Australia’s Capitalist Finance Sector: Deception, Exploitation and Misdirection of Financial Resources
by Trotskyist Platform / May 11th, 2021
In recent years, the ripping off of customers, deceit and even outright fraud practiced by Australian finance sector businesses has gained much attention. Four years ago it was revealed how CommInsure, the insurance arm of the Commonwealth Bank of Australia (CBA), had refused to make promised life insurance payments to heart attack survivors. They “justified” this by using a definition of a heart attack that was so dodgy that even some people who had
such a severe heart attack that they had to be resuscitated were denied their entitled pay outs! Such devious practices have been undertaken by finance sector enterprises big and small – from the big four banks and insurance giants to brokers and loan enablers and to retail businesses that hand out loans. As a result the banks, insurance companies and the brokers and others connected t
HSBC facilitates global steel industry first with blockchain trade finance deal between UAE and India
HSBC has successfully executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes & Plastic Industries Ltd. and India’s Tata Steel Ltd. – a global first for the steel industry.
The Contour blockchain platform enabled end-to-end digitisation of the documentation required for Universal Tubes to import its order of flat carbon steel to the UAE from Tata Steel in India. The transaction is a real case scenario of the operational viability of blockchain as an alternative to conventional exchanges of paper-based documentation.
Sunil Veetil, Regional Head of Global Trade & Receivables Finance (GTRF) at HSBC, Middle East, North Africa and Turkey, said: “We are delighted with Universal Tubes’ and Tata Steel’s decisive action to conduct this trade over Contour, which reinforces the commercial and operational viability of blockchain and the Co
Tata Steel, HSBC execute paperless trade transaction - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Tata Steel together with HSBC has executed a blockchain-enabled, paperless trade transaction a global first for the steel industry. The live trade finance transaction involved the export of steel by Tata Steel, India to Universal Tube & Plastic Industries, UAE, the steel producer informed via release today. The end-to-end paperless trade transaction, executed over the Contour platform was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The Letter of Credit (LC) was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer) with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).
In a first, Tata Steel, HSBC execute blockchain-enabled transaction Tata Steel and HSBC successfully executed a blockchain enabled transaction, a global first for the steel industry. This transaction was executed on Contour s blockchain platform, a statement said.
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Tata Steel along with HSBC has executed a blockchain-enabled trade transaction a global first for the steel industry. Tata Steel and HSBC successfully executed a blockchain enabled transaction, a global first for the steel industry. This transaction was executed on Contour s blockchain platform, a statement said.