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May
INTL FCStone expands trade and export finance group with three additions to INTL Provident Group USA.
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IsDB Group and Niger sign deal to support food security through Islamic Trade Finance Corporation.
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Banque de Commerce et de Placements has named its new head of commodity trade finance.
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RBS and development finance institutions FMO and DEG, have combined to arrange a loan facility for an Indonesian vehicle finance institution.
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HSBC has launched a AED1 billion trade fund for SMEs in the UAE open to new and existing customers with cross border trading requirements.
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FMO, the Netherlands development finance company, has arranged a syndicated loan for Khan Bank in Mongolia, the first of its kind in the country’s history.
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KfW IPEX-Bank has put forward funding for the supply of parts for the construction of the Istanbul metro.
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Laurent Mignon appointed chairman of the board of directors of Coface.
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Development finance institutions, Proparco, DEG and FMO have committed financing for the extension of a combined cycle power plant in Indonesia.
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Global Business Intelligence (GBI) has published the third edition of its supply chain finance guide focussing on the impact of the Basel capital accord on trade credit and issues from both a buyer-centric and seller-centric model.
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The US Senate has followed the House of Representatives in voting to renew the charter of the Export-Import Bank of the United States.
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Leading infrastructure and natural resources finance lawyer moves to law firm Vinson & Elkins.
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JBIC has signed agreements for equity participation in fund Japan Infrastructure Investment Partners.
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The value of US exports hit record levels in March 2012, reaching $186.8 billion.
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Citi has appointed a new head of corporate and investment banking for the Philippines.
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US Ex-Im has announced it will be offering greater access to credit risks and financing to business aircraft and helicopter manufacturers.
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Sweden’s export credit agency, EKN, reports a continuation of the sustained high demand for guarantees and services through the first quarter of 2012.
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Finacity and NordLB increase a trade trade receivables securitisation facility for German-headquartered shipping company Hapag-Lloyd Group.
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Turkish Airlines has secured financing for an Airbus 321 aircraft from CIC, ING and NordLB in deal backed by German ECA Euler Hermes.
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Rusal nominates Nord Stream CEO as non-executive director.
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The Export-Import Bank of the United States has approved guarantees on a $350 million loan to assist Textron Inc with exports by two of its companies.
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The World Bank’s MIGA is providing guarantees to investment supporting HBZ Bank South Africa, a bank focusing on trade finance.
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Banks are vying to buy the Brazilian operations of WestLB with a considerable portion of trade-related assets.
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Plunge in crude exports masks a good month for Canadian trade, as surplus widens.
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Scott Shepherd named Foreign Trade Counselor of Luxembourg.
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Citi launches payment analytics tool on CitiDirect BE for increased visibility of payment activities.
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Fundtech introduces global liquidity and risk management solution to better measure, manage and monetise banks’ global cash and collateral.
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French development finance institution Proparco is providing a loan for the upgrade of Houphouët-Boigny Airport in Abidjan, Côte d’Ivoire.
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The US House of Representatives has voted to reauthorise the Export-Import Bank of the United States, raising its lending cap to $140 billion by 2014.
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IFC launches Pan-African bond programme to support local capital markets and private sector development.
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KfW IPEX-Bank has arranged a major export credit financing for India’s Reliance Indiustries.
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The EBRD is providing a loan to Turk Ekonomi Bankasi for onlending to agri-businesses in Turkey.
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HSBC has today launched a mobile payment service for corporates in India.
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US Ex-Im has approved its second largest single project financing ever to support the export of US goods and services to the Australia Pacific LNG project.
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Watson, Farley & Williams has strengthened its international practice in Asia with the addition of a shipping, infrastructure project and mining specialist from Norton Rose.
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HSBC has created a new role within its Asia-Pacific trade and receivables finance department and appointed a head.
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BMO Financial Group has opened a representative office in Abu Dhabi and becomes the first Canadian bank with an onshore presence in that market.
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UAE-based Mashreq has upgraded its trade and working capital facility for small businesses.
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The US House of Representatives will vote this week on the reauthorisation of the Export-Import Bank of the United States.
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A new study by the IADB and ADB outlines the potential for greater trade, investment and cooperation between the two dynamic regions.
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New research from Demica reveals that the European invoice finance market is now worth over Eu1 trillion.
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UniCredit in Germany has launched an app for its corporate customers providing them with an overview of their liquidity and transactions.
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IFC debuts green bond in US market, raising funds for climate-friendly investments in emerging markets.
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GE Capital brings funding and development security to Ceramic Prints with finance package to support one of UK’s largest tile companies.
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Bladex has announced both the resignation of its CEO Jaime Rivera and his replacement.
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RBS Citizens has created a new treasury solutions group within its commercial banking organisation.
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Thai Airways has mandated BNP Paribas to arrange the first yen-denominated ECA-backed A380 financing.
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Development finance institutions (DFIs) have arranged debt financing for a wind power project in Nicaragua.
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The International Chamber of Commerce (ICC) has appointed a new chairperson for the ICC Task Force on Guarantees.
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Commodity trading company Trafigura has appointed a new chief financial officer for the EMEA region.
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The French carrier accesses export credit agency cover for a second A380 under an exemption to the home market rule.
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A Skadden Arps lawyer that represented senior lenders on 2011’s largest project financing has been promoted to partner.
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The financial agent of the Spanish state and two more commercial banks are scheduled to join a Cesce-backed club loan for the Caracas Metro extension.
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Japanese export credit agency JBIC has entered into a strategic partnership with Kazakhstan’s state-owned energy company.
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Jonathan Bell talks with global heads of commodity finance about the state of market.
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With the price of oil remaining stubbornly high, the pressures on global energy companies – and the banks that finance them – have never been greater. Graeme Burton assesses the market.
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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a memorandum of understanding (MoU) with the Indonesia Infrastructure Guarantee Fund (IIGF) to promote infrastructure investments into Indonesia.
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Copper producer KME Group is one of a small, but growing number of manufacturers in Western Europe that use trade finance for working capital in preference to more conventional untied loans. Graeme Burton talks to KME’s corporate finance director, Pierpaolo Di Fabio, about the company’s financing strategy.
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Helen Castell examines a patchy metals and mining financing sector.
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The development banks and export credit agencies of key emerging economies have recently signed a framework agreement on local currency swaps, raising the question of whether state intervention will precipitate more local-currency deals funded by private institutions. John Geddie reports.
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Highlights from the May 2012 print edition of Trade Finance Magazine.
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Commodity trading company Trafigura expands its commodity finance capabilities with the hire of three bankers and development of new initiatives.
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India Exim opens first line of credit to Burundi for its Kabu hydroelectric project.
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The US export credit agency has signed a memorandum of understanding with the Development Bank of Mongolia, to develop trade in a market in which it has little exposure.
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Nordea’s former deputy CEO has been elected as chair of the board of directors at Finnish export credit agency Finnvera.
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By supporting the new GSIA infrastructure fund, JBIC hopes to expand investment opportunities for Japanese companies and institutional investors.
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The successful strategic partner for Lithuania’s nuclear power ambitions is discussing the options for Japanese export credit agency support.
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The Indonesian carrier issues the first bond backed by the Export-Import Bank of the United States to dip under a 2% interest rate.
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April
Law firm Watson Farley & Williams has made several partner promotions.
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Citi and RBS close financing for VEB-leasing’s purchase of two Airbus A321-200s, with a third scheduled for delivery in August.
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In an amendment to European legislation on short-term export credits, Greek borrowers will now be able to receive guarantees from other EU states based on export contracts.
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Banks have submitted offers on the debt component of the Enerjisa 2.5 power plant in Turkey, which benefits from the guarantee of Korean export credit agency K-sure.
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Deutsche Bank and KfW IPEX-Bank are funding five ATR72s for the Danish lessor Nordic Aviation Capital, under export credit agency cover.
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A Coface-backed loan to the Panamanian government for the capital’s metro project has been approved after a diplomatic dispute stalled proceedings late last year.
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The Export-Import Bank of China has a agreed a loan with the government of Suriname on a housing project being implemented by China’s Dalian Group.
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A world of opportunity in commodities – by Paul Gardner, head of structured trade and export finance, Asia, at Deutsche Bank in Singapore.
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Oliver O'Connell reports on the availability of credit for US agribusiness as it steps up to export opportunities in emerging markets.
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The Export-Import Bank of the United States has renewed its $100 million Africa insurance initiative with cover policy expansions on the war for three African countries.
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Beazley is expanding its political risk and contingency business with market moves in Paris, Singapore and New York.
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The Export-Import Bank of India is planning to launch a new fund to provide micro, small and medium-sized enterprises with long-term foreign currency export loans.
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RBS and Nordea tap Swedish state funding for Indian telecoms loan.
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China is now the largest factoring market overtaking the UK for the first time, according to statistics by Factors Chain International, with top institutions taking over 10% of market share.
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The Berne Union has named a new secretary general at the conclusion of its spring meeting.
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ABN AMRO has today opened its new representative office in Shanghai, with its initial focus on the bank’s energy, commodities and transportation (ECT) business in the region.
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Norway’s new state-funded export credit company has been named Eksportkreditt Norge AS (Export Credit Norway), and will employ 29 Eksportfinans staff.
