Page 22 - Exporta Publishing News Today

Credit insurance and surety specialist Xenia has bought Peter Hill Credit & Financial Risks, a specialist trade credit insurance and surety broker, marking its seventh acquisition since it was set up two and a half years ago. Xenia was formed by managing general agent Nexus Group in 2019 as part of Nexus’ plan to continue ...

Russian gas producer Novatek’s controversial Arctic LNG project has secured a bumper financing package from a group of international lenders, including the Japanese export credit agency (ECA) and Chinese and Russian state banks. The firm announced this week that it had obtained the necessary external financing for the project after signing loan agreements worth €9.5bn. ...

The Saudi British Bank (SABB) has completed its first sharia-compliant supply chain finance (SCF) transaction, as it works to boost support for clients sourcing goods both domestically and internationally. As part of a deal signed in September, which the bank says is the first sharia-compliant SCF agreement to be signed in Saudi Arabia, SABB will ...

Businesses around the world are optimistic about their growth prospects in spite of the ever-expanding list of disruptions to trade, according to research from HSBC. The HSBC Navigator: Voice of Business report, which polled over 7,350 business decision-makers from 14 global markets, found that businesses expect to boost sales by an average of 19% in ...

Climate campaigners are calling on major US retailers to switch to zero-emissions shipping practices as a matter of urgency, after estimating that four companies accounted for 20 million tonnes of carbon emissions in just two years.  A report published this week by Ship It Zero, a coalition of environmental campaign groups such as Stand.earth and Pacific Environment, calls ...

The European Union has tabled reforms requiring traders and producers to assess commodity supply chains for deforestation risks, though campaigners have criticised the decision not to apply the new rules to banks.  Draft legislation proposed by the European Commission last week introduces mandatory due diligence rules for companies selling commodities deemed high-risk – including soy, beef, ...

Seven European countries have pledged to promote reforms and encourage green incentives in the export credit sector, but dashed campaigners’ hopes that they would axe public finance for fossil fuels more quickly than the end of 2022 deadline set at the Cop26 conference. The Export Finance for Future (E3F) coalition, initially comprising Denmark, France, Germany, ...

The Japan Bank for International Co-operation (JBIC) has arranged a US$3bn loan in favour of Abu Dhabi’s state oil company, an exporter of crude oil to Japan. JBIC, a public finance institution, is providing US$2.1bn of the total financing sum, with the remainder being lent by commercial lenders SMBC, Mizuho, MUFG and HSBC’s Tokyo branch. ...

BNY Mellon has completed its first trade finance deal using CME Group’s secured overnight financing rate (SOFR), as global banks ramp up preparations for the phasing out of Libor-based transactions.  The New York-headquartered lender announced last week it had issued a trade finance loan with Brazil’s Banco Bradesco using the SOFR reference rate, which was recommended ...

Investec Bank has closed a sustainability-linked term loan, securing a US$600mn facility from 22 banks. The South African lender will use the financing for corporate purposes and for refinancing a US$500mn syndicated term loan signed in November last year. This year’s facility was significantly oversubscribed, having been launched at US$300mn. It has a tenor of ...