Page 37 - Personal Data Held News Today

British exporters need the UK to sign more trade deals if they are to trade their way back to profitability following the double whammy of Brexit and the Covid-19 pandemic, according to new data from HSBC. In a recent survey of 1,000 UK businesses, conducted by polling firm YouGov in January for HSBC UK, 62% say that free trade agreements will be important to growing profits in the future, while just over a third say that they would want a trade deal to be in place before they would consider a ...

Foreign businesses and investors that bet on a democratic Myanmar have been left rattled and are exiting the country, following a military coup in which the leader of the ruling National League for Democracy (NLD) party Aung San Suu Kyi was detained. The Tatmadaw, Myanmar’s military, took control of the government by force at the ...

The Multilateral Investment Guarantee Agency (Miga) has issued guarantees to Citi and Commerzbank for loans that they are providing to a state-owned Paraguayan bank in a bid to inject US dollar liquidity into Paraguay’s export sector and help the country’s economy bounce back from the Covid-19 pandemic. As part of its Covid-19 response programme, Miga has agreed to back loans worth up to US$101mn from the two banks to Banco Nacional de Fomento (BNF), enabling the local bank to provide betwe...

Taiwan’s central bank has taken enforcement action against six banks, including Deutsche Bank, ING and ANZ, for letting commodity traders route transactions through Taiwan to speculate on local currency rates. In a February statement, the authority says the banks had accepted a large number of forward positions denominated in new Taiwan dollars, but related to trades that did not take place in Taiwan. Eight major Asian food producers are accused of using foreign grain trades – the Central B...

HSBC has partnered with HKTVmall, a Hong Kong-based online shopping and entertainment platform, to provide a new digital trade finance solution to e-commerce sellers. The collaboration will enable HKTVmall’s vendors, which include electronic appliance sellers, fashion retailers, and consumer goods providers, to access finance without having to provide collateral or financial documents. Instead, HSBC will use merchant data from HKTVmall, including turnover and refund records of different types...

Fintech company Trade Ledger has raised £13.5mn in series A funding. The round was led by Point72 Ventures, a venture capital firm, with participation from Foundation Capital, Hambro Perks and Court Lorenzini, the founder of DocuSign. Other existing investors were also involved. Established in 2016 by CEO Martin McCann, Trade Ledger’s corporate banking platform supports ...

Dialogue Exchange, a UK-based independent credit and political risk insurance platform, has created a set of free, open common standards for single credit risk insurance, as part of wider efforts to bring the market into the digital age. Launched today, the single risk credit data standard sets out unified terms for field names, counterparty industries and cover required for structured credit transactions across a number of deal types. The aim, Dialogue CEO Ben Heaney tells GTR, is to reduce a...

Weitzel announced he was leaving his role as cluster lead of trade finance at the bank to join Surecomp, a provider of trade finance systems to banks and corporates, at the end of last year. Motel has held various senior roles during his 11 years at Commerzbank. Before his new appointment, effective February 1, he was country CEO Asean, based in Singapore. He also previously worked as head of financial institutions at the bank. Prior to joining Commerzbank, Motel was head of relationship manag...

A managing partner and chief investment officer of New York-based trade finance lender International Investment Group (IIG) has pleaded guilty for his part in a Ponzi-like scheme to defraud funds and investors. According to a release from the US Department of Justice (DoJ), IIG co-founder David Hu accepted that over the course of more than a decade, he defrauded IIG funds and investors out of more than US$100mn by, “among other fraudulent actions, creating fictitious investments and overvalui...

There was also a change in the lenders involved, with ABN Amro and JP Morgan replaced by Banque de Commerce et de Placements and Sberbank. Marc Pfefferli, group treasurer of MET Group, says: “MET has once again demonstrated a strong relationship with its banking partners. Despite a challenging environment, the pricing of the facilities remained identical as in the previous year.” Pfefferli tells GTR that there has been a drop in risk appetite among major banks in the broader commodity and ...