Working capital structuring and advisory firm Silver Birch has made a double hire aimed at growing its inventory solutions and technology, media, and telecommunications (TMT) offerings. In recent months, the firm has appointed Kellie Scott (pictured) as executive director for inventory solutions, a newly created role based in London. Scott is responsible for structuring and… The post Silver Birch to expand TMT and inventory offerings with double hire from JP Morgan and Santander appeared fi...| Global Trade Review (GTR)
US authorities have warned banks that Mexico-based drug cartels may be moving vast sums through Chinese trade-based money laundering schemes, following an analysis of billions of dollars in suspicious transfers. In an advisory issued to the US financial sector, the Financial Crimes Enforcement Network (FinCEN) says Chinese criminal networks “pose a significant threat to the… The post US fires warning over Mexican cartels, Chinese money laundering networks appeared first on Global Trade ...| Global Trade Review (GTR)
Allianz Trade has announced a trio of senior appointments for the Northern Europe region, part of a wider series of leadership changes at the trade credit insurance giant. Benoit Semelin (pictured) has been named regional chief financial and administrative officer, succeeding Sébastien Rageot, who was named chief executive for the Nordics in July. Brussels-based Semelin… The post Allianz Trade names three new directors for Northern Europe region appeared first on Global Trade Review (G...| Global Trade Review (GTR)
Rising uncertainty over US trade policy has driven greater demand for finance, caused inventory levels to spike and pushed more multinationals towards political risk insurance, industry research shows. US imports soared during the first quarter of this year, as companies rushed to frontload purchases ahead of anticipated tariff hikes on major trading partners. Although import… The post Trade uncertainty drives demand for finance, political risk insurance appeared first on Global Trade Rev...| Global Trade Review (GTR)
Standard Chartered has agreed a syndicated bank guarantee totalling more than US$300mn with Envision Group, which it says is a milestone for sustainable trade. The deal is the “world’s first” deal that has been verified by an external party as aligned with the International Chamber of Commerce’s (ICC) sustainable trade principles, the bank says. It… The post Standard Chartered inks “world’s first” ICC-aligned sustainable trade deal appeared first on Global Trade Review (GTR).| Global Trade Review (GTR)
The global shortfall in supply of trade finance has remained steady at US$2.5tn, according to the latest edition of a closely watched benchmark survey. The value of the trade finance gap is estimated in a biennial survey by the Asian Development Bank (ADB), which this year included more than 110 lenders, believed to represent… The post Trade finance gap stabilises at US$2.5tn appeared first on Global Trade Review (GTR).| Global Trade Review (GTR)
Space technology firm Thaicom has secured a US$184mn loan package from two commercial banks backed by France’s export credit agency for a satellite project in Thailand. Under the terms of the deal, Deutsche Bank and Standard Chartered are providing a 14-year loan which is guaranteed by Bpifrance Assurance Export. Thaicom subsidiary Space Tech Innovation (STI)… The post Thai satellite deal gets lift off with French ECA appeared first on Global Trade Review (GTR).| Global Trade Review (GTR)
The Danish government has allocated an additional €200mn to its export credit agency for use in Ukraine, offering a major boost to Kyiv’s reconstruction plans. The funding, announced at an inter-government meeting in Copenhagen on August 27, would enable Denmark’s Export and Investment Fund (EIFO) to grow support for Danish firms investing in and exporting… The post Danish government unleashes greater ECA funding for Ukraine appeared first on Global Trade Review (GTR).| Global Trade Review (GTR)
The US government is continuing to crack down on customs fraud, targeting illegal transshipment, double invoicing and the misclassification of goods. Earlier this month, US Customs and Border Protection (CBP) announced it had uncovered more than US$400mn in unpaid trade duties between January 20 and August 8 under the Enforce and Protect Act (EAPA). This… The post Illegal transshipment, double invoicing and misclassification in US government’s crosshairs appeared first on Global Trade Rev...| Global Trade Review (GTR)
Maritime surveillance specialist SRT Marine Systems is set to digitise Indonesia’s coastguard operations after securing a €157.9mn package from the UK’s export credit agency and Santander.| Global Trade Review (GTR)
The EC is considering major changes to the CBAM, including postponing the purchase of certificates and raising the exemption threshold.| Global Trade Review (GTR)
