Aircraft Finance & Lease

Total Page:16

File Type:pdf, Size:1020Kb

Aircraft Finance & Lease PARTNERS Aircraft Finance & Lease 14th international conference, June 10, 2021, Moscow Aircraft Financing and Leasing: The New Reality Development Scenarios of the Aircraft Financing and Leasing Industry How Changing Demands for Aircraft Transform the Market Fleet Development Strategies IN COOPERATION GENERAL MEDIA ORGANIZER WITH PARTNER MEDIA PARTNERS 2 | Авиационное финансированиеи лизинг — 2021 PARTNERS Our clients can benefit from the expertise of about 2,400 dedicated lawyers working in over 40 offices globally, including 30 partners of our Allen & Overy’s Russian and international avia- international structured and asset finance team. tion practice holds a pre-eminent position in the Our practice is ranked among the market leaders market. It comprises leading practitioners who both globally and in Russia in such esteemed provide advice on all types of cross-border and legal directories as Chambers, The Legal 500, domestic leasing and financing structures and Pravo.ru-300 and others. who have a thorough understanding of the latest The global nature of Allen & Overy’s avia- developments in the international market and tion expertise means that we regularly lead on the opportunities they present. dozens of complex international transactions, We have unrivalled experience advising a including finance, regulatory, customs and tax, broad range of clients including banks, finan- bankruptcies and restructuring, dispute resolu- ciers, lessors, lessees, export credit agencies, tion and other related matters. airlines and manufacturers on the full range of We are committed to providing our clients aviation matters. This has resulted in the prac- with high-calibre aviation-related legal represen- tice developing a highly regarded reputation for tation, solutions-led approach and highly effec- quality work in this sector. tive, technology-driven transaction management on a cost-effective and timely basis. www.allenovery.com by Embraer takes off somewhere in the world, transporting over 145 million passengers a year. Embraer is the leading manufacturer of com- A global aerospace company headquartered in mercial jets up to 150 seats and the main ex- Brazil, Embraer has businesses in Commercial porter of high value-added goods in Brazil. The and Executive aviation, Defense & Security and company maintains industrial units, offices, ser- Agricultural Aviation. The company designs, de- vice and parts distribution centers, among other velops, manufactures and markets aircraft and activities, across the Americas, Africa, Asia and systems, providing Services & Support to custom- Europe. ers after-sales. In Russia and the CIS the are over 60 Embraer Since it was founded in 1969, Embraer has aircraft operating with seven airlines, such as S7 delivered more than 8,000 aircraft. On average, and PegasFly. Air Astana and Belavia are operat- about every 10 seconds an aircraft manufactured ing Embraer's new E2. www.embraer.com Aircraft Finance & Lease | 3 Agenda 10:00 Conference starts SESSION 1. AIRCRAFT FINANCING AND LEASING: THE NEW REALITY MODERATOR: Alexey Sinitsky, Research and Development Director, Infomost Consulting Industry New Reality Sergey Koltovich, Forbes Contributor Leasing Prospects of Russian-Made Aircrafts Kirill Budaev, Vice President — Head of Marketing and Sales Service of Civil AT, Irkut Corporation Aircraft Leasing in the Current Market Lisa Goodman, Vice President Marketing EMEA, Avolon Current Trends in Aircraft Values and Innovations in Aircraft Financing Vitaly S. Guzhva, Ph.D., CFA, ASA, Professor of Aviation Finance at Embry-Riddle Aeronautical University and founder of InfoJets Vladislav Borodulin, Principal, InfoJets 12:00–12:20 Coffee break How Demand for Aircraft Transforms Michal Nowak, Marketing Director, Embraer 2021 Current Aircraft Finance Market Outlook Mher Papyan, Senior Director, Customer Finance, Boeing Capital Corporation 13:10–14:00 D is CU ssion . Development Scenarios of the Aircraft Financing and Leasing Industry MODERATOR: Ilya Dvorkin, Partner, Head of Russian Structured Finance and Asset Finance Practice, Allen & Overy