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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 ...
A UK High Court judge has found that ED&F Man was the victim of a warehouse receipts fraud that ensnared multiple banks in 2017, and has awarded the commodities trading house US$282mn in damages. The fraud, which became public in mid-2017, involved nickel stored at London Metals Exchange warehouses across Asia. It rattled a commodities ...
The first transactions have been completed on receivables finance company Polytrade’s newly launched technology platform, which works to link cryptocurrency investors to real-world trade finance assets. The trio of deals, completed earlier this month, supported sales by Indian companies to buyers based in the UK, New Zealand and the US. A spokesperson for Polytrade tells ...
DNB has promoted Georgina Rush to the position of head of working capital solutions, based in Stockholm. Rush was previously a vice-president in the working capital unit, joining the Norwegian lender in 2018 from Lloyds Bank in the UK. Rush is already working in the role and reports to Axel Berning, DNB’s head of transaction ...