Since Russia’s invasion of Ukraine, the aggressive pursuit of trade restrictions by western governments has significantly added to sanctions pressures facing financial institutions, commodity traders and shipping companies. At the same time, illicit actors are showing greater sophistication in their attempts to evade those controls. In this inaugural GTR sanctions roundtable held in October, a…| Global Trade Review (GTR)
Russia appears to be preparing for an increase in exports from its US-sanctioned Arctic LNG 2 project, prompting warnings of an uptick in the use of high-risk “shadow” tankers. Article LNG 2, a US$20bn facility located in the Gydan Peninsula in northern Russia and developed by Russian energy company Novatek, has been subject to US sanctions…| Global Trade Review (GTR)
The number of Russian crude oil tankers passing Germany’s hazardous Baltic coast has risen 70% since the start of 2021, yet many are ageing vessels and lack sufficient insurance, research has found. EU sanctions introduced after Russia’s invasion of Ukraine largely prevent member states importing Russian crude oil by pipeline. The Kremlin has found willing…| Global Trade Review (GTR)
The US is seeking to disrupt the non-western market for Russian oil and gas, promising a “steady drumbeat” of sanctions enforcement actions, a government official said this week. US sanctions on Russian oil have generally focused on weakening the Kremlin’s export revenues while keeping supply steady, stabilising prices. The oil price cap, in place across…| Global Trade Review (GTR)
Port calls in the Red Sea have plummeted 85% since the onset of Houthi attacks on commercial vessels, while Suez Canal traffic has dropped by around 66% over the same period, research has found. Yemen’s Iran-backed Houthi rebel group have now carried out more than 85 attempted attacks on tankers, bulk carriers and container ships…| Global Trade Review (GTR)
US authorities have imposed sanctions on several companies in the Middle East and Asia accused of breaching sanctions on Iranian fuel exports in order to finance Yemen’s Houthi rebel group. The US Treasury says the companies are part of a network linked to Sa’id al-Jamal, a Houthi financial official backed by Iran and sanctioned since…| Global Trade Review (GTR)
OECD members agree on new rules on government support for coal-fired power plants and coal export credit.| Global Trade Review (GTR)
A host of western nations have tabled a proposal to ban export credit support for so-called “unabated” coal-fired projects, in a bid to further limit financing for some of the world’s most polluting power plants. At an extraordinary meeting of the Organisation for Economic Co-operation and Development (OECD) Arrangement on Export Credits last week, the US,…| Global Trade Review (GTR)
The Asian Development Bank (ADB) has confirmed it will not provide any support for extraction and power projects in the coal and oil sectors, but will continue to allow some natural gas financing as it seeks to help transition the Asia Pacific toward renewable energy. The multilateral development bank’s board approved a new energy policy…| Global Trade Review (GTR)
G7 finance ministers and central bank heads met last week to discuss expanding the private sector’s role in climate finance before COP26 in November. It follows a damning report by NGOs that revealed banks have provided US$3.8tn to fossil fuels since the signing of the Paris Agreement five years ago. The meeting, held on April…| Global Trade Review (GTR)
UK government officials have announced an end to support for overseas fossil fuel projects. The country has come under fire in recent years for its financial backing of fossil fuel exports through UK Export Finance (UKEF), the state-owned export credit agency (ECA). As indicated in a statement by the government, the new policy will see…| Global Trade Review (GTR)
A commitment to cut fossil fuel funding for overseas projects from the new Joe Biden administration looks set to have a major impact on the activities of the Export-Import Bank of the United States (US Exim). But while climate activists are welcoming the move, there are suggestions that the bank could continue supporting oil and…| Global Trade Review (GTR)
The US Export-Import Bank (US Exim) has been reauthorised for seven years after legislation was signed by US President Donald Trump at the end of 2019. According to US Exim board member Judith Pryor, speaking exclusively to GTR, the new legislation is a “big achievement” and will enable the bank to better support its exporters…| Global Trade Review (GTR)
Sweden is carving out sustainable policies to ensure a greener nation and trading system. Nevertheless, the country and its export credit agency EKN face challenges in incentivising the buyers of Swedish goods, such as gas turbines, to use greener fuels to power them, writes Maddy White. In 2017, the Swedish government legislated a net…| Global Trade Review (GTR)