David E. Beker, Senior Vice President, Marketing Head of Aircraft Sales & Trading Group, Air Lease Corp Tomas Sidlauskas, VP for Development and Board Member, AviaAM Leasing Andrew Weixi, Deputy Head of Aviation Leasing Department, CMB Finance Leasing Anton Korolev, Deputy CEO, Aviation, GTLK Pavel Piskun, Director, Key Clients Relations Department, SberLeasing Sergey Smolyakov, Managing Director, Aircraft Lease, VTB Leasing 4 | Aircraft Finance & Lease 2021 CONFERENCE AGENDA 14:00–15:00 Lunch, networking SESSION 2. HOW CHANGING DEMANDS FOR AIRCRAFT TRANSFORM THE MARKET S7 Technics Experience in Supporting Aircraft Returns to Lessors during a Pandemic COVID-19 Leonid Shoshin, Chief Engineer, S7 Technics Leasing and Trading of Mid-Life Assets Post-Covid Jeff Lewis, Senior Vice President — Aviation, Fortress Investment Group Extended Aircraft Parking as a Fleet Balancing Tool for Operators and Lessors Stanislav Solomko, Head of Representative Office in Russia, Associate Partner, Lufthansa Consulting 16:05–16:55 D is CU ssion . Fleet Development Strategies MODERATOR: Dmitry Mirgorodsky, Partner, Concuros Alexey Budnik, Deputy General Director for IT and Procurement, UTair Rostislav Petrov, Head of Sales Management Department, Rusline Anton Tikhonov, Fleet Management Director, Red Wings Igor Voznyuk, Vice President — Technical Services, Carlyle Aviation Management Airline representatives: Ural Airlines, AZUR Air UBERization of Air Transportation Andrey Patrakov, AIM Group Expert, CEO, RunAvia 17:15 Conference closes 17:15–19:15 Cocktail reception, networking Organizers reserve the right to change Speaker line-up. PARTNERS Aircraft Finance & Lease | 5 PARTNERS infrastructure in Russia, participates in the implementation of national projects and state programs. The sole shareholder of GTLK is the State transport leasing company (GTLK) is the Russian Federation represented by the Ministry largest Russian leasing company, an instrument of Transport of the Russian Federation. GTLK of state management policy and sustainable has credit ratings from leading international development of the transport industry in Rus- rating agencies Moody's (Ba1) and FitchRatings sia. The Company provides finance and operat- (BB+), as well as AА-(RU) national scale rating ing leasing services of air transport, sea and from ACRA. As of 31 December 2020, the total river vessels, railway vehicles, motor vehicles assets of GTLK in accordance with the consoli- and special equipment to both Russian and in- dated IFRS financial statements exceeded RUB ternational enterprises, conducts investment 980 billion. activities aimed at development of transport www.gtlk.ru modification under EASA Part-21J and interior components manufacture under EASA Part-21 G), component repairs, aircraft painting services and training services (under EASA Part-147 and S7 Technics (brand name of S 7 ENGINEERING Russian FAR-289). LLC) facilities are certified by EASA, Bermuda S7 Technics is an expert in project manage- DCA, the Russian Aviation Authority, and a num- ment for the aircraft delivery and redelivery to ber of other national authorities to carry out the lessor. maintenance for different types of Boeing, Air- The company aims for ongoing improvement bus, Embraer and Sukhoi Civil Aircraft airliners. of its products, partially supported by joint proj- There three heavy maintenance bases located ects with OEMs. at Moscow (DME), Novosibirsk (OVB) and Miner- S7 Technics (part of S7 Group) delivers its alnye Vody (MRV) airports and several line main- services to Russian airlines (S7 Airlines, Aeroflot tenance stations across Russia. Company holds Group, Air Astana and others) and to carriers EASA Part-145, EASA Part-147, EASA Part-21 G & from Europe, Asia, and the Middle East, provid- J approvals as well as Bermudan, Russian and ing its clients with over 100 heavy maintenance some other countries certificates. forms and over 1,000 light maintenance forms The company’s scope of work includes heavy per year. maintenance (up to and including D-Checks), engine hospital repairs, line maintenance, struc- tural repairs, engineering services (including www.s7technics.ru 6 | Aircraft Finance & Lease 2021 .
