Page 4 - Exporta Publishing News Today

A UK Court has rejected an attempt by Gazprombank’s Luxembourg subsidiary to force a Swiss-headquartered commodities trader to repay millions of dollars in alleged missed payments, setting the stage for future court action. The UK High Court of Justice has dismissed Bank GPB International’s summary judgement application to secure an immediate payment on dozens of ...

Saudi British Bank (SABB) has completed its first sharia-compliant inventory finance transaction, as it works to further develop its offering for importers and re-exporters in the Kingdom of Saudi Arabia (KSA). As part of a deal signed in March, SABB is providing finance to Saudi Arabian dairy company, Al Safi Dairy, with funding supporting the ...

Russia’s invasion of Ukraine is expected to contribute to a slowdown in global economic growth, push up the cost of trade and exacerbate liquidity shortages in the commodities markets, researchers warn.  Sanctions imposed on Russia by governments in the EU, UK and US are expected to decelerate economic growth, particularly in Europe, according to research ...

Electronic bill of lading (eBL) providers Bolero and TradeLens have entered into a collaboration to connect their respective networks of banks, corporates and supply chain participants. Under the new partnership, the TradeLens eBL– which has thus far largely been targeted towards the shipping industry – will be integrated into Bolero’s Galileo platform, which uses APIs ...

Finastra has appointed Jenny Alexandrou to the newly created role of lead product manager for trade and supply chain finance. Based in London, Alexandrou reports to Anastasia McAlpine, Finastra’s head of product for trade and supply chain finance. Alexandrou joins Finastra after 20 years at software company Temenos. In the new role, Alexandrou says she ...

London-headquartered payments company 3S Money has launched a trade finance fund providing multi-currency loan facilities for SMEs struggling to access support from international banks.  The fund is managed by 3S Capital Partners, a wholly owned subsidiary based in the Netherlands and aims to lend at least £100mn over the next three years to smaller and ...

Hong Kong-based blockchain consortium Global Shipping Business Network (GSBN) has announced it is looking to deploy its Cargo Release solution across Europe, having kickstarted an initial pilot in the Netherlands. GSBN began trialling the blockchain-enabled application in the port of Rotterdam this month, following the product’s initial rollout across China and other Southeast Asian countries ...

A court in Australia has heard claims that documents underpinning a financing arrangement for collapsed trader Phoenix Commodities may have been fabricated. Australian agribusiness financier Thera Agri Capital is suing insurer the Bond and Credit Company (BCC) over its refusal to pay A$7.3mn (US$5.4mn) under a trade credit policy, after Phoenix defaulted on the payment. ...

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 ...