This closure has instigated concern surrounding supply chain resilience and risk management, particularly on overdependence on single transit points.

According to Parcelhero, the airport’s closure disrupted the supply of over £5.43 million worth of goods. This includes losses from spoiled perishable goods, aircraft rescheduling costs, idle production lines, and the complex logistics of rerouting freight through alternative airports like Gatwick and Stansted.

Key exported products such as salmon, books, and medicines, along with critical imports like chemicals, plastics, and perishable goods, were significantly impacted by the airport’s closure.

The closure was particularly impactful for European and transatlantic trade, given Heathrow’s crucial role as the UK’s primary international airport.

Cargo companies and logistics providers quickly adapted to the crisis. Some, like PML Seafrigo, offered collection services from alternative airports and worked to reroute goods. Despite the airport reopening, cargo facilities at Heathrow and alternative London airports continued to face significant scheduling and volume challenges in the aftermath of the closure.

In 2024, Heathrow Airport handled 1.5 million tonnes of cargo, valued at £216 billion, which is 70% of all UK cargo.

The event elucidated how vulnerable these crucial supply chains are to gridlock. Heiko Schwarz, Global Supply Chain Risk Advisor at Sphera, said: “Whether it’s this fire, the Icelandic ash cloud in 2010, or the Suez Canal blockage in 2021, these incidents underscore the need for end-to-end visibility, scenario planning, and supply chain diversification.”

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Just weeks after the two countries resumed talks, Nidhi Tripathi, economic minister in India’s High Commission in London, reported on Thursday 20 March that the UK and India are “very close” to agreeing on an FTA. This agreement will bring a degree of stability, as both countries look to reroute around tariffs from key trading partners, in particular the US.

Bilateral trade between the UK and India was valued at £40.9 billion in 2024, an increase of 8.6% from the previous year. In this period, India was the UK’s 11th largest trading partner; the UK was India’s 16th largest trading partner.

The negotiations with New Zealand, while smaller in scale, are equally strategic.

After a decade-long impasse, New Zealand Prime Minister Christopher Luxon launched a five-day diplomatic tour in Delhi and held bilateral talks with Indian Prime Minister Narendra Modi on 16 March.

The two nations have agreed to commence the first round of negotiations next month, with Luxon describing the restart as a “major breakthrough” that could potentially double New Zealand’s exports within a decade. 

Currently, bilateral trade between the two countries stands at under $2 billion, but both sides see significant potential for expansion across multiple sectors. It provides India with enhanced access to agricultural and dairy markets while offering New Zealand improved entry into India’s burgeoning technology and services.

The negotiations, which originally began in 2010 but stalled over market access issues—particularly New Zealand’s desire to enter India’s traditionally protected dairy market—reflect India’s recent shift towards more open bilateral trade agreements, particularly in the context of countering China’s influence in the Indian Ocean region and diversifying its international economic partnerships.

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The PSR, which oversees payment networks such as Faster Payments and Mastercard, will see its responsibilities consolidated into the Financial Conduct Authority (FCA), in order to make the regulatory landscape more coherent by reducing the number of bodies that payment firms must engage with.

“For too long, the previous Government hid behind regulators – deferring decisions and allowing regulations to bloat and block meaningful growth in this country,” Prime Minister Starmer said in a statement. “And it has been working people who pay the price of this stagnation.”

Payment system firms had to engage with three different regulators, which has raised complaints, particularly regarding the disproportionate burden of this complexity on small and medium-sized enterprises (SMEs).

Chancellor Rachel Reeves highlighted the SME impact, stating, “The regulatory system has become burdensome to the point of choking off innovation, investment and growth. We will free businesses from that stranglehold, delivering on our Plan for Change to kickstart economic growth and put more money into working people’s pockets.”

The PSR, with 160 employees and a £28 million annual budget, is already housed in the same east London headquarters as the FCA and shares senior staff, including its leader David Geale, who is an FCA director. Primary legislation will be required to enact the merger, with the FCA set to retain the payments agency’s powers after consolidation.