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According to data from Swift, after Hong Kong, the largest contribution to global RMB payments now comes from Europe.
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Citi has arranged JBIC-backed buyer credits for the export of container ships to to SITC International Holdings Company Limited in Hong Kong.
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Swift has launched an institute to finance research into global transaction banking that will seek solutions to pressing industry issues.
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The Dutch export credit agency issues its largest working capital guarantee for shipbuilder IHC Merwede, as well as supplier risk insurance on two vessels purchased by Malaysia’s SupuraCrest.
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The Dubai Electricity and Water Authority has shelved its Hassyan independent power project just as it was scheduled to announce a winning bidder.
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Transactions insured by Sace reached Eu72 billion in 2011, up 4.3% on the previous year, although overall earnings have slipped.
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Commodity trader Glencore has signed its mega revolving credit facility with a total of 91 banks committing to the syndicate.
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The Asian Development Bank has approved further funding for Reliance’s Dahanu solar project in India as it moves into solar-thermal.
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DNB Livsforsikring, the Norwegian life and pensions insurance company, has invested in the long-term financing of Aker DOF Deepwater supply vessel under an export credit structure.
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Commodity trader Ecom Agroindustrial Corporation has signed a revolving credit facility with a syndicate of international banks.
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EDC provides natural gas company with $500 million in financing to spur Canadian exports of goods and services.
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The International Islamic Trade Finance Corporation has inked its first structured trade finance facility with the Moroccan public sector.
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The head of oil & gas, infrastructure and metals at Italian export credit agency Sace moves to the corporate finance division of motorway operator Autostrade.
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The Australian iron ore miner is finalising an export credit agency-backed loan facility involving Euler Hermes, Coface and ONDD.
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The Asian Development Bank and the OPEC Fund for International Development have signed a co-financing agreement targeted at public sector projects in the Asia-Pacific region.
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Asia Broadcast Satellite (ABS) is seeking US Ex-Im support for its purchase of American-made satellites.
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The Bank of Ireland has appointed a new head of trade finance.
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Ukrainian integrated steel and mining company Metinvest is seeking a new pre-export financing from international banks.
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Japanese banks BTMU and SMBC have issued a loan to Denmark’s Moller-Maersk for the purchase of three Korean-built containerships under a guarantee from K-sure.
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Trade Finance Magazine releases all the export finance deals for the first quarter of 2012 - ranking the top MLAs, funding institutions and ECAs.
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US Ex-Im approves supply chain financing programme benefiting small business suppliers of Navistar International Corporation.
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IFC and UK government invest in global facility to finance small businesses in the world’s poorest countries.
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The Hungarian subsidiary of South Korea’s Hankook Tire has won financial support from European banks under K-sure cover.
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ING has closed a third loan for Russian petrochemicals firm Gazprom Neftekhim Salavat, each with cover from different European export credit agencies.
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Scipion Capital, an African investment specialist, has opened its commodity trade finance fund to the US market, to take further advantage of increased demand resulting from the capital squeeze in the banking sector.
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Serbian conglomerate EPS draws down on China Exim soft loan for its Drmno power complex.
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Chicago Mayor Rahm Emanuel outlined his city's export strategy at the US Ex-Im annual conference.
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HSBC arranges loan to Carnival to purchase Fincantieri ships with funding under Italy’s Export Banca scheme.
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The Japan Bank for International Cooperation (JBIC) has signed a loan with Thailand’s Kasikornbank to onlend to flood-hit Thai-based subsidiaries of Japanese firms.
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UniCredit in Germany has teamed with Northstar Europe to provide express solutions for export finance deals below Eu5 million.
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The Bank of Fukuoka and the Japan Bank for International Cooperation (JBIC) have co-financed the first overseas operation of Matsumoto Industry.
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Citi appoints Amol Gupte head of transaction services for Asia-Pacific.
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OPIC has selected NICE, a development and investment consultancy firm focussed on the Asia Pacific region, as an originator to support SMEs expanding into emerging markets.
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The Export-Import Bank of China is planning to open its first US office in the state of Maryland.
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Citi Latin America has unveiled a new executive management team and structure centred on five geographic markets: Brazil, Colombia, Chile, Central America and the Caribbean, and South America.
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Hodaka Shoji, formerly head of global trade finance at Mizuho’s New York office, has relocated to Japan to begin a secondment at Nexi.
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US Ex–Im has cleared the first loan guarantee for Avolon, the Irish aircraft lessor.
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Singapore-based oil and energy trader Gunvor has tapped banks for a refinancing.
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Australia’s Westpac is open its first branch in India to increase commercial banking in the region.
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Supply chain finance provider PrimeRevenue names Americas region GM.
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German development bank, DEG, is financing Kevian, a fruit juice producer in Kenya, to enable the company to import production equipment from Germany.
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Dealogic export credit agency activity league tables 1Q 2012, arranged by individual agency.
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Dealogic export credit agency financing league tables 1Q 2012, arranged by region.
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Dealogic trade finance league tables 1Q 2012, arranged by financial instrument.
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The Danish export credit agency, EKF, has today announced record results for last year.
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De Surinaamsche Bank signs up to IFC’s Global Trade Finance Programme.
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Swift teams with FircoSoft to offer banks a centralised alert service to ease regulatory compliance.
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US Ex-Im joins ADB and FMO in backing Reliance Power solar project.
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Trade finance volume at lowest total since 3Q 2009; ECA guarantees activity at lowest level since 4Q 2008; HSBC tops global trade finance ranking.
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Shortly before the annual Ex-Im Bank conference, Fred P Hochberg, Chairman and President of the Export-Import Bank of the United States, sat down with Oliver O’Connell, Editor of Trade Finance Magazine, to talk about the efforts to renew the bank’s charter.
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The inaugural Trade Finance daily newsletter at the US Ex-Im annual conference is now available to download by attendees and Trade Finance magazine subscribers.
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Timing is everything in politics, and the succession process in China heralds an opportunity for the US to make some progress on what has historically been a prickly relationship, especially when it comes to trade.
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Santander has hired a new trade finance director for the South Midlands & Anglia.
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Turkey’s VakifBank signs trade loan at the latest Turkish FI pricing benchmark.
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The French development finance institution, Proparco, is financing an energy efficiency project in the Indian cement sector with French involvement.
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Tobacco processor and vendor Alliance One International has doubled the size of its existing trade receivables securitisation programme.
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John Geddie reports on President Bill Clinton’s keynote presentation at the 2012 US Ex-Im Conference.
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DBS and Standard Chartered are near to signing a revolving credit facility for commodities trader Ecom Agroindustrial Corp (Ecom).
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Vitol Asia approaches banks for RCF, while Vitol secures additional jumbo European trade finance line.
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The International Finance Corporation (IFC) is poised to sign its latest Global Warehouse Finance Programme (GWFP) in Guinea Bissau, the first time the multilateral has done a deal in the West African country for 17 years.
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Swiss-based Hinduja Bank raids Geneva trade banks for five senior trade financiers.
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Scott Shepherd, President & CEO, Northstar Trade Finance
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HSBC has promoted Andrew Robison to deputy head of commodity and structured trade finance UK.
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Shortly before the annual Ex-Im Bank conference, Fred P Hochberg, Chairman and President of the Export-Import Bank of the United States, sat down with Oliver O’Connell, Editor of Trade Finance Magazine, to talk about the efforts to renew the bank’s charter.
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Korea Exim is set to provide funds to Korean marine transport companies engaged in global trade, in a move designed to replace a shortfall in financing from commercial banks.
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By Norm Buchbinder, senior vice president and head of Wells Fargo International Risk Mitigation and Export Credit Agency Finance Group
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China is now the largest factoring market overtaking the UK for the first time, according to statistics by Factors Chain International.
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Six banks join Russian fertiliser firm Acron’s secured loan.
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CIT has appointed Andrew Brandman as chief administrative officer.
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Adapted from a panel discussion at the 14th Annual Structured Trade & Export Finance in the Americas Conference – Miami, March 1-2, 2012.
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Washington state organisation awarded US Ex-Im City-State Partner of the Year award.
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Wind turbine manufacturer named as Ex-Im Bank Renewable Energy Exporter of the Year.
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Ex-Im financing is sustaining nearly 300 jobs at Kansas-based global engineering, consulting and construction company.
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John Kvasnosky, Boeing Capital Corporation
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IADB, World Bank and CAF have called for the consolidation of sustained growth with social inclusion.
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Winning bank’s US Ex-Im activity totals $1.1 billion on combined basis in 2011.
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Oman Trading International has closed a new borrowing base facility with a club of international banks.
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ICC United Kingdom announces a change of director.
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HSBC picks Box to the newly-created role of head of trade and receivables finance, Europe.
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Japan’s JBIC has signed an agreement with the UK Trade and Investment (UKTI) designed to promote investment in the UK.
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Japan’s Nexi is backing loans to Summit Oto Finance for the export of motorcycles to Indonesia. Nexi also signs new reinsurance deal with Indonesia’s export credit agency, ASEI.
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Minnesota company helps small business exporters.
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Growing export sales helps California company add more than 70 Jobs
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The Inter-American Development Bank (IADB) has approved an A/B loan to finance the construction of an integrated polyethylene plant.
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Legislation spinning JBIC off from Japan Finance Corporation has come into effect.
