Trafigura chief executive Richard Holtum says the commodity trading giant has undertaken a “significant governance and controls project” after suffering a US$1bn loss in a fraud scandal within its Mongolian oil business. Holtum says the review has been overseen by the company’s chief risk officer and chief operating officer, and has examined “what went wrong…| Global Trade Review (GTR)
HKMA has launched Project CargoX, an initiative that aims to use digitalised cargo data to help SMEs access trade finance.| Global Trade Review (GTR)
The Japan Bank for International Cooperation has agreed to help finance the acquisition of a coal mine in Australia by JFE Steel, lending ¥34.2bn (US$240mn) to bolster the supply of coking coal for Japan’s steel industry. The deal, altogether worth ¥57bn (US$400mn), is being co-financed by Mizuho, MUFG and SMBC. The Australian subsidiary of JFE…| Global Trade Review (GTR)
Italy’s export credit agency Sace has agreed to cover a commercial bank loan worth US$600mn for food and beverage giant San Miguel, the latest deal signed under its booming untied programme. The facility, signed on March 27, is being financed by SMBC and backstopped with a guarantee from Sace. Sace is providing support under its ...| Global Trade Review (GTR)