Recommended publications
  • Presentation Is Made, Or by Reading the Presentation Slides, You Agree to the Following
    AEROFLOT GROUP Q3 & 9M 2020 IFRS R ESULTS 1 December 2020 Speakers: Andrey Chikhanchin – Deputy CEO for Commerce and Finance Andrey Panov – Deputy CEO for Strategy, Service and Marketing Ivan Batanov – Head of Revenue Management Disclaimer This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following. This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates.
    [Show full text]
  • 2021 Datalex Big Book of Airline Data Page 0
    2021 Datalex Big Book of Airline Data Page 0 2021 Datalex Big Book of Airline Data by IdeaWorksCompany Table of Contents Updates to the 2021 Datalex Big Book of Airline Data .................................................................................... 3 A. Welcome Message from Datalex .................................................................................................................. 5 B. Introduction to the Data ................................................................................................................................. 6 About Special Reporting Periods ....................................................................................................................... 7 Year over Year Comparisons are Introduced this Year............................................................................... 8 2020 Was Bad – But There Were a Few Bright Spots ................................................................................. 9 C. Airline Traffic for the 2020 Period .............................................................................................................. 12 Primary Airlines in Alphabetical Order .......................................................................................................... 12 Subsidiary Airlines in Alphabetical Order ...................................................................................................... 18 Primary Airlines by Traffic ................................................................................................................................
    [Show full text]
  • Airline On-Time Arrival Performance (Sep 2018, by Variflight) SC Tops
    Airline On-time Arrival Performance (Sep 2018, by VariFlight) SC Tops China’s Major Airlines in APAC OTP Chart MF Shows the Most Rapid YoY Growth Powered by VariFlight incomparable aviation database, the monthly report of Airline On-time Arrival Performance provides an overview of how global airlines perform in September, 2018. In September, Aeroflot-Russian Airlines tops the global OTP chart again. A total of 381,000 aircraft movements were handled by Chinese airlines, showing an increase of 4.6 percent year-over-year. Aeroflot-Russian Airlines takes the top spot in the global OTP chart for three consecutive months. Shandong Airlines moves into the first place for punctuality among Chinese airlines in APAC with an on-time arrival rate of 89.22 percent. Among ten major Chinese airlines, Shandong Airlines surpasses Tianjin Airlines to top the OTP list; Xiamen Airlines shows the most rapid YoY growth in OTP. Taking a look at the TOP10 domestic popular routes, SHA-CAN route demonstrates the fastest growth, improving 23.14 percent compared with that in August. Global Big Airlines SU Tops Global Big Airlines Aeroflot-Russian Airlines tops the global big airlines chart in September with an on-time arrival rate of 96.28 percent and 5.06 minutes of average arrival delay, followed by All Nippon Airways and Japan Airlines. IATA Flight On-time Arrival Average Arrival Ranking Airlines Country Code Arrivals Performance Delay (minutes) Aeroflot-Russian 1 SU RU 30826 96.28% 5.06 Airlines 2 NH All Nippon Airways JP 34965 96.20% 5.60 3 JL Japan Airlines JP 23778 96.09% 6.58 4 EK Emirates Airlines AE 16042 95.90% 5.68 Page 1 of 6 © 2018 VariFlight.
