Glencore has settled a mining royalties dispute in Democratic Republic of Congo with companies associated with US sanctioned Israeli billionaire Dan Gertler. Gertler’s Ventora Development Sasu had been seeking $695 million in unpaid and future royalties from Glencore’s subsidiary Mutanda Mining, and $2.28 billion from Glencore subsidiary Kamoto Copper Company (KCC). Ventora accused KCC of breaching an agreement by declining to make royalty payments because Gertler was under US sanctions. Glencore has resolved the situation by agreeing to pay royalties in a currency other than US dollars.
Glencore is facing a third legal challenge in the Democratic Republic of Congo. Charles Brown has resurrected a legal claim that Glencore considered dead, launching a billion-dollar bid for compensation for a 19% stake he previously held in Mutanda Mining – the world’s biggest cobalt miner.
The move comes at the same time as Glencore faces down the government over a new mining code that hiked taxes. And it raises further questions about Glencore’s ability to hold onto its Congolese assets given state-owned miner Gecamines is bidding to dissolve their Kamoto Copper joint-venture and former partner Dan Gertler is suing for billions of dollars over unpaid royalties.
TXF's second export finance podcast of 2018 asks whether the industry is, or can be, a force for good? This is the final discussion before our 2018 live show at TXF Global in Prague on the 6 June, where we will also be joined by EKN’s Anna-Karin Jatko and Euler Hermes’ Thomas Baum.
The Commodity Finance industry raised an impressive €26,500 for UNHCR - the UN's Refugee Agency - during the industry dinner at TXF Amsterdam on May 17. In an interview with TXF, UNHCR spokesperson Laura Padoan tells us about the critical work of the agency in supporting refugees and displaced people across the world.
International law firm Ashurst has boosted its Australian projects capability with the appointment of partners Alex Guy and Dan Brown to the firm's Brisbane office. Guy joins from DLA Piper, where he was the head of their finance and projects practice group in Brisbane. Brown, who also joins the projects practice from DLA Piper, has significant expertise in large-scale infrastructure, natural resources and energy projects in Australia, Asia and the Middle East.
The UK's Serious Fraud Office is preparing to open a formal bribery investigation into Glencore and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo Joseph Kabila, it was claimed. Investigators plan to seek formal approval for a full probe into Glencore's dealings in Congo.
US-based AvidXchange, a fintech provider of accounts payable and payment automation for midsize companies, has hired Dan Drees to the new role of Chief Growth Officer. He most recently led the fraud and risk solutions business at Fiserv.
Reed Smith has hired commodities partner Dan Perera to its Singapore office. He joins the firm in its Energy & Natural Resources Group from Norton Rose Fulbright. Perera specialises in disputes and advisory matters within the fields of commodities and international trade - hard rock minerals, metals, energy, oil and gas, mining - exploration, production and regulatory, shipbuilding and offshore, including rig and FPSO-related matters under contracts for engineering, procurement, construction and installation.
Trafigura has hired Dan Stirk, formerly a North Sea crude oil trader at commodity trader Noble Group, to join its crude desk. The move comes after Chinese trader Unipec hired three former Noble employees to join its middle distillates desk in London.
XL Catlin has appointed Santiago Herrero as head of political risk, credit and bond (PRCB) for Iberia. Herrero will be based in Madrid and report to Dan Riordan, global head of PRCB. Herrero was previously political risk manager at Marsh. He has also worked at Construcciones y Auxiliar de Ferrocarriles (CAF) and Amaya Cia. De Seguros y Reaseguros.
Although a serial promoter of ECA-covered loans to support Siemens manufacturing, Siemens Financial Services (SFS) is not blinkered in its financing approach. SFS is keeping an eye on alternative lenders as the market begins to get comfortable with early-stage project risk.
Supply chain finance pure-play providers' use of traditional fee models is causing revenue to be far smaller than increases in new business volumes would suggest. Should they take a punt on new fee models, explore other products to generate fresh revenue streams, or simply beg patience from their investors?
US Exim’s lack of a quorum and inability to approve transactions over $10 million has necessitated some key changes in strategy at GE Energy Financial Services (GE EFS). Bob Psaradellis, GE EFS managing director and global capital advisory leader, and Guto Davies, global ECA leader, talk financing, manufacturing and how to develop $50 billion of global ECA contractual capacity when their previous primary ECA has been handicapped out of the big-ticket market.