Comprehensive coverage of Europe’s trade, export, commodity and supply chain finance markets. GTR’s Europe coverage provides insights into the region’s trade, export, commodity and supply chain finance markets. We offer news, features and expert interviews covering the latest developments and challenges in European trade.| Global Trade Review (GTR)
Trafigura has revealed it could lose more than half a billion dollars after falling foul of a “systematic fraud” allegedly carried out by a group of commodity traders, including London-headquartered TMT Metals. In a statement issued on February 9, Trafigura says it is taking legal action against Prateek Gupta, as well as a group of…| Global Trade Review (GTR)
A proposal to end export finance for oil and gas supported by the UK, EU and Canada will remain under discussion at next year’s OECD meetings after being tabled last week during negotiations in Paris. If agreed, the proposal would see a ban on export credits for new oil and gas projects, following the approach…| Global Trade Review (GTR)
The export credit agencies (ECAs) of OECD countries should take more ambitious action to protect the climate after pouring 77% of their spending into fossil fuel projects between 2018 and 2020, a campaign group has argued. OECD members pumped an annual average of US$41bn into fossil fuel exports during the three-year period, totalling almost five…| Global Trade Review (GTR)
Japan has joined fellow G7 governments in vowing to end public fossil fuel finance by the end of 2022, though campaigners warn the actions of these nations’ export credit agencies could mean countries miss the deadline. Following talks in Berlin on May 27, G7 climate, energy and environment ministers issued a communique in which they…| Global Trade Review (GTR)
Italy has walked away from a pledge to end support for international fossil fuel projects by the end of last year, indicating it will continue to provide export credit cover for parts of the oil industry in the short term and delaying a decision to put an end date on its backing for the gas…| Global Trade Review (GTR)
Export credit agencies (ECAs) in the EU have been given until the end of next year to set deadlines for ending support for the fossil fuel sector, as the bloc calls for a ban on export credit support for fossil fuels at the OECD. In a statement released following a meeting of EU finance ministers…| Global Trade Review (GTR)
Untied export credit agency finance volumes have soared in recent years, doubling in size since before the pandemic and showing no signs of abating. What’s driving this rapid growth, which agencies are leading the charge, and are there potential downsides? Felix Thompson reports. For well over a decade, Asian export credit agencies (ECAs) dominated…| Global Trade Review (GTR)
A group of European and North American export credit agencies (ECAs) has launched a UN-backed initiative to drive public finance away from fossil fuels and towards more environmentally sustainable business sectors. The Net Zero Export Credit Alliance (NZECA) was established during a session at the Cop28 climate change conference in the UAE by agencies from…| Global Trade Review (GTR)
The Export-Import Bank of the United States (US Exim) is anticipating a “significant” rise in domestic financing activity in the coming year as it works to rejig its offering and grow investment in key sectors such as semiconductors, critical minerals and renewable energy. US Exim first launched the Make More in America (MMIA) programme…| Global Trade Review (GTR)
The US export credit agency has agreed to provide a US$4.7bn loan for TotalEnergies’ controversial Mozambique LNG project, reinstating its support after years of delays and amid ongoing security risks in the region. At a board meeting last week, the Export-Import Bank of the United States (US Exim) voted to amend its financing agreement for…| Global Trade Review (GTR)
Zambia’s government is taking a strategic approach to its involvement in the copper market with the launch of a joint venture with Mercuria.| Global Trade Review (GTR)
Nigerian officials are determined to cut the country’s dependency on crude oil exports, and the construction of a vast oil refinery near capital city Lagos – an ambitious project pioneered by Aliko Dangote, Africa’s richest man – has been touted as the perfect solution. However, questions around infrastructure, pricing and timings continue to go unanswered.…| Global Trade Review (GTR)
Export credit agencies (ECAs) in the world’s largest economies are still pumping billions of dollars more annually into fossil fuels than clean energy projects, fresh data shows, spurring calls for reform within the OECD Arrangement. ECAs in the G20 group of nations provided US$96bn towards fossil fuel projects between 2020 and 2022, finds a report…| Global Trade Review (GTR)
