Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ Thu, 30 Dec 2021 22:19:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://business-continuity-and-disaster-recovery-world.co.uk/wp-content/uploads/2021/05/cropped-icon-32x32.png Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ 32 32 Women entrepreneurs encouraged to seize export opportunities https://business-continuity-and-disaster-recovery-world.co.uk/women-entrepreneurs-encouraged-to-seize-export-opportunities/ Thu, 30 Dec 2021 22:19:41 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/women-entrepreneurs-encouraged-to-seize-export-opportunities/

The Chronicle

Nozipho Maphala
The value of empowering women and increasing their participation in economic activities cannot be overestimated on the production of added value and the penetration of new markets.

Zimbabwe’s import bill from South Africa was US $ 248 billion in 2020, of which US $ 214 million largely, electric power US $ 110 million and soybean oil US $ 69 million.

Zimbabwean manufactured products enjoy preferential treatment in terms of tariffs on eligible products, as South Africa is a member of the SADC Trade Agreement and the African Continental Free Trade Area (AfCFTA) .

These trade agreements are essential to reduce the duties to be paid, which makes it possible to obtain competitive prices.
Currently, several Zimbabwean companies supply other provinces such as Gauteng, Western Cape and Eastern Cape while there is little presence in Limpopo province.

There have been considerable developments in the global business landscape in this regard in recent years, which has seen more women start and own businesses.

However, there are still many opportunities to ensure that women-led businesses are more involved in international trade.

Sectors such as food manufacturing and processing, horticulture, engineering services and furnishings are currently underserved by female entrepreneurs and therefore present good opportunities for those wishing to embark on exporting.

Given its proximity to the country, ZimTrade’s market research has identified huge opportunities for Zimbabwean products, which can take advantage of their high quality to enter the Limpopo market.

It is generally accepted that all over the world, female-led exporting SMEs tend to employ more people, pay more, and be more productive than similar male-owned businesses.

Despite this, a survey conducted by the International Trade Center in 20 developing countries found that only 20 percent of private exporting companies are owned by women (ITC, 2015).

A number of barriers to export trade are usually highlighted by women entrepreneurs, one of which is that there are many administrative barriers that include rules, regulations and legal requirements.

As the country’s trade development and promotion organization, ZimTrade has worked with various government agencies and privileged partners to help women-led businesses with an international focus equip them with knowledge of export related documentation. .

Access to markets and market information is another barrier that deters women entrepreneurs from venturing into export markets.

Most women-led SMEs often do not have access to detailed and timely market information that can guide them on available markets for their goods and services.

In fulfilling its mandate of growing Zimbabwe’s exports, ZimTrade’s service portfolio includes disseminating market information to existing, new and potential exporters.

New and potential female exporting entrepreneurs are encouraged to seek reliable information on products and services with potential in order to take advantage of available opportunities.

In addition, most women-owned businesses face financing challenges that prevent them from actively engaging in export activities. Access to affordable finance is essential for export growth across the world and especially for Zimbabwe as the country seeks to increase its exports and expand its footprint across the world.

According to the World Trade Organization, up to 80 percent of world trade is supported by some kind of finance or credit insurance and it is estimated at around $ 10 trillion per year.

Trade finance supports the flow of credit through various supply chains and typically helps businesses manage their cash flow for international payments, the associated risks, and provide the working capital necessary for trade.

According to RBZ, only about 3.78% of total Zimbabwean bank loans and advances go to the SME sector, where most of the businesses run by women are located.

In addition, conventional financing options often require collateral, making it difficult for young people to obtain financing. To address these issues, financial institutions should have suitable financing facilities for youth-led SMEs to help them turn their ideas into viable businesses that can help grow the economy and boost exports.

In addition, most women entrepreneurs are skeptical of export markets for fear of infringement of their intellectual property. This is generally true for people working in the IT, fashion, and arts and crafts industries, leading them to choose to produce only for the local market.

In recent years, local and international laws have been enacted to protect the intellectual property rights of individuals and businesses, and organizations such as ARIPO in providing legal protection assistance required by exporters when they enter foreign markets.

In helping to protect the rights of exporters, ZimTrade regularly hosts export awareness seminars that include presentations on intellectual property rights to ensure that exporters have the information that will ensure their efforts are backed up.

As the New Year approaches, it’s time for businesswomen to take a deliberate stance in pushing their businesses international milestones by exporting their products and services around the world. – From the ZimTrade newsletter.

Plenty of safe and easy ways to pay your AIA insurance premiums – adaderana biz english https://business-continuity-and-disaster-recovery-world.co.uk/plenty-of-safe-and-easy-ways-to-pay-your-aia-insurance-premiums-adaderana-biz-english/ Wed, 29 Dec 2021 04:23:59 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/plenty-of-safe-and-easy-ways-to-pay-your-aia-insurance-premiums-adaderana-biz-english/

In these uncertain times, AIA Insurance understands that the last thing you want to do is visit a branch, bank, or other outside location to pay insurance premiums. We also understand the importance of making it easier to pay your insurance premiums so that you can enjoy uninterrupted protection for you and your family. That’s why AIA offers a wide range of safe and easy options for customers to pay insurance premiums, without ever having to leave the safety and comfort of their own homes.