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Access to finance is an increasingly important issue for corporates, especially for those in countries which have experienced sovereign downgrades. For exporters in Mediterranean Europe, such as Spain for example, economic reform is making slow progress, but perhaps foreign export credit agencies could provide some respite. John Geddie reports.
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Award-winning trade finance transactions from the Americas region, signed in calendar year 2011 – as selected by the Trade Finance Magazine editorial team.
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Award-winning trade finance transactions from the Asia Pacific region, signed in calendar year 2011 – as selected by the Trade Finance Magazine editorial team.
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Helen Castell talks to EMEA short-term trade financiers and finds them particularly active, innovative and un-phased by the talk of crises and default.
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HSBC recently brought together its traditional trade and receivables finance businesses. Here, Adrian Rigby, Global Deputy Head of Trade and Receivables Finance for HSBC looks at how this benefits its customers.
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By Domicio dos Santos Neto, Ana Paula Gambogi and Gabriel Leutewiler, at Santos Neto Advogados.
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Highlights from the April 2012 print edition of Trade Finance Magazine.
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The global financial crisis and its repercussions continue to be felt in most parts of the world, the US continues to wrestle with deficit and unemployment issues, and the eurozone battles sovereign crises that threaten the fabric of partnership, and the future of the euro. Alexander Malaket explores the impact of the eurozone crisis on trade finance in the Americas.
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Société Générale CIB has announced a new organisational set-up of key divisions, designed to strengthen services to clients.
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The Multilateral Investment Guarantee Agency (MIGA) has agreed to provide loan guarantees for a wastewater treatment project in China.
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The Japan Bank of International Cooperation has cofinanced Marubeni’s 40% stake in Canada’s Grand Cache Coal Mine.
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The eurozone enjoys its strongest quarter since March 2010 in the latest results of Euromoney’s country risk ratings, which track economic and political risk across both advanced and emerging economies. Norway tops the poll, while experts consider Chile and Qatar to be the safest emerging market trade destinations.
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The Chinese carrier, China Southern Airlines, closes debt for an Airbus A330-200 guaranteed by UK Export Finance.
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South African export credit agency ECIC is guaranteeing a loan for the supply and installation of electricity lines in Ghana.
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US Ex-Im has approved a loan guarantee for an engine maintenance contract with Brazil’s Gol supporting highly-skilled Delta jobs in Atlanta.
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Livingston International has finalised its acquisition of the customs and trade compliance services of JPMorgan Chase.
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OPIC and Garanti Bank have agreed financing terms to support SME borrowers in Turkey.
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Kazakhstan’s BTA Bank has formally agreed to the creation of a creditor’s steering committee and the appointment of financial advisers.
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Russian aluminum producer Rusal has announced that it will now exercise the financial covenant holiday agreed to by its lenders.
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The Export-Import Bank of India is providing lines of credit for mining and hydro-power projects in Central African Republic.
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IFC and Credit Agricole CIB have teamed to help finance agri-inputs from Germany’s Bayer for farmers in Ukraine.
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Sweden’s export credit agency, EKN, has signed a cooperation agreement with the Export-Import Bank of India (India Exim).
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At the end of 2011, medium to long-term support from Berne Union export credit agencies reached record levels, while short-term insurance capacity reflected pre-crisis volumes.
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Former Toyota president Hiroshi Okuda takes charge of new JBIC.
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Commodity trading company ED&F Man has signed a new revolving credit facility with a wide-ranging group of international banks.
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International banks are working hard to bring Glencore’s mega revolving credit facility to sign-off later this month.
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The Canadian government may allow Export Development Canada to operate permanently in the domestic space, after it extended its emergency domestic powers for a third consecutive year.
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In a big shake-up within BNP Paribas’ commodity finance group, Jacques-Olivier Thomann is leaving the bank, and is replaced by Philippe de Gentile.
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Wells Fargo and OPIC have entered into a framework agreement in to support financial institutions in emerging markets.
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JBIC and BTMU are extending an export credit line to Afreximbank to expand overseas markets for Japanese businesses.
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BNP Paribas has teamed up with IFC to boost agri-financing in sub-Saharan Africa and Eastern Europe.
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Indonesia’s Wampu hydropower project has sourced financing from SMBC and Korean export credit agency Kexim.
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Germany’s export and project finance bank, KfW IPEX-Bank reports increased new loan commitments in its original lending business.
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Banks are due to submit their proposals tomorrow for a new jumbo pre-export financing for Russia’s Siberian Coal Energy Company.
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Banks are preparing a five-year club pre-export financing deal for Russian potash producer Uralkali.
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Insurance broker Marsh appoints new chairman for its global infrastructure practice.
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Bookrunners have launched Noble’s jumbo revolving credit facility.
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Canadian export credit agency Export Development Canada and Sberbank of Russia announce $275 million agreement and trade finance partnership.
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Export Development Canada has hired a senior regional manager in Russia, and now has four permanent employees in the country.
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Details and contact information for the annual Trade Finance Awards Dinners.
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March
With financing in Jamaican dollars bearing interest of 17% from some commercial banks, Jamaica’s export credit agency has stepped up its levels of cheap financing for another year.
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Siemens contracted on NTPC’s Barh supercritical power project. Project wins financing support from KfW and German export credit agency Euler Hermes.
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Trade credit insurer, QBE Trade Credit, has hired Ian Bocca to manage new business development UK.
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IFC partners with Credit Europe Bank to expand access to trade finance in Russia.
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Multilateral financial institutions IFC and EBRD have become shareholders in Banks of Georgia.
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Banks have signed the largest export credit agency-backed corporate financing ever in Saudi Arabia for Saudi Electric’s Rabigh VI power project.
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Republican senators are renewing their efforts for action on the reauthorisation of the Export-Import Bank of the United States.
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The OPIC board has approved additional funds to expand renewable energy and infrastructure lending to India.
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JBIC and BNDES have signed a memorandum of understanding to cooperate in third countries.
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Russia’s Vnesheconombank (VEB) has signed a credit agreement with Lenenergo to fund the company’s electric grid investment programme.
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The EBRD has provided a much-needed boost to the Kazakh agri-sector with a major investment in the grain export company KazExportAstyk.
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HSBC reports that its HSBCnet Mobile service has seen a big uptake in corporate e-commerce payments since its launch late last year.
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The Canadian government will announce later today that it has extended Export Development Canada’s emergency domestic lending powers for another year.
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Key emerging economies forge agreement on local currency swaps, as talks of a BRICS development bank progress.
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KfW has issued a fixed rate term loan for NTPC’s Barh power project under a guarantee from the German export credit agency.
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Japan’s export credit agency JBIC and private lenders finance MODEC’s chartering business for Brazil offshore oil contract.
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Dickon Harris reports on a new set of trade finance definitions that show, for the first-time, how trade banks perceive the risk profile for traditional trade finance products.
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The export credit agencies of Korea have signed a memorandum of understanding for the financing of the Atyrau gas-chemical complex in Kazakhstan.
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Dickon Harris reports on a new set of trade finance definitions that show, for the first-time, how trade banks perceive the risk profile for traditional trade finance products.
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USA’s IIG Capital LLC is rebranding its trade finance division as IIG Trade Finance LLC.
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UK signs free trade agreement with South Korea.
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JP Morgan offers its reaction to the PBOC’s bilateral currency swap with the Reserve Bank of Australia, a move expected to boost renminbi trade settlement.
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First Gulf Bank (FGB) closes bilateral pre-export financing for Indonesian coking coal producer PT Asmin Koalindo Tuhup (AKT).
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BNP Paribas is set to be the first bank to launch a proprietary trade finance fund.
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DMCC Tradeflow, the Dubai Multi Commodities Centre (DMCC) web-based registry for commodities stored in warehouses, reports more than 100 pledges since February 2012.
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Marfin Group extends its usage of Temenos T24 (T24) to its Ukrainian subsidiary, Marfin Bank Ukraine.
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Capital Business Credit hires Steven Fields to lead business development efforts in Midwest.
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The EBRD is extending a loan for the development of Mongolia’s first wind energy project – the Salkhit wind farm.
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Mizuho has signed an export financing loan, backed by Japanese export credit agencies, for a steel production line for India's JSW Steel Limited.
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PBOC’s bilateral currency swap with the Reserve Bank of Australia will help boost renminbi trade settlement.
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Japan’s export credit agency JBIC and BTMU have signed a new loan for the mega Gorgon LNG project in Western Australia.
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Japan’s Nippon Export and Investment Insurance (Nexi) is providing 100% PRI for the UK’s Gunfleet Sands Wind Farm financing, in a ‘first’ for the agency in a UK renewables project.
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KfW IPEX-Bank funds ECA-backed delivery of one Airbus A320-200 to aircraft lessor Ansett Worldwide Aviations Services.
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JP Morgan adds China, India and Vietnam to its mobile treasury platform.
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Aqua Star selects PrimeRevenue Supply Chain Finance to address its short term liquidity concerns, and derives early cash flow benefits.
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Brazil’s national development bank, BNDES, is to make available new finance for the revamp and further development of the country’s sugar sector.
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A new set of trade finance definitions shows for the first-time how trade banks perceive the risk profile for traditional trade finance products.
