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Global commodities trader Mercuria has closed US$1.3bn-worth of revolving credit facilities (RCFs), drawing in support from a group of 31 lenders. The agreement is comprised of a one-year facility with an offshore Chinese renminbi option, a one-year swing facility, and a three-year RCF. Financing will be used for general corporate and working capital purposes, as ...

Just weeks after the OECD moved to relax down payment rules for transactions involving export credit agencies (ECAs) in the developing world, questions have been raised over the reasons behind the decision. Last month, the OECD Arrangement on Officially Supported Export Credits announced it would temporarily slash the down payment requirement from 15% to 5% ...

Pressure is building on the Export-Import Bank of the United States (US Exim) to formally cull support for oil and gas, after the Biden administration called for an immediate end to overseas fossil fuel financing. In a diplomatic cable sent to US embassies earlier this month, a leaked version of which has been seen by ...

Nordea has hired Pär Ullbro as its new head of trade solutions, starting in March 2022. Ullbro has spent the last 14 years at Norway’s DNB, most recently as head of working capital solutions for Northern Europe. At Nordea, he will report to head of transaction banking Erik Zingmark. “Pär comes with extensive experience in ...

The supply chain bottlenecks that have become a fixture of global trade will persist well into next year, according to industry forecasts, but are likely to ease by the start of 2023. A sudden plunge in goods demand at the beginning of the coronavirus pandemic last year, followed by an equally sharp revival, helped set ...

The Irish Times has teamed-up with The River Lee, a Doyle Collection hotel, to give subscribers an exclusive chance to win a two-night stay for two people at The River Lee.

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The Irish Times has teamed up with Celtic Whiskey group to give one lucky reader the chance to win a €500 voucher for The Irish Drink Shop.

Oil exports from the Amazon are being driven by demand from refineries in California, researchers have found, as the Ecuadorian rainforest overtakes Saudi Arabia as the state’s largest supplier of foreign crude.  Research published by Stand.earth and Amazon Watch finds that half of all crude oil exported from Amazon regions ends up at refineries in California. The vast ...

A London insurance broker is no longer liable for part of a £31.3mn loss suffered by Dutch bank ABN Amro in a commodities finance arrangement that came unstuck. In a December 2 judgement, the UK Court of Appeal reversed a High Court ruling last year that found trade risk specialist Edge Brokers was liable for £3.3mn ...