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London-headquartered payments company 3S Money has launched a trade finance fund providing multi-currency loan facilities for SMEs struggling to access support from international banks. The fund is managed by 3S Capital Partners, a wholly owned subsidiary based in the Netherlands and aims to lend at least £100mn over the next three years to smaller and ...
Hong Kong-based blockchain consortium Global Shipping Business Network (GSBN) has announced it is looking to deploy its Cargo Release solution across Europe, having kickstarted an initial pilot in the Netherlands. GSBN began trialling the blockchain-enabled application in the port of Rotterdam this month, following the product’s initial rollout across China and other Southeast Asian countries ...
A court in Australia has heard claims that documents underpinning a financing arrangement for collapsed trader Phoenix Commodities may have been fabricated. Australian agribusiness financier Thera Agri Capital is suing insurer the Bond and Credit Company (BCC) over its refusal to pay A$7.3mn (US$5.4mn) under a trade credit policy, after Phoenix defaulted on the payment. ...
The former director of a collapsed UK commodities trading company has hit back at claims by UBS that he allowed company funds to be siphoned off to family members after it became insolvent. UBS alleged in a UK High Court suit last year that Vincom Commodities director Anil Kumar breached his fiduciary duties by supplying ...
Trade experts have welcomed a preliminary agreement by four influential World Trade Organization (WTO) members that would allow companies to produce and export Covid-19 vaccines without falling foul of patent laws. An internal WTO document leaked last week revealed that the EU, India, South Africa and US had agreed to let countries waive intellectual property ...