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HSBC has carried out the first receivables finance transaction in Bangladesh, after the country’s regulator approved the use of the instrument. In a circular published on June 30, Bangladesh Bank says it will now allow “export under open account credit terms against payment undertaking or payment risk coverage with the option of early payment arrangement ... .
UK Export Finance (UKEF) says it carries out rigorous and ongoing due diligence on all transactions it supports, after anti-corruption investigators warned of “multiple red flags” in its activities in Sub-Saharan Africa. The UK’s export credit agency (ECA), which provides government-backed insurance for export transactions as well as direct lending facilities, was handed a major ... .
Law firm Akin Gump has hired Matthew Nicely as a partner in its international trade practice in Washington, DC. Nicely moves from Hughes Hubbard & Reed where he was a partner focussing on international trade and customs, representing clients in trade proceedings before federal agencies, the World Trade Organization (WTO) and other international tribunals. Before ... .
In a bid to help agricultural exporters in Africa weather the Covid-19 crisis, the International Islamic Trade Finance Corporation (ITFC) has agreed to provide US$200mn to the African Export-Import Bank (Afreximbank). The syndicated murabaha agreement is aiming to help thousands of farmers in Africa by financing the export of soft commodities such as raw cashew ... .
After 26-and-a-half years of governing trade among the United States, Canada and Mexico, the North American Free Trade Agreement (Nafta) is no more. Its replacement, the US-Mexico-Canada Agreement (USMCA), enters into force today, but with new US customs guidance indicating that full enforcement won’t take place until the end of the year, the trade deal ... .
Insurance giants have expressed regret over their role in the trans-Atlantic slave trade, which involved insuring property and ships carrying slaves from West Africa to the Americas between the 17th and 19th centuries. Lloyd’s of London, the world’s oldest insurance market, has apologised for its links to the slave trade, following what it says is “a spotlight ... .
The amount of working capital held up between corporates and their suppliers has risen by 8% as companies look to hold onto inventory amid uncertain times, according to the latest JP Morgan Working Capital Index. The 2020 edition of the report, published yesterday, provides an assessment of working capital metrics across the S&P 1500 for ... .
Global commodities trader Trafigura has renewed its North American borrowing base facility amid a tumultuous time for the market, which has been rocked by the fallout from Covid-19. Despite being oversubscribed, Trafigura opted to reduce the one-year facility from US$4.4bn to US$4bn because of a drop in financing needs due to the lower-priced commodities environment. ... .
Global commodities trader Mercuria has closed US$1.5bn-worth of revolving credit facilities (RCFs) from a group of banks. The facilities include a 1-year multi-currency RCF and a 1-year multi-currency swingline RCF. Both loans have a 1-year extension option and will be used for general corporate purposes and working capital. The facilities were launched on April 24 ... .
LiquidX has appointed Todd Lynady as managing director and global head of insurance sales and business development, based in New York. Lynady moves from Euler Hermes, where he held the position of head of broker management for the Americas. He was responsible for origination, underwriting as well as the account and portfolio management strategies for ... .
Paperless trade enabler essDocs has become the latest member of blockchain trade finance network Contour, following an initial collaboration powering a trade transaction between Rio Tinto and Baosteel. That deal, in which Baosteel purchased approximately Rmb100mn-worth of iron ore from Rio Tinto, marked the first paperless renminbi (Rmb)-denominated deal in the iron ore industry, and ... .
Gunvor has closed an oversubscribed €450mn sustainability-linked borrowing base facility, this time to support operations at its refinery in Ingolstadt, Germany. The deal includes performance commitments related to the energy commodity trader’s sustainability targets, with the interest rate dependent on year-on-year improvements in 15 social impact, governance and environmental criteria, which will be reviewed by ... .
Multinational electricity and gas utility company National Grid has secured a US$743mn export credit agency (ECA)-backed financing package, structured under its green financing framework. The package is made up of a US$488mn export credit guarantee from Sace with Simest CIRR support and a US$255mn Euler Hermes guarantee, and marks the first time multiple ECAs have ... .

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