As the Chinese currency continues to perform strongly against the dollar, large corporates trading into and out of China are reportedly looking to ramp up their use of yuan-denominated trade finance products. Yet concerns remain over the potential impact a burgeoning Chinese currency could have on smaller domestic exporters.
The renminbi (Rmb) has risen markedly since the early months of last year. At that time, the Chinese currency fell to its weakest point against the greenback since 2008 as concerns over the spread of Covid-19 led to lockdown restrictions in provinces across the country.
The currency plunged to 7.16 against the US dollar in May, and stood at 6.86 in January last year. The latest recorded data from the Bank of England shows that the
Last year, the platform’s
financial future looked uncertain, after funding raised from some shareholder banks proved lower than expected, with many opting not to reinvest in recent rounds. At the same time, a potentially significant injection of funding from Euler Hermes – believed to be in the region of €2-3mn – did not materialise. As a result, we.trade was forced to cut around half of its workforce and turn its focus to bringing in new additional funding from shareholders and licensees.
A source close to we.trade’s operations tells
GTR that IBM,
which took a 7% stake in the company last year, agreed to defer certain financial obligations owed to it by we.trade, paving the way for the company’s board to chart a financial way forward.
KPMG has resigned from its role as independent auditor to Triterras, amid accusations that the Singapore-based fintech misled investors over transactions on its blockchain platform Kratos.
In a filing to the US Securities and Exchange Commission (SEC), Triterras says it received formal notice of KPMG’s resignation on January 20.
The filing does not give a reason for the decision, but in a separate statement Triterras says that “for some time, there has been consideration and discussion with respect to replacing the independent accountants of the company for various considerations”.
The only reason outlined in that statement is an attempt to separate the operations of Triterras from Atanium, previously known as Rhodium Resources. Rhodium’s founder and chief executive, Srinivas Koneru, is also founding CEO of Triterras.
A group of African banks has signed a US$194mn senior debt facility to rehabilitate the Beitbridge border post, a crossing that connects Zimbabwe and South Africa.
Rand Merchant Bank (RMB) acted as co-ordinating bank and sponsors’ advisor and, along with Absa, Nedbank and Standard Bank, was a mandated lead arranger (MLA).
The African Export-Import Bank (Afreximbank) and the Emerging Africa infrastructure Fund (EAIF) were senior lenders, with the latter also acting as a mezzanine lender.
The senior debt facility makes up the majority of the US$297mn project cost; the outstanding balance was obtained via a mezzanine debt of US$22mn and through equity.
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