The all-new AIA Customer Portal is one of the most convenient ways for customers to access and manage their AIA policies, anytime, anywhere. This one-stop digital solution gives AIA customers full online access to their insurance policy, payment details, claims information and more. It is a highly secure platform that uses the latest technology, designed to work seamlessly with mobile phones, tablets and personal computers. It is also trilingual and allows customers to pay premiums, check policy status, access policy details and initiate service requests without ever having to leave their homes! You can register for the AIA Customer Portal by visiting the AIA website and by clicking on “AIA Customer Portal” under the “My AIA” tab.

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AIA introduced this facility in September 2019 long before the pandemic and it was done so that our customers can easily make premium payments at any time. Now, given customers’ preference for using digital payments and paying from their mobile phones, this platform has become all the more relevant and useful for AIA customers.

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So if you are an AIA customer, there are plenty of ways to pay premiums and enjoy uninterrupted protection. Make sure you stay safe and take all necessary precautions, without compromising your safety and that of your family. If you haven’t considered an AIA policy for your health insurance, retirement savings, or financial security, now might be a good time to get one from the best life insurance company in Sri Lanka (awarded by the Global Banking and Finance Review 2019, 2020). Call AIA on 0112 310310 for more information.

Public financial institutions should be more transparent in their decision-making https://business-continuity-and-disaster-recovery-world.co.uk/public-financial-institutions-should-be-more-transparent-in-their-decision-making/ Mon, 27 Dec 2021 05:00:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/public-financial-institutions-should-be-more-transparent-in-their-decision-making/

As 2021 draws to a close, amid new variants of Covid-19, red lists of countries and the worsening climate crisis, the notion of dealing with the impacts of decisions made with one’s own hands has touched a sensitive chord with many. As the cumulative effects of climate change exacerbate development challenges, the urgency of responding to the crisis is widely recognized.

However, increased awareness has not improved the transparency and accountability of key institutions in national efforts towards a more sustainable, just and equitable future. Civil society identifies public financial institutions as powerful agents who can tip the scales for change through concerted efforts to discourage new investments in fossil fuels while enabling inclusive decision-making.

The Paris Agreement requires fossil fuel financing to stop to stay within 1.5 ° C of global warming, with funds diverted to climate resilient development. Despite the supposed global goals of a just transition from fossil fuels to a low-carbon society, the fossil fuel industry plans to invest $ 230 billion in the development of new extraction projects in Africa over the course of this year. the next decade, and $ 1.4 trillion by 2050.

These investments not only threaten climate goals, but also risk development goals as the impacts of the climate crisis worsen. These investments also present the risk of stranded assets, carried by countries that will be faced with growing debt. South Africa’s budget could risk up to $ 125 billion if the world aligns with the Paris targets and coal loses value, putting pressure on the public budget away from development goals.

Financial institutions wield a great deal of power in allowing or undermining progressive efforts towards a just transition depending on what they fund. Public development finance institutions, such as the Development Bank of Southern Africa (DBSA) or the Industrial Development Corporation (IDC) have a political and constitutional mandate to use funds on behalf of the public towards sustainable development, enabling economic growth and poverty reduction to improve quality of life while ensuring a safe environment. With a public trust instead of an incentive for profit, they can be essential change agents to meet the development needs of society while enabling climate resilience.

Despite this mandate, public development finance institutions still consider using public funds for unsustainable projects that threaten social and environmental rights and are incompatible with climate goals. DBSA has already funded the controversial powership project in Ghana and has indicated that it may still consider the project in South Africa. The IDC has been linked to mega-developments such as the Musina Makhado Special Economic Zone, as other countries like China pull out in favor of green, low-carbon energy rather than coal.

The Export Credit Insurance Corporate of South Africa (ECIC) participated in Mozambique’s liquid natural gas (LNG) project, notoriously linked to political instability. These investments are in direct conflict with the ambitions of sustainable development, inclusive and resilient to climate change. Yet, little is known about how these projects are assessed, funded, monitored or how negative impacts are mitigated.

The injustice of the climate crisis is not only that those least at fault are the most affected, but also that they are excluded from decisions that affect them. Political marginalization is an injustice. Consider the communities that would be affected by Shell’s seismic blasting, despite legal challenges, or the communities affected by mining in Mpumalanga ravaged by air pollution.

To what extent have coal workers been included in discussions on a just coal transition, and how far would participation go in disbursing funds for worker retraining? Funding is at the heart of these decisions because it is supposed to include rigorous environmental and social guarantees with the intention of responsible investments.

Fair solutions are those that are democratically developed and where all stakeholders are represented in decision-making, even more so in decisions related to funding. While landmark climate finance deals are hailed, it is time to ensure that space is reserved for participatory decision-making in all institutions mandated with public welfare. Yet financial institutions are the least transparent.

Although they have a public mandate, development finance institutions operate largely outside of the public eye and oversight. In the face of development challenges such as ours, development institutions on behalf of the public have immense responsibility and, as such, accountability.