The export credit insurance market saw claims jump by more than 700% in Russia last year, as the industry grappled with the fallout of the Ukraine crisis and western sanctions, Berne Union research shows. Short-term export credit claims involving obligors in Russia and the Commonwealth of Independent States (CIS) region increased by US$229mn from a…| Global Trade Review (GTR)
Claims paid out by public and private trade credit insurers partly stabilised in the first half of this year following record payouts in 2021, data published by the Berne Union shows, but the war in Ukraine is tipped to lead to further short-term claims. The trend since 2019 has been a steady drop in the…| Global Trade Review (GTR)
Demand for critical minerals and metals such as cobalt, copper, lithium and graphite, which are vital in the manufacture of clean energy technologies, is set to soar. Felix Thompson examines how governments are working to ensure their domestic companies avoid supply issues in the future, and why export credit agencies are set to play a…| Global Trade Review (GTR)
Five of the largest banks in Canada have joined their US counterparts in leaving the UN-convened Net Zero Banking Alliance.| Global Trade Review (GTR)
Members of the Net Zero Banking Alliance (NZBA) have voted to weaken key climate commitments, including removing mandatory targets and a requirement to support the transition towards a net-zero economy. The UN-backed NZBA aims to bring together banks committed to “aligning their lending, investment and capital markets activities with net-zero greenhouse gas emissions by 2050”,…| Global Trade Review (GTR)
The SBTi has released its first net-zero standard for financial institutions, calling for an end to financing fossil fuel expansion.| Global Trade Review (GTR)
OECD members failed to reach a deal to restrict export credit support for oil and gas in their latest round of talks, environmental campaigners say, making an agreement unlikely before US President-elect Donald Trump takes office in January. Oil Change International says in a December 20 statement that countries in the OECD Arrangement on Officially…| Global Trade Review (GTR)
Export credit agencies (ECAs) in the world’s biggest economies more than halved support for coal financing between 2018 and 2020 but support for the gas industry has jumped by almost US$10bn, according to new research. Oil Change International and Friends of the Earth US, two environmental campaign groups, released figures on October 28 showing that…| Global Trade Review (GTR)
The Chinese government has placed an exit ban on FCI chair and Wells Fargo banker Chenyue Mao after she travelled to the country on business. Mao was elected as FCI chair last month at the global factoring association’s annual meeting, and previously served as its vice-chair. She is a managing director at Wells Fargo and…| Global Trade Review (GTR)
The Trump administration’s latest salvo of tariffs could pile further misery on Europe’s strained steel sector and harm a mutually beneficial North American aluminium market, industry groups warn. President Trump announced this week that from March 12, US companies will have to pay a 25% tariff on steel or aluminium imports from anywhere in the ...| Global Trade Review (GTR)
As trade tensions grow between the US and its northern neighbour, Export Development Canada is exploring new ways to help domestic business.| Global Trade Review (GTR)
A growing number of banks surveyed by FIS plan to increase spending on technology next year, as efforts accelerate to upgrade trade finance platforms and incorporate artificial intelligence. Financial technology giant FIS says just over half of 200 banks quizzed expect their technology budget to increase over the next year, with improving operational efficiency and ...| Global Trade Review (GTR)
Uncertainty around global trade policy is pushing the global economy towards a recession, UN researchers warn.| Global Trade Review (GTR)
The International Trade and Forfaiting Association (ITFA) has issued the Washington Declaration, a call to action urging the United Nations to formally recognise the global trade finance gap as a critical barrier to achieving the Sustainable Development Goals (SDGs). ITFA has proposed ambitious targets for the trade finance industry: halving the US$2.5tn gap by 2030 ...| Global Trade Review (GTR)
Already grappling with a long-term decline in correspondent banking relationships, banks in Eastern Europe and Central Asia are concerned de-risking is accelerating in the wake of sanctions imposed on Russia. However, participants at a recent industry event believe there could be signs of positive change ahead. Correspondent banking provides a vital lifeline for regional lenders ...| Global Trade Review (GTR)
New York legislators have taken an important step towards digitalising trade in the state, adopting reforms that provide a legal basis for electronic records and digital assets. Adopted by the Assembly and Senate on June 11, the reforms bring New York in line with the Uniform Commercial Code (UCC), a model law amended in 2022 ...| Global Trade Review (GTR)
