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The Asian Development Bank (ADB) has announced plans to ban financing of coal mining and power plants, as well as upstream oil and gas activities. But the bank has been urged to proceed with caution and avoid abandoning countries that continue to rely on fossil fuels for energy and exports. In a new draft energy policy report, released last week, the multilateral development bank (MDB) lays out commitments to end financing for “any coal mining, oil and natural gas field exploration, drilling or extraction activities”. Meanwhile, support for “any new coal-fired capacity for power and hea...

Arden Insurance Brokers has hired Richard Miller from PIB Insurance Brokers to head up its new trade credit, political risk and surety team. Starting in the London-based role with immediate effect, Miller is tasked with setting up the unit, which will have a focus on UK businesses looking to sell both domestically and abroad. “Our product suite and range of services will cater for companies of all sizes in a multitude of sectors,” he says. The unit will offer single risk, whole turnover, excess of loss, as well as political risk products, and will also work with financial institutions, Mi...

London-based credit asset manager Channel Capital Advisors has hired Alok Kumar in the newly created role of head of portfolio analysis for trade finance. Having started in April, Kumar has been tasked with working across all of Channel’s trade finance funds, and is responsible for the initial evaluation and structuring of deals, as well as certain aspects of portfolio management activities. He rejoins Channel after a brief stint at cross-border supply chain finance platform Finverity, where he moved to take on the post of chief risk officer in 2019. Kumar spent nearly three years as risk m...

The US, EU and vaccine makers are squabbling over the prospect of waiving intellectual property rights for Covid-19 vaccines. But a waiver is unlikely to have any real effect on ramping up production as it intends, and may not be a realistic prospect for global trade. The US administration last week called to waive IP rights for vaccines, stating that “the extraordinary circumstances of the Covid-19 pandemic call for extraordinary measures”. It added that it will work with the World Trade Organization (WTO) to “make that happen”. The waiver was first proposed to the WTO by India and ...

Rand Merchant Bank has hired Nigel Beck to the newly created role of head of sustainable finance and ESG. Beck joins from Standard Bank, where he has held numerous sustainable trade-related roles over the past 13 years. Most recently, he was the South African bank’s global managing director of sustainable finance and ESG advisory, which saw him advise clients on sustainable products, develop and execute sustainability linked loans and debt facilities, and advise on ESG risk and compliance with Equator Principles and IFC Performance Standards. He has also served as global chair of the Equato...