needed, in 2014 having been made investments in fixed assets of only 5%. For the second consecutive year, the pace of retechnologization was under the attrition dynamics, which means a lack of economic performance. Companies in the analyzed sector maintained a high level of credit provider, the average duration of its payment falling to 272 days, while the claims are collected at 168 days.

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12/09/2015
Country risk and economic studies

Infographic: Globalisation of the wine market

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

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12/03/2015
Country risk and economic studies

Domestic cereal crop sector: increasing revenues, declining profits

According to financial statements published by the Ministry of Finance, in 2014, the companies with the core activities of “Growing of cereals (except rice), leguminous plants and oil seeds plant” generated a RON19.09 MLD turnover, up to 24% YoY.

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11/11/2015
Country risk and economic studies

Infographic: Insolvencies in Romania Q1 - Q3 2015

Discover in this new infographic the key figures for the evolution of insolvencies in Romania in the first nine months of 2015.

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11/11/2015
Country risk and economic studies

Infographic: Focus on the Agro Sector

Discover in this new infographic the key figures for the Agro Sector in Romania.

Read More
10/30/2015
Product news

CofaServe, an electronic data exchange solution to facilitate day-to-day business

Following its innovative offer Policy Master, Coface is targeting the specific needs of larger companies who manage a significant number of credit limits with CofaServe. This solution provides an interconnection between the Coface database and clients’ in-house IT systems. This puts companies in a strong position to improve the effectiveness and speed with which they manage their credit insurance contracts.

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10/28/2015
Country risk and economic studies

Infographic: The temperature of 14 sectors activity in the world

Infographic: The temperature of 14 sectors activity in the world

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10/22/2015
Country risk and economic studies

Infographic: 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

Half year 2015 Insolvency Report: Poland continues on improvement track

The current global economic situation could be summarised as a gradual recovery for advanced economies and turbulent times for emerging countries. Exceptions to this are the emerging economies of Central and Eastern Europe which, in most cases, are on an improving track. Poland, in particular, is outperforming. On a microeconomic level, company insolvencies in Poland are mirroring its accelerating economic growth. Insolvencies dropped by 5.1% in 2014. This trend is continuing and bankruptcies decreased by 3.3% during the first half of 2015, with economic growth recorded at 3.4% in the same period.

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10/15/2015
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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10/01/2015
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. 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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09/24/2015
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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09/18/2015
Country risk and economic studies

Latin America: what life after the commodity burst?

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

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09/18/2015
Country risk and economic studies

Country risk assessment map - 3rd quarter 2015

160 COUNTRIES UNDER THE MAGNIFYING GLASS

Macroeconomic expertise in assessing country risk
Comprehension of the Business environment
Microeconomic data collected over 70 years of payment experience.

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09/17/2015
Country risk and economic studies

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

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

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09/02/2015
Country risk and economic studies

57% decrease of romanian insolvencies In the first half of 2015

Coface Romania conducted a new study on the Romanian insolvencies’ evolution, taking into consideration the newly opened cases registered within the Bulletin of Insolvency Proceedings for January - June 2015.
Coface’s analysis indicates that during the first semester of this year 5,524 new insolvencies were registered, down by 57% compared to the same period of 2014 when 12.862 new insolvencies were opened.

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09/02/2015
Country risk and economic studies

Infographics: Insolvencies in Romania H1 2015

Discover in this new infographic the key figures for the evolutions of insolvencies in Romania in the first half of 2015.

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08/26/2015
Country risk and economic studies

Coface CEE Top 500 companies

•2014: A year of improvement throughout the region - turnover increased by +2.1%
•Higher turnover of the biggest companies reflected better economic prospects in 2014
•Poland was the biggest player, Hungary had the highest growth rate and the Czech Republic recovered
•Sectors: Automotive industry (+10.6%) top, oil & gas sector flop (-3.9%)

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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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07/20/2015
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.

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07/02/2015
Country risk and economic studies

Quarterly updated country risk assessments

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

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07/02/2015
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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06/30/2015
Country risk and economic studies

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

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

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06/24/2015
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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06/15/2015
Product news

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

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

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06/04/2015
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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06/04/2015
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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06/03/2015
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.