HSBC has launched a non-recourse receivables finance solution aimed at its large corporate customers, which it says will help reduce their exposure to risk while optimising working capital. Launched on July 15, the HSBC Receivables Advantage solution is available to corporates that export on open account terms or trade domestically. Users of the solution are…| Global Trade Review (GTR)
Insurance broker Howden has hired Edmund Arghand as head of credit, political risk and surety (CPS) for Asia, a newly created role. Based in Singapore, Arghand is tasked with driving growth within the broker’s CPS portfolio and has a particular focus on structured credit. He started at the firm on July 7. He will serve ...| Global Trade Review (GTR)
Legal tussles between commodity traders and their insurers are nothing new. But when the validity of a policy is in dispute, where does that leave the broker that arranged cover in the first place? As brokers increasingly find themselves on the receiving end of lawsuits, John Basquill examines two rapidly evolving cases and their wider ...| Global Trade Review (GTR)
Insurance intermediary Specialist Risk Group (SRG) has made two senior appointments within its newly launched credit and political risk division, naming Ed Nicholson and Matt Solley as managing partners. Based in London, the hires will work alongside industry veteran John Lentaigne to establish SRG’s position in the market. SRG made its entry into the sector ...| Global Trade Review (GTR)
Leroy Almeida has moved to broker Marsh to head up its political risk and structured credit department in the Middle East and North Africa.| Global Trade Review (GTR)
QBE says it believes commodity trades at the heart of an ongoing legal dispute with Marketlend were fictitious or fraudulent, allegations rejected by the Australian trade finance platform. On January 19, QBE’s Malaysian arm was ordered to pay out insurance claims totalling US$9.38mn brought by Marketlend, which stem from the default of several commodity traders ...| Global Trade Review (GTR)
A court has ordered Tokio Marine’s Australian subsidiary, the Bond & Credit Company (BCC), to pay an insurance claim of A$7.2mn to a trade financier which fell victim to a fraud carried out by Phoenix Commodities. Phoenix Commodities, a group of companies in the United Arab Emirates, Singapore and British Virgin Islands, collapsed in April ...| Global Trade Review (GTR)
Australian trade finance platform Marketlend has reached a settlement with Bond & Credit Company (BCC) in a landmark case over cover for commodity trades, GTR can reveal. Court records show Marketlend has discontinued proceedings against BCC and its parent company Tokio Marine, and sources familiar with the case have confirmed an agreement was reached in ...| Global Trade Review (GTR)
Indian financial institutions are seeking better capital treatment of trade credit insurance as part of the country’s review of trade finance. The country’s domestic banks are discouraged from offering financing products such as domestic and cross-border factoring because they do not benefit from reduced capital requirements when they use credit insurance, unlike lenders in ...| Global Trade Review (GTR)
Trade credit insurer Euler Hermes has hired Melissa Dowle as director of customer strategy and Mike de Bresser as commercial director in its UK and Ireland management team. Both roles are effective from July. The director of customer strategy is a newly-created role and Dowle will manage the company’s response to the changing needs of ...| Global Trade Review (GTR)
Aon has incorporated its political risk and structured credit team into its global credit solutions practice, as the firm seeks to bring together insurance products that have historically remained separate. The broking giant announced the changes this week, part of a five-year effort to encourage greater convergence across different products to meet changing client needs. ...| Global Trade Review (GTR)
Aon has incorporated its UK surety team into its global credit solutions practice, the latest in a series of moves to encourage convergence across historically distinct products in response to shifting client needs. The announcement follows last year’s integration of Aon’s political risk and structured credit team within its global credit solutions practice, part of ...| Global Trade Review (GTR)
Over 190 governments have adopted a “once-in-a-decade” UN pledge to renew the global framework for development finance, outlining a detailed plan to help mobilise private sector capital alongside public funding. Following a year of research, talks and redrafting, the Sevilla Commitment was adopted by all but one of the UN’s members last week, concluding four ...| Global Trade Review (GTR)
Aon has made three senior appointments – two external and one internal – to newly created roles within its credit solutions division.| Global Trade Review (GTR)
