GTR News Brief

In recent years, banks have been closely watching to see if regulators in the EU, UK, and US would impose higher capital requirements on trade finance products like standby letters of credit and guarantees. In a significant win for trade finance providers, the Bank of England has recently abandoned its proposal to raise capital requirements for key trade instruments. The decision came after the Bank received compelling data indicating that the original plans were overly conservative. On the latest episode of the GTR News Brief, senior reporter Jacob Atkins discusses why the central bank took this decision and the implications for the trade finance sector.

Since late last year, Houthi rebels in Yemen have been escalating their attacks on commercial shipping routes in the Red Sea, firing Iranian designed anti-ship missiles and launching drone strikes on vessels carrying goods between Europe and Asia.  The number of container ships in the region plummeted in December, as shipping companies opted to use the much longer – and more expensive route – around the Cape of Good Hope.  Initially, and despite the growing risks, oil and gas tankers continued to use the Red Sea corridor.  But in recent weeks, this has all changed, with the number of vessels carrying crude or petroleum products having dropped to almost zero in the region, in the wake of ongoing Houthi assaults.  In today’s episode, GTR senior reporter, John Basquill, provides an update on the Red Sea crisis and explains the potential ramifications, both direct and indirect, for the commodities trading sector.

Host Felix Thompson is joined by senior reporters John Basquill and Eleanor Wragg, as well as reporters Jacob Atkins and Jenny Messenger, to discuss some of the most-read articles on the GTR news site this year. Insurance-related court disputes, the impact of Basel requirements on the trade finance industry, efforts to ban fossil fuel support within the OECD Arrangement on Officially Supported Export Credits and the demise of yet another digital trade consortia, all feature in our 2023 review.

Host Felix Thompson is joined by reporter Jacob Atkins to discuss a recent Singapore court case involving JP Morgan and a coal trader, Kuvera Resources. Last year JP Morgan successfully fended off a lawsuit brought by Singapore’s Kuvera Resources, with a judge finding that the lender was entitled to decline payment for a US$2.4mn shipment of coal because the vessel involved may have been Syrian-owned and subject to far-reaching US sanctions on the country. But Singapore’s Court of Appeal on September 28 decided in Kuvera’s favour, ruling that JP Morgan did not prove to an acceptable standard of proof that the vessel was in fact under Syrian ownership at the time of the trade. Instead, the court found the bank’s decision to reject payment was based on its own risk management calculations due to the presence of “red flags” that suggested a connection with Syrian entities. In this episode, we delve into the reasons behind the judges’ decision, and why the proceedings have been described as a “test case” for the use of sanctions clauses in letter of credit transactions. All the facts of the case described by Jacob in this episode are taken from the written judgement.   Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson is joined by senior reporters Eleanor Wragg and John Basquill, and reporter Jacob Atkins, to discuss some of the most-read articles on the GTR news site this year. The demise of supply chain finance giant Greensill has been one of the major stories over the past 12 months. In this episode, we consider the events that triggered this collapse and the lender’s use of so-called “future receivables”. Elsewhere, we assess the fallout from a string of fraud scandals in the commodity finance sector in 2020, and why banks remain risk averse to financing the smaller traders in the market.   The editorial team also provides an update on the industry’s trade digitalisation efforts, including the growing momentum behind UNCITRAL’s Model Law on Electronic Transferable Records (MLETR). Meanwhile, Jacob also gives a brief overview of the supply chain crisis of 2021, and why it’s likely to last well into next year. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. The US government has signalled that banks face extra scrutiny over supply chains that include forced labour in the Chinese province of Xinjiang. Australia’s banks have defended their decision to exit the thermal coal sector, pushing back against suggestions from government lawmakers that they be forced to extend financing to fossil fuels. The US government’s decision to lift sanctions on liquefied petroleum gas exports to Venezuela should be seen as a “humanitarian gesture” rather than a wholesale shift in trade relations, experts suggest. Senior reporter Eleanor Wragg also provides a closer analysis on why trade innovation risks being stranded on digital islands.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. The UK’s Serious Fraud Office has an­n­ounced it is investigating potential fraudulent trading and money laundering at GFG Alliance. Environmental groups are urging the European Commission to exclude LNG and biofuels as sustainable alternatives for vessels in an upcoming maritime fuel law in the European Green Deal. In other news, the Law Commission of England and Wales has announced a consultation on a proposed legislative reform which would give legal recognition to electronic versions of trade documents  Meanwhile, a move by India, Japan and Australia last month to collectively boost supply chain resilience could eventually squeeze China out of the trios’ supply chains for sectors such as semiconductors, batteries and rare earths, experts say.  Senior reporter Eleanor Wragg also provides a closer analysis of a new commitment made by G7 digital and technology ministers to adopt electronic transferable records in international trade transactions. