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Joe Biden has been sworn in as the 46th president of the United States, bringing hope for a more diplomatic and predictable environment for one of the world’s most powerful trading nations. President Biden takes the reins of a country in turmoil because of the pandemic – the US has recorded more than 400,000 deaths ...

CDC Group, a publicly funded development finance institution, has moved to support the Eastern and Southern African Trade and Development Bank (TDB) with a new US$100mn finance facility. The agreement aims to boost TDB’s capacity for providing credit to African businesses in need of short-term financing, and who are grappling with the economic impact of Covid-19. According to a statement from the parties, the commitment will provide top-up loans and much-needed capital to new and existing TDB...

In its 16th annual Global Risks Report, the World Economic Forum (WEF) has stressed the inequalities and challenges that countries and their exporters face in their recovery from the pandemic, as well as the continued threat to business of climate change and geopolitical tensions. According to the research, in the short term, infectious diseases and ...

Trade finance technology firm Traydstream has hired Jerry Shikhule as a global sales and origination lead for Africa, based in Nairobi. Having started last week, Shikhule reports to Traydstream’s chief revenue officer (CRO), Uzair Bawany, and is responsible for banks and corporates on the continent, with a primary focus on deal origination. A spokesperson for Traydstream says that the hire marks the start of the firm’s expansion in Africa, as it looks to build on its existing client base. T...

British manufacturers say that adapting to a new trading relationship with the EU poses the greatest risk to their 2021 business plans, despite the two parties agreeing a last-gasp trade deal in late December. According to a major industry survey carried out by PwC and Make UK, a trade body representing the manufacturing sector, businesses “will again be faced with a myriad of challenges” this year after months of adapting to Covid-19 containment measures. However, with a vaccine on the hor...

The trade finance arm of Africa Merchant Capital (AMC) has hired Richard Ngumi as a transactor. Having started in the London-based front-office role last week, Ngumi reports to AMC Trade Finance (AMCTF) commercial manager Paul Levy, and is tasked with originating trade finance deals into and out of Africa. Ngumi moves to AMC from renewable energy firm Dream EP Global Energy Kenya, where he had been serving as a consultant for over two years. He worked as a freelance finance consultant for nearl...

After much anticipation, the African Continental Free Trade Area (AfCFTA) came into effect on January 1, eliminating tariffs on 90% of goods produced on the continent. But for the agreement to be successful, countries must address more nuanced non-tariff barriers and build regional value chains. Having been pushed back six months from its initial implementation date, trading under the AfCFTA has commenced. All African Union members but one, Eritrea, have signed the deal, and 34 out of 54 sign...

A raft of new US sanctions guidance and designations made 2020 a challenging year for banks involved in trade finance, yet the overall value of financial penalties handed out was low. GTR speaks to legal experts about recent enforcement trends, the challenges facing trade finance lenders, and the likely impact of the incoming Biden administration. The total value of settlements and fines paid to the Office of Foreign Assets Control (OFAC), the US’ fearsome sanctions regulator, was US$23.6mn ...

Related News Global law firm Willkie Farr & Gallagher has appointed Britt Mosman as a partner in its global trade and investment practice group, based in Washington, DC. Mosman joins the firm from the US Department of the Treasury, where she had been an attorney advisor, providing counsel on economic sanctions and national security matters. Before this, she had worked as a senior associate at international law firm Davis Polk and Wardell for six years, advising banks and corporates on compli...

Law firm Sullivan has promoted Sam Fowler-Holmes to partner in its trade finance group. After starting his career at Dentons, Fowler-Holmes joined Sullivan as an associate in 2013. He specialises in structured and unstructured trade, commodity and export finance, advising both financial institutions and corporate clients on a range of products including pre-export and prepayment financing, letter of credit and payment instrument facilities, and working capital and borrowing base financings. Fol...