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Belgian export credit agency ONDD has downgraded nine countries by one point for short-term political risk.
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The European Bank for Reconstruction and Development reveals record year for its trade facilitation programme.
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Ghana Cocoa Board (Cocobod) is set to draw down on in its three-year pre-export financing this week.
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Export-Import Bank of Korea joins IADB´s Trade Finance Facilitation Programme.
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Korea and IADB establish public capacity building fund for economic development.
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IADB and JICA to invest up to $600 million in green energy in Central America and the Caribbean.
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ADB President Haruhiko Kuroda attends IADB’s Annual Meeting to discuss ways to increase ties between the regions.
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ABN AMRO encourages US banks to expand into international shipping finance as European providers reduce lending commitments.
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Bank of America Merrill Lynch has launched TradePro, its next generation integrated, full service trade and supply chain portal.
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Photos from the 14th Annual Structured Trade and Export Finance in the Americas Conference held in Miami.
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A bipartisan bid to reauthorise the Export-Import Bank of the United States has failed in the Senate.
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New report says region would only suffer a relatively mild recession if European debt crisis worsens and Chinese economy decelerates.
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Rusal has hired a new chairman as results show improved revenue for 2011 allowing the company to reduce the margin on its jumbo PXF.
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The Ghana Cocoa Board (Cocobod) has scaled back the size of its requested proposals from banks for its 20th annual jumbo pre-export financing.
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IADB and China Exim have moved forward with plans to create an equity investment platform for Latin America and the Caribbean.
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ING Capital closes pre-delivery payment facility for Israeli airline El Al – with ultimate repayment through a US Ex-Im financing.
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Brazil's Central Bank imposes trade finance restrictions from foreign lenders as well as a host of new tax measures which will impact offshore short-term export and trade loans to Brazilian firms.
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The Japan Bank for International Cooperation (JBIC) has agreed to provide a guarantee for yen-denominated foreign bonds issued by the Turkish government in the Japanese market.
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UniCredit appoints former Sace representative as its new head of structured trade and export financing for Russia.
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Greece’s PPC is in talks with German export credit agency Euler Hermes over its Ptolemais V lignite plant and it is also likely to tap funds from the EIB.
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Royal Air Maroc, the Moroccan airline, has used an Export-Import Bank of the United States (US Ex-Im) guaranteed loan to finance the two Boeing narrow body aircraft.
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The Overseas Private Investment Corporation (OPIC) has selected Ghana-based Inter-Afrique Capital Limited to serve as an originator to support SMEs expanding in overseas markets.
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Syncada names former RBS banker as new global head of product solutions.
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SWIFT instructed to disconnect sanctioned Iranian banks following EU Council decision.
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French export credit agency Coface confident of covering first bond in 2012 after French state rule relaxation, while Spain and Italy work on similar capital market solutions.
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Korea Development Bank and Standard Charted Bank lead an asset backed securities deal on behalf of South Korea’s Asiana Airlines.
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The lessor has mandated Deutsche Pfandbriefbank to fund a loan for Airbus aircraft, underwritten by export credit agencies Euler Hermes and ECGD.
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President Bill Clinton and Chicago Mayor Rahm Emanuel are to address the US Ex-Im Bank's 2012 annual conference.
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ICO, the financial agent of the Spanish state, is going to step up its export credit activities over the next six months to counter funding shortfalls in the Spanish banking system.
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Canadian exports cool in January after surge at the end of 2011, as the trade surplus narrows to $2.1 billion.
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The risk-sharing agreement between the Asian Development Bank and Australian export credit agency EFIC has been extended to include Vietnam.
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Kazatomprom, the state-owned nuclear holding company in Kazakhstan, has tapped French export credit agency guarantees for its Astana Solar project.
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Bibby Financial Services (BFS) has appointed a new global trade finance director.
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Dubai Investments is in talks with export credit agency Sace and regional lenders over the debt for its Emirates Float Glass factory expansion in Abu Dhabi.
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An amendment to bipartisan jobs legislation may yet see the Export-Import Bank of the United States (US Ex-Im) reauthorised, but there are hurdles to overcome.
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Highlights from the March print edition of Trade Finance Magazine including Deals of the Year 2011 for EMEA.
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Deutsche Bank appoints two global transaction banking heads for Indonesia and Vietnam.
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Citi has been named US General Services Administration’s government-wide solution provider to streamline transportation payments.
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The International Islamic Trade Finance Corporation (ITFC) is financing the import of petroleum and other strategic commodities by the Egyptian authorities.
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Global supply chain finance Software as a Service (SaaS) provider PrimeRevenue has hired a new CTO to lead development of the OpenSCi solution.
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Mizuho and Shinhan Bank are funding a Nexi-backed loan to PT Oto Multiartha, a Sumitomo subsidiary involved in automotive sales and finance in Indonesia.
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The Chinese subsidiary of Korean polyester film producer SKC has received a loan from SMBC under cover from Korean export credit agency K-sure.
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Speaking at Trade Finance Magazine and Euromoney Seminars’ 14th Annual Structured Trade & Export Finance in the Americas Conference in Miami, Gustavo Tardin Barbosa, global head of corporate finance at Petrobras, outlined the company’s investment plans. Oliver O’Connell reports.
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Dickon Harris asks a panel of senior legal partners what challenges the structured commodity financing market faces in 2012.
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The government of Mongolia and the Japan Bank for International Cooperation have signed a memorandum of understanding to provide credit lines supporting Japanese business in the country.
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With the unprecedented retrenchment of several key structured trade and export finance institutions, finding new sources of liquidity for trade transactions is a priority. Oliver O’Connell assesses what some of the alternatives are and if they are a good fit.
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Rusal chairman, and Russian billionaire, Viktor Vekselberg has resigned citing concerns over the Russian aluminum producer’s existing debt exposure.
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BBVA, Bank of Tokyo Mitsubishi UFJ, and the Japan Bank for International Cooperation (JBIC) have signed a cofinancing with Colombia’s ISAGEN.
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INTTRA has announced an alliance with Tradeshift, a global secure online electronic invoice network, to support growing industry demand for standardised ocean electronic invoicing.
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Turkish Airlines has mandated three banks to arrange a Euler Hermes-guaranteed euro-denominated loan to finance three A330s.
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The latest WTO findings on a seven-year dispute between Airbus and Boeing over illegal state aid published today.
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Japanese export credit agencies, JBIC and Nexi, fund Chile’s Sierra Gorda project, while Japanese shareholder Sumitomo also plans to tap JOGMEC support.
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Satellite manufacturer Globalstar has successfully delayed the initial principal repayment on a credit facility backed by French export credit agency Coface.
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Credit insurer Atradius’ special products unit, which offers political risk insurance, records 17% rise for 2011.
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UK Export Finance will be presenting at the British Exporters Association’s (BExA) seminar on 29 March 2012 at Rolls-Royce’s offices in Derby, UK.
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The Japan Bank for International Cooperation is cofinancing the development of a new mining block at the Kestrel mine in Queensland, Australia.
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US exports hit more than $180 billion in January as the Brookings Institute confirms exports as leading the way to recovery.
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Trade credit insurer Coface has recorded a net profit increase of 21% for 2011.
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At EADS annual results briefing in Paris yesterday, outgoing CEO Louis Gallois and CFO Hans Peter Ring dismissed German government threats to remove development loans and export credit guarantees.
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Moscow Domodedovo Airport has today mandated international banks to arrange its first syndicated term loan.
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Brazil, Russia, India, China and South Africa are moving towards local currency financing for trade between the group of nations.
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Agri-business execs reveal plans to boost investment, according to a survey by law firm Norton Rose.
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Denmark’s export credit agency EKF expands scheme to improve Danish companies’ access to financing.
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Netherlands-based women's apparel retailer MS Mode has gone live with TradeCard’s trade platform.
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Citi has launches a new trade desk in Shanghai to serve as a link for Latin American clients looking to do more business in Asia.
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Committed to the Russian market
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ANZ and EKF blow in for Macarthur
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Innovative financing for Turkish power
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Metal men shine for Aperam
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Indonesian agri-financing landmark
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Coordination of the highest order
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Islamic financing solution for Indonesia
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Going for gold in Peru
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Qatar’s gas game-changer
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ITFC boost for Bangladesh energy
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A scalable securitised achievement
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Changing the risk structure
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The crest of a Tunisian wave
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Award-winning trade finance transactions from Europe, the Middle East, and Africa, signed in calendar year 2011 – as selected by the Trade Finance Magazine editorial team.
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Banks combine for Vietnamese power
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A successful return to Venezuela
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Secured success for Ukrainian miner
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First Finance Company, a subsidiary of The Swaziland Development Finance Corporation (FINCORP), has begun to offer non-recourse factoring.
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Optimisation to stay competitive
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ECA cooperation for Aussie LNG
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Structure sweetens Brazilian sugar deal
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Tonnes of appetite for Hapag-Lloyd
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Unique structure for Chinese paper mill
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All in for Korean steel
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Growing inter-regional capital flows
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Covering new trade frontiers
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Bridging the gap in Istanbul
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Tapping new sources of liquidity
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Jamaica opts for Belgian buses
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China’s AgBC steps up to new levels
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Re-opening the door in Singapore
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Indonesian mining leasing success
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WTO chief Pascal Lamy is giving the keynote speech at Trade Finance Magazine’s 9th Annual Global Commodities Finance Conference, held in Geneva on 14 June.
