Page 24 - Personal Data Held News Today

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 ...

Companies linked to Singapore trade finance platform Triterras have sought to take control of several insolvent traders in India, despite historic accusations of fraud against those firms, documents show.  Corporate registry information and stock exchange filings show that two Hyderabad-based trading companies – Sujana Universal and Splendid Metals – have already been taken over by a Triterras-related company in recent ...

Deutsche Bank and global commodities trader Mercuria have settled a US$21mn dispute stemming from the Qingdao metals scandal exposed in 2014, court documents show. Mercuria filed a claim against the German lender in London’s High Court in November 2019, seeking damages, interest and costs over a 2014 deal in which Mercuria paid the bank for ...

Chinese banks have a “dismal” rate of engagement with concerns about the human rights impacts of their overseas investments, a new report says. The London-based Business and Human Rights Resource Centre (BHRC) says China’s banks, including private, state-owned and development banks, have responded to only one of 20 requests to answer to human rights concerns ...