For years, civil society organizations have lobbied public financial institutions for meaningful transparency, accountability and consultation with relevant stakeholders. It seems impossible to know how harmful and unsustainable projects get the green light. Even with intermittent engagements, emails and editorials, no substantive response has been received other than acknowledging our concerns. Clearly, no structural or coherent change has been observed through policies or commitments regarding fossil fuel investment or public consultation.

Since the cancellation of the Thabametsi coal-fired power plant in 2020, with DBSA having been a potential funder, 350Africa.org has continued to call for a formal bank policy declaring no future fossil fuel investment in addition. to call on the finance minister to divert public funds from fossil fuels. Our 2021 campaign for #StopKarpowershipSA had a petition signed by over 5,000 people with multiple actions across the country.

Despite calls for a response since the petition was handed over and the bank’s promise of increased civil society engagement, we have yet to see a conclusive response on civil society powers or consultation. Questions ranging from the DBSA’s mention of a just transition financial framework to their involvement in Mozambique LNG have remained unanswered. Little progress has been made in obtaining details from the IDC or the ECIC.

Compared to other development finance institutions, DBSA has done relatively well in assessing finance and investment policies against environmental, social and governance standards. The bank has made notable strides towards climate action, such as the recent declaration of net zero made in the middle of this year’s climate talks.

While ambition is welcome, commitments without meaningful consultation serve to further exclude affected groups as previous decisions to finance fossil fuels have done. The transition encompasses questions about how negative impacts will be disbursed and how those affected will be supported. Without transparency and consultation on these commitments, civil society and communities wonder how the transition will endanger fair and equitable results.

Finance is not neutral in the face of the climate crisis. Financial institutions have played a key role in creating the climate crisis by supporting and financing fossil fuels. Public development finance institutions must be accountable and consult the public on project planning and resource disbursement.

Without transparent decision-making, accountability remains elusive as the climate crisis escalates. Increased public scrutiny and meaningful consultation offer real opportunities to put people in a just transition first and ensure that lived experiences are central to democratized public finances.

As citizens, we must challenge development finance institutions on their existing and planned investments in fossil fuels that are not in our best interests and call for inclusiveness in their planning for a just transition. As civil society, we will continue the fight for increased accountability and participation, for social and economic justice is climate justice.

Explosions and debts: the failure of the modernization of the Caracas metro | International https://business-continuity-and-disaster-recovery-world.co.uk/explosions-and-debts-the-failure-of-the-modernization-of-the-caracas-metro-international/ Sat, 25 Dec 2021 13:05:37 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/explosions-and-debts-the-failure-of-the-modernization-of-the-caracas-metro-international/
Travelers in the Caracas metro last February.Matias Delacroix (AP)

Smoke began to enter the air-conditioned car, packed as usual by mid-afternoon. The train was almost at the station, screaming against the tracks and producing sparks. It looked like an explosion and it looked like a tragedy. The alarm buttons to request the opening of the doors were pressed desperately by the drowned passengers. Some cried in panic, while others knocked on the windows and doors of the train to get out. Between broken glass, a new stampede began in the Caracas metro. This is the account collected by social networks of one of the recurring breakdowns of the transport system that occurred at Los Dos Caminos station on October 14, similar to the 14 others that were recorded this year; the last one a week ago.

The Caracas metro works like a pile-up. Ten years ago, the Venezuelan government contracted with a consortium of Spanish companies for a costly rehabilitation, which this year appealed to the Spanish Export Credit Insurance Company (CESCE) to claim a compensation for the breach of a contract for the modernization of line 1 of Caracas. Metro, the longest in the city. From now on, Spain will demand a debt of 138 million euros from Venezuela, as the Secretary of State for the Economy and Business Support, Gonzalo García Andrés, pointed out this week before Congress.

“This is the result of an old operation of underwriting cover by the CESCE. The accident had already occurred in 2009, but did not ask for compensation while waiting if the work could finally be carried out. Now the situation has changed because the compensation claim has already been filed, ”the official explained. The CESCE is an instrument for the protection and coverage of Spanish companies within the framework of contracts with third countries.

In 2008, the government of Hugo Chávez – with Diosdado Cabello as Minister of Infrastructure – signed a 1,500 million euro contract with the Unión Temporal de Empresas (UTE) Consorcio Sistemas para Metro, made up of CAF, Dimetronic, Cobra and Constructora Hispánica. The complex work was awarded without a tender, based on an emergency decree issued by the government, with a lack of transparency that years later revealed traces of corruption in the context of the scandal of the Banca Privada d’Andorra. Former Venezuelan civil servant Carlos Luis Aguilera is under investigation for suspected money laundering by charging 4.8% commission on this contract deposited in accounts in that country, MRT revealed in 2018.

The rehabilitation included the change of the electrical substations and the rehabilitation of 22 kilometers of railway line for the operation of 48 new trains which were acquired. This modernization involved migrating from the French analogue technology of Alstom trains that the Caracas metro had for 30 years – much of which was a model for the region – to Spanish digital technology.