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Long days and longer tenors for Iceland
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Suneor – structured trade financing
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The blowout PXF syndication
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Korean first for Vietnam’s largest IPP
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Making a big impact in Uruguay
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Agri-finance benchmark in Brazil
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Honouring strategic relationships
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Powering ahead in Vietnam
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Powering ahead in Vietnam
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The bridge to Pemex for SMEs
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ECGD milestone with Petrobras
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Winning coordination for Petrobras
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PwC is arranging creditors’ meetings this month to discuss the restructuring of Swiss oil refiner Petroplus’ outstanding debt.
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Itau BBA takes the lead
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Hybrid finance for Indonesian mining
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Roaring success for Puma in Africa
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Export credit proves its worth
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A winning receivables programme
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A new Russian PXF record
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An onshore Russian project first
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Chinese banks power ahead for Sasan
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Export credit adds to green power
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Memorable multisource for Saudi
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Under cover from state insurer Nexi, SMBC has funded Buon Don Hydropower’s latest run-of-the-river project in Dak Lak province, Vietnam.
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A slick operation for Tatarstan
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Hot deal for New Zealand energy
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Refining the terms for Tüpras
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Japan’s export credit agency Nexi covers commercial portion of loan for Singaporean shipping company TeraSea to purchase offshore support vessels.
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Funding the biggest Potash player
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The added value of export credit
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New levels for Japan-Russia cooperation
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Pioneering in Russian export credit
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A structured Brazilian record-breaker
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Tailor made to mirror sales patterns
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Testing economies of scale in Vietnam
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Partnering to fund Chinese receivables
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Last year Japanese firms recorded the highest level of mergers and acquisitions for 16 years, but a temporary scheme set up to promote this activity has had little usage.
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The People’s Bank of China (PBOC) widens renminbi trade settlement scheme to include all mainland Chinese exporters.
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Alliance Lite2 will provide an uncomplicated, low-cost cloud-based option to enjoy the security and standardisation that comes from using SWIFT.
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Standard Chartered has appointed a new global head of SME banking with responsibility for 30 countries across Asia, Africa and the Middle East.
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UK specialist steel products producer Metalrax secures RBS Invoice ABL deal.
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The Export-Import Bank of the United States (US Ex-Im) will establish a full-time presence in Atlanta, Detroit, Minneapolis, and Seattle.
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Supply chain finance platform provider PrimeRevenue is continuing its global expansion with the appointment of a general manager for Europe.
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Canada’s International Datacasting Corporation has come up with a way to monetise a collections insurance product from export credit agency EDC.
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Bottomline Technologies has formed a strategic relationship with Intuit.
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Commodities trader Trafigura has increased its overall bank lines, explains Trafigura’s global head of corporate finance, in an interview with Trade Finance Magazine.
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China Development Bank is in the process of approving a Sinosure-backed buyer credit agreement for Kazakhstan’s passenger rail operator Lokomotiv, cofinanced with HSBC.
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As APLNG’s financing facility enters the documentation stage, 13 banks have committed to the upsized multi-billion commercial debt facility.
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Eurasian Natural Resources Corporation (ENRC) has signed a mega loan with Russia’s Sberbank, and secures assets in the Democratic Republic of Congo.
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The first investment under the IFC’s Critical Commodities Finance Programme was made yesterday. IFC also extends Global Trade Liquidity Programme.
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Northern European firms’ confidence in China has tumbled further since September according to a report by SEB.
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Sinosure’s short term export risk index (ERI) launched this week shows that France, UK and Germany have second-tier risk ratings, and are expected to fall.
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Trafigura has attracted an oversubscription for its revolving credit facility which signed today, and states commitments are rolling in for its three-year extension.
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Brazil's Central Bank imposes trade finance restrictions from foreign lenders as well as a host of new tax measures which will impact offshore short-term export and trade loans to Brazilian firms.
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Air China took delivery of an Airbus A321-200 yesterday, 29 February 2012, financed with an export credit agency loan and a French optimised lease structure.
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UK’s Aldermore has hired an associate director from rival Close Invoice Finance.
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BBVA and Deutsche Bank are arranging a Cesce-backed loan for the Caracas Metro extension, scheduled to close in the coming months.
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Oil and energy trader Mercuria are in the final stages of signing a borrowing base facility secured against European oil and energy assets.
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February
Investec is recruiting for new senior positions in its export and agency team to cover South Africa, the Americas and the Nordic region.
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Following its Hermes-backed loan for Russian petrochemicals firm GNS earlier this month, ING is poised to sign a further Atradius facility for the company’s refinery upgrade, while a smaller EGAP loan is also in documentation.
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Japan’s export credit agency cofinances offshore support vessels for the Singaporean shipping company.
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According to Finnvera’s preliminary statistics for financial year 2011, demand for export credit is down but offers issued continue to rise.
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Mexico’s Banco Monex has gone live with allTRA, Surecomp’s Java J2EE trade finance bank back-office solution.
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Watson, Farley & Williams has hired a new associate in its project, commodities and export finance group, based in London.
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For the first time the government of Dubai has tapped export credit to fund the landmark Al-Sufouh tram project.
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Trafigura has attracted an oversubscription for its revolving credit facility, which is due to sign in the next couple of days.
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Belgian export credit agency ONDD has acquired a majority stake in Trade Credit Re Insurance Company (TCRe) with the repurchase of ABN Amro’s shareholding.
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JLT has hired two senior political risk and structured credit insurance brokers for its Singapore office from rival Aon.
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Bank of Ireland is in the process of selecting a new head of trade finance as its present head plans to leave the bank at the end of March.
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Canada’s export recovery gathers strength as companies increase use of Export Development Canada programmes by 22%.
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US Ex-Im is guaranteeing a Comerica Bank-arranged export loan for the sale of US-manufactured locomotives to Canada, supporting 500 American jobs across six states.
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ANZ has made several internal appointments to its senior leadership team for its combined global institutional and Asia-Pacific Europe and America (APEA) division.
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The Ghana Cocoa Board (Cocobod) has requested proposals from banks for its 20th annual jumbo pre-export financing.
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In partnership with the NYSE Euronext, The Receivables Exchange (TRE) is pioneering a more efficient way of bringing liquidity into the trade finance market. Oliver O’Connell spoke with Andrew Webb, head of corporate finance at The Receivables Exchange, and Paul DeDomenico, head of global corporate receivables programmes at NYSE Euronext.
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Despite a contraction over the next five years UK trade is set to increase by 59.01% by 2026, according to a report by HSBC.
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Reluctance to pay Chinese trade partners in renminbi (RMB) is costing UK importers, says a report today from Western Union Business Solutions
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UniCredit has made a strategic hire for its structured trade and export finance team in Hong Kong.
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OPIC selects Fronteira Global as originator in Enterprise Development Network to help US SMEs expand overseas.
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EBRD finances heating project in Ukraine which is first to benefit from the E5P energy efficiency fund.
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OECD bodies are in discussion about potentially launching new rules which will modernise how export credit agencies (ECAs) offer ship financing.
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Agricultural Bank of China has opened a branch in South Korea.
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Proparco of France has signed a credit facility for Ghana’s HFC Bank.
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Bank of America Merrill Lynch (BofAML) has revealed the results of its inaugural CFO Outlook Asia research poll.
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Standard Chartered launches programme to deliver fast, reliable US dollar payments to Asia.
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A club of Japanese banks and export credit agency JBIC have committed nearly $3 billion in funding for Sony and Toshiba’s overseas acquisitions.
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Australia’s Productivity Commission (PC) has called for an end to EFIC’s support of onshore natural resource projects, and the financing of large corporates.
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Oil field service provider Archer has secured a loan backed by German export credit agency Euler Hermes for its Emerald drilling rig.
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Citi arranges financing for UAE carrier Etihad Airways to purchase a Boeing 777-300, with US Ex-Im capital markets option.
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Russia’s Sberbank completes its first bank acquisition outside the CIS.
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Swedish export credit agency EKN has covered payments from Indian and Chinese companies to purchase the exclusive rights to sell Bactiguard healthcare products in those countries.
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HSBC’s latest Global Connections trade forecast predicts global trade to accelerate form 2014, and China to become the world’s largest trading nation by 2016.
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HSBC has launched a new fund aimed at assisting small and medium sized enterprises to trade internationally.
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Barclays Corporate has provided costume maker AFG Media with a short-term, £600,000 trade finance loan, allowing it to increase production of morphsuits to meet global demand.
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HSBC’s Global Connections Trade Forecast finds both US and global trade accelerating ahead of expectations.
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The SMBC Trade Finance Almanac 2012 in association with Sumitomo Mitsui Banking Corporation (SMBC), Zurich, and Trade Finance Magazine.
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The Royal Bank of Scotland has launched a new China desk to coordinate trade flows between China and EMEA.
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The state-owned investment firm is partnering with international banks to form a specialised project finance company due to launch in the second half of 2012.
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The Turkish government has confirmed its export credit agency will offer long-term financing for Libyan and Tunisian firms looking to procure Turkish equipment.
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The African Development Bank has made three senior appointments to its management team.
