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Banks may struggle to detect fraud and comply with sanctions regulations, risking heavy fines and losses, due to a sudden inability to track thousands of vessels in Chinese waters over the last month. In late October, vessel tracking firms began registering a drop-off in data transmitted through receivers on the ground in China. The receivers ...
High freight rates and shipping congestion issues are now expected to continue into mid-2022, experts are warning, particularly if the Omicron coronavirus variant prompts fresh containment measures in the US or China. Though global trade volumes have recovered sharply since the 2020 slowdown, this year has been characterised by logistic and cost issues affecting maritime goods trade. Despite price freezes ...
Credit insurance and surety specialist Xenia has bought Peter Hill Credit & Financial Risks, a specialist trade credit insurance and surety broker, marking its seventh acquisition since it was set up two and a half years ago. Xenia was formed by managing general agent Nexus Group in 2019 as part of Nexus’ plan to continue ...
Russian gas producer Novatek’s controversial Arctic LNG project has secured a bumper financing package from a group of international lenders, including the Japanese export credit agency (ECA) and Chinese and Russian state banks. The firm announced this week that it had obtained the necessary external financing for the project after signing loan agreements worth €9.5bn. ...
The Saudi British Bank (SABB) has completed its first sharia-compliant supply chain finance (SCF) transaction, as it works to boost support for clients sourcing goods both domestically and internationally. As part of a deal signed in September, which the bank says is the first sharia-compliant SCF agreement to be signed in Saudi Arabia, SABB will ...