But soon disagreements started over this contract which opened a hole in the public heritage and today takes the people of Caracas through episodes of desperation underground and adds new debt to the Venezuelan state. The year following the signing, Chávez demanded that the contract be reviewed and that the technology transfer that had never been foreseen be included, as well as the provision of the first spare parts for maintenance. Payment arrears have also started. The rehabilitation should have been completed in 2012, but according to official documents at that time, only 43% of the money had been executed and 49% of the works had been completed. Almost 10 years later, the opacity still covers this contract, so it is not known how much of what was agreed was paid, what works were paid and remained on hold, and how much are the debts. towards the Spanish suppliers, who are not the only ones that the metro has from Caracas.

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“From the start, there was no good management of the project and the change in technology, because political and non-technical decisions were made”, explains Ricardo Sansone, responsible for operations between 1991 and 2003 – assigned to the line 1 rehabilitated by the Spaniards – and co-founder of the Metro Family Association, which brings together working people and retirees who control the management of this service. “Night work schedules, for example, were not respected and thus the duration of the work was extended by several months. It also strained relations with the Spaniards ”.

The explosions which generate the alarm among the passengers are, for Sansone, a problem which would have an easy solution and which is attributable to the lack of maintenance of the system. The specialist explains that the train’s brake shoes are worn and that spare parts were not included in the billion dollar rental. “The shoes have a compound of graphite and metal fibers which improves the electrical conductivity between the train and the rail, this compound will wear out, like a heel. Now it rubs the metal against the metal, which produces overheating which generates the explosions that people describe.

In addition to the spare parts, the communication system between the trains and the railroad was also left halfway, although this is a key aspect. Modern railcars are driven manually rather than being automatically steered, limiting driving speed to avoid collisions, at the cost of the huge delays experienced by users on the platforms.

The metro is now experiencing one of its worst times with incessant breakdowns, derailments, deterioration of wagons that have not yet been used for ten years, dirt in stations, platforms and trains, and insecurity. The rehabilitated line is the one with the highest demand which, until before the pandemic, could accommodate more than a million passengers per day. With a subsidized fare – almost free – it’s the option of Caracas’ poorest who can’t afford the roughly 25 cents on the dollar that a trip on the now scarce buses in Caracas can cost.

The Caracas metro has lost trained personnel as part of the migration that has left the humanitarian crisis protracted in the oil country. In these emergency situations, the driver may find himself alone with the crowd when managing the evacuation of the train, as there are not enough staff, which has also forced the closure of areas of the stations. Today, Familia Metro counts former Metro employees among employees of the transport systems in Medellín, Santo Domingo, Lima, Quebec and Chile, where they have hired more than 50 Venezuelans in recent years, according to Sansone.

The Venezuelan government has yet to respond to Spain’s claim of failed metro modernization that more than improvements have resulted in constant blackouts, endless delays and more debt in a country on the brink of bankruptcy . The question will surely be one that will enter the diplomatic realm, which again caught fire after Madrid declared that the recent regional elections were not “democratic enough” and, in response, Caracas accused him of being “bent to the interests of Washington”.

This year, Nicolás Maduro has offered 15 million euros to reactivate the works of metro extensions to peripheral cities, paralyzed for years after the corruption scandal of the Brazilian Odebrecht. And in early December, the Chavist leader who, in his youth, was a trade unionist in the Caracas metro, ordered the resumption of the entire underground transport system in the capital. “We’re going to make a plan: Metro in and Metro out,” he said on television, trying to make a two-way joke.

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agricultural cooperatives announce their support for victims of the December tornadoes | https://business-continuity-and-disaster-recovery-world.co.uk/agricultural-cooperatives-announce-their-support-for-victims-of-the-december-tornadoes/ Tue, 21 Dec 2021 19:00:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/agricultural-cooperatives-announce-their-support-for-victims-of-the-december-tornadoes/

LOUISVILLE, Ky., December 21, 2021 / PRNewswire / – Several of the nation’s leading agricultural co-ops are rallying to support customers, families, team members and communities affected by devastating tornadoes and inclement weather that swept across the southern and midwestern December 11.

AgFirst, CoBank, Farm Credit East, Farm Credit Illinois, Farm Credit Mid-America, Farm Credit Services of America, Farm Credit of West Arkansas, Land O’Lakes, Inc. and Rural 1st® have committed nearly $ 700,000 to national, state and local charities to help families and communities affected by these catastrophic events.

“The impact of this disaster is severe and is being felt at national, state and local levels,” said Derrick Wagoner, Regional President, CoBank. “CoBank and our partners have responded with a package of contributions benefiting a wide range of relief efforts. We hope our donations will help alleviate some of the most immediate suffering and support long-term recovery efforts. “

Recipients include the American Red Cross, Feeding America, Kentucky Agriculture Relief Fund, Kentucky Rural Electric Disaster Fund, Tennessee Farm Disaster Response Fund, Mayfield Tornado Relief Fund, and Rotary International in Dresden, Tennessee.

“As a federated cooperative system, our ownership network reaches communities across the country, including those devastated by the December storms. While natural disasters like this leave behind untold suffering and challenges, recovery efforts underscore what we do best as co-ops: coming together, “mentioned Brett Bruges, Land O’Lakes, Inc. Executive Vice President and President, WinField United. “With cooperative partners, we are working to support our owners and their communities as they begin to rebuild what has been lost.”