Read More
05/28/2015
Product news

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

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

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05/22/2015
Product news

Re-launch of Coface online business information marketplace

Coface, one of the the leading credit insurers and market leader for information in Central Europe, re-launches its online business information marketplace. InfoICON – the biggest database in CEE – provides online information on more than 43 million companies in Western, Central and Eastern Europe.

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05/20/2015
Country risk and economic studies

Record decrease in the number of insolvencies in Q1, but at what cost?

Coface’s survey carried out based on the data provided by the National Trade Register Office shows that 2,740 new insolvencies were opened in the first quarter of 2015, down by approximately 58% compared to the same period of the previous year when 6,512 insolvencies were registered. However, in relation to 1,000 active companies, the rate of insolvencies is four times higher than the average registered at the regional level, Romania being in the first place from this point of view.

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04/21/2015
Country risk and economic studies

The local sector of construction works for roads and highways

According to the financial statements published by the Ministry of Finance, the companies whose main scope of business is "Construction works for roads and highways" generated a total turnover of 11.7 BRON during 2013, down by 22% compared to the previous year.

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04/09/2015
Country risk and economic studies

Agro Sector Analysis in Romania

According to the financial statements published by the Ministry of Finance, the companies whose main scope of business is the “Growing of cereals (except rice), leguminous and oil seeds crops”, NACE code 0111, generated in 2013 a total turnover of 15.3 BRON, by 7% lower compared to the previous year.

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04/07/2015
Country risk and economic studies

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

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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04/03/2015
Country risk and economic studies

Czech Republic under positive watch (A4)- economy benefits from good prospects in the car industry and household consumption

The Czech Republic is recovering from recessive effects as a result of debt crisis in the Eurozone. The economy regained momentum reaching solid growth of GDP by 2.0% in 2014 and even a higher growth of GDP by 2.5% is forecasted by Coface to be reached this year. The main driver of the Czech economy will be the export of passenger cars as well as the rising consumer consumption.

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03/24/2015
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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03/12/2015
Country risk and economic studies

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

Slower growth and increase in non-performing loans expected in 2015. A new Coface survey on corporate credit risk management in China reveals that 8 out of 10 corporates experienced overdue payments in 2014.

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03/11/2015
Country risk and economic studies

Impact of lower international oil prices on Latin America

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

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02/25/2015
Corporate news

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

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

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02/12/2015
Country risk and economic studies

Poland’s construction sector - are turbulent times over?

Insolvency statistics for the Polish construction sector show that a milestone has been reached. It has transformed from a negative performer, feeding bankruptcy levels in 2010-2012, to the sector with one of the highest improvements in terms of insolvencies. Do these statistics indicate a long-term improvement for the entire sector? So far the housing industry, which is a small part of the construction sector, shows signs of improvement and new EU funds are helping to mitigate risks.

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02/10/2015
Corporate news

Julien Marcilly appointed Coface chief economist

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

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02/05/2015
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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02/05/2015
Country risk and economic studies

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

Economic activity is gaining strength in Middle East and North Africa region - Strong growth momentum in GCC countries continue, economic recovery in oil importers is on track - Oil exporters successfully diversified their economies, but they are still heavily dependent on hydrocarbon sector in terms of budget and export revenues - Oil importers face higher risks of geopolitical tensions - Morocco and Tunisia seen benefitting from European recovery, higher political stability

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01/29/2015
Country risk and economic studies

Romania's economy maintains its upward trend in 2015

In its basic scenario of the 2014 in Romania, Coface estimates that the annual increase of the GDP shall be 2.5%, with a possibility to vary between 2.2% - 2.5%, as the final value depends on the spending level of December (including the governmental one). In 2015, increase of the real GDP is estimated at 2.7%, taking into consideration the possibility to vary between 2.5% - 2.7%, if agriculture sees a dynamics close to the long-term trend.

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01/29/2015
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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01/22/2015
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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01/20/2015
Corporate news

Coface Romania and Banca Romaneasca protect the companies against non-payment risks and support them in obtaining financing

Coface Romania and Banca Romaneasca are supporting the companies with solutions to protect their business, and is dedicated to all the market players (medium/ large organizations and SMEs).

