Page 22 - Personal Data Held News Today

Nordea has hired Pär Ullbro as its new head of trade solutions, starting in March 2022. Ullbro has spent the last 14 years at Norway’s DNB, most recently as head of working capital solutions for Northern Europe. At Nordea, he will report to head of transaction banking Erik Zingmark. “Pär comes with extensive experience in ...

The supply chain bottlenecks that have become a fixture of global trade will persist well into next year, according to industry forecasts, but are likely to ease by the start of 2023. A sudden plunge in goods demand at the beginning of the coronavirus pandemic last year, followed by an equally sharp revival, helped set ...

Oil exports from the Amazon are being driven by demand from refineries in California, researchers have found, as the Ecuadorian rainforest overtakes Saudi Arabia as the state’s largest supplier of foreign crude.  Research published by Stand.earth and Amazon Watch finds that half of all crude oil exported from Amazon regions ends up at refineries in California. The vast ...

A London insurance broker is no longer liable for part of a £31.3mn loss suffered by Dutch bank ABN Amro in a commodities finance arrangement that came unstuck. In a December 2 judgement, the UK Court of Appeal reversed a High Court ruling last year that found trade risk specialist Edge Brokers was liable for £3.3mn ...

The UK government’s rush to secure new trade agreements means it may not be doing enough to ensure companies can take advantage of deals already reached, according to an independent audit.  A report published today by the National Audit Office (NAO), a public spending watchdog, says officials have made “significant progress” in running multiple trade negotiations at the same time.  The ...

Danish export credit agency EKF has signed its largest ever export loan for the construction of a high-speed railway project in Turkey. The agency is lending €576mn to the Turkish finance ministry for the project. The loan is classified as green because the electric railway is categorised as sustainable under the EU’s sustainable financing taxonomy. ...

Trade finance marketplace LiquidX has launched an automated digital distribution tool for trade finance assets, as part of efforts to do away with inefficient paper-based processes. The fintech company says that US$400-500bn of bank-intermediated trade finance is distributed annually, predominantly manually. Its solution addresses this by allowing banks and asset managers to initiate single-click trading ...

British Arab Commercial Bank (BACB) has hired Paul Jennings as chief banking officer and deputy chief executive.  Jennings previously spent more than 21 years at ABC Bank, most recently as managing director and chief executive. He was also group head of the bank’s global trade finance business between 2005 and 2015.  BACB, which specialises in supporting trade in ...

Global commodities trader Mercuria has closed an oversubscribed US$2.2bn revolving credit facility from a group of banks in North America. Financing will back the company’s working capital needs in the region, as well as wider efforts to boost Mercuria’s renewable portfolio on the continent and transition towards greener business. The multi-year senior secured borrowing base ...

The trade of merchandise goods hit a record US$5.6tn in the third quarter of 2021, according to the UN, but concerns are growing that the Omicron variant of coronavirus could disrupt supply chains and threaten further recovery. World trade is continuing its strong recovery from the pandemic, states the United Nations Conference on Trade and ...