Page 70 - Data Controller News Today

The Trump administration used its final days in office to introduce a slew of new sanctions on a network accused of brokering the sale of prohibited Venezuelan crude oil to buyers in Asia. Three individuals, 14 entities and six vessels were added to the list of sanctioned entities maintained by the Office of Foreign Assets Control (OFAC), a formidable authority that sits within the US Department of the Treasury. The Treasury alleges that all of these players have ties to a vast Mexico-based net...

As the Chinese currency continues to perform strongly against the dollar, large corporates trading into and out of China are reportedly looking to ramp up their use of yuan-denominated trade finance products. Yet concerns remain over the potential impact a burgeoning Chinese currency could have on smaller domestic exporters. The renminbi (Rmb) has risen markedly since the early months of last year. At that time, the Chinese currency fell to its weakest point against the greenback since 2008 as ...

Last year, the platform’s financial future looked uncertain, after funding raised from some shareholder banks proved lower than expected, with many opting not to reinvest in recent rounds. At the same time, a potentially significant injection of funding from Euler Hermes – believed to be in the region of €2-3mn – did not materialise. As a result, we.trade was forced to cut around half of its workforce and turn its focus to bringing in new additional funding from shareholders and licens...

KPMG has resigned from its role as independent auditor to Triterras, amid accusations that the Singapore-based fintech misled investors over transactions on its blockchain platform Kratos. In a filing to the US Securities and Exchange Commission (SEC), Triterras says it received formal notice of KPMG’s resignation on January 20. The filing does not give a reason for the decision, but in a separate statement Triterras says that “for some time, there has been consideration and discussion with...

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A group of African banks has signed a US$194mn senior debt facility to rehabilitate the Beitbridge border post, a crossing that connects Zimbabwe and South Africa. Rand Merchant Bank (RMB) acted as co-ordinating bank and sponsors’ advisor and, along with Absa, Nedbank and Standard Bank, was a mandated lead arranger (MLA). The African Export-Import Bank (Afreximbank) and the Emerging Africa infrastructure Fund (EAIF) were senior lenders, with the latter also acting as a mezzanine lender. The s...

Privacy Policy This Privacy Policy outlines the information we may collect about you in relation to your use of our websites, events, related publications and services (“personal data”) and how we may use that personal data. It also outlines the methods by which we and our service providers may (subject to necessary consents) monitor your online behaviour to deliver customised advertisements, marketing materials and other tailored services. This Privacy Policy also tells you how you can ...

Several European lenders have vowed to cut financing immediately for crude oil trade transactions in Ecuadorian parts of the Amazon rainforest, environmental campaigners have revealed. Campaign groups Stand.earth and Amazon Watch say in a new report that BNP Paribas, Credit Suisse and ING have confirmed in writing that no new transactions will be accepted that involve the sale of such oil. The trio were previously responsible for financing sales of Amazon oil to buyers in the US worth a total o...

Insurance firm AIG has hired Corine Troncy as global head of trade credit. In her new role, Troncy will move to London from Stockholm, where she is located on an interim basis. Her appointment came into effect on January 25. For nearly 30 years until the end of last year, Troncy worked at credit insurer Coface. Having held many senior roles at the firm around the world, including as CEO of Sweden and Finland and regional chief revenue officer for North America, her most recent position was grou...

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