The devastation from these storms spread to six states in the Midwest, leaving unprecedented damage. Residents of Kentucky and Tennessee were among the hardest hit by the weather. Co-ops continue to identify affected customers and work to understand how best to meet their immediate and long-term needs.

“We mourn our customers and our communities who have lost so much and are working diligently to find solutions to the obstacles ahead,” said Mark Barker, senior vice president of agricultural loans for Farm Credit Mid-America in Kentucky. “Alongside their communities, we have clients who have suffered significant losses of personal and business property. While we are still learning about the extent of the damage and loss, Farm Credit Mid-America and our fellow co-ops are committed to being long-term partners in helping our clients get back on their feet.

As part of their contributions, many of these cooperatives also match individual contributions made by their employees to organizations like the Red Cross and the Salvation Army. In addition, CoBank will offer a $ 100,000 matching funds for its clients who donate to tornado relief efforts. Information on the matching fund will be provided directly to CoBank customers in the coming days.

About CoBank

CoBank is a 155 billion dollars cooperative bank serving vital industries across rural America. The bank provides commercial loans, leases, export finance and other financial services to agribusinesses and rural providers of electricity, water and communications in all 50 states. The bank also provides wholesale loans and other financial services to affiliated farm credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states nationwide. CoBank is a member of the Farm Credit System, a national network of retail banks and lending associations licensed to serve the borrowing needs of agriculture, rural infrastructure, and rural communities in the United States.

About Land O’Lakes

Land O’Lakes, Inc., one of the leading food and agri-food companies in the United States, is a member-owned cooperative with state-of-the-art operations that span the spectrum from agricultural production to consumer foods. With 2020 annual sales of $ 14 billion, Land O’Lakes is one of the largest co-ops in the country, ranking 219 on the Fortune 500. Building on a heritage of over 100 years of operation, Land O’Lakes today operates some of the brands respected companies in the food and beverage industry, including Land O’Lakes Dairy Foods, Purina Animal Nutrition, WinField United and Truterra. The company operates in all 50 states and more than 60 countries. Land O’Lakes, Inc. is headquartered in Arden Hills, Minnesota.

About Farm Credit Mid-America

Farm Credit Mid-America is a financial services cooperative that has served the credit needs of farmers and rural residents across Indiana, Ohio, Kentucky and Tennessee for over a century. Supported by the strength of over $ 28.8 billion in assets, Farm Credit Mid-America provides loans for real estate, operations, equipment, housing and related services such as crop insurance and vehicle, equipment and construction leases. For more information call 1-800-444-FARM or visit www.e-farmcredit.com.

View original content: https://www.prnewswire.com/news-releases/agricultural-cooperatives-announce-support-for-victims-of-december-tornadoes-301449276.html

SOURCE Farm Credit Mid-America

Afreximbank obtains an internationally long-term issuer rating of A- https://business-continuity-and-disaster-recovery-world.co.uk/afreximbank-obtains-an-internationally-long-term-issuer-rating-of-a/ Mon, 20 Dec 2021 15:52:16 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/afreximbank-obtains-an-internationally-long-term-issuer-rating-of-a/

The African Import-Export Bank (Afreximbank) received its first international long-term issuer rating of A- with a stable outlook from the Japan Credit Rating Agency (JCR).

The rating reflects the strong support that Afreximbank receives from its shareholders, its preferred creditor status, its strong earning capacity and the crucial role the Bank plays in supporting key African Union (AU) initiatives.

JCR noted in its assessment Afreximbank’s growing prominence in African trade, citing the Bank’s involvement in critical initiatives that underpin the African Continental Free Trade Area (AfCFTA) as a key indicator.

In a statement released yesterday, Afreximbank said this new rating also captures the Bank’s key strength in structured trade finance, demonstrating its ability to reduce the risks of its loan portfolio.

JCR observes that “in these circumstances, the Bank mitigates credit risk through measures including the use of the structured trade finance system to transfer payment risk to counterparties with higher creditworthiness, insurance and collateral. “.

Afreximbank’s obtaining an A- rating from a second rating agency is an important step, coming to the end of its current strategic plan.

It supports the achievement of one of the fundamental pillars of the strategic plan, namely financial soundness, which helps the Bank to mobilize competitive financial resources on the continent.

A strong credit rating gives assurance to investors who support Afreximbank’s fundraising activities, as it demonstrates strong creditworthiness, thereby attracting funding on competitive terms.

The Bank plans to execute a debt capital market transaction in Japan and this high rating from JCR is essential as it gives lenders and investors confidence in the Bank’s credit profile.

Prof. Benedict Oramah, Chairman of Afreximbank, said in his commentary: “The A- rating assigned to Afreximbank is an affirmation of the strengthening of the Bank’s credit profile, underpinned by a strong risk management culture. We are also pleased that the work of the Bank in supporting initiatives such as the AfCFTA is recognized and its importance rewarded.

“This high rating, which comes as the Bank prepares to embark on a new five-year strategic plan, gives new impetus to our fundraising activities. This will have a positive impact on Afreximbank’s ability to fulfill its mandate.


