Several European lenders have vowed to cut financing immediately for crude oil trade transactions in Ecuadorian parts of the Amazon rainforest, environmental campaigners have revealed.
Campaign groups Stand.earth and Amazon Watch say in a new report that BNP Paribas, Credit Suisse and ING have confirmed in writing that no new transactions will be accepted that involve the sale of such oil.
The trio were previously responsible for financing sales of Amazon oil to buyers in the US worth a total of US$5.5bn since 2009, equivalent to more than 50% of all financing provided for such trade, the report says.
The announcement follows an investigation last year into 19 lenders, which found that BNP Paribas, Credit Suisse, ING, Rabobank, UBS and Natixis together had facilitated 85% of all bank-financed trade linked to Amazon oil “despite having policies on advancing human rights, sustainability, and climate change”.
Insurance firm AIG has hired Corine Troncy as global head of trade credit.
In her new role, Troncy will move to London from Stockholm, where she is located on an interim basis. Her appointment came into effect on January 25.
For nearly 30 years until the end of last year, Troncy worked at credit insurer Coface. Having held many senior roles at the firm around the world, including as CEO of Sweden and Finland and regional chief revenue officer for North America, her most recent position was group executive committee special advisor.
During her time at Coface, Troncy set up new operations across the globe and turned previously non-profitable subsidiaries into larger, scalable entities.
UKtech50 2021: Vote for the most influential person in UK technology
Our judges have picked a shortlist, and now we invite readers to tell us who should be chosen as the most influential person in the UK tech scene for 2021 – submit your vote now
Share this item with your network: By Published: 21 Jan 2021 14:04
Computer Weekly has opened voting for the annual UKtech50, our definitive list of the movers and shakers in UK technology – the CIOs, industry executives, public servants and business leaders driving forward the UK’s digital economy.
Whoever tops the list will be the person who, in the opinion of our judges and readers, holds the most influence over the future of the UK tech sector in 2021 – and hence the future of IT professionals across the country.
Already facing
legal challenges over the extent of its ties to Rhodium Resources, Singapore-based Triterras saw its share price plunge by around 25% on January 15 following the publication of a short seller report by hedge fund Phase 2 Partners.
Following analysis of transactions recorded publicly on the Ethereum blockchain, the fund alleges that nearly two-thirds of Kratos-based trades between June 2019 and August 2020 were carried out by companies controlled by Srinivas Koneru and Rick Maurer.
Koneru is chairman and chief executive of Triterras, as well as the founder and CEO of Singapore-based commodities trader Rhodium.
Maurer is chief executive of Netfin, a special purpose vehicle that acquired Triterras in November. He is also founder, chairman and group CEO of Longview Resources.
Saudi Arabia’s ministry of finance has inked a US$3bn untied loan agreement with nearly a dozen international banks and the Republic of Korea’s official export credit agency (ECA).
Korea Trade Insurance Corporation (K-Sure) will provide insurance cover for the total transaction, which aims to boost Korean exports to the Middle Eastern country.
Crédit Agricole CIB acted as exclusive ECA co-ordinating bank, structuring and documentation bank, agent, as well as bookrunner and mandated lead arranger (MLA) for the deal.
Banco Santander, Credit Suisse, Deutsche Bank and Société Générale all participated as bookrunners and MLAs, while BNP Paribas, BBVA and SMBC Bank International acted as MLAs.