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Boeing and Citi to offer small businesses quicker access to cash, lower financing costs, and inject liquidity to help suppliers sustain jobs through US Ex-Im programme.
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US Ex-Im has established Global Credit Express – a $100 million revolving credit facility for small business exporters.
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President Obama has announced that US Ex-Im will be able to match the financing terms of foreign export credit agencies in order to keep US exporters competitive.
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Swedish export credit agency EKN guaranteed export transactions of SEK63 billion ($9.4 billion) in 2011, a record year for the state insurer.
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The Spanish export agency is covering six loans for small government-run, agri-industrial projects in Angola.
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Russian petrochemicals firm GNS has signed a Hermes-backed loan for its refinery upgrade, while additional loans covered by export credit agencies Atradius and EGAP are pending.
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SMBC appoints ex-RBS banker to manage the bank’s export and agency finance business in the EMEA region.
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Brazil’s Banco Itaú BBA is teaming with IADB to finance green projects in Latin America.
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With the participants on Uz-Kor Gas’ Surgil gas project scheduled to meet in London next week, Trade Finance unveils the financing structure for Uzbekistan’s first project finance.
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President Obama has announced that US Ex-Im will match financing terms made by other countries to help US exporters compete, and launch new lending programmes for SMEs and Boeing suppliers.
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The latest ICC/Ifo World Economic Survey shows the global economic climate beginning to improve after two quarters of successive decline.
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Insurance broker Miller has appointed James Cunningham and Ewan Wauchope to bolster its political risk, trade credit and political violence capabilities.
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The Danish export credit agency has not followed up with additional financing for the Hog Jaeren wind farm, after the Norwegian sponsor won a land dispute to maintain its planned capacity.
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Arab Banking Corporation (ABC) has revealed that it made a $204 million profit in 2011, a rise of 43% compared to 2010.
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As it creeps closer to its exposure limit, US exporters are rallying support for the Export-Import Bank of the United States to push for reauthorisation by Congress.
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RBS has appointed a new product head of trade finance.
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Export Development Canada (EDC) signs agreement with China’s ICBC Leasing at Singapore Air Show.
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DEG results underline the importance of development finance institutions in catalyzing job creation and growth.
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Canada’s trade surplus doubled in December as exports surged to a three-year high.
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Dubai Multi Commodities Centre has launched DMCC Tradeflow to electronically bring together inventory-based financing parties.
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Export Development Canada and China Development Bank partner to bolster commercial trade.
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Sadara Chemical Company is hosting a series of meetings with ECAs for the financing of its integrated chemicals plant in Jubail, Saudi Arabia.
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A performance bond guaranteed by New Zealand export credit agency NZECO has helped software company Data Torque get a foothold in Africa.
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Interpreting yesterday’s White House announcement, John Geddie considers whether China is really ready to give up the competitive advantage state subsidies allow, and if any proposed international working party on export credit will involve the OECD?
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HSBC has promoted a banker to the newly created role of head of UK trade, receivables and equipment finance.
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President Obama has sent two nominations for the board of OPIC to the Senate for approval.
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Today is the deadline for bank commitments for Trafigura’s revolving credit facility, say market insiders, as the syndication looks to close in a week’s time.
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Four new lenders including development banks, debt funds and commercial lenders have committed to Axmin’s Passendro gold project in the Central African Republic, with two more expected to join in a couple of weeks.
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The US export credit agency is expected to fund the single largest order in commercial aviation history placed by Indonesian carrier Lion Air.
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Reports suggesting Air Tanzania and Export Development Canada are in talks over a $500 million aircraft financing package are false.
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Trade finance boutique Falcon Group has appointed a new head of global trade sales management.
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Banks are in the final stages of signing a club borrowing base facility for commodity trader Trafigura.
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Greetings and welcome to Trade Finance Magazine's ECA newsletter, which offers a list of all the ECA loans over the last two months of 2011, categorised into eight global regions.
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Ukrainian steelmaker Metinvest has promised to invest billions of dollars in its Azovstal and Iliych plants based in South Eastern Ukraine over the next six years.
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The UK trade deficit contracted in December 2011 according to figures released by the Office for National Statistics (ONS).
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EDC and IFC deepen partnership to expand trade, infrastructure and cleantech sectors in emerging markets.
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Bookrunners BNP Paribas and Natixis have signed a revolving credit facility for Peru’s Consorcio Minero.
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Financial industry agrees offshore RMB guidelines to ensure straight-through processing of offshore Chinese currency.
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The advisor on Augusta Resource’s Rosemont Copper project, Endeavour Financial, has reopened discussions with potential lenders after a date for final permit approval is set for June.
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Australian export credit agency EFIC and the Export-Import Bank of China (China Exim) have signed a reciprocal risk participation agreement.
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The International Islamic Trade Finance Corporation has signed a structured commodity financing on behalf of PT Angels Products, an Indonesian sugar refinery.
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PrimeRevenue achieves significant customer growth in 2011 as interest grows in supply chain finance.
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IFC partners with Georgia’s Bank Constanta to increase lending to small businesses.
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Haiti signs contract with Alstom-Comelex to refurbish its principal hydro plant in a three-year project funded by IADB, Germany’s KfW and OFID.
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JP Morgan has arranged an export credit loan to finance the Korean Air’s first Boeing 747-8 freighter.
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US exports hit more than $178.8 billion in December 2011.
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Member countries of the Inter-American Development Bank (IADB) have approved a resolution authorising a $70 billion increase in the Bank´s ordinary capital.
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After Jordan’s National Electric Power Company selected Kepco to build and operate its IPP3 power plant, Kexim has been tipped fund a sizable portion of the debt requirement.
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A performance bond guaranteed by New Zealand export credit agency NZECO has helped software company Data Torque get a foothold in Africa.
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Five lenders have been identified on the $400 million, Sace-backed loan to Indian conglomerate Reliance Industries.
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Insurer ACE has opened a representative office in Ukraine.
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Noble Agri Limited, the parent company of trader Noble’s agriculture businesses, has appointed José Luiz Glaser as CEO.
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Alcatel-Lucent teams with Crédit Agricole CIB to become the first corporate to manage its bank guarantees using SWIFT’s MT 798.
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ICC Banking Commission appoints Deutsche Bank's Schmand as vice chair responsible for supply chain finance.
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With the aviation industry expecting export credit agency (ECA) finance to reach record levels in 2012, Trade Finance takes a snapshot of some of this week’s export credit deals.
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The export credit agencies of Japan, JBIC and Nexi, are supporting a $100 million credit line to Indonesia Eximbank.
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Russia’s Sberbank reported a record trade finance turnover for 2011. Dickon Harris examines the bank’s trade finance strategy for 2012.
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The Brazilian soft commodity financing market has seen its ups and downs over the past few years, and the second half of 2011 saw a return to a more cautious approach to lending. Oliver O’Connell looks at the shifting market.
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Highlights from February 2012 print edition of Trade Finance Magazine.
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Carnival Corporation has secured funding from Japanese export credit agencies for its landmark ship order with Mitsubishi Heavy Industries.
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On the back of an impressive year in which Uralkali acquired rival potash producer Silvinit, Dickon Harris speaks to Uralkali's CFO Viktor Belyakov about the firm’s financing plans for 2012.
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Lloyds Bank has signed a secured working capital facility for UK grain trader, Wessex Grain, as well as a secured capital expansion loan.
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HSBC promotes banker to lead its London offshore RMB business.
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Christian de Lima Ramos and Ben-Hur Cabrera of Sao Paulo-based law firm Ramos, Zuanon e Manassero Advogados examine the growing use of fiduciary lien on credit transactions in Brazil to create security over collateral.
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Italian export credit agency Sace has been awarded an advisory contract to assist the operational set up of new Russian export credit agency, Exiar,
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The chairman of US Ex-Im is in Vietnam promoting exports of US goods and services for $1.5 billion of infrastructure projects, citing the financing edge US companies have over their Eurozone counterparts.
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The International Credit Insurance & Surety Association (ICISA) has expressed concern over the deteriorating trade outlook for 2012, and the lack of financing by banks.
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Kazakhstan’s BTA Bank announces formation of creditors’ steering committee and meeting in London tomorrow.
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JP Morgan treasury services has unveiled its JP Morgan ACCESS Mobile banking platform in Asia Pacific.
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Polish copper mining company KGHM has approached banks for a jumbo unsecured financing.
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The capital fuel required to keep major Australian energy and related infrastructure projects on track is running out. As the global economy stutters into 2012, John Geddie asks whether export credit will be able to keep this growth engine ticking over.
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The latest round of funding for Hyundai Steel’s Danjin plant brought in six export credit agencies and seven international banks. John Geddie delves into the deal and considers whether it represents a shift towards increased cross-border export finance activity in 2012.
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Jonathan Bell talks to Momchil Ivanov, head of metals financing, structured metals and energy finance, and Julia Chekrygina director, structured metals and energy finance, both at ING Bank, about the state of metals financing and specifically about the Russian/CIS market.
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As some banks continue the de-leveraging process, the fall-off in levels of trade financing in Russia/CIS has been significant. Given the importance of this region to the health of the global trade profile, how will the vast needs of corporates based in, and operating in, the region be financed going forward? Jonathan Bell examines the scene.