FALSE! Yoruba is not an official language in Brazil

Claim: A national newspaper and several online platforms claim that Brazil adopted Yoruba as an official language and that the language would be included in the curricula of primary and secondary schools.

Verdict: The claim is false. The content of the article published by these online platforms is not new; it has been put back into circulation several times and has been debunked.

Insurers’ profits increase despite the decline in their core business https://business-continuity-and-disaster-recovery-world.co.uk/insurers-profits-increase-despite-the-decline-in-their-core-business/ Sat, 18 Dec 2021 16:20:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/insurers-profits-increase-despite-the-decline-in-their-core-business/

Despite the decline in their core business, listed non-life insurance companies posted higher profits in the July-September quarter of this year, thanks to a good return on their investments in capital markets.

Usually general insurers provide services to their clients in fire, marine, engineering, automotive and miscellaneous fields.

Industry insiders said marine insurance activity declined by around 10% in the third quarter, although the economy returned to near normal levels.

They said that currently maritime affairs, especially the shipment of equipment for megaprojects and machinery for factories in export processing zones, are being settled overseas, depriving local insurance companies of these companies.

But well-known insurers have made impressive profits in their core businesses, they added.

Insurers said companies have been able to make an impressive profit from increased returns on investment and lower operating costs.

Companies have moved their investments to the capital market instead of parking them in Fixed Deposit Receipts (FDRs).

Agrani Insurance Company Limited’s core business fell 26%, although net profit jumped 265% in the three months ending September 2021.

The company received a return of Tk 45 lakh from the capital market during the period.

Chinmoy Chakrabarty, COO of Agrani Insurance, said: “Our core business declined as marine insurance declined over the period. “

He said letters of credit (letters of credit) have fallen 5-10% in the Chinese market.

As a result, local insurers lost their business, he added.

During the July-September period, the Bangladesh National Insurance Company made a profit of Tk 2.54 crore from its main business, which is 37% lower than in the same period of 2020.

Although the company saw positive growth during the period, it also received a return of Tk 2.68 crore on its equity investments.

A company official, seeking anonymity, said profit from the main business had declined due to increased administrative costs.

“We are trying to maintain good business despite a slight decline in maritime activity,” he added.

United Insurance Company Ltd posted net profit of Tk 2.62 crore, down 45% from the same period of 2020.

A company official, wishing not to be named, said some well-known companies have been able to maintain good core businesses after the economy reopens.

Currently, there are 79 insurance companies – 33 life and 46 non-life – in the Bangladesh insurance industry. Among them, 52 companies are listed on the stock exchange.

Experts have long said that Bangladesh is one of the most untapped insurance markets in terms of penetration rate.

Awareness and a strong insurance service culture behind the business activities can help the industry to thrive.

According to the Swiss Re Group, one of the world’s leading reinsurers, shows that overall insurance penetration in Bangladesh stood at a meager 0.40% in 2020 – the lowest among emerging Asian countries.

Size, Growth, Trends, Share & Forecast – IMARC Group – Fastbreak Daily https://business-continuity-and-disaster-recovery-world.co.uk/size-growth-trends-share-forecast-imarc-group-fastbreak-daily/ Fri, 17 Dec 2021 04:07:11 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/size-growth-trends-share-forecast-imarc-group-fastbreak-daily/

According to the latest report from the IMARC group, entitled “Trade Finance Market Size: Global Industry Trends, Share, Growth, Opportunity, and Forecast 2021-2026”, The global trade finance market has shown moderate growth during the period 2015-2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of 3.7% during 2021-2026.

We regularly monitor the direct effect of COVID-19[female[feminine on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Request a free sample report: https://www.imarcgroup.com/trade-finance-market/requestsample

Trade finance, or export finance, refers to different financial products used by organizations to manage international trade. It is mainly used by banks, export credit agencies, exporters and importers, trade finance companies, etc. Trade finance streamlines cash flow and helps protect against the risks of international trade, including cases of non-payment, political instability, currency fluctuations, etc. .

One of the main factors driving the trade finance market is the growing number of international trade activities. In addition, the increasing integration of several cutting-edge technologies, such as artificial intelligence (AI), blockchain, Internet of things (IoT), etc., with trade finance solutions is further driving the growth of the market. global market. These technologies allow organizations to use natural language processing (NLP), chatbots, predictive analytics, and more, to recognize market patterns, solve problems, and take appropriate action. In addition, there is an increasing use of electronic systems, such as optical character recognition (OCR) and rapid response codes (QR), which improve the digitization of trade finance transactions and simplify the manual process of trade finance. identification of documents. In addition, increased investment in the banking, financial services and insurance (BFSI) sector is expected to give new impetus to the trade finance market during the forecast period.

Trade finance market Competitive analysis and segmentation 2021-2026:

Competitive landscape with key players:

The competitive landscape of the Trade Finance market has been studied in the report along with the detailed profiles of the major players operating in the market.