However, some officials question whether formally scrapping the PSR is worth the disruption, given it already functions essentially as an FCA subsidiary. Charles Randell, former FCA chair, cautioned that merging regulators “might be a crowd-pleasing thing to do” but doubted it would “produce payback in the life of this parliament.”

The PSR came under fire last week by Visa and Revolut, who argued that the regulator had overstepped by proposing a cap on international transaction fees. This is the latest in a string of controversial decisions made by the PSR in recent years, including its approach to introducing a mandatory refund system for payments fraud.

Responses from the payments and fintech industries have been mixed. Kamran Hedjri, CEO of PXP, welcomed the potential for simplified compliance but expressed concern that progress in areas such as Open Banking could stall if the FCA does not prioritise payments with the same focus as the PSR. On the other hand, Jonathan Frost, Director of Global Advisory for EMEA at BioCatch, downplayed the significance of the change, describing it as “little more than a branding exercise” given the existing integration between the two bodies.

The government has emphasised that the regulator will continue to have access to its statutory powers until legislation passes parliament; change will be incremental rather than immediate.

The initiative follows other deregulatory measures, including lifting the onshore wind ban, introducing the Planning and Infrastructure Bill, and setting financial services regulators on a growth agenda, as part of a wider government review of Britain’s estimated 130 regulators.

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The investment will support AgDevCo’s financing of small and medium-sized enterprises (SMEs) in rural areas producing high-impact crops, contributing to sustainable development and regional food security.

AgDevCo, founded in 2009, holds a portfolio of 40 SMEs across 11 countries in Sub-Saharan Africa, improving agricultural production in rural areas and bringing sustainable agriculture to small farms. BII’s $50 million investment comes on top of a previous investment of the same value, making BII AgDevCo’s biggest external investor. The Swedish and Norwegian investment funds will contribute a further $20 million and $15 million, respectively.

The investment will help AgDevCo expand its portfolio and support businesses to increase productivity and scale up sustainably. The company’s impact on small-scale agribusinesses in Sub-Saharan Africa has already been massive: over 2.4 million people benefited from opportunities linked to AgDevCo’s companies, ranging from access to markets to direct employment to support for rearing backyard chicken in individual households. AgDevCo estimates that thanks to the new investment, its portfolio will be able to deliver benefits to up to 4 million farmers and support 60,000 jobs by 2030. 

Agricultural businesses in Sub-Saharan Africa face a range of challenges, from limited financing access and stunting growth to underdeveloped value chains and restricted access to global markets. Geopolitical instability and extreme weather events caused by climate change have made agriculture businesses more vulnerable. A drought in September 2024 was declared “the worst in a century” by the UN, which warned of a major humanitarian crisis that could affect the livelihoods of over 27 million people.

The investment will enable AgDevCo to expand its portfolio of SMEs in the region, especially targeting businesses producing high-nutrition crops for local consumption and crops intended for export. This is expected to improve the resilience and adaptability of Sub-Saharan African agriculture in the long term – a crucial step to strengthen supply chains worldwide. 10% of the EU’s food imports come from the region, and the UK’s food imports from Sub-Saharan Africa have been rising since the 1990s: 87% of UK imports of green beans come from just five African countries in the region as well as much of the fruits and vegetables sold in UK supermarkets, especially during winter. 

Businesses like AgDevCo can support small-scale farmers to be more resilient to climate change and strengthen supply chains throughout the region, especially by improving access to crops in rural areas. “Developing commercial agriculture in Africa requires patient and strategic investment. […] This latest capital injection from BII, Norfund, and Swedfund strengthens AgDevCo’s position as a leading specialist investor, enabling us to grow our portfolio and drive positive impact at scale,” said Daniel Hulls, AgDevCo’s CEO.

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The acquisition, announced on Monday, will integrate ELCY’s multi-bank platform, called elcyMBP, into Surecomp’s RIVO™ ecosystem.

The deal brings together two established players in the trade finance technology sector. Toronto-based Surecomp, which has operated for nearly four decades, will absorb ELCY’s customer base across Europe and Asia, particularly in the commodities sector where ELCY has built a strong presence since its founding in 2001.