    [Show full text]
  • China Southern Airlines' Sky Pearl Club
    SKY PEARL CLUB MEMBERSHIP GUIDE Welcome to China Southern Airlines’ Sky Pearl Club The Sky Pearl Club is the frequent flyer program of China Southern Airlines. From the moment you join The Sky Pearl Club, you will experience a whole new world of exciting new travel opportunities with China Southern! Whether you’re traveling for business or pleasure, you’ll be earning mileage toward your award goals every time you fly. Many Elite tier services have been prepared for you. We trust this Guide will soon help you reach your award flight to your dream destinations. China Southern Sky Pearl Club cares about you! 1 A B Earning Sky Pearl Mileage Redeeming Sky Pearl Mileage Airlines China Southern Award Ticket and Award Upgrade Hotels SkyTeam Award Ticket and Award Upgrade Banks Telecommunications, Car Rentals, Business Travel , Dining and others C D Getting Acquainted with Sky Pearl Rules Enjoying Sky Pearl Elite Benefits Definition Membership tiers Membership Qualification and Mileage Account Elite Qualification Mileage Accrual Elite Benefits Mileage Redemption Membership tier and Elite benefits Others 2 A Earning Sky Pearl Mileage As the newest member of the worldwide SkyTeam alliance, whether it’s in the air or on the ground, The Sky Pearl Club gives you more opportunities than ever before to earn Award travel. When flying with China Southern or one of our many airline partners, you can earn FFP mileage. But, that’s not the only way! Hotels stays, car rentals, credit card services, telecommunication services or dining with our business-to-business partners can also help you earn mileage.
    [Show full text]
  • Dual-Hub Connectivity: a Case Study on China Eastern Airlines in Shanghai Huijuan Yang* and Weiwei Liu
    Yang and Liu European Transport Research Review (2019) 11:25 European Transport https://doi.org/10.1186/s12544-019-0364-6 Research Review ORIGINAL PAPER Open Access Dual-hub connectivity: a case study on China Eastern Airlines in Shanghai Huijuan Yang* and Weiwei Liu Abstract To deal with slot constraints and insufficient capacity, emerging multi-airport systems have been under construction in China. This paper chose China Eastern Airlines as a case study, evaluating its hub connectivity under a dual-hub circumstance in Shanghai. The paper detected that the biggest constraint of China Eastern Airlines’ dual-hub situation lied in Shanghai’s location and the restricted transfer options on international routes. Contributions from alliance partners were assessed and benchmarked with China Eastern Airlines. With China Southern Airlines quit SkyTeam alliance, China Eastern Airlines faced more challenges on the domestic market. The empirical study also pointed out the shortcoming of operating at two hubs in the same catchment area, where the quality of connectivity of inter-hub connections cannot be maintained as high as a single-hub transfer. However, the market potential of inter-hub connections in Shanghai was identified with a considerable amount of viable connections. Keywords: Hub connectivity, Dual-hub operation, China Eastern Airlines 1 Introduction Multi-airport system largely expands the catchment area Airports have experienced pressures on operational cap- and capacity in the region. It provides better accessibility acity and congestion due to the worldwide effects of explo- for passengers, and attracts and generates more traffic for sive passenger growth, particularly in high-growth regions airlines and airports.
    [Show full text]
  • Frequently Asked Questions About Oneworld, Codeshare and Other Partner Airlines
    FREQUENTLY ASKED QUESTIONS ABOUT ONEWORLD, CODESHARE AND OTHER PARTNER AIRLINES 1. What will happen to AA’s participation in the oneworld Alliance and its relationships with its codeshare partners or other partner airlines? We expect our participation in oneworld and our relationships with our other partners to remain unchanged. 2. Can I still accrue miles and redeem mileage awards through oneworld and American's frequent flyer air partners? Yes, we expect our partnerships with airlines such as British Airways, Cathay Pacific, Finnair, Iberia, Japan Airlines (JAL), LAN, Malév, Qantas, Royal Jordanian and S7 Airlines and others remain unchanged as a result of the Chapter 11 filing. 3. Will my elite status with AAdvantage still be recognized by oneworld Alliance partners? Yes, we expect that your elite status with AAdvantage will continue to be recognized by our oneworld partners, and that the benefits you receive when flying with them will not change as a result of the Chapter 11 filing. 4. Will there be a reduction of routes that AA currently offers through oneworld and its codeshare partners? We remain deeply committed to meeting your travel needs with the same standards of safe, secure and reliable service, and intend to maintain a strong presence in domestic and international markets. As we and all airlines routinely do, we will continue to evaluate our operations and service, assuring that our network is as efficient and productive as possible. 5. Will AA’s airline partners continue to honor their ticket reservation and baggage transfer commitments? Yes. We expect that all benefits with partner airlines will remain intact.