Some of these key players include:

  • Asian Development Bank
  • Banco Santander SA (NYSE: SAN)
  • Bank of America Corp.
  • Citigroup Inc. (NYSE: C)
  • Crédit Agricole Group (OTCMKTS: CRARY)
  • Euler Hermes
  • Goldman Sachs Group Inc. (NYSE: GS)
  • HSBC Holdings Plc (NYSE: HSBC)
  • JPMorgan Chase & Co. (NYSE: JPM)
  • Mitsubishi Ufj Financial Group Inc. (NYSE: MUFG)
  • Morgan Stanley (NYSE: MS)
  • Royal Bank of Scotland (NYSE: NWG)
  • Standard chartered bank (OTCMKTS: SCBFY)
  • Wells Fargo & Co. (NYSE: WFC)

Key market segmentation:

The report has segmented the trade finance market on the basis of finance type, offering, service provider, end user, and region.

Breaking by Type of funding:

  • Structured trade finance
  • Supply chain finance
  • Financing of traditional trade

Breaking by Offer:

  • Letter of credit
  • Bill of Lading
  • Export factoring
  • Assurance
  • Others

Breaking by Service provider:

  • Banks
  • Trade finance houses

Breaking by Final user:

  • Small and medium-sized enterprises (SMEs)
  • Large companies

Breaking by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Explore the full report with table of contents and list of figures: https://www.imarcgroup.com/trade-finance-market

Highlights of the report:

  • Market performance (2015-2020)
  • Market Outlook (2021-2026)
  • Industry trends
  • Market drivers and success factors
  • The impact of COVID-19 on the global market
  • Value chain analysis
  • Global market structure
  • Complete mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.

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The IMARC group is a leading market research company providing management strategies and market research worldwide. We partner with clients across industries and regions to identify their most exciting opportunities, address their most critical challenges and transform their businesses.

IMARC’s information products include key business, scientific, economic and technological developments for business leaders in pharmaceutical, industrial and high-tech organizations. Market forecasting and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and new processing methods are at the top of the market. business expertise.

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Seaspan Announces Closing of Innovative $ 838 Million JOLCO Funding Supported by ECA https://business-continuity-and-disaster-recovery-world.co.uk/seaspan-announces-closing-of-innovative-838-million-jolco-funding-supported-by-eca/ Wed, 15 Dec 2021 13:00:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/seaspan-announces-closing-of-innovative-838-million-jolco-funding-supported-by-eca/

LONDON, December 15, 2021 / CNW / – Seaspan Corporation (“Seaspan”), a wholly owned subsidiary of Atlas Corp. (“Atlas”) (NYSE: ATCO), is proud to announce today the full details of one of its financing arrangements previously identified in the third quarterly results released on November 8, 2021. This innovative financing arrangement is a one-of-a-kind ship financing (the “Financing”), combining two existing asset financing structures to add long-term and attractively priced debt to Seaspan’s capital structure. The proceeds of the Funding totaling approximately $ 838 million will be used to finance eight previously announced new construction vessels, comprising four 12,000 TEU vessels and four 15,000 TEU vessels (the “Ships”). Unchanged from Atlas’s previously released third quarter results, financing has been secured for 60 of its 70 new vessels (which includes three previously announced vessel deliveries). Completion of the financing of the remaining 10 new construction vessels is still expected before the end of the year.

Highlights of transactions

This one-of-a-kind transaction combines two vessel finance structures, an Export Credit Agency (“ECA”) backed loan backed by China Export & Credit Insurance Corporation (“Sinosure”) and Assignment Agreements. lease under special Japanese leases, provide Seaspan with significant benefits, including:

  • Long tenor – A 12-year post-delivery maturity with mortgage-style repayment, extends and diversifies Seaspan’s maturity profile
  • At low price – significantly reduced prices compared to existing secured debt
  • Fully funded construction cost – Provides partial financing of pre-delivery progress payments, totaling approximately 30% of the contract price, during construction, with the full value of the construction price financed on delivery
  • Diversify funding sources – Combines Japanese equity (~ 25% of funding) with a syndicated loan backed by the ECA (~ 75% of funding)

Graham Talbot, Atlas and Seaspan CFO, commented: “This funding has been a significant time investment for our team, laying the groundwork over a period of several years, but the payoff is both long and remarkably long funding. low cost, from construction to 12 years after completion. This was made possible by Seaspan’s position as an industry leader and innovator in ship finance. Among other strategic advantages, through this transaction, we have further developed our relationship with Sinosure – an essential partner in China – and with Japanese equity investors. With this closing, we have secured financings for 60 of our 70 new vessels, solidifying our long-term liquidity and allowing continued quality growth. ”

Structure of transactions

Funding consists of two parts:

  1. Syndicated credit over 12 years backed by Sinosure, from China State-owned ECA (the “ECA Facility”) and
  2. Sale-leaseback arrangements under Japanese special lease agreements (“JOLCO”)

This transaction represents the first time that an ECA has provided export buyer credit insurance for a JOLCO transaction and involves complex structuring with various parties. The Funding will provide pre-delivery funding under the ECA Facility, which will become JOLCO funding on delivery, subject to certain conditions.

