Page 10 - Exporta Publishing News Today

Supply chain logjams and macroeconomic headwinds look set to put the brakes on global merchandise trade’s post-Covid comeback, the latest industry data show. According to a new report from the United Nations Conference on Trade and Development (UNCTAD), the overall value of global trade reached a historic high of US$28.5tn last year, an increase of ...

Sinochem, China’s fourth-largest state-controlled oil company, has carried out the country’s first digital warehouse receipt pledge for crude oil, using 66 Cloud Chain, its blockchain-based supply chain infrastructure. The transaction saw Qingdao Taihe Jiabai Energy, a subsidiary of Shandong Jingbo Petrochemical, receive Rmb40mn (US$6.3mn) in financing from Shandong Port Finance Holding by pledging digital warehouse ...

Surecomp, a provider of trade finance systems to banks and corporates, has partnered with Swedish fintech Enigio to add digital original documents into its cloud-based solution. The tie-up embeds Enigio’s  trace:original digital trade finance documentation product into the Surecomp system, enabling Surecomp customers to create, manage and exchange digital trade documents such as letters of ...

Governments in the US and Europe are seeking to disrupt Russian exports in response to the country’s aggression in Ukraine, unveiling fresh sanctions targeting its development bank and export credit agency, and halting the approval of the Nord Stream 2 gas pipeline.  The measures were announced on yesterday, following President Vladimir Putin’s statement that Russia ...

Japan’s SoftBank has accused Credit Suisse of using court proceedings as a means of “manufacturing claims” against the group, as the Swiss lender continues to pursue losses arising from the failure of Greensill.  The dispute relates to a receivables financing arrangement provided by Greensill to US construction company Katerra. Katerra ran into financial difficulties in ...

A UK High Court judge has found that ED&F Man was the victim of a warehouse receipts fraud that ensnared multiple banks in 2017, and has awarded the commodities trading house US$282mn in damages. The fraud, which became public in mid-2017, involved nickel stored at London Metals Exchange warehouses across Asia. It rattled a commodities ...

The first transactions have been completed on receivables finance company Polytrade’s newly launched technology platform, which works to link cryptocurrency investors to real-world trade finance assets. The trio of deals, completed earlier this month, supported sales by Indian companies to buyers based in the UK, New Zealand and the US. A spokesperson for Polytrade tells ...

DNB has promoted Georgina Rush to the position of head of working capital solutions, based in Stockholm. Rush was previously a vice-president in the working capital unit, joining the Norwegian lender in 2018 from Lloyds Bank in the UK. Rush is already working in the role and reports to Axel Berning, DNB’s head of transaction ...

The head of collapsed Dubai commodities trader Phoenix has been ordered to pay just over US$19mn to Maltese lender Fimbank after the firm failed to repay money it owed under a trade finance facility. The default judgement was handed down in the Dubai International Financial Centre Courts on January 28 after Gaurav Dhawan, Phoenix’s executive ...

The European Bank for Reconstruction and Development (EBRD) has appointed Nana Khurodze as associate director and senior banker in its Trade Facilitation Programme (TFP). Before joining the EBRD, Khurodze spent just over six years at the Asian Development Bank, leading that institution’s trade finance programme in the Caucasus, Central Asia, Mongolia and Pakistan. Based in ...