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COUNTRY & SECTOR RISKS – June 2025 The great leap backwards: 23 sectors and 4 countries downgraded
In this environment, and in view of the measures already in place, Coface has downgraded 23 sectors and 4 countries.
Key trends:
- US tariffs, even if paused or reduced, have already reached historically high levels
- Nearly 80% of advanced economies recorded an increase in defaults in the first quarter of 2025 compared to 2024
- The metal sector is the most affected, and traditional industrial sectors (automotive and chemicals) are under pressure.
- Other sectors that have been downgraded include:
- In the United States, information and communication technologies and retail
- In China, textiles and clothing, impacted by customs duties.
Global economy: uncertainty is the new normal
The global economic outlook is more uncertain than ever, as it depends heavily on (geo)political events and the trade decisions of the US President. The reintroduction of tariffs after the 90-day suspension periods (9 July for the rest of the world, 12 August for China) could have a significant impact on global growth. A marked slowdown is expected (2.2% growth in 2025 and 2.3% in 2026), with mainly downside risks – growth of below 2% cannot be ruled out if the geopolitical and trade situations escalate.
The same uncertainty naturally surrounds inflation, whose current stability could be jeopardised. It could reach 4% in the US by the end of 2025, with broader upside risks subsisting in the event of higher energy prices. The major central banks are likely to respond with a continued cautious stance. However, if US inflation is brought under control, the Fed could cut rates as early as the autumn of 2025. The ECB has announced that it will maintain its rate-cutting policy, but added that it is close to its terminal rate.
Uncertainty is all the greater in Europe as long-delayed fiscal consolidation policies could finally begin to be implemented, while Germany is engaged in a stimulus programme whose scale is difficult to assess at this stage.
Tensions in the Middle East and oversupply: oil balances on a high wire
The Israel-Iran conflict has reigniting fears over oil. A disruption or even a blockade of the Strait of Hormuz (the passage for 20 million barrels per day, or 20% of global supply) could push prices above $100 per barrel. Excluding this geopolitical environment, however, fundamentals point to a fall in prices on back of production increases in non-OPEC+ countries, demand weakened by trade tensions and the reintroduction of volumes by OPEC+ members (2.2 million barrels per day). Barring a major crisis, prices should continue to be extremely volatile but remain within a range of $65 to $75 per barrel.
Advanced economies: a mix of resilience and vulnerability
In Europe, Germany saw a minor uptick in growth in the first quarter, France remains sluggish, Italy could run out of steam, while Spain continues to benefit from tourism and European funds to maintain momentum.
Emerging economies are the first victims of trade turmoil
In China, the temporary truce on tariffs has led to a surge in exports, but the outlook is fragile. India, despite generating growth of more than 7% in the first quarter, is seeing consumption slow and its fiscal headroom shrink.
In Latin America, Mexico is bearing the brunt of trade uncertainty, with zero growth expected in 2025. Brazil, after a rebound in agriculture following El Niño-induced losses, is expected to contract on back of restrictive monetary policy (key rate raised to 15%). In Argentina, the momentum generated by Mileinomics is strong and, despite its low foreign exchange reserves, could post GDP growth of 5% in 2025 and 3.5% in 2026.
Metallurgy: 600 million tonnes of steel overcapacity weighing on the global sector
The metallurgy sector is experiencing a major crisis, having recorded global steel overcapacity of 600 million tonnes in 2024, which represents 25% of global production. The unfavourable macroeconomic environment, energy tensions and new steel tariffs are exacerbating the situation for steelmakers, particularly in Canada, Mexico and Europe.
Canada: the economy is faltering under the weight of tariffs
With 75% of its exports headed for the US, Canada is one of the countries most exposed to the trade war. Growth has slowed significantly after a surge at the end of 2024. Consumption is falling, investment is weakening and unemployment stands at 6.9%, its highest level since 2017.
Exports, boosted by the menace of customs duties, contracted sharply in April. The automotive and metals sectors, which were hit by tariff increases of up to 50%, have been particularly affected. The upcoming revision of the USMCA agreement, which is expected to be brought forward to the end of 2025, could further exacerbate the country’s economic instability.
Read the full study here
Hashtag: #Coface
The issuer is solely responsible for the content of this announcement.
COFACE: FOR TRADE
As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.
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Ring in Fortunate Beginnings with Joker Xue (Xue Zhiqian) at Madame Tussauds Singapore This Lunar New Year
Joker Xue is widely regarded as one of the most influential artists within the Mandopop industry. Known for his emotionally driven songwriting and distinctive vocal style, Xue has released multiple chart-topping albums and consistently sold out large-scale tours across Asia. In recent years, he has maintained active engagement with fans through concerts and social media platforms, reinforcing his reputation as a leading voice in contemporary Chinese pop music.
