TXF Podcast

Suitors circle Sanjeev Gupta’s GFG as Greensill Capital files for insolvency; ECB asks banks for details on Greensill Capital exposure; ITFA backs supply chain finance amid raised concerns

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• The World Bank has approved a $440 million loan to support Egypt’s initiatives to enhance the safety and service quality of the country’s railways.

• Sanjeev Gupta’s GFG Alliance is said to be on the brink of a potential fire sale as embattled finance firm Greensill Capital, its main source of funding, files for administration

• The International Trade and Forfaiting Association (ITFA) has released a statement backing supply chain finance as a "valuable tool to support the real economy", and reiterating how insurance is a reliable partner

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KfW IPEX finances Sinosure-backed E-Flexer RoPax ships for Stena; Nornickel operations chief to leave in management shake-up; Credit Suisse seeks to reduce ties to Greensill Capital

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Germany's KfW IPEX-Bank and Swedish-based international shipping company Stena have signed a Sinosure-backed loan agreement of $180 million to finance two new E-Flexer RoPax ferries

• Nornickel operations chief to leave in management shake-up

• Credit Suisse Group is exploring ways to reduce ties to Greensill Capital over concerns about the finance company's exposure to a single client, UK-based steel magnate Sanjeev Gupta

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EBRD provides $100m loan to Turkey’s Denizbank; Vale creates executive office exclusively for sustainability; Yuan’s popularity for global payments hits five-year high

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• The European Bank for Reconstruction and Development is providing $100 million in new funds to Turkey's Denizbank to finance companies’ investments in green technologies and support women-led businesses.

• Brazilian miner Vale has established an executive office exclusively for sustainability

• The Chinese yuan is making deeper inroads as a currency of choice for cross-border payments, with global transactions climbing last month to their highest level since January 2016

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Bluejay receives US Exim LoI for $208m to back Greenland mine; Mantos Copper seals $846.6m financing for Mantoverde sulphide project; BNP Paribas rolls out payment tracking to corporate clients

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Exploration and development company Bluejay Mining has received a letter of intent from the Export-Import Bank of the United States for $208 million to fund the capital requirements of its Dundas ilmenite project, in Greenland

• Mantos Copper Holding subsidiary Mantoverde SA has secured an $846.6 million financing package to fully fund the development of its Sulphide Development Project, in the Atacama Region of Chile.

• BNP Paribas has rolled out its BENEtracker solution

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Turk Eximbank, Hungarian ECA ink reinsurance deal; Nornickel told to pay $2bn fuel-spill fine; Greensill Capital puts capital raise on ice

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Turk Eximbank has signed a reinsurance cooperation agreement with MEHIB, Hungary's official export credit agency

• A Russian court has ruled that MMC Norilsk Nickel should pay RUB146 billion ($1.95 billion) in compensation for an Arctic fuel spill, in line with a demand by the nation’s ecological watchdog

• Supply chain financing company Greensill Capital delayed a new round of fundraising by several months after increasing the amount it wants to raise, the Wall Street Journal reported, citing “people familiar with the matter”

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BP and Equinor complete formation of US offshore wind partnership; Santander expands agriculture business with Brazil bet; IDB Invest and JMMB Bank boost access to finance for Jamaican SMEs

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• BP has acquired a 50% interest in the Empire Wind and Beacon Wind lease areas off the US East Coast for $1.1 billion

• Banco Santander SA is expanding its agriculture business in Brazil as the world’s largest soybean, sugar and coffee producer continues to increase output and solidify its position as a crops powerhouse

• IDB Invest has signed a deal with JMMB Bank (Jamaica) Limited, which will allow the bank to access $35 million at a five-year tenor to facilitate increased financing to SMEs

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Linklaters appoints Matt Keats as Middle East Head of Energy and Infrastructure; Wescoal's Reginald Demana resigns as CEO; Hungarian Development Bank records record year during pandemic

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Linklaters has appointed Matt Keats as Head of Energy and Infrastructure for the Middle East region; and Reginald Demana

• Reginald Demana, the CEO and Executive Director of South Africa-headquartered Wescoal, has resigned for personal reasons and will leave the company by the end of June 2021

• State-owned Hungarian Development Bank (MFB) and its affiliates made commitments of more than HUF2.3 trillion (€6.44 billion) in new financing in 2020, contributing around 0.8% to GDP

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US Exim urges Biden to neutralize Chinese export subsidies; Rabobank narrows commodity trade finance presence; UK to require companies to pay SMEs In 30 days

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Kimberly Reed, head of the Export-Import Bank of the United States, has urged the Joe Biden administration to keep pushing to neutralize Chinese export subsidies and help US companies compete

• Netherlands-based Rabobank has joined the club of lenders backing off from commodity trade finance, in what may tighten access to credit for the bunker industry

• The UK government is looking to crack down on companies that take too long to pay suppliers, according to a report from the Financial Times

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US Exim approves two aviation deals; Metalloinvest appoints new directors of mining and steel; and Citi promotes Khaliq to head of trade and treasury solutions

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• The Export-Import Bank of the United States has approved two transactions in the aviation sector, amounting to a total of $125 million in financing

• Metalloinvest has appointed Rinat Ismagilov as Director of the Mining Division, and Alexey Kushnarev as Director of the Steel Division

• Citi has promoted Shahmir Khaliq to head of treasury and trade solutions from his most recent role of running operations and technology for trade and treasury, effective immediately.

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ADB: Developing Asia to contract 0.4% in 2020, grow by 6.8% in 2021; Trafigura has bought out founder's family stake in full; Trade finance being exploited for laundering and terrorism, says report

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market:

• Economic activity in developing Asia is forecast to contract by 0.4% this year, before picking up to 6.8% in 2021 as the region moves toward recovery from the effects of the coronavirus disease, according to research by the Asian Development Bank

• Commodities trader Trafigura has fully bought out the family stake of its late founder Claude Dauphin after record earnings in 2020

• The interconnected supply chains of global trade networks are being exploited to launder the proceeds of crime or finance terrorism, according to research by Financial Action Task Force (FATF) and Egmont Group

Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.