Page 29 - Personal Data Held News Today

An Australian agriculture finance provider is suing  insurer the Bond and Credit Company (BCC) for refusing to honour a claim for A$7.3mn owed by collapsed Dubai-based commodities trader Phoenix Commodities. The legal wrangle highlights the ongoing fallout from the demise of Phoenix, a trading conglomerate that reportedly owed US$1.2bn to creditors when it entered liquidation ...

A coalition of banks last week committed themselves to achieving net zero greenhouse gas emissions by 2050 and adopting interim targets much sooner. But a glaring absence of banks from major polluting countries in the Asia Pacific and criticism of its conservative ambitions has undermined confidence in the alliance.  The Net Zero Banking Alliance (NZBA) was launched on April 21 by the United Nations Environment Program’s Finance Initiative and comprises 43 banks from 23 countries.  Hailed b...

The European Union’s proposed new scheme to impose levies on carbon polluting imports in a swathe of sectors risks “unfairly penalising” developing countries, a new report from the Centre for European Reform (CER) think tank says. Last month, the European Parliament adopted a resolution backing the launch of a carbon border adjustment mechanism (CBAM) which will charge certain types of imports from “less climate-ambitious countries”. The European Commission is now set to table legisla...

Lee Si Ye, deputy managing director of Envy Group – a cluster of Singapore-based companies accused by state police of defrauding investors – says in court documents seen by GTR that the companies are “likely to become unable to pay their debts as they fall due”. The scheme involved Envy Group companies purchasing nickel at a discount from Australia-based supplier Poseidon, which would then be sold onto other parties including BNP Paribas and Singapore-based trading company Raffemet, L...

Crédit Agricole CIB has signed its largest ever synthetic risk transfer (SRT) with the International Finance Corporation (IFC), as it seeks to expand its trade finance activities in emerging markets. The structured finance transaction will see the IFC provide a US$182mn guarantee on a US$4bn-equivalent reference portfolio composed mostly of Crédit Agricole CIB trade finance ...

Swiss-Italian shipping giant MSC, a member of blockchain-powered global trade platform TradeLens, is introducing Wave BL’s electronic bill of lading (eBL) for its customers around the world, following two years of pilot testing. The solution, which MSC is launching today, uses distributed ledger technology to enable shippers and other supply chain stakeholders to receive and transmit the bill of lading electronically through a secure, decentralised network – helping reduce delays caused by ...

Masanori Okada, a professor at Waseda University, left, and Ryuichi Ozawa, a professor at Jikei University School of Medicine, center, explain their request for the government to disclose documents related to their membership rejection to the Science Council of Japan in Tokyo on April 26. (Yu Kamata) Six scholars have threatened legal action against the government if it refuses their information-disclosure request to find out why Prime Minister Yoshihide Suga rejected their memberships on the S...

UK Export Finance, the state-owned export credit agency, is facing a review of its decision to back Total’s US$20bn liquefied natural gas project in Mozambique’s Cabo Delgado province. It follows a barrage of criticism directed towards the agency by UK MPs and activists for its continued support of overseas fossil fuel deals. Friends of the Earth, an NGO, has been given the go-ahead for a judicial review that will examine the judgment taken by UKEF to provide around US$1bn of taxpayer mone...

Danish wind giant Vestas has signed a bumper accounts receivables facility to allow it to extend payment terms for exports of its wind turbines to three Australian wind farms. The facility, valued at A$415mn, will be used for purchasing receivables on a limited recourse basis arising out of the supply and installation of Vestas’ wind turbines for the Ryan Corner, Hawkesdale and Berrybank Two wind farms in the Australian state of Victoria. The projects are owned by Australian subsidiaries of G...

The company historically provides payables and receivables financing, but tells GTR ahead of the launch that expanding into inventory financing “will enable Taulia to provide its global customer base with solutions that cover all three areas of the cash conversion cycle”. Chief executive Cedric Bru says an estimated US$44tn is “locked in supply chains” at any given moment, telling GTR: “The journey we are on here is to unlock some of that working capital.” The new business line wi...