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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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The IFC is due to sign its second supply chain financing (SCF) deal under its newly established SCF programme with third party SCF platform provider PrimeRevenue.
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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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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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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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Germany’s KfW end-year figures reveals strong growth for export finance activity conducted by KfW IPEX-Bank
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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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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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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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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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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.
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By John Loríe, Chief Economist Atradius N.V.
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By Steve Tvardek, Head of Export Credits Division, OECD
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Selected trade finance institutions offer their thoughts on the coming twelve months and where they see opportunity in the current economic environment.
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By Geoffrey Wynne, partner and head of Trade and Export Finance, SNR Denton UK LLP