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The head of collapsed Dubai commodities trader Phoenix has been ordered to pay just over US$19mn to Maltese lender Fimbank after the firm failed to repay money it owed under a trade finance facility. The default judgement was handed down in the Dubai International Financial Centre Courts on January 28 after Gaurav Dhawan, Phoenix’s executive ...
The European Bank for Reconstruction and Development (EBRD) has appointed Nana Khurodze as associate director and senior banker in its Trade Facilitation Programme (TFP). Before joining the EBRD, Khurodze spent just over six years at the Asian Development Bank, leading that institution’s trade finance programme in the Caucasus, Central Asia, Mongolia and Pakistan. Based in ...
The decision by Western countries to halt overseas fossil fuel financing has sparked alarm among Africa’s largest hydrocarbon exporters. But plans are afoot to create a new pan-African energy bank that can tackle waning oil and gas investment and drive up production across the continent. According to local media reports in Nigeria, the Nigerian National ...
Blockchain platform MineHub is further branching out into the financial aspect of the metals and mining supply chain, with the formation of a joint venture with asset management firm Kimura Capital. Under the joint venture, the two sides will collaborate on the launch of the Syndication Application, a standalone platform that will enable investors to ...
Commercial banks lent over US$1.5tn to companies in the global coal industry between 2019 and 2021, according to new research, despite a flurry of commitments to ease away from the sector and aim for net-zero emissions. Yesterday, a coalition of NGOs published an analysis of data compiled by Dutch sustainability research firm Profunda, which suggests ...