The acquisition comes as traditional trade finance processes face mounting pressure to digitise, with banks and corporates seeking more efficient ways to manage complex international transactions. Both companies’ solutions are cloud-native and run on Amazon Web Services, which should smooth technical integration.

“Following a strong year and momentum building in digital trade finance adoption, we are proud to expand our network with such prestigious customers,” said Guy Perry, Surecomp’s chief executive.

ELCY’s founder Robin Cohen characterised the timing as “very exciting” for digital trade finance, suggesting the combination would allow the companies to “shape the future of digital trade” by leveraging Surecomp’s global reach and integrated back-office capabilities.

The deal marks further consolidation in the trade finance technology sector, as providers seek scale to meet growing demand for digital solutions that can streamline traditionally paper-heavy processes.

Surecomp said that elcyMBP will become a module within its RIVO™ platform, potentially offering clients expanded functionality and access to a broader network of trade finance participants.

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The design note outlined four key workstreams that will shape the future of Britain’s digital currency: product vision, scheme regulation, technology architecture, and operational framework.

The initiative envisions a public-private partnership model in which the Bank would build and operate the core infrastructure; regulated private firms would manage customer-facing services as payment interface providers (PIPs) and external service interface providers (ESIPs), accessing the core infrastructure via application programming interfaces (APIs)

This model is designed to encourage innovation whilst maintaining the Bank’s traditional role as guardian of monetary stability and encouraging commercial viability to the public.

The proposed framework would allow seamless exchange between the digital currency, traditional cash, and bank deposits.

The design phase includes extensive stakeholder consultation, with the Bank actively seeking feedback from financial institutions, technology firms, and civil society groups. 

However, no final decision has been made on whether to proceed with implementation. Should the project advance, it would require parliamentary approval through primary legislation. The Bank estimates full implementation would take several years, with features being rolled out incrementally.

Central banks around the world are trialling digital currencies: the European Central Bank is progressing with its digital euro project, and China has already launched pilots for its digital yuan.

Source: Bank of England

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The agreement, a modified version of the planned Trans-Pacific Partnership trade deal that once involved the US before President Trump pulled out in 2016, was signed by Rishi Sunak’s Conservative government in July 2023 and goes into force today. Under the CPTPP, the UK will effectively benefit from tariff-free trade with the 11 other countries in the agreement: Australia, New Zealand, Canada, Chile, Mexico, Peru, Japan, Malaysia, Singapore, Brunei, and Vietnam. 

The UK already had some form of trade deal with all of these countries, with the exceptions of Malaysia and Brunei, but the CPTPP would enable zero-tariff exports and imports for 99% of traded goods, including cars, machinery, and financial services. The agreement only currently extends 8 of the 11 countries, with Mexico and Canada yet to ratify it and Australia to enforce it from 24 December. 

Business Secretary Jonathan Reynolds celebrated the deal, saying the CPTPP would “boost trade and create opportunities for UK companies abroad, support jobs, raise wages, and drive investment across the country.” 

However, it is unclear whether the deal will have any immediate impact: its long-term impact is only predicted to amount to 0.08% of the UK’s GDP at most (while Brexit, for example, was calculated to decrease GDP by 4% initially). While in opposition, current UK Prime Minister Keir Starmer said the CPTPP’s economic impact would be “very small” and not comparable to that of a deal with the EU or US, both of which have a much more substantive trade relationship with the UK. 

Nonetheless, the deal’s indirect impact could be welcome news for exporters trading between the countries involved. The removal of tariffs could make transporting goods easier and simplify supply chains, limiting disruptions and delays. The agreement is especially expected to boost the services trade: according to the government, UK services firms can now operate “on a level playing field to domestic firms,” which should increase exports of financial and consulting services, high-value sectors crucial to the UK economy. 