Shuigen casserole, Managing Director of Sinosure Jiangsu Branch, commented, “The successful closing of the financing represents that the cooperation between Seaspan and Sinosure has reached a new high. As the world’s leading independent container ship lessor, we are committed to long-term strategic cooperation and Chinese New Build Orders from Seaspan. We are also eager to explore new horizons on innovative and win-win project paradigms between us. ”

Hisanaga Tanimura, Founder and CEO of FPG, commented: “We are proud to be able to work with Seaspan again and are delighted to close this revolutionary structure. This transaction demonstrates our cutting-edge capabilities to organize and structure innovative partnership ship financing solutions with our clients. We look forward to continuing to develop our relationship with Seaspan.

Sam lippitt, Head of Export and Asset Finance for the Americas at HSBC, said, “We are delighted to have partnered with Seaspan to deliver a first place in the market: a JOLCO facility wrapped in Sinosure. Given the importance of China as a maritime exporter we see enormous potential to deploy this structure in support of Atlas in the future. “

In accordance with Seaspan policies, the financing documentation incorporates all requirements relating to the Poseidon Principles.

Advisors, lenders and export credit agency

Hongkong and Shanghai Banking Corporation Limited (“HSBC”) acted as ECA Agent, Global Coordinator and Senior Bookrunner; Citibank, NA, Deutsche Bank AG, HSBC, Société Générale, Bank of China Limited, BNP Paribas and ING Bank, NV, acted as mandated lead managers and bookkeepers; Bank of Communications acted as principal arranger and Standard Chartered Bank acted as arranger for the financing.

Sinosure provided export buyer credit insurance policies for the ECA JOLCO transaction, FPG-AIM acted as JOLCO arranger and FPG acted as underwriter of JOLCO shares.

Watson Farley williams acted as counsel for the lenders, in collaboration with june he. White & Case advised FPG and Squire Patton Boggs acted for Seaspan.

About Atlas

Atlas is a leading global asset management company, distinguished by its position as a leading owner and operator, focused on deploying capital to create sustainable shareholder value. Atlas brings together an experienced asset management team with in-depth operating and capital allocation experience. We target long-term risk-adjusted returns on high quality infrastructure assets in the marine, energy and other vertical infrastructure industries. Our two holding companies, Seaspan Corporation and APR Energy Ltd. are unique and industry-leading operating platforms in the global maritime and energy spaces, respectively. For more information visit atlascorporation.com.

About Seaspan

Seaspan is a leading independent owner and operator of container ships. We charter our vessels primarily through long term, fixed rate charters from the largest container ships in the world. Seaspan’s operational fleet consists of 134 vessels with a total capacity of 1,156,800 TEUs. We also have 67 vessels under construction, bringing the total capacity of our operational fleet to 1,959,200 TEUs, on a fully delivered basis. For more information, visit seaspancorp.com.

Caution regarding forward-looking statements

This press release contains certain forward-looking statements (as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) regarding future events. Statements which are predictive in nature, which depend on or refer to future events or conditions, or which include words such as “expects”, “anticipates”, “intends”, “plans”, ” believes “,” estimates “,” plans “,” forecasts “,” will “,” could “,” potential “,” should “, and similar expressions are forward-looking statements. These forward-looking statements do not reflect the current expectations of management only as of the date of this press release. Accordingly, you are cautioned not to rely on any forward-looking statements. Although such statements are based on what we believe to be reasonable assumptions based on the information available, they are subject to risks and uncertainties. These risks and uncertainties include, without limitation, the factors detailed from time to time in our periodic reports and documents filed with the SEC, including Atlas’s annual report on Form 20- F for exercise closed December 31, 2020, filed with the SEC on March 19, 2021. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of future events, new information, a change in our views or expectations, or otherwise. We do not make any predictions or statements about the performance of any of our securities.

SOURCE Atlas Corp.

For more information: Investors and Media Inquiries: Robert Weiner, Atlas Corp., Tel. + 1-904-345-4939, Email: [email protected], E-mail: [email protected] ]]> The Real Threat of China’s ‘Debt Trap’ https://business-continuity-and-disaster-recovery-world.co.uk/the-real-threat-of-chinas-debt-trap/ Mon, 13 Dec 2021 21:12:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/the-real-threat-of-chinas-debt-trap/

Faced with an economic slowdown and unpaid debts earlier this year, the Republic of Suriname turned to the International Monetary Fund (IMF) for a bailout. In return for a loan of $ 690 million, the South American country agreed to economic reforms and debt restructuring. But since the loan was announced, according to officials I spoke with, no money has been disbursed because the Import-Export Bank of China (Exim Bank) has not restructured about $ 1 billion. of Suriname’s debt.

The nearly eight-month delay is part of a worsening debt crisis affecting countries that have borrowed hundreds of billions of dollars from China for infrastructure development. While other lenders, especially Western banks and bondholders, are also creditors of many of these countries, China’s large loan portfolio means that Beijing’s policy response will affect as many people as possible. country of the world.

It’s not just low-income countries that are struggling to repay China. Middle-income countries are also looking to renegotiate their Chinese debts as the pandemic-induced global economic slowdown approaches the two-year mark. It should be noted that IMF Managing Director Kristalina Georgieva recently called for “other heavily indebted countries” to gain the attention of the Group of Twenty (G