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Legal challenges against Greensill are centring on its controversial future receivables financing product. French energy major Total has been forced to suspend operations at its liquified natural gas project in northern Mozambique for the second time this year, after a fresh attack by insurgents. In other news, Standard Chartered is launching a set of sustainable trade finance solutions across Asia, Africa and the Middle East, Europe and the Americas. We also take a closer look at R3's decision to launch an electronic bill of lading solution.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Industry insiders are hopeful that access to funding and insurance will remain resilient across the wider supply chain finance market, despite the disastrous collapse of London-based behemoth Greensill. Trade finance transactions on Triterras’ blockchain-based Kratos platform can be viewed publicly, without any specialist knowledge or equipment, GTR can reveal. Swift has integrated the International Chamber of Commerce’s sustainable trade finance guidelines into its KYC registry, effectively creating an ESG reporting repository for companies around the world. Senior reporter John Basquill also provides a closer analysis of the sudden and dramatic demise of SCF provider Greensill, and what it means for the wider industry. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Scandal-hit oil trader GP Global is seeking court intervention to stop creditors in Singapore “stealing a march” on banks that are owed millions of dollars. The Libyan central bank’s letter of credit system may have been exploited for “fraud on a large scale”, researchers say. The annual GTR Mena event returned (virtually) on February 15-17, to reflect on an eventful year for global trade and developments in the Middle East and North Africa. We assess some of the main takeaways and key insights.  In other news, pressure is growing for UK and US companies to shift supply chains out of Xinjiang following recent measures by both governments to crack down on imports of goods linked to the Chinese region. Meanwhile, we also take a closer look at Singapore’s decision to adopt into its own domestic legislation the UNCITRAL Model Law on Electronic Transferable Records. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. After months of deadlocks, the World Trade Organization has named Nigeria’s Ngozi Okonjo-Iweala as its seventh director general. Global commodity trader Trafigura is set to secure a new sustainability-linked revolving credit facility as it works to cut its carbon footprint and boost renewables. According to the International Maritime Organization, the number and severity of attacks on vessels by pirates in the Gulf of Guinea are increasing, posing a threat to global trade and the safety of seafarers working in the region. Meanwhile, there are warnings that illicit metals trading is proving even more lucrative than cocaine to South America’s criminal gangs. Reporter Maddy White also provides a closer analysis of the coup in Myanmar and how it’s impacting foreign businesses based there. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. US authorities say companies in Iran are using forged shipping documents, vessel impersonation techniques and UAE-based front companies to circumvent sanctions and export oil. Singapore has become the second country after Bahrain to adopt into its own domestic legislation the UNCITRAL Model Law on Electronic Transferable Records. Dialogue Exchange has created a set of free, open common standards for single credit risk insurance, as part of wider efforts to bring the market into the digital age. Elsewhere, foreign businesses and investors that bet on a democratic Myanmar have been left rattled and are exiting the country. Senior reporter John Basquill also provides a closer analysis of a major story from last week, and explains how the UAE is looking to shed its reputation as a financial crime hotspot. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Rabobank plans to streamline its trade and commodity finance offering by terminating operations in London, Shanghai and Sydney, GTR can reveal. Pressure is mounting against fintech firm Triterras over the transactions taking place on its blockchain-based trade finance platform Kratos. In its 16th annual Global Risks Report, the World Economic Forum has stressed the inequalities and challenges that countries and their exporters face in their recovery from the pandemic. Senior reporter John Basquill also provides a closer analysis of a new Make UK and PwC report looking at British manufacturers’ main risks this year, and explains why the new UK-EU trade agreement ranks top of their concerns. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. British manufacturers say that adapting to a new trading relationship with the EU poses the greatest risk to their 2021 business plans, despite the two parties agreeing a last-gasp trade deal in late December. Bankers have told GTR that if the newly rolled out African Continental Free Trade Area is to be successful, countries must address more nuanced non-tariff barriers and build regional value chains. In other news, legal experts say they don’t expect an easing off of US sanctions penalties under the incoming Biden administration. Meanwhile, reporter Maddy White provides analysis of GTR’s most read stories in 2020, in what proved to be a chaotic year for trade and trade finance. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. International banks are being urged to cut ties to three meat trading companies in Brazil, after an anti-corruption investigation accused the trio of contributing to deforestation in the Amazon. As US President-elect Joe Biden readies to enter the White House next month, one topic he will need to address is the tough economic sanctions imposed on Iran by the Trump administration, which has crippled the Middle Eastern state’s economy. In other news, trade finance products are being exploited by criminal groups to launder funds and support terrorist activity, according to a landmark report from an influential financial crime standards-setting body. Meanwhile, fintech company MonetaGo has partnered with Singapore-based trade technology platform GUUD to implement its trade finance fraud prevention solution across Asia. Senior reporter John Basquill also provides a closer analysis after banks in Singapore unveil tougher commodity finance standards. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Singapore’s High Court has sided with Goodwood Associates in a dispute with another oil company over a missed US$1.5mn payment. In a new statement, development banks have pledged to change their trade finance activities to help achieve the UN’s sustainable development goals, but have avoided hard transition targets for fossil fuel financing. JP Morgan has become the first validation agent in the global legal entity identifier system, after the role was created last month. Meanwhile, guest interviewee Louis Taylor, UKEF's chief executive, discusses the various ways export credit agencies have reacted to the Covid-19 pandemic. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Executives from Vitol and Trafigura have said their access to trade finance remains strong, despite bank nervousness following a string of fraud scandals in Singapore’s commodities sector. A new government inquiry has found that the Department for International Trade and UK Export Finance are “not yet doing enough to identify and help the businesses of tomorrow to export”. US authorities have imposed sanctions on a Singapore-based energy trader, accusing it of breaching restrictions on trade with Iran by purchasing oil worth millions of dollars. Reporter Maddy White also explains why US banks are more exposed to the financial risks associated with the transition to a lower carbon economy than they previously thought.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Companies may be required to disclose details of their supply chain finance programmes, after an influential US standards-setting body agreed to examine investor concerns over a lack of transparency. US banks are more exposed to the financial risks associated with the transition to a lower carbon economy than they previously thought, a new report has found. UN forecasts suggest global trade is undergoing a “frail recovery” after a major slump in Q2, with recovery boosted by surging Chinese exports and fresh economic activity in Europe and east Asia. Senior reporter John Basquill also provides a closer analysis after two Hong Kong-based oil traders say banks have reacted to the fraud scandal in Singapore’s commodities finance sector by restricting credit to the wider market, resulting in substantial financial losses. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Two Hong Kong-based oil traders say banks have reacted to the fraud scandal in Singapore’s commodities finance sector by restricting credit to the wider market, resulting in substantial financial losses. In other news, the risk of sovereign default is growing across Africa because of higher debt levels and currency risk. Elsewhere, we turn our attention to the US presidential race between Donald Trump and Joe Biden, and look at what the election result would mean for the country’s trade policy. Meanwhile reporter Maddy White explains why the Belt and Road Initiative may hamper Chinese President Xi Jinping’s plans for his country to go carbon neutral by 2060. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. A new report from security think tank RUSI warns against a blanket approach to free trade zones, but says many risk exposing banks to trade-based money laundering, as well drugs, weapons and counterfeit goods trafficking. Oswald Kuyler, the newly appointed managing director of the Digital Standards Initiative, spoke to GTR about efforts to scale up the digitalisation of trade in Asia. In other news, Singapore’s financial regulator has called for a move away from paper-based trade transactions in a bid to reduce fraud, after a series of high-profile scandals in the city state’s commodities sector. Last month, Chinese President Xi Jinping announced a goal of carbon neutrality for his country by 2060. However, the move has been met with scepticism from experts, given that Chinese creditors have given billions of dollars to fossil fuel projects around the world through the country’s Belt and Road Initiative. Senior reporter John Basquill also provides a closer analysis after a group of major banks launch a blockchain-based registry for trade finance transactions in Singapore. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Blockchain trade finance initiative Contour has now left beta, bringing the decentralised, digital trade finance platform into full live production. UK businesses are largely optimistic about growth prospects over the medium term, with business confidence higher now than this time last year, according to new data from Santander. A group of major banks are hoping that a new blockchain-based registry of trade finance transactions will put a stop to the fraudulent practices that have plagued Singapore’s commodities trading sector this year. Reporter Maddy White also explains why hundreds of thousands of seafarers are stuck at sea, and how the situation could pose significant problems for supply chains and trade. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Payments network Swift has unveiled a dramatic overhaul of its infrastructure, which will see it expand its focus beyond financial messaging into end-to-end transaction management services. The Bankers Association for Finance and Trade (Baft) has released a series of guiding principles to define the essential criteria for the use and structuring of payables finance. A new report from the African Development Bank and Afreximbank finds that rejection rates for trade finance applications for SMEs in Africa are on the rise, with bank participation in activities decreasing.  The continent’s trade finance gap, estimated to be more than US$81bn, is also growing.  Felix also provides a closer analysis of the UK-Japan trade agreement signed earlier this month, the first deal of its kind since Britain left the EU. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. According to new data, French financial institutions have the most robust policies in place when it comes to eliminating support for coal projects. A wide range of topics were discussed at the annual GTR Asia event, which was held virtually last week, as the trade finance sector reflected on the impact of Covid-19 on the region, and a string of fraud scandals in the Singaporean commodity sector. Elsewhere at the event, Michael Froman, vice-chairman of strategic growth at Mastercard, gave his take on just how global we can expect the future of trade to be. We have more on the UK striking a free trade agreement with Japan, the first deal of its kind since it exited the EU. Reporter Maddy White also gives a closer analysis, after a new Verisk Maplecroft report showed an increase in modern slavery risks across key manufacturing markets in Asia.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. HSBC says trade transaction volumes in Asia have reverted to 2019 levels over the past couple of months, leading to optimism for the prospects of a V-shaped post-pandemic recovery in the region. A new trade finance fund has been rolled out to help the Lebanese manufacturing sector as the country’s economy falters. According to a new report from global risk analytics and advisory firm, Verisk Maplecroft, Covid-19 has increased modern slavery risks across key manufacturing markets in Asia.  Senior reporter John Basquill also provides a closer analysis on the latest allegations of fraud in the Singapore commodity sector. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. GTR has seen a review of disgraced oil trader Hin Leong’s activities and finances, carried out by interim judicial managers PwC. Submitted to Singapore courts in June, it paints a damning picture of a company that had become reliant on fraudulent transactions and forging documents “on a massive scale”. US authorities have seized Iranian oil from four tankers that were en route to Venezuela, in what is the latest escalation of American-led sanctions pressure on maritime trade. According to a new report from Western Union and Oxford Economics, the post-pandemic recovery and growth of cross-border trade in services is expected to rely on digitalisation and the adoption of new technology. Senior reporter John Basquill also provides a closer analysis on ABN Amro’s decision to cease all trade and commodity finance activities, following heavy losses due to Covid-19, low oil prices and the Hin Leong fraud scandal in Singapore. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Damage to Beirut Port following last week’s explosion is disrupting vital food supply lines, while questions emerge over how a 2013 shipment of ammonium nitrate ended up in storage there. ABN Amro has announced it is ceasing all trade and commodity finance activities, following heavy losses due to Covid-19, low oil prices and the Hin Leong fraud scandal in Singapore.   Elsewhere, Afreximbank's customer due diligence platform has onboarded nearly 200 African entities, but barely a handful of international financial institutions have signed up.  Reporter Maddy White also gives a closer analysis on the European Council's decision to impose cyber sanctions for the first time ever.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Natixis has accused oil trader Sugih Energy of conspiring with scandal-hit trading house Hontop over fraudulent crude oil transactions in Singapore.  A British government committee has launched a fresh inquiry into the activities of UK Export Finance.  Elsewhere, the European Council has imposed sanctions against entities and individuals in China, Russia and North Korea in response to high-profile cyberattacks.  Senior reporter John Basquill also provides a closer analysis after the UK’s top sanctions regulator issued landmark guidance for all companies involved in maritime trade.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. The UK’s top sanctions regulator has issued landmark guidance for all companies involved in maritime trade, instructing them to pay closer attention to vessel behaviour, company structures and potentially forged documents. According to a new report from Coface, the credit insurance provider, Central and Eastern Europe could benefit from a post-pandemic relocation of industrial supply chains. In other news, British MPs have expressed relief that the government’s mysterious “Project Defend” will not involve localising supply chains. Senior reporter John Basquill also provides an update from the Singapore commodity sector, after Hontop Energy became the latest oil trader to be embroiled in a fraud scandal. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Scandal-hit Agritrade is urging banks to accept a new offer from a London-based investment manager, rather than push ahead with a winding up order. In another major story in the Singapore commodities sector, Hontop Energy has become the latest oil trader to be embroiled in a fraud scandal. In other news, according to a report released by the International Chamber of Commerce this week, banks are upbeat about the trade finance market in spite of Covid-19-related challenges. Reporter Maddy White also provides a closer analysis of a major story from last week. While the Japanese government tightened its lending criteria for overseas coal-fired power plants, NGOs say there are major “loopholes” in the plans. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. The heads of the WTO and six of the world’s multilateral development banks have released a joint statement promising to address trade finance shortages in the wake of the Covid-19 crisis. Criminal groups are exploiting soft commodities trading networks to conceal the trafficking of illegal wildlife and animal products, a new report has shown.  After coming under fire from anti-corruption investigators for its dealings in Sub-Saharan Africa, UK Export Finance has said it carries out rigorous and ongoing due diligence on all transactions it supports.   Senior reporter Eleanor Wragg also provides a closer analysis of a major story from last week. She explains what the roll-out of the United States-Mexico-Canada Agreement (USMCA) means for businesses, and why it hasn’t been fully enforced yet.   Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. As the US-Mexico-Canada Agreement enters into force today, there are indications that President Trump’s long sought after deal will, initially, be implemented in name only. US authorities are tightening restrictions on Iran’s steel, aluminium and iron exports, with a German-headquartered metals trader among nine companies newly added to the list of sanctioned entities. Elsewhere, insurance giants, including Lloyd's of London and Aviva, have expressed regret over their role in the trans-Atlantic slave trade. Meanwhile senior reporter Eleanor Wragg discusses recent efforts to boost the take-up of the electronic bill of lading in the shipping industry. Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. A shipping industry group is calling for the sector to boost the take-up of the electronic bill of lading through standardisation. we.trade, the blockchain-based trade finance platform, has cut around half of its workforce after struggling to secure funding from several of its member banks and one external investor. Meanwhile senior reporter John Basquill provides an update on Brexit negotiations and the UK's trade talks with Japan.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. A groundbreaking new study on Sudan has uncovered widespread trade misinvoicing in its oil and gold exports. In other news, a flare up in US-China tensions could impact Hong Kong’s ability to re-export. Meanwhile, Covid-19 is expected to put a major dent in China’s commodities imports in 2020, fresh UN research suggests. This has raised concerns about developing markets reliant on exporting energy products, ores and grains. Senior reporter Eleanor Wragg also provides analysis on a major story from last week, which saw industry players calling for a harmonised view of credit insurance during the Covid-19 pandemic.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. A collection of industry associations, including ITFA, are warning against a disproportionate focus on ECA guarantees and whole turnover insurers in the wake of Covid-19.  In other news, more than half of UK businesses are considering selling to new markets in response to the Covid-19 pandemic, new research suggests. Meanwhile, the ICC has calculated that as much as US$5tn of trade credit market capacity will be needed to return trade volumes back to 2019 levels. Senior reporter John Basquill also provides analysis on a major story from last week. He explains why banks are being urged not to withdraw financing for Singapore's beleaguered commodities trade sector, despite a string of high-profile company collapses and allegations of fraud.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. Banks are being urged not to withdraw financing from Singapore’s beleaguered commodities trade sector, despite a string of high-profile company collapses and allegations of fraud. GTR speaks exclusively to Natalie Blyth, global head of trade and receivables finance at HSBC, about the coronavirus pandemic and its impact on trade. Elsewhere, the US sanctions regulator is warning financial institutions and traders to pay closer attention to ship behaviour and supply chains in the energy and metals sectors. Meanwhile reporter Maddy White provides analysis of a major story from last week, which looked at the “mixed messages” being given out by ECAs about fossil fuel funding.   Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

Host Felix Thompson gives a breakdown of the major stories in trade and trade finance news this week. A UK lender apologises as glitches and delays hit Covid-19 loans, meanwhile the Japanese export credit agency is criticised for giving out mixed messages on fossil fuel funding.  In other news, a major liberalisation in Brazil’s agribusiness laws looks set to improve foreign lenders’ collateral options for commodity and trade finance facilities.  Senior reporter John Basquill also gives an in-depth analysis of a major story from last week, which saw the UAE being criticised for ‘ineffective’ sanctions and money laundering efforts.  Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license. Further music credit to Sunrise Drive by South London HiFi. Licensed under creative commons Attribution 4.0 License. Music promoted by CopyrightFree.org

In this short trailer host Felix Thompson introduces listeners to Global Trade Review's latest podcast series, the GTR News Brief.  Brought to you by the GTR news team, each episode will have a rundown of the biggest stories from the world of trade and trade finance.  Felix will also speak to one of the reporters about a major story happening that week, who will provide a brief summary and analysis of what's going on and why it's a big deal.    Music credit to Kevin MacLeod for his track Loopster, taken from incompetech.com. Licensed under creative commons by attribution 3.0 license.