Although the economic impact of the CPTPP isn’t guaranteed, it is an important move in the UK’s expansion beyond the EU to diversify its trading partners and solidify its post-Brexit trading position. The EU is currently the UK’s largest trading partner, responsible for 40% of its exports and over half its imports. However, disputes with China on electric car tariffs and the chaos likely to ensue once President-elect Trump takes office and enacts the aggressive tariff policies he has promised has been motivating countries to look to new frontiers for trade partners. 

The CPTPP gives the UK access to several countries with emerging, expanding economies – including for the first time Malaysia and Brunei, with a combined 35 million people and a fast-growing GDP – which could be less affected by a potential trade war, and provide much-needed new export markets and sources of raw materials.

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Sponsored press release 

The Access Bank UK Limited proudly announces the establishment of its first fully owned subsidiary in Malta, The Access Bank Malta Limited. The subsidiary’s banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA), signalling a significant step in enhancing trade connectivity between Europe and Africa.

The approval of The Access Bank Malta Limited as a credit institution marks a transformative milestone in bolstering   Europe-Africa trade flows.   Malta,   a renowned international financial   centre, and a gateway between the two continents, is strategically positioned to play a pivotal   role in advancing commerce and fostering economic partnerships.

This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa. It underscores the Access Group’s commitment to driving global trade, financial integration, and supporting businesses across these regions.

Jamie Simmonds, Founding Chief Executive Officer and Managing Director of The Access Bank UK Limited, commented, “Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA). With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets.”

Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, 

and CEO of the Banking Group added, “By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World. It further enhances our Bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities.”

Renald Theuma, Managing Director and Chief Executive Officer of The Access Bank Malta Limited, emphasised the significance of this expansion. “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”

The Access Bank Malta Limited will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.

About Access Bank Plc

Access Bank Plc, a wholly owned subsidiary of Access Holdings Plc, is a leading commercial bank operating through a network of over 700 branches and service outlets across 3 continents and 60+ million customers.

Access Bank Plc employs 28,000 people in its operations in Nigeria, Africa, the United Kingdom (with Branches in Dubai, Paris and Hong Kong), and the representative offices in China, Lebanon and India. Access Bank Plc is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through three business segments: Corporate and Investment, Retail and Commercial.

Access Bank Plc has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twenty-two years. Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by retail customer base. In honour of its defining roles across the African continent, Access Bank Plc has been accorded recognition by reputable domestic and global organisations. Some of these recognitions include: 2023 National Quality Order of Merit Award “Most Innovative Banking Sustainable Development Company of the Year”; 2023 Lagos Green Awards “Environmental Leadership in Business”; 2023 Global SME Banking Innovation Awards, “Best SME Bank for Women Entrepreneurs in Africa”; 2023 The Industry Award “Best Company in Gender Equality”; 2022 Finance Derivative Award “Best Sustainable Bank Africa”.

About The Access Bank UK Limited

The Access Bank UK Limited is a wholly owned subsidiary of Access Bank Plc. Authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA, The Bank is strategically positioned to support opportunities in the Organisation for Economic Co- operation and Development (OECD) markets for Access Bank Group and its customers.

Serving as the Group’s OECD operational hub, The Access Bank UK Limited facilitates the flow of investments into Nigeria and broader African markets. The Bank is also authorised by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Finance Centre (DIFC). This enables the provision of tailored financial solutions to meet trade and investment requirements between Africa and the Middle East and North Africa (MENA) region. Additionally, the Bank’s Hong Kong Branch, situated in the Central District of Hong Kong Island and regulated by the Hong Kong Monetary Authority (HKMA), delivers a comprehensive range of products and services to support trade and corporate needs in Africa and Asia.

The Access Bank UK Limited is committed to fostering long-term relationships by collaborating with its customers to understand their goals and provide tailored strategies. The Bank’s focus on staff development is evidenced by its Platinum Status accreditation from Investors in People (IIP), reflecting its dedication to excellence in people management. Led by a team of seasoned professionals with extensive experience in African, MENA, European, and global markets, the Bank delivers superior financial solutions to businesses and individuals. Its moderate risk appetite, emphasis on customer service, and commitment to sustainability underpin its strategic approach. Aligned with the Group’s vision of becoming “the world’s most respected African bank,” The Access Bank UK Limited prioritises sustainable growth by strengthening customer relationships rather than pursuing unsustainable yields. It continues to play a pivotal role in advancing Access Bank Group’s mission and values while fostering a business model that supports the environment in which it operates.