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Deutsche Bank reports 7% growth in net revenues for global transaction banking for 2011, despite a slight increase in trade credit losses.
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Citi leads two ship financings for Seadrill and ENI originally intended for Eksportfinans funding, but which ultimately benefitted from an unusual 100% Giek guarantee.
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The Asian Development Bank (ADB) has approved a loan for Uzbekistan’s Surgil Natural gas Petrochemical Plant.
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Japanese export credit agency Nexi has signed a reinsurance agreement with Hong Kong Export Credit Insurance Corporation.
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Law firm Shearman & Sterling has hired an EMEA project finance specialist from Ashurst.
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Noble Group appoints senior Goldman Sachs banker as new chief executive officer.
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The Export-Import Bank of China has joined a lending syndicate for India’s Bharat Forge.
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Japan’s export credit agencies and private financial institutions are funding an ICICI bank loan to support green projects in India.
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Skyworks Capital have structured a six loan package for lessor Atlas Air, funded by Apple Bank and underwritten by US Ex-Im.
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The IFC is in talks with third party SCF platform provider PrimeRevenue to arrange a second supply chain financing (SCF) deal under its newly established SCF programme.
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IADB supports efforts to strengthen Asia-Latin America trade and investment ties through the Trans-Pacific Partnership.
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Speaking at Trade Finance Magazine’s Supply Chain Finance Europe conference in Frankfurt, Klaus-Peter Müller warns of the impact the EBA capital buffer will have on trade and supply chain finance.
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In a matter of hours, Italian export credit agency Sace will underwrite a fourth loan to India’s Reliance Industries.
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Germany’s KfW end-year figures reveals strong growth for export finance activity conducted by KfW IPEX-Bank
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The global head of forfaiting at CA-CIB has retired and is being replaced by his deputy and a director for export finance Asia.
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Misys signs software licensing deal to help banks optimise business processes.
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Hogan Lovells announced is expanding its finance practice in New York with the addition of partners Peter Humphreys and Evan Koster.
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OPIC and Afghan Growth Finance (AGF) enter new agreement to expand small business lending in Afghanistan.
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Nedbank Capital has appointed former Standard Chartered agribusiness specialist as its new head of African business.
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Hung Hai Construction Company has secured a loan for its Nam Na 3 hydropower project in Vietnam under cover from Japanese export credit agency Nexi.
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GE Capital has provided an asset based loan to Glasgow-based safety equipment and work-wear supplier Willis Safety.
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GE Capital has provided an asset based loan to Glasgow-based safety equipment and work-wear supplier Willis Safety.
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Bangladesh Railway obtains Indian export credit agency financing for the purchase of 10 locomotives.
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Austria’s Raiffeisen Bank International has structured a financing package partly backed by OeKB to finance the construction of a tissue paper plant in China.
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High-technology group Safran has selected GlobalTrade Corporation’s multi-bank trade finance platform for monitoring trade credits.
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IFC’s board has approved the establishment of the Critical Commodities Finance Programme (CCFP) as part of the MFI’s response to the financial crisis.
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January
The African Trade Insurance Agency (ATI) has opened a new representative office in Rwanda’s capital Kigali.
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South African carrier Comair, and its advisor Investec, appoint Rand Merchant Bank to fund US Ex-Im covered debt for Boeing 737-800s.
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The latest trade traffic statistics from SWIFT reveal there has been a 2.23% decline in the use of documentary trade instruments during 2011.
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Failure to drawdown a loan from Japan’s state lender has led to allegations of corruption at the University of Indonesia.
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Wells Fargo loan officer Gerard Uribe is jailed for his part in the largest case of fraud on export credit agency US Ex-Im.
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Banks fund First Quantum Minerals' Kansanshi copper-gold project in Zambia.
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IFC’s trade programmes reached new heights in 2011 in the multilateral’s drive to help banks in the emerging markets gain access to financing for their SME clients.
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BNDES releases results for 2011 showing a 47% increase in funding operations.
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Watson Farley Williams’ partner, Celia Gardiner, provides a simple guide to borrowing base facilities, an increasingly popular structured commodity financing instrument for both traders and commodity producers.
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The World Bank has pledged to assist countries of emerging Europe and Central Asia with $27 billion in funding, including trade finance.
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Deutsche Bank has signed a bilateral Euler Hermes-backed deal to help fund the construction of three pig farms in Russia.
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Marsh has stated that it expects to see demand for short-term trade credit insurance continue to rise in 2012 among countries in Europe, the Middle East and Africa.
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BNP Paribas and KfW IPEX-Bank have partnered to offer cement producer Holcim Indonesia a buyer credit facility for its Tuban green-field plant.
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Finnish export credit agency Finnvera returns to cover further loans for the expansion of Telemar’s mobile network in Brazil.
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Barclays’ global trade finance head states Basel III regulations and CRD IV will limit the availability of trade finance for European SMEs.
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XL Group has added four new members to its global political risk and trade credit (PRTC) team based in London.
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HSBC has announced plans to offer billions of trade finance for UK business.
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Fundtech has partnered with Australian payment services firm Dataline to offer electronic invoice presentment and payment (EIPP) in Asia-Pacific.
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Norwegian Air Shuttle has ordered 222 narrow-body aircraft from both Boeing and Airbus.
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ABN AMRO has predicted price increases by the end of 2012 for a range of commodities including Brent oil, natural gas, silver, palladium, aluminium and zinc.
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BayernLB signs buyer credit loan to support the delivery of wind turbines to Turkey’s Bilgin Enerji to develop its Zeytineli wind farm.
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Santander UK and Moldov’s Banca Comerciala Româna Chisinau have joined Factor Chain International (FCI).
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Turk Eximbank promises loans to both Tunisia and Libya to aid reconstruction efforts.
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Norway’s new government-funded export body is expected to hire former Eksportfinans staff, but others will face redundancy.
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Oliver Belin has been appointed as business development executive for PrimeRevenue Europe.
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International financial services association BAFT-IFSA has announced its newly elected board for 2012-13 at the group’s European annual meeting.
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Factors Chain International, the network of factoring companies, has reported a 20% increase in its two-factor cross border business in 2011.
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A group of banks have signed a revolving credit facility on behalf of Export Credit Bank of Turkey (Turk Eximbank).
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Ivanhoe Mines has approved a jumbo bridge facility to help fund the first phase of its ECA-backed Oyu Tolgoi mining complex in southern Mongolia.
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Nordic Investment Bank has named its new president and chief executive officer.
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Ukraine’s ZhL secures export credit agency financing for the import of Dutch-made confectionary packaging equipment.
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Development banks led by FMO of the Netherlands are financing a hydro-power project in Uganda.
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Russian steel producer Magnitogorsk Steel and Iron Work (MMK) has created a new position of chief financial officer.
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Banks have signed a structured commodity facility on behalf of Senegalese groundnut producer Suneor.
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An interim board has been appointed to oversee the transition to a permanent Norwegian government-funded export finance scheme in July 2012.
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US Ex-Im has appoved $6 billion in small business export financing during the first year of the bank's nationwide Global Access outreach initiative.
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The latest round of Chinese state support for India’s Reliance Group adds to China’s dominance of this intra-Asian trade link.
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French export credit agency Coface guarantees luxury cruise ship financing on behalf of Hapag-Lloyd Cruises, part of the TUI Group.
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Malta-based trade finance specialist FIMBank brought together the CEOs of all of its international factoring joint ventures to discuss strategy and growth.
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HSBC arranges buyer credit for Pakistan state utility firm, Central Power Generation Company to purchase a gas turbine combined power plant at Guddu.
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JP Morgan has hired a new managing director for its Treasury Services business covering export and supply chain finance across the Americas.
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Lenders have signed a covenant waiver agreement with Russian aluminium producer Rusal on its multibillion pre-export financing. Trade Finance provides full details on the new agreement.
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The Mexican carrier has closed debt financing for two A320-200s with Crédit Agricole CIB and European export credit agencies.
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The Asian Development Bank has arranged an A/B loan for renewables firm China Everbright to fund its waste-to-energy projects in China.
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Banks have launched a new three-year pre-export financing yesterday on behalf of Ghana Cocoa Board (Cocobod).
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Barclays appoints new head of trade and working capital, Middle East.
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Russian steel producer NLMK has told lenders it no longer wishes to continue with its pre-export financing.
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Jordan’s Investbank has established its second subsidiary – Al Imdad, ?specialising in trade finance and supply chain logistics for traders and manufacturers.?
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German development agency DEG is lending $50 million to the mobile communications and finance sectors in South Asia.
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PrimeRevenue has announced record growth for 2011 and introduced its new OpenSci™ cloud-based supply chain finance interchange.
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The Inter-American Development Bank has approved new funds for renewable energy and clean technology companies.
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Russian oil producer Rosneft has approached the market for a multibillion financing which is likely to involve a pre-export financing element.
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An industry body for international trade has submitted a report stating Australia’s export credit agency EFIC is not adequately supporting small and medium sized businesses.
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A joint survey by the ICC and the IMF says the lack of availability of trade finance, especially from deleveraging banks, will lead to depressed trade volumes for 2012.
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The government of Bangladesh has announced that it will borrow $2 billion from the International Islamic Trade Finance Corporation (ITFC).
