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Supply chain logjams and macroeconomic headwinds look set to put the brakes on global merchandise trade’s post-Covid comeback, the latest industry data show. According to a new report from the United Nations Conference on Trade and Development (UNCTAD), the overall value of global trade reached a historic high of US$28.5tn last year, an increase of ...
Sinochem, China’s fourth-largest state-controlled oil company, has carried out the country’s first digital warehouse receipt pledge for crude oil, using 66 Cloud Chain, its blockchain-based supply chain infrastructure. The transaction saw Qingdao Taihe Jiabai Energy, a subsidiary of Shandong Jingbo Petrochemical, receive Rmb40mn (US$6.3mn) in financing from Shandong Port Finance Holding by pledging digital warehouse ...
Surecomp, a provider of trade finance systems to banks and corporates, has partnered with Swedish fintech Enigio to add digital original documents into its cloud-based solution. The tie-up embeds Enigio’s trace:original digital trade finance documentation product into the Surecomp system, enabling Surecomp customers to create, manage and exchange digital trade documents such as letters of ...
Governments in the US and Europe are seeking to disrupt Russian exports in response to the country’s aggression in Ukraine, unveiling fresh sanctions targeting its development bank and export credit agency, and halting the approval of the Nord Stream 2 gas pipeline. The measures were announced on yesterday, following President Vladimir Putin’s statement that Russia ...
Japan’s SoftBank has accused Credit Suisse of using court proceedings as a means of “manufacturing claims” against the group, as the Swiss lender continues to pursue losses arising from the failure of Greensill. The dispute relates to a receivables financing arrangement provided by Greensill to US construction company Katerra. Katerra ran into financial difficulties in ...