Around 15% of the global population are disabled. Of those, approximately 80% live in developing countries and 150 million are children. TXF caught up with Jane Anthony, executive director of AbleChildAfrica, with which we are very proud to have a partnership, to find out more about the charity's vital role in Africa.
In the most recent offering from TXF's podders, the team discuss the rise of direct lending, the types of banks that can benefit from the current ECA environment, and what smaller ticket project financings could mean for the industry.
Fluent, a financial operating network built on blockchain technology, has announced that it has added two leading trade finance experts to its advisory board. Fluent has added Dan Juliano, ex-senior vice president of business development and co-founder of PrimeRevenue, and Anthony Brown, founder of the Trade Advisory.
In the latest edition of the TXF Export Finance podcast, Simon Jones, Simon Sayer and Gabby Buck discuss the performance of the ECA finance industry in the first half of the year, analysing the latest data report from TXF. They then discuss the challenges that lie ahead in the second half, and even deliver a prediction or two.
As presented at TXF Rome last week, here are the 10 trends we are seeing in export finance in 2016. These were derived from three separate, bespoke research initiatives undertaken by TXF over the past 6 months.
Regulation was seen as the biggest challenge for the trade finance industry, whilst working capital optimisation the top priority for corporate treasurers during a poll at the TXF Trade, Fintech and Treasury conference in London on Tuesday.
For the fourth edition of our export finance podcast, we look at the issue of distribution - how are models changing, what are the key drivers, where are the regulatory pressure points and why has efficient distribution become more important than ever.
In this episode, our experts explore the relationship between private insurance and the export finance industry. How has the relationship between private insurance and banks changed, as product and regulatory initiatives have taken place? What considerations must take place when deciding on when and how to use private and ECA cover?
Daniel Riordan has been appointed as president, XL Catlin Global Political Risk and Trade Credit. This represents a significant move from the private insurance underwriter, which has been building up its activities in the sector.
Fred Hochberg is now officially the longest serving chairman in the history of US Exim Bank. 2016 was his seventh and final annual conference in the role, and TXF caught up with him briefly to ask about the conference, his legacy, and the ongoing issue of the board quorum.
President and chairman of the Export-Import Bank of the US (Ex-Im) Fred Hochberg was visibly moved as he addressed US exporters today in the opening speech of the Annual Ex-Im bank conference held in Washington.
The state of trade, commodity and export finance in Brazil: special correspondent Luis Waldmann looks at the avenues that Brazilian exporters have for export, commodity and trade finance amid a political and economic crisis.
Sullivan & Worcester hosted a Trade Finance Breakfast Seminar entitled "Learning to Love Conflict." Michael Sullivan looked at dispute resolution alternatives and provided some insight on the dos and don'ts.
At the Berne Union - the International Union of Credit & Investment Insurers - and Prague Club annual general meeting this week in Shanghai - hosted by China’s official export credit agency Sinosure - members elected Topi Vesteri
The export finance community in Asia was, as ever, bullish on growth forecasts for the year ahead. A poll of delegates taken at the TXF Asia Export and Agency Finance conference in Hong Kong showed over 60% expect to see growth in business over the next 12 months. Indeed, 16% expected to see growth in excess of 20%; and only 14% reported an expected decrease.
Last year, the Berne Union provided an update on how its members have worked with small and medium-sized exporters (SMEs) given their important roles in supporting national economies. With continued attention and focus on SMEs worldwide, the Berne Union is pleased
Dr Dan Steinbock of the India, China and America Institute in the US, delivers a run-down on the negotiations that led to the agreement, what it means for stability and properity across Asia, and the impact on Australia-China and Austrailia-US relations.
Whether you’re an insurance buyer, provider or simply looking to learn more about political risk and trade credit insurance as a risk management tool, this event is a unique opportunity to network with senior decision makers and discuss the key issues impacting the private insurance industry.
A one-day event bringing together Italian exporters large and small, and the stakeholders that do business with them. Network with your peers and potential clients and uncover the latest trends and opportunities.
The event will discuss trends for financing for energy projects, including power and renewables, in region against a backdrop of market reforms in the energy sector and changing political and economic factors influencing investment in the energy plans of specific countries.