Page 36 - Personal Data Held News Today

GTR can reveal. Court documents filed by GP Apac – a Singapore subsidiary of UAE-based oil giant GP Global Group – describe how the company ran into financial difficulties during 2020, prompted by pandemic-related disruption, a drop in demand for oil products, record low oil prices and Its chief restructuring officer and sole director, Rod Sutton of FTI Consulting, says evidence then emerged of “irregular commodity trades and/or fictitious trades where there was no actual transfer of any...

Impello Global, a trade finance advisory group and trade credit insurance brokerage headquartered in Seattle, has hired Matthew Handwork as its new head of structured trade finance. Starting with immediate effect, Handwork will work with lenders and manufacturers to grow the firm’s structured trade finance business globally. He will continue to be based in Columbus, Ohio. Handwork moves from his position as senior vice-president for credit specialties at Marsh JLT Specialty, a post he had bee...

In the latest episode of the GTR News Brief, host Felix Thompson gives a breakdown of recent major stories in trade and trade finance news as covered by GTR. After months of deadlocks, the World Trade Organization has named Nigeria’s Ngozi Okonjo-Iweala as its seventh director general. Global commodity trader Trafigura is set to secure a new sustainability-linked ...

The number and severity of attacks on vessels by pirates in the Gulf of Guinea are increasing, posing a threat to global trade and the safety of seafarers working in the region, according to the International Maritime Organization (IMO). In a letter to all agencies of the United Nations (UN) dated February 10, IMO secretary-general ...

HSBC and Qatar Islamic Bank (QIB) have closed an Islamic trade finance facility worth US$100mn. The financial institutions refinance trade facility is a new addition to HSBC’s Islamic product suite, according to a press statement by QIB. “We are very proud that QIB is the first bank in the region to complete an Islamic trade ...

Global commodity trader Trafigura is set to secure a new sustainability-linked revolving credit facility (RCF) as it works to cut its carbon footprint and boost renewables, though the firm says it has no plans to shift away from oil in the coming years. Having published its first ever emissions reduction target in a responsibility report last month – which will see the commodity trader work to cut its own direct and indirect emissions by 30% in the next three years – Trafigura is preparing ...

Global shipping company Hapag-Lloyd has secured an export credit agency (ECA)-backed syndicated green loan from a group of nearly a dozen banks. BNP Paribas and German development bank KfW Ipex-Bank structured and coordinated the US$417mn facility, which will be used to finance the firm’s purchase of three container ships from South Korea. Nine other banks took part in the deal, which has a 12-year maturity date and is backed by the Korea Trade Insurance Corporation (K-sure). This particular ...

BNP Paribas has announced plans to cut financing to companies involved in Brazilian deforestation, though investigative campaign groups say the commitment is “weak” and lacking in urgency. According to a statement issued by the bank on February 15, financial products or services will only be provided to companies that have a strategy to achieve zero deforestation. The strategy must be in place by 2025, and be effective across their production and supply chains. The measure targets producers...

US authorities say companies in Iran are using forged shipping documents, vessel impersonation techniques and UAE-based front companies to circumvent sanctions and export oil. The US Department of Justice makes the allegations in a forfeiture claim filed in early February. It is attempting to seize 2 million barrels of oil currently aboard Achilleas, a Liberia-flagged tanker, that it says originates in Iran and is being sold to support the Islamic Revolutionary Guard Corps (IRGC), which it has ...

After a series of pilot transactions, FQX, a Swiss-based fintech focused on electronic negotiable instruments, has launched its electronic promissory note, or eNote, solution into the global market, bringing a 2,000-year-old debt instrument into the digital age. First used during the Han Dynasty in 118 BC, promissory notes are negotiable instruments that enable companies and individuals to obtain finance based on an unconditional promise to pay. Much like other paper-based trade processes, prom...