As western markets rush to secure long-term supply of energy and critical metals, export credit agencies (ECAs) are breaking new ground. A string of bumper ECA-backed deals in Europe’s commodities sector continue to make headlines, and around the world, the driving forces behind those deals show no signs of abating. Is this trend here to ...| Global Trade Review (GTR)
Dhaman has agreed to cover US$100mn in credit facilities provided to Trafigura by SMBC and Standard Chartered.| Global Trade Review (GTR)
Citi has named Marek Potoma as its new head of global trade sales, effective immediately, according to an internal memo seen by GTR. Potoma is a Citi veteran, having joined the bank in 1997. Over nearly three decades, he has held a range of senior roles across the Middle East, Africa and Central and Eastern ...| Global Trade Review (GTR)
Boutique investment bank Stronghold Global Finance UK has made a string of hires as it works to grow its trade finance business. Having received FCA accreditation earlier this year, the lender hired Matthew Goddard as an executive director in February to establish an origination team and structure for facilitating trade finance. Stronghold has since expanded ...| Global Trade Review (GTR)
The Rasmala Trade Finance Fund has entered voluntary liquidation after ending its defence against a winding up petition brought by majority shareholder Dubai Islamic Bank. The fund, which had a value of US$263mn as of late 2021, placed itself into the hands of liquidators on May 14, according to a Cayman Islands court document made ...| Global Trade Review (GTR)
London's High Court has ruled that Trafigura does not have to repay Rasmala Trade Finance Fund US$21.6mn in a case involving forged documents| Global Trade Review (GTR)
The former director of a now-collapsed Singaporean fuel trading firm has successfully overturned a court ruling that had previously found him “asleep at the wheel” and liable for trade finance fraud losses worth nearly US$150mn. Last year, the Singapore High Court ruled that Goh Jin Hian, a former executive of Inter-Pacific Petroleum (IPP) and the ...| Global Trade Review (GTR)
Analysis: China plus one destinations among riskiest for sourcing| Global Trade Review (GTR)
The International Energy Agency (IEA) has warned that demand for copper is set to outstrip supply by 30% within the next decade, with security of supply further threatened by China’s growing dominance of the refining market. Global demand for copper is expected to grow by around a quarter by 2040, driven largely by electrification of ...| Global Trade Review (GTR)
Australia’s upcoming federal election is set to influence the direction of the country’s export finance strategy, with both major parties signalling plans to expand the role of the nation’s export credit agency in pursuit of their policy priorities – be it mining critical minerals or pumping gas.| Global Trade Review (GTR)
The US export credit agency says a newly launched financing mechanism for critical mineral imports will tackle “market manipulation” by China by bolstering domestic firms’ supply chains. The Supply Chain Resiliency Initiative was unveiled by the Export-Import Bank of the United States (US Exim) on January 8 as a “bold new financing tool” available to ...| Global Trade Review (GTR)
Export credit agencies from Japan, Canada and Korea have agreed to finance the expansion of a copper mine and refinery in Chile, lending a total of US$2.5bn alongside a consortium of global banks. The project financing, finalised on February 16, funds the development of a new mining area and the construction of a copper ore ...| Global Trade Review (GTR)
The European Commission has launched a trade surveillance tool intended to protect the EU from sudden surges in imports.| Global Trade Review (GTR)
Two conflicting US court rulings on President Donald Trump’s use of emergency powers to impose tariffs have deepened uncertainty for businesses involved in global trade, experts say. On May 28, the Court of International Trade ruled that the Trump administration’s reliance on the International Emergency Economic Powers Act (IEEPA) for its authority to issue sweeping ...| Global Trade Review (GTR)
The International Finance Corporation (IFC) has agreed to shoulder half the risk on up to US$1bn of HSBC’s trade assets, to help unlock lending in emerging markets. The assets will be originated by HSBC Asia and include exposures to issuing banks in 20 emerging markets in Africa, Asia, Europe, Latin America and the Middle East, ...| Global Trade Review (GTR)
The United Kingdom and European Union have struck a deal bringing the two closer on defence, trade and emissions.| Global Trade Review (GTR)
The World Bank has agreed to guarantee funding to Banco do Brasil, enabling the bank to offer up to US$700mn in trade finance to MSMEs. The Multilateral Investment Guarantee Agency (Miga), an arm of the World Bank, will provide a 95% guarantee on a three-year loan provided to Banco do Brasil by BBVA and ...| Global Trade Review (GTR)