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BBVA has relocated its transactional trade finance head to New York to maximize its cross border business and Latin American and USA networks.
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Standard Chartered Bank’s private equity division has acquired a minority stake in African soft commodity trader Export Trading Group.
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US District Judge rejects preliminary injunction to stop a US Ex-Im-supported loan to Air India.
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Reporting from Airbus New Year Press Conference, held in Hamburg, John Geddie looks at the manufacturer’s financing plans for the year ahead.
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IFC signs trade finance agreement with Lebanon’s Credit Libanais to offer gurantees on import and export financing.
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Chinese export credit agency Sinosure is guaranteeing a buyer credit loan to ArcellorMittal for work on the now-suspended Monlevade steel plant expansion in Brazil.
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India’s export credit agency has approved funding for Bhilwara’s first overseas hydro electric project in Nepal.
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ING and NordLB have signed an export credit agency-backed buyer credit on behalf of Ryanair for 18 Boeing narrowbodies.
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Banks team to finance the delivery of a semi submersible drilling rig to offshore deepwater drilling company, SeaDrill Ltd.
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Three banks have signed the senior level of a jumbo credit line, guaranteed by Philippine export credit agency PhilExim, on behalf of Philippine Phosphate and Fertiliser Corporation.
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Deutsche Bank appoints UK trade finance director.
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UniCredit has signed a loan agreement with Russian hydroelectricity provider RusHydro under cover from Austrian export credit agency OeKB.
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Australian airline Qantas receives two Airbus A380s deliveries arranged by HSBC and guaranteed by European ECAs.
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RBS is merging its corporate banking business with its global transaction services (GTS) arm to form a new international banking unit.
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President Obama is asking Congress for the authority to combine the US government’s six trade and business-related agencies and departments into a one-stop-shop for exporters.
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The Egyptian carrier secured ECA financing for three aircraft in the fourth quarter of 2011.
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Giek supports drill ship delivery to oil and gas firm Chloe Marine Corporation.
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Citi signs EDC-backed leasing deal on behalf of Peru’s Minera Barrick Misquichilca.
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Reliance Power has closed $2.2 billion in loans towards its 3960 MW Sasan ultra mega power project with the backing of US and Chinese export credit agencies.
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Reed Smith’s energy, trade and commodities team reviews whether the recent surge in financial sanctions and embargoes, and the resulting "sanctions clauses" in letters of credit (LCs) is challenging the fundamental nature of an LC.
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As of 1 January 2012, Søren Møller has taken over as deputy CEO at EKF.
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Livingston International is to acquire the customs and trade compliance services of JPMorgan Chase.
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US Ex-Im has approved direct export financing for the world’s largest IPP to buy Siemens power generation equipment that supports North Carolina jobs.
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German export credit agency Euler Hermes has issued cover on a BBVA-led loan to Venezuelan National Steel Company EPSSN.
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The UK’s export credit agency has returned to support New Zealand’s Swift Transport in its purchase of additional British buses.
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Digital Paradise Inc. of the Philippines secures ECA-backed loan from HSBC to expand its chain of internet cafes.
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Trade credit insurer Equinox Global has poached Chartis’s European trade credit regional manager, Alban De Malherbe, to help it open an office in France.
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China’s export credit insurer Sinosure celebrated its tenth anniversary in December as its underwriteen short-term insurance business hit record highs.
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Misys opens centre of excellence in Beijing in response to significant growth in Chinese business.
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Export credit agencies are providing solid support to the bids to develop Dubai’s first independent power project as financing structures shift following the Eurozone crisis.
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A distributor of Japanese construction machinery in Turkey has obtained a credit line supported by Japan’s export credit agencies.
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Standard Bank has signed an ECIC-covered bilateral loan on behalf of Zambian lime producer Ndola Lime Company.
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Dickon Harris celebrates the 20th birthday of the ICC’s Uniform Rules for Demand Guarantees (URDG), regulations which govern demand guarantees and counter-guarantees in international trade.
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HSBC North America has today appointed a new head of commercial banking for the region based in New York.
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Law firm SNR Denton has made a strategic hire for its banking and finance team in London.
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Export Development Canada has rejected a claim from Tepper farm after it failed to provide enough evidence for a rotten Russian potato deal.
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A financing package for Indian telecoms company Idea Cellular is one of the last deals to sign under the Finnish export credit agency’s temporary transfer scheme.
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Project sponsor Plenary has secured Canadian export credit agency funding and guarantees for its new state-of the-art cancer unit in Melbourne, Australia.
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Arab Banking Corporation has announced changes to the top management team at its key European subsidiary, ABC International Bank London.
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Full year Dealogic league tables for export credit agency-backed financing for 2011.
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Dealogic global trade finance league tables including and excluding sole bank loans for 2011.
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Full year Dealogic trade finance league tables by region including and excluding sole bank loans for 2011.
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Trade finance volume has reached its second highest level on record, with the volume of ECA guarantees at a record level, and Citi topping the ECA-backed trade finance rankings.
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Russian steel producer NLMK is set to mandate banks for a new pre-export financing club deal when it returns from its Christmas break.
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Siemens Financial Services has hired an export finance banker to boost its capabilities in the German export credit sphere.
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US Ex-Im is nearing its exposure limit as its full reauthorisation is switched to a short-term continuation, and the Airlines for America law suit reaches court.
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Additional banks have joined Norilsk Nickel’s jumbo pre-export financing loan, used to help fund the Russian miner’s equity buy-back.
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European export credit agencies back China Southern’s purchase of an Airbus A380.
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China Exim and Chinese lenders fund An Khanh Electricity’s thermal power project in Vietnam.
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International banks credit Pacific International Lines under a guarantee from export credit agency Sinosure.
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Deutsche Bank has signed a bilateral Euler Hermes-backed deal to help fund the construction of three pig farms in Russia.
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Société Générale Corporate and Investment Bank (SG CIB) reveals fresh job cuts in France in addition to planned job losses in Asia and the US.
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RBS has signed a secured syndication for Russian and Ukrainian dairy producer Milkiland.
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A loan from Canada’s export credit agency and commercial banks will allow Kinross to acquire the remaining 25% in the Kupol gold and silver mine in Chukotka, Russia.
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Danish shipping company Norden gains export credit agency cover to cap off Asian fleet order.
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China’s export credit agency China Exim pledges to fund Elektroprivreda’s billion dollar power complex in Serbia.
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RBS to merge a reduced investment bank with its corporate and global transaction services business.
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Two-step loan with Japanese export credit agencies and ICICI Bank helps India’s Nabha Power obtain credit for Punjab power plant.
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BTMU, Citi, SMBC and Sumitomo Trust and Banking Company are supporting Vietnam’s crucial Hai Phong to Hanoi expressway project under cover from Japan’s export credit agency Nexi.
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Law firm Norton Rose Group has merged with Canada’s Macleod Dixon allowing the firm to expand into Latin America and Central Asia for the first time.
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SMBC has appointed a new group head in Seoul and a new head of trade in Dubai.
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Development finance institutions announce financial close of pioneering Addax Bioenergy project in Sierra Leone.
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Air France has closed the first-ever export credit agency-backed loan for a home market airline.
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Citi has arranged a trade finance loan for Ukrainian sugar manufacturer Astarta-Kiev.
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The Finnish government has accepted a proposal for a Eu3 billion permanent transfer scheme to be funded by a Finnvera capital markets issuance.
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SMBC and the Japan Bank for International Cooperation (JBIC) have signed a cofinancing for a power supply project in Indonesia.
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Baker Botts has hired a leading project, trade and Islamic finance Lawyer to join its Dubai office.
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The Export-Import Bank of Korea and Kazakhstan’s Kazkommertsbank have signed a bilateral loan agreement.
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Brazilian bank Pine has secured its first-ever Islamic funding tranche for trade finance.
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The Export-Import Bank of India has agreed to support Guyana’s latest public spend on a new hospital facility specialising in heart and brain surgery.
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Russian wood supplier Amurskaya wins support from export credit agency JBIC for the purchase of Japanese processing equipment.
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Cheap resources underpinned economic growth for much of the 20th century. The 21st will be different.
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IFC Capitalization Fund will invest in Omans’ BankMuscat to help increase access to finance for small and medium enterprises (SME).
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While the US and Europe struggle, the Asia-Pacific region has prospered, propping up global prices for commodities across the spectrum from metals and minerals to food and cooking oils. Graeme Burton examines the scene.
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Photos from the EBRD’s 2011 trade facilitation programme conference, held in Istanbul, are now online.
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Jordan and Tunisia have become members of the European Bank for Reconstruction and Development (EBRD) as part of the process of becoming recipients of EBRD investments.
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Mizuho and JBIC have cofinanced a loan to BCIE to support the development of renewable energy projects in Central America.
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Belarusbank: a crucial role in the servicing of trade in Belarus
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The export credit agency-backed deal for Ecopetrol’s Reficar project has signed, including the second largest ever approved financing by US Ex-Im.
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Export credit agencies EFIC, Sace and EDC commit to Santos’ Gladstone liquefied natural gas project in Queensland, Australia.
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By Chris Conn, Sr. Business Manager, Banking & Corporate Initiatives – Americas, SWIFT
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The annual Trade Finance Market Outlook including our contact directory and events calendar.