Meticulously crafted to capture his signature style, the figure features a casual yet instantly recognisable look – complete with his trademark glasses, a relaxed white T-shirt, and a playful pointing pose that reflects his charismatic stage presence. During the Lunar New Year period, fans to Madame Tussauds Singapore will be able to get up close with this lifelike figure as if he were standing right before and enjoy an immersive experience that blends pop culture with festive celebration.
“We hope Joker Xue’s wax figure brings an added sense of excitement and festive cheer to our Lunar New Year celebrations,” said Steven Chung, General Manager of Madame Tussauds Singapore. “The Lunar New Year is a special time for joy, reunion, and fresh beginnings, and we look forward to welcoming guests to celebrate the season with us in a fun, immersive, and meaningful way.”
The time-limited festive activities include:
| 1) FREE Fortune Telling with Any Ticket Purchase Enjoy complimentary fortune telling sessions by booking a slot via Madame Tussauds Singapore website (first-come, first-served). Valid for ticket holders only. Get your tickets here. |
14–22 February, 11:00am–2:00pm |
| 2) FREE Sure-Win Lucky Dip with Every $88 Spent at the Retail Store
Spend $88 or more in the retail store to gain a complimentary sure-win lucky dip, with attractive prizes to be won. |
14–22 February |
| 3) CNY Pussy Willow Wishing Tree Pen down your wishes and hang them on the festive pussy willow wishing tree, symbolising blessings, prosperity, and new beginnings. |
15–18 February |
| 4) Distribution of Fortune Cookies & Chocolate Gold Coin Red Packets
Receive festive treats and auspicious surprises while soaking in the CNY décor and warm atmosphere. |
15–18 February |
Madame Tussauds Singapore continues to be a platform where fans can connect with global icons through unique, real-life experiences, blending entertainment, storytelling, and celebrity culture.
Join us this festive season to celebrate the Lunar New Year with Joker Xue and other international celebrities, and start the year with joy, luck, and unforgettable memories.
For more information about booking tickets to visit Joker Xue at Madame Tussauds Singapore, please visit www.madametussauds.com/singapore/
Hashtag: #MerlinEntertainments #MadameTussaudsSingapore
The issuer is solely responsible for the content of this announcement.
Madame Tussauds Singapore
Madame Tussauds has been inviting people to walk the red carpet and get closer to the revered – and feared – for over 250 years. With 22 attractions in the world’s top destination cities, we are dedicated to giving millions of visitors the opportunity to mingle with the mighty from A-listers to music legends, heroes of sport, to infamous world leaders. Today, we continue to partner with the global icons of a generation to create astonishing lifelike figures from sittings and offer exciting and interactive experiences to ensure guests have never felt closer to fame.
About Merlin Entertainments
Merlin Entertainments is a world leader in branded entertainment destinations, offering a diverse portfolio of resort theme parks, city-centre gateway attractions and LEGOLAND Resorts which span across UK, US, Western Europe, China and Asia Pacific. Dedicated to creating experiences that inspire joy and connection, Merlin welcomes more than 62 million guests annually to its growing estate, with over 140 sites across 23 countries. An expert in bringing world-famous entertainment brands to life, Merlin works with partners including the LEGO Group, Sony Pictures Entertainment, Peppa Pig, Dreamworks and Ferrari to create destinations where guests can immerse themselves in a wide array of brand-driven worlds, rides, and uplifting learning experiences. See 
www.merlinentertainments.biz for more information.
Media OutReach
TAT partners with Lalisa ‘LISA’ Manobal, Amazing Thailand Ambassador, to invite Tourists to discover the Multitude of Feelings upon travelling in Thailand, unveiling the New TVC “Feel All The Feelings”
Reinforcing Thailand’s position as a trusted, high-quality destination through emotion-driven storytelling
BANGKOK, THAILAND –
The film sets to entice tourists to experience and discover the multitude of feelings to be gained from travelling in Thailand, including happiness, serenity, excitement, challenge, and warmth, to establish Thailand as a valuable and unforgettable travel destination.