Growing tensions between the US and China have prompted manufacturers to seek more secure supply chains closer to home. Mexico has emerged as a major beneficiary, boosting both exports to the US and imports from China, but do the numbers really add up? Isaac Hanson reports. Since 2019, the US and China have been locked ...| Global Trade Review (GTR)
Mexico is the riskiest country from which to source goods, according to a new index measuring vulnerabilities across 30 major trading nations.| Global Trade Review (GTR)
BACB’s Damian Austin, chief banking officer, and Clint Eastwood, head of asset distribution & syndication, explore how specialist banks are working to address Africa’s shortfall in trade finance – and the role of distribution in supplying additional liquidity. Traders in Africa have long been stymied by the trade finance gap, which poses a stubborn ...| Global Trade Review (GTR)
Trade finance banks have blamed high interest rates and Russia's invasion of Ukraine for rejecting a growing number of financing requests, as a key barometer shows the shortfall in supply has ballooned to US$2.5tn. The “trade finance gap”, which measures the value of financing applications rejected by 137 banks worldwide, has jumped by almost ...| Global Trade Review (GTR)
Dubai-headquartered bank Mashreq and British International Investment (BII) have signed a US$50mn trade finance agreement aimed at boosting imports and exports in South Asia and Africa. The deal, announced this week, will see Mashreq and the UK’s development finance institution (DFI) share risk on transactions in Angola, Bangladesh, Benin and Côte d’Ivoire, as well as ...| Global Trade Review (GTR)
The judgment handed down by Delhi’s High Court in February concerned a fairly straightforward trade finance dispute. On one side, an exporter claimed it was owed money as the beneficiary of a letter of credit (LC); on the other, a bank argued it wasn't obliged to pay. The twist? The LC had been issued more ...| Global Trade Review (GTR)
British International Investment (BII) has provided a US$10mn loan to NMB Bank Zimbabwe, the development finance institution’s first banking sector debt financing deal in the Southern African country. 70% of the loan will be used for on-lending to NMB Bank’s agricultural exporter clients, enabling them to invest in machinery, operational infrastructure and imports of crucial ...| Global Trade Review (GTR)
Rejection rates for trade finance applications for SMEs in Africa are rising, with bank participation in activities decreasing. The continent’s trade finance gap, estimated to be more than US$81bn, is also growing, finds a new report by the African Development Bank (AfDB) and the African Export-Import Bank (Afreximbank). Conducted over 2011-19, the report titled Trade Finance ...| Global Trade Review (GTR)
BII has extended a US$150mn facility to South Africa-based Absa Bank CIB to finance sustainable trade transactions in Africa.| Global Trade Review (GTR)
Law firm ArentFox Schiff has named Megan Gajewski Barnhill as a partner within its international trade and investment practice, effective immediately. Based in Washington, DC, she will help companies navigate regulatory matters, including US export controls, economic sanctions, anti-boycott regulations and obligations under the Foreign Agents Registration Act. Barnhill’s economic sanctions practice covers primary and ...| Global Trade Review (GTR)
The UK government has outlined how it expects commodities houses, trade finance banks and insurers to comply with an imminent G7 price cap on Russian oil aimed at hitting Vladimir Putin’s war chest while avoiding further price hikes. The November 14 guidance from the Office of Financial Sanctions Implementation (OFSI) on how it will enforce ...| Global Trade Review (GTR)
The workings of the price cap on Russian oil by the G7, European Union and Australia remain uncertain less than two weeks from its start date, with some jurisdictions yet to provide details on enforcement and top traders suggesting they will not resume trading Russian crude. A ban on the provision of financing, insurance and ...| Global Trade Review (GTR)
The UK’s top crime and sanctions enforcement agencies have warned banks to be on the lookout for efforts by a Russian oil trading network to access trade finance. The National Crime Agency (NCA) and the Office of Financial Sanctions Implementation (OFSI) say in a “red alert” published on July 2 that sanctioned entities are using ...| Global Trade Review (GTR)
The European Bank for Reconstruction and Development (EBRD) has chosen Shona Tatchell to replace long-serving executive Rudolf Putz as head of the multilateral lender’s trade division. Tatchell will begin as director of the Trade Faciliation Programme (TFP), based in London, on May 7. Through the TFP, the EBRD acts as an indirect trade finance lender ...| Global Trade Review (GTR)