About The Access Bank Malta Limited

The Access Bank Malta Limited offers a broad range of products and services to assist with trade and corporate needs in Africa and Europe. The Branch is situated in Sliema and is licensed and regulated by the Malta Financial Services Authority (MFSA).

The Access Bank Malta Limited offers bespoke services tailored to meet customers’ business requirements, and the Relationship Managers are dedicated to delivering excellent customer service and working closely with customers to fully understand their business requirements. As the UK Parent, the Malta team believe in building long term relationships with customers so that they receive the best possible service and tailor their products to specific requirements and work with customers to meet varied and evolving needs as their businesses grow.

The Access Bank Malta Limited seeks to differentiate itself from other banks currently operating in Malta through excellence in customer service, with a focus on establishing strong relationships with all its customers. The strong links that the Bank has with Africa and Europe ensure that it has an in-depth knowledge of the marketplace and can assist customers with their transactions.

For more information: https://www.theaccessbankukltd.co.uk/the-access-bank-malta-limited/

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Following an order from the London High Court of Justice, three managing directors from Interpath Advisory, a consulting and restructuring firm, will take over as administrators of Stenn and Stenn Assets UK, its funding vehicle. 

In a statement on the Stenn website, the administrators said their immediate focus would be to “engage with the companies’ key stakeholders in order to stabilise the companies’ operations”; debtors should continue to fulfil their payment obligations “in the usual way” in the meantime, but the company would not fulfil any additional lending requests.  

The application to put Stenn in administration was filed by HSBC Innovation Bank, which acted as a security agent on a revolving credit facility Stenn had initially signed with Silicon Valley Bank UK and was then taken over by HSBC. Companies are usually put in administration when they are close to financial collapse and need to avoid insolvency; however, a Stenn spokesperson attributed it to a “sudden action by an investor” and said it was “actively defending” against it. 

Stenn’s mission to increase access to trade finance by targeting smaller, underprovided firms had seen it deploy almost £8 billion to companies in 70 countries and expand in the US, Spain, and China. Since its founding in 2015, the company has featured in the Financial Times and CNBC as one of Europe’s fastest-growing fintechs and reached a valuation of £700 million in 2022, with past investments from Barclays, Natixis, and Crayhill Capital Management. 

Stenn’s fast rise and just as drastic fall could point to a trend of fintech floundering as venture capital investment dries up; similar start-ups Manigo, Bink, and Divido were all placed under administration in the past few months. 

Stenn’s goal of increasing access to trade finance played an important role in decreasing the trade finance gap and democratising access to trade; however, dealing with small and medium enterprises entails more uncertainty and risk, which compounded by the inherent complexity of trade finance can make it difficult for financing providers to flourish.

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Instead, it will focus its efforts in Northwestern Europe and its finance and advisory services. 

This decision is expected to affect the bank’s invoice financing, factoring, and cross-border financing operations as well. 

After an internal review of the asset-based financing division’s activities, ABN AMRO said it will “materially reduce the [division’s] international footprint”, winding down non-strategic client portfolios in the UK and restructuring its operations in Germany. The bank will now refocus on its three strategic priorities: the new energy, digital, and mobility transitions. 

The move is hoped to strengthen ABN AMRO’s international position and ensure long-term profitability. The bank expects the reorganisation to benefit the CET1 capital ratio and the return on equity by the time it is completed. 

ABN AMRO is not the first bank to wind down its asset-based lending operations: Societe Generale sold its equipment finance division to Group BPCE in April of this year, and the Hampshire Trust Bank announced the closing of its asset finance division last month. 

As institutions face pressure to invest in sustainability and maintain a strong strategic position, many have shifted resources away from the sometimes unpredictable asset-based and trade finance operations to commercial operations and ESG themes like green energy and digital services. 

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