Ms Thapanee Kiatphaibool, Governor of the TAT, revealed, “This year, the TAT remains committed to reinforcing Thailand’s image through the ‘Trusted Thailand’ strategy to warmly welcome tourists, while continuing its push to establish Thailand as a ‘Quality Leisure Destination.’ This is to build confidence among tourists who want to create valuable, unforgettable memories at every step of their journey. Recently, we launched the ‘Feel All The Feelings’ campaign, building widespread communication and awareness across various channels. We are kicking off the year with a new commercial featuring ‘Lalisa LISA Manobal’ as the Amazing Thailand Ambassador, who will showcase Thailand’s tourist attractions and the feelings evoked on each visit. The campaign aims to ‘enhance quality’ while distributing revenue and tourists to new potential areas. TAT cordially invites all Thais to be ‘good hosts’ and share memorable Thai travel experiences.
TVC ‘Feel All The Feelings‘ by TAT portrays unseen attractions and diverse emotions awaiting tourists to discover and experience in Thailand. The story’s inception was inspired by tourists’ desire to seek a range of experiences that fulfil them emotionally and spiritually, helping them ‘Feel Alive’ again. TAT is confident that Thailand can be the answer and add vivid hues to tourists’ lives, as we are a land of diversity, colour, and vitality, ready to offer an exceptional experience for visitors to feel every emotion, from happiness, serenity, excitement, and challenge, to the warmth of smiles and hospitality, the intriguing mystery of new places, and the wonder of unseen locations. We believe that every area and every journey in Thailand will not only create impressive memories but also deliver ‘feelings’ that greatly enrich the travel experience.”
In this ad, Lalisa ‘LISA’ Manobal, in her role as the Amazing Thailand Ambassador, invites everyone to experience the ‘feelings within Thailand’. LISA is often asked, “What does Thailand feel like?” and she reveals the feelings she experiences while resting and recharging in Thailand in the commercial, through every emotion, every feeling, and every rhythm of Thailand’s beauty, which is unlike anywhere else in the world. The production also features renowned stars and actors such as Win – Metawin Opas–iamkajorn, Gulf – Kanawut Traipipattanapong, and Blue – Pongtiwat Tangwancharoen, who join the journey and convey these feelings together.
The TVC showcases beautiful locations nationwide, starting with the captivating beauty of the Lanna Candle Ceremony (Phang Prateep) at Wat Chedi Luang in Chiang Mai province, followed by a spectacular view of the ‘floating pagodas’ in Lampang province. Viewers can marvel at the sea of mist at Phu Langka in Phayao province. The ads also features attractions in other regions to show that, wherever you are, there is always something to discover. Examples include experiencing the beauty of the first light of dawn at Wat Arun in Bangkok, the splendour of the Red Lotus Sea in Udon Thani province, or experiencing the sound of the cascading waters of
Thi Lo Su Waterfall in Tak province.
Furthermore, the “Feel All the Feelings“ campaign aims is to shift tourists from popular landmarks to hidden-gem destinations, increasing the quality of their spending and the value per trip, in line with the “Value over Volume” strategy.
Join “LISA“ on her journey as the Amazing Thailand Ambassador and discover feelings awaiting tourists in Thailand with the “Feel All The Feelings“ campaign. The “Feel All The Feelings“ TVC is currently available at official Amazing Thailand channels:
Youtube: https://youtu.be/wDMv1KujSGc
X (@AmazingThailand) : https://x.com/AmazingThailand/status/2016507144783487483?s=20
Facebook: https://web.facebook.com/share/v/14RnwfmwTTW/
Instagram: https://www.instagram.com/reel/DUDnoOziPCp/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==
TikTok: https://www.tiktok.com/@amazingthailand/video/7600405546558131476
Contact Information
International Public Relations Division
Tourism Authority of Thailand
Tel: +66 (0) 2250 5500 ext. 4545-48
Fax: +66 (0) 2250 0246
E-mail: [email protected]
Website: www.tatnews.org
Media contacts:
- Khianthong Ngernphum (Thonghom) PR Executive, VERVE Public Relations | E-mail: [email protected] | Tel: +66 80 561 9511
- Jirachaya Jaiyen (Linda) Senior PR Executive, VERVE Public Relations | E-mail: [email protected] | Tel: +66 94 876 4938
Hashtag: #AmazingThailand #AmazingThailandAmbassador #AmazingThailandxLISA #FeelAllTheFeelings #FeelAllTheFeelings_TVC
The issuer is solely responsible for the content of this announcement.
The Group was also ranked third in Thailand under the international “Best Place to Work in Thailand 2025” certification, reinforcing ONYX’s commitment to sustainable people management and a strong corporate culture.