    [Show full text]
  • At S7 Airlines
    Comarch Loyalty Management for Airlines at S7 Airlines S7 Airlines is a Russian carrier offering a broad network of domestic routes. In addition, the airline operates regular flights to Europe, the Middle East, Southern Asia and Asian Pacific destinations. The network is based on three hubs in Moscow (Domodedovo), Novosibirsk (Tolmachevo) and Irkutsk and serves over 80 destinations. The fleet consists of modern Airbus and Boeing aircraft, both narrow and wide-body. In 2010 S7 became a full member of oneworld Airline Alliance, thus offering its customers the global flight network and additional services provided by the airline and its partners. New strategy The airline decided to launch its own frequent flyer program in order Program members can however accrue miles through a number of to increase traffic by granting points for miles flown. In addition, both airline and non-airline partner programs, all over the world. They can the network structure as well as the business model of the carrier also redeem these miles for flights offered by oneworld alliance carriers. perfectly suited the airline for membership in an airline alliance. In 2010 S7 joined the 0neworld alliance to achieve synergy with Comarch Loyalty Management is hosted in the secure and efficient airline partners all over the oneworld. This resulted in a demand Comarch Data Center. for an innovative yet reliable IT system supporting the frequent flyer program. The IT system must be ready for the rapid growth of members and be open for integration with similar programs of airline Key business requirements alliance partners. The airline had a long list of requirements, some The carrier was looking for an IT system to support the of which are listed to the right.
    [Show full text]
  • The ANKER Report 66
    Issue 66 Monday 15 March 2021 www.anker-report.com Contents Russia and Turkey lead the way in Q1 1 Russia and Turkey lead the way in Q1 thanks to domestic markets. 3 UK and French domestic recovery thanks to massive domestic markets rates compared; France benefits from overseas territories while While Western Europe continues to see the slower than hoped In most months, the domestic load factor has also been better Heathrow dominates UK’s top for rollout of the assorted COVID vaccines, the leading aviation than the international load factor, with around 80% of seats routes rankings travel markets in Europe are currently in the east of the being filled on domestic flights since July. continent. As previously highlighted, Russia and Turkey, thanks Turkish Airlines operating most flights in Europe 4 Emirates, Etihad Airways and Qatar in part to their massive domestic markets, are coping with Airways have resumed many of COVID travel restrictions better than anywhere else in Europe. Flight data in European airspace, tracked by Eurocontrol, has their European services. consistently shown in recent weeks that Turkish Airlines is This is highlighted by the fact that, according to The ANKER operating more flights than any other carrier. In addition, in 5 Latest European route news; 31 new Report’s European Airport Traffic Statistics (EATS) database of percentage terms, it is now operating around 50% of flights routes from 18 airlines analysed. over 400 airports, in January, six of the top seven busiest compared with the same period in 2019. This is a figure beaten 8 S7 Airlines is Russia’s leading airline airports for passengers were in either Russia or Turkey.
    [Show full text]
  • Sky Pearl Club Membership Guide
    SKY PEARL CLUB MEMBERSHIP GUIDE Welcome to China Southern Airlines’ Sky Pearl Club The Sky Pearl Club is the frequent flyer program of China Southern Airlines. From the moment you join The Sky Pearl Club, you will experience a whole new world of exciting new travel opportunities with China Southern! Whether you’re traveling for business or pleasure, you’ll be earning mileage toward your award goals every time you fly. Many Elite tier services have been prepared for you. We trust this Guide will soon help you reach your award flight to your dream destinations. China Southern Sky Pearl Club cares about you! 1 A B Earning CZ mileage Redeeming CZ mileage Airlines China Southern Airlines Award Ticket Hotels China Southern Airlines Award Upgrade Banks Partner Airlines Award Ticket Telecommunications, Car Rentals, Business Travel,Dining and others C D Enjoying Sky Pearl Elite Benefits Getting Acquainted with Sky Pearl Rules Definition Membership tiers Membership Qualification and Mileage Account Elite Qualification Mileage Accrual Elite Benefits Mileage Redemption Little Pearl Benefits Membership tier and Elite benefits 2 Others A Earning CZ mileage Whether it’s in the air or on the ground, The Sky Pearl Club gives you more opportunities than ever before to earn Award travel. When flying with China Southern or one of our many airline partners, you can earn FFP mileage. But, that’s not the only way! Hotels stays, car rentals, credit card services, telecommunication services or dining with our business-to-business partners can also help you earn mileage. 3 Airlines Upon making your reservation and ticket booking, please provide your Sky Pearl Club membership number and make sure that passenger’s name and ID is the same as that of your mileage account.
