Page 29 - Data Controller News Today

The former director of a collapsed UK commodities trading company has hit back at claims by UBS that he allowed company funds to be siphoned off to family members after it became insolvent. UBS alleged in a UK High Court suit last year that Vincom Commodities director Anil Kumar breached his fiduciary duties by supplying ...

Trade experts have welcomed a preliminary agreement by four influential World Trade Organization (WTO) members that would allow companies to produce and export Covid-19 vaccines without falling foul of patent laws.  An internal WTO document leaked last week revealed that the EU, India, South Africa and US had agreed to let countries waive intellectual property ...

The Institute of Export & International Trade (IoE&IT) has opened a £1mn voucher scheme to help British businesses access help to export. Through the International Trade Accelerator Voucher scheme, businesses receive a £1,100 voucher that they can redeem against the IoE&IT’s services, including training, consultancy, and educational services, in a move the institute says will ...

A proposed EU regulation on corporate due diligence, aimed at rooting out human rights and environmental abuses in supply chains, will make compliance efforts by the bloc’s financial institutions trickier, lawyers say. The European Commission unveiled its proposal for the new law in late February, in the wake of growing pressure over abuses such as ...

Plunging Russian oil and gas exports to the west are set to drive up demand for coal, commodity traders say, as European governments and importers prioritise energy independence from Moscow over climate transition goals. In recent weeks, the US, UK and EU have sought to halt President Vladimir Putin’s invasion of Ukraine by imposing sanctions ...

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Swiss-based energy company MET Group has extended its annual revolving credit facilities (RCFs), drawing in €1.1bn from a group of commercial banks. The agreement is comprised of a short-term RCF worth roughly €960mn and a medium-term €150mn RCF, with MET Group expected to use the funding for working capital and general corporate purposes. ING serves ...

Another step has been taken towards achieving legal equivalence for electronic versions of trade documents, with the publication of draft legislation by the Law Commission of England and Wales. The draft bill is intended to enable trade documents in electronic form – such as electronic bills of lading or bills of exchange – to be ...

Adriano Dariva has been appointed head of trade and working capital for Lloyds Bank North America. Dariva is based in New York and reports to Sebastian Kafetz, who he is also replacing in the role. Kafetz has been promoted to head of corporate and institutional coverage for the UK lender’s North American unit. Both roles ...

The International Union of Credit and Investment Insurers (Berne Union) has convened a working group to accelerate climate action in the export credit, trade finance and political risk insurance industries. The Climate Working Group (CWG), made up of export credit agencies, multilateral investment insurers, development institutions, commercial banks and private insurance companies, is chaired by ...