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12/03/2014
Country risk and economic studies

Meat processing industry manages to defeat the economic crisis, but still it has to work on its profitability

After four consecutive years where the companies within the meat processing industry sacrificed their productivity in favor of commercial development and maintaining the market shares, in 2013 the sector continued the favorable evolution in terms of sales volume (the third consecutive annual growth registered 7% of the total turnover), accompanied for the first time with a recovery of the profitability (net rate of 1.71% of the turnover).

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11/13/2014
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

Number of insolvencies in Romania continues to decline in Q3 2014

During the first nine months of this year 15.575 new insolvencies were registered, down by 17% compared to the same period of 2013 (when 18.735 new insolvencies were opened).

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11/04/2014
Country risk and economic studies

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

Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change.

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10/02/2014
Country risk and economic studies

UAE economy grows stronger thanks to effective diversification policy

- 5% growth projected for 2014 on the back of successful diversification policy
- Favourable business environment, supported by new company law to improve transparency
- Debt profile improves. Financing needs of government-related entities (GRE) continues to be a question

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09/30/2014
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 efforts to implement various items on the reform agenda, particularly those concerning fine-tuning the structure of the Chinese economy.

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09/25/2014
Country risk and economic studies

Food, beverages and tobacco distributors in search of new solutions to keep the financial balance

Giving up the profitability was the price paid by the distributors of food, beverages and tobacco in order to maintain the sales volume at a level comparable to the one registered in the years before the financial crisis.

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09/23/2014
Country risk and economic studies

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

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

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09/16/2014
Country risk and economic studies

Romanian sector of IT products’ distribution - Until when can withstand downward pressure on revenues and expenses optimization?

Since 2009, the distributors of IT products registered a constant decrease of the income in parallel with a positive financial performance. Thus, the average revenue per company registered in 2013 was 22% lower than the one recorded before the financial crisis, ie 2008, but in the same time the net result of 2.4% for 2013 at the sectorial level is the maximum registered in the last 10 years.

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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.

Read More
09/10/2014
Country risk and economic studies

The Romanian sector of road freight transport closes 2013 with profit

According to the financial statements published by the Ministry of Finance, 27,252 companies whose main activity was the "road freight transport" during 2013 generated a total turnover of 26.6 BRON up by 8% from the previous year.

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09/09/2014
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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09/03/2014
Country risk and economic studies

10% Decrease of Romanian Companies Insolvencies Number in the First Half of 2014

Coface Romania conducted a new study on the Romanian insolvencies’ evolution, taking into consideration the newly opened cases registered within the Bulletin of Insolvency Proceedings for January - June 2014.

Read More
08/26/2014
Corporate news

CEE TOP 500 Companies: Stumbling top players with modest increases in turnover

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

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08/07/2014
Corporate news

Coface Romania and The Bucharest University of Economic Studies will collaborate to develop a model for credit risk assessment

Coface Romania in partnership with The Bucharest University of Economic Studies will work together within a research and development project.

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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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07/24/2014
Corporate news

Coface appoints Nicolas Garcia as Group Commercial Director

Coface has appointed 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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07/17/2014
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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07/15/2014
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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07/15/2014
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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07/11/2014
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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07/10/2014
Corporate news

Coface Romania is expanding regionally by opening a new office in Timisoara

With more than 17 years experience in Romania, Coface is now targeting the western part of the country, where we identified a high business potential and a significant segment of active companies.

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06/24/2014
Country risk and economic studies

Romanian sector of IT products’ distribution - Declining sales, but positive financial evolution

Last period is considered problematic from a commercial point of view, under the auspices of declining sales of the analyzed firms, but this is not reflected in the financial performance of the companies, the IT sector registering a positive net result, according to a profitability rate of 1.75% of turnover.

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06/19/2014
Country risk and economic studies

Stabilization of corporate overdue payments in Asia Pacific but new worries over slowing growth in China

According to the Coface survey of credit risk management in Asia Pacific, corporate payment experience in the region stabilized overall in 2013, with the exception of companies in Australia and China which saw a greater number of non-payments. Slowing growth in China remains a concern for corporates in other economies in the region in 2014.