    [Show full text]
  • Presentation
    Aeroflot Group Investor Presentation December 2018 Disclaimer This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following. This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
    [Show full text]
  • Norwegian Long-Haul Capacity Set to Fall Significantly This Winter
    Issue 48 Monday 30th September 2019 www.anker-report.com Contents Norwegian long-haul capacity set to 1 Norwegian long-haul capacity set to fall significantly this winter. 2 Pegasus growth stalls in 2019 as fall significantly this winter domestic traffic falls by 15%; over 70 international destinations served. Analysis of the latest schedule data, provided by Norwegian to served; Boston, Denver, Fort Lauderdale, Los Angeles, New York Cirium Data and Analytics, indicates that the airline currently JFK, Oakland and Orlando. 3 Focus on: Croatia, Italy and Sweden. plans to cut seat capacity by 20% this winter (November 2019 Norway still #1 for seats - twice as big as Sweden 4 Krakow heading for 8 million pax in to March 2020) with ASKs set to fall by 26%. At present, the 2019; Wizz Air and Ryanair driving schedule data shows only a handful of 737 MAX 8 flights before Although the US is now the biggest market for ASKs, Norway remains the leading market as measured by seats, thanks to the 20% growth this summer. March 2020 accounting for around one-third of the ‘lost’ capacity. Norwegian has had 18 of the type grounded since airline’s extensive domestic network. The Norwegian market is 5 Aigle Azur stops flying; 70% of seat March. Around 50% of the reduced seat capacity is coming still more than twice as big as the Swedish market in terms of capacity was on routes to Algeria. from the main 737-800 fleet, while around 30% of the seats in 2019, with Spain in a close third place.
    [Show full text]
  • Global Volatility Steadies the Climb
    WORLD AIRLINER CENSUS Global volatility steadies the climb Cirium Fleet Forecast’s latest outlook sees heady growth settling down to trend levels, with economic slowdown, rising oil prices and production rate challenges as factors Narrowbodies including A321neo will dominate deliveries over 2019-2038 Airbus DAN THISDELL & CHRIS SEYMOUR LONDON commercial jets and turboprops across most spiking above $100/barrel in mid-2014, the sectors has come down from a run of heady Brent Crude benchmark declined rapidly to a nybody who has been watching growth years, slowdown in this context should January 2016 low in the mid-$30s; the subse- the news for the past year cannot be read as a return to longer-term averages. In quent upturn peaked in the $80s a year ago. have missed some recurring head- other words, in commercial aviation, slow- Following a long dip during the second half Alines. In no particular order: US- down is still a long way from downturn. of 2018, oil has this year recovered to the China trade war, potential US-Iran hot war, And, Cirium observes, “a slowdown in high-$60s prevailing in July. US-Mexico trade tension, US-Europe trade growth rates should not be a surprise”. Eco- tension, interest rates rising, Chinese growth nomic indicators are showing “consistent de- RECESSION WORRIES stumbling, Europe facing populist backlash, cline” in all major regions, and the World What comes next is anybody’s guess, but it is longest economic recovery in history, US- Trade Organization’s global trade outlook is at worth noting that the sharp drop in prices that Canada commerce friction, bond and equity its weakest since 2010.
    [Show full text]