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French banking giant Crédit Agricole has lost an attempt to claw back US$23.6mn it lost as part of a fraud perpetrated by collapsed Singapore commodities trader ZenRock. In a judgement handed down in the Singapore International Commercial Court last week, Judge Jeremy Cooke denied the lender’s attempt to force Japanese energy trader PPT Energy to ...
Soaring oil prices are not necessarily good news for large commodity trading houses hoping to replicate last year’s record profits, experts believe. The international Brent crude benchmark rose above US$88 a barrel this week, its highest level in more than seven years, prompting suggestions it could top US$100 in the coming weeks. The price surge ...
A planned European Union law requiring large and businesses and financial institutions to conduct human rights and environmental due diligence should also apply to export credit agencies (ECAs), activists say. The European Commission is currently working on a legislative proposal for mandatory due diligence which will require firms to assess the human rights and environmental ...
HSBC has appointed Patricia Gomes as regional head of commercial banking for the Middle East, North Africa and Turkey (Menat). Based in Dubai, Gomes takes over the role from Daniel Howlett, who is currently working with her during the transition process. She joins the Menat business from North America, where she was most recently regional ...
The number of suppliers taking early payment after invoice approval has doubled over the past five years, according to fresh research from supply chain finance (SCF) provider Taulia. The San Francisco-headquartered fintech says in a paper published this week that 38% of suppliers surveyed currently make monthly use of early payment programmes, up from 19% ...