BANGKOK, THAILAND – Media OuReach Newswire – 30 January 2026 – ONYX Hospitality Group has been recognised as the seventh Best Place to Work in the Asia-Pacific region for 2025, awarded by Best Places to Work, an internationally recognised organisation specialising in workplace assessment and employee experience benchmarking. The recognition reflects the Group’s people-centric workplace practices and a culture that places equal emphasis on employee development and service excellence, and is further reinforced by ONYX’s third-place ranking in Thailand under the “Best Place to Work in Thailand 2025” certification, highlighting the Group’s long-standing focus on sustainable people management and a strong, values-driven corporate culture.
With a diverse portfolio spanning hotels, resorts, serviced apartments, and luxury residences under well-established brands including Amari, OZO, Shama, and Oriental Residence, ONYX Hospitality Group continues to strengthen its position across key strategic markets in the region. As the Group approaches its 60th anniversary in 2026, these accolades further highlight ONYX’s long-standing commitment to building a resilient organisation powered by engaged and capable people.
The “Best Places to Work” certification is an internationally recognised programme that benchmarks organisational excellence in human resource practices and employee engagement. Certification is awarded through a comprehensive evaluation covering employee engagement, employee experience, and the effectiveness of HR policies and practices. In this year’s assessment, ONYX Hospitality Group demonstrated strong performance across multiple dimensions, including a supportive work environment, an open and inclusive corporate culture, and a people development strategy closely aligned with the Group’s regional business direction.
One of the key pillars supporting ONYX’s evolution as a trusted workplace is ONYX Academy, the Group’s comprehensive learning and development institute. ONYX Academy delivers structured programmes spanning foundational skills training, advanced role-specific competency development, and clearly defined career pathways for employees at all levels. By prioritising both future-ready capabilities and practical, applicable skills, the Academy equips team members for sustainable personal and professional growth.
The effectiveness of ONYX Academy has also been recognised at an industry level through multiple honours at the EXA: Employee Experience Awards 2025, including awards for the General Manager Development Programme (GM Track), the NextYou Initiative, the HR Leadership Enhancement Programme, and the Group’s ESG initiatives. These accolades further underscore ONYX Hospitality Group’s long-term and focused commitment to meaningful employee development.
Alongside capability building, ONYX Hospitality Group continues to foster a corporate culture rooted in openness and dynamism, encouraging employees to think creatively, experiment, and contribute new ideas. The Group actively supports agility and adaptability by creating space for diverse voices across the organisation. Employee well-being is also prioritised through the ONYX Cares programme, which holistically supports physical and mental health, relationships, and team engagement—contributing to a work environment that nurtures both individual fulfilment and organisational growth.
Saranya Watanasirisuk, Senior Vice President, Corporate Human Resources, commented: “At ONYX Hospitality Group, we believes that our people are the foundation for delivering exceptional experiences and service. Our success in human resource management is driven by strong leadership support at every level, enabling employees to grow across all dimensions. This commitment spans from recruitment and holistic learning systems to cultivating an environment that encourages creativity, experimentation, and the full expression of individual potential. These efforts have positioned ONYX not only as an employer of choice, but also as an organisation trusted by partners and guests alike.”
Receiving the “Best Place to Work” Certification at both national and regional levels marks another significant milestone for ONYX Hospitality Group. The achievement reinforces its commitment not only to being a regional leader in hospitality management, but also to being an organisation that genuinely values its people.
Looking ahead, ONYX remains dedicated to continuously enhancing the workplace environment and delivering meaningful employee experiences that support long-term growth and sustained competitiveness.
For more information about ONYX Hospitality Group, please visit www.onyx-hospitality.com.
Hashtag: #ONYXHospitalityGroup
https://www.linkedin.com/company/onyx-hospitality-group/
https://www.facebook.com/ONYXHospitalityGroup
https://www.instagram.com/onyxhospitalitygroup/
The issuer is solely responsible for the content of this announcement.
About ONYX Hospitality Group:
ONYX Hospitality Group, a reputable force in Southeast Asia’s hospitality industry, operates a collection of comprehensive yet complementary brands – Amari, OZO, Shama and Oriental Residence – catering to the distinctive needs of discerning business and leisure travellers in Southeast Asia where their expertise lies. In addition to its brand portfolio, ONYX Hospitality Group also operates additional hospitality services across spa and food and beverage. With over five decades of management experience, the company extends its innovative solutions throughout the region, upholding internationally recognised standards and ensuring optimal operational manoeuvrability. By fostering enduring relationships with like-minded business partners, ONYX Hospitality Group delivers unparalleled experiences in a dynamic and competitive market, meeting the ever-evolving demands of travellers.
More information: 
www.onyx-hospitality.com
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