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06/18/2014
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, SMEs1 in the two countries have evolved differently since the 2008-2009 crisis, and insolvency forecasts for 2014 further underline this divergence. SMEs are over-represented in insolvencies in France and still more so in Spain

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06/11/2014
Country risk and economic studies

The Romanian sector of road haulage services - Significantly increasing revenues, but higher and higher losses

Last period was a very good one under the auspices of sales growth for the companies within the road haulage services sector, but this is not visible in their financial performances and overall the sector registered a net loss.

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05/27/2014
Product news

Coface launches CofaPay, a new instrument for the analyses and monitoring the customers’ payment behavior

Coface meets the needs of the business environment by launching CofaPay, an analytical tool, which helps companies to monitor the customer’s payment behavior.

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05/22/2014
Country risk and economic studies

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

Having passed from the stage of Global Production Networks to Global Innovation Networks (which include the development of products and research activities beyond geographical borders), the electronics industry should now experience annual growth of over 3% through to 2017. With emerging Asia the new epicentre of electronics innovation, local companies are now counting on the internalisation of production and research.

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05/14/2014
Country risk and economic studies

5.929 Romanian companies became insolvent in the first 3 months of 2014

The first quarter of this year registered 5.929 companies in various stages of insolvency, down by 14% compared to the same period of 2013 when 6.910 insolvencies were opened, and down by 17% compared to the same period of 2012.

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04/10/2014
Country risk and economic studies

CEE Insolvency Report 2013: Increased insolvencies due to weak economic framework

Companies in the CEE region faced a challenging year in 2013: The already weak economic situation deteriorated and the household consumption decreased due to fiscal measures to tackle rising budget deficits.

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04/08/2014
Country risk and economic studies

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

After 10 years of frenetic growth, the BRICS are slowing down sharply: for 2014, Coface forecasts growth of on average 3.2 points lower than the average growth these countries registered over the previous decade.

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03/19/2014
Country risk and economic studies

China sees highest level of corporate overdue payments since 2010

Coface’s survey of corporate credit risk management in China, carried out in the fourth quarter of 2013, revealed that 8 out of 10 companies in China experienced overdue payments in 2013. The chemical, industrial machinery and household electric & electronic appliances sectors are at higher risk. Since credit facilities will remain tight in 2014, deterioration in corporate payments could lead to a significant ripple effect in China’s shadow banking market.

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03/13/2014
Corporate news, Product news

Online Coface Business Reports: now available for 54 countries

Coface, global Credit insurer and the leading Information provider in Central Europe, enhances its on-line offer on relevant and up-to-date information on buyers and their environment. The Business Reports will now be available for 54 countries ranging from the USA via Germany to Turkmenistan and Qatar.

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03/04/2014
Corporate news

Coface, the leading credit insurer in Latin America, launches a direct offering in Colombia

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

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02/04/2014
Country risk and economic studies

China in 2014: stable growth with financing and overcapacity risks

2014 will be a year of tension for the Chinese economy, representing the diverging trends of macro and micro environments.

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01/22/2014
Country risk and economic studies

Country Risk Conference 2014: In 2014, favorable risk trend in advanced economies but persistent tensions in large emerging countries

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

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11/12/2013
Country risk and economic studies

18,321 companies became insolvent in T1-T3 2013

Although the number is down 3.5% considering the same period of last year, their rhythm has accelerated in the third quarter, given that the balance at the end of the first semester announced a 10% contraction.

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10/24/2013
Corporate news

Coface Goes Green: Reduce, Reuse, Recycle

Being leader on the credit risk management market represents for Coface Romania a satisfaction and a challenge at the same time - to act responsibly towards both the environment and the society, where the company operates.

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10/16/2013
Country risk and economic studies

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

The growth potential in Asia remains high, driven by the middle class.

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10/16/2013
Country risk and economic studies

Revised Country Risk Assessments

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

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10/01/2013
Country risk and economic studies

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

Chemicals, pharmaceuticals and automotive: increased credit risks in Europe.

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08/30/2013
Country risk and economic studies

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

Poland again ranked first, Hungary and Romania catching up and Ukraine dropping out of the Top 3 - Biggest companies with more turnover - but a sharp decline in profit - Economic region CEE: more inhomogeneos than ever - insolvency rate in the region almost tripled

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08/21/2013
Country risk and economic studies

Automotive & equipment industry - a true model to counter the financial crisis effects

Coface Romania has conducted a study regarding the evolution of the Romanian automotive & equipment industry that is characterized by both significant impact and long-term opportunities.

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08/08/2013
Country risk and economic studies

12,739 companies became insolvent in the first 6 months of 2013, with 10% less than in the same period of 2012

Coface Romania conducted the analysis regarding the Romanian insolvencies evolution nationwide, for the first half of the current year.

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07/22/2013
Country risk and economic studies

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

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

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07/02/2013
Country risk and economic studies

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

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

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07/02/2013
Country risk and economic studies

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

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

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06/11/2013
Country risk and economic studies

6,381 Romanian companies became insolvent in the first 3 months of 2013, with 10% less compared to the same period of last year

Coface Romania conducted a new study on the Romanian insolvencies’ evolution, considering the newly opened cases registered within the Bulletin of Insolvency Proceedings for January - March 2013.

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05/29/2013
Country risk and economic studies

Coface bankruptcy report: Insolvencies on the rise throughout Central Europe

After a slight recovery in 2011, countries report a difficult economic environment again. Insolvency figures increased again in CEE in 2012 - except Latvia, Estonia and Ukraine.

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05/23/2013
Product news

Excellent SME Certificate - the first Romanian tool that certifies performance, offered by the CCIB with Coface Romania

CCIB and Coface launch for the first time in Romania a tool that rewards SMEs’ performance, in terms of commercial risk and safe businesses.

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05/08/2013
Country risk and economic studies

Romanian Chemicals Industry - one of the economy’s driving forces

As one of the largest and most dynamic industries in the world, with a total sales volume of 2,744 BEUR in 2011 (with 11.6% more than in 2012), chemicals industry confirms its position as one of the main engines of economic recovery.

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04/23/2013
Country risk and economic studies

The gap between Europe and the rest of the world is widening with regard to sector risk

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

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03/19/2013
Product news

Coface supports the Romanian SMEs with two new solutions in order to protect and inform them

To better meet SMEs’ expectations and needs, Coface decided to support this segment that represents the economy’s force drive by developing two new products designed to protect the business and assess its partners.

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03/07/2013
Corporate news

Coface Romania is expanding regionally by opening an office in Cluj-Napoca

The only Romanian provider of integrated credit risk management services, Coface, announces the opening of its first regional office in Cluj-Napoca. With 16 years’ experience in Romania, Coface is now targeting the central-west part of the country, where it identified a high business potential and a significant segment of active companies.

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03/05/2013
Corporate news

In 2012, Coface improved its results despite the crisis

In an economic downturn, particularly in the Eurozone, Coface continued to increase its turnover, which totaled 1,571 MEUR (+1.4%). Premiums rose by 3.1% due to strong sales momentum despite the weak growth in customer activity.

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02/26/2013
Corporate news

Coface has finalised the grouping of its 21 European credit insurance branches into one company

Coface has simplified and streamlined the structure of its European credit insurance activities.

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02/25/2013
Country risk and economic studies

23,665 companies became insolvent in 2012, with 10% more than in 2011 and with 20% more than in 2010

During 2012 the insolvency proceeding was opened for a total number of 23,665 companies with 10% more, compared to the same period of 2011 (21,449 new insolvencies) and with 20% more, compared to the same period of 2010 (19,650 new insolvencies).

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

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

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

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01/21/2013
Corporate news

A new identity and a new tagline for Coface

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

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01/17/2013
Country risk and economic studies

First Coface "Panorama Sectors": Two-thirds of business sectors to carry risks

A new quarterly publication of Coface, focuses on the sector risks in the world. The world economy is analysed by means of 14 business sectors in three large regions: emerging Asia, North America and the European Union. The analysis uses three original indicators – strength of turnover, financial robustness and credit risk – developed by Coface economists and drawn from the payment experience of companies observed and analysed by Coface underwriters.

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