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The Multilateral Investment Guarantee Agency (Miga) has issued a guarantee to JP Morgan for a loan that it is providing to a Colombian state-owned enterprise for a new port in Antioquia. The Miga guarantee covers a US$103.7mn facility being provided by JP Morgan to Financiera de Desarrollo Nacional (FDN), a government-backed infrastructure development bank, which ...
Proposed changes to the treatment of trade finance in the EU’s capital requirements regulations could push up financing costs for businesses and allow insurers a bigger slice of the guarantees market, banks and borrowers claim. The European Commission published the final text of its proposed changes to the Capital Requirements Regulation (CRR) in October last ...
The International Civil Aviation Organization (ICAO) and the United Nations Economic Commission for Europe (UNECE) have released new digital air cargo technical specifications guidance that they say will help to accelerate the transition away from long-standing paper-based documents. The specifications, which cover three main documents – the air waybill (AWB), dangerous goods declaration (DGD), and ...
Global trade credit insurer Euler Hermes has made two senior appointments, naming Jennifer Baert as the group’s general counsel and Riccardo Rosa CEO of its World Agency division. As part of a change in the Euler Hermes group’s leadership team, Baert will start in the newly-created role this month and takes charge of the credit ...
Banks caught up in money laundering scandals suffer an average 21% slump in their share price, researchers say, as warnings grow over regulatory scrutiny of the trade finance sector. Penalties for anti-money laundering (AML) failings worldwide totalled around US$2.2bn in 2020, and another US$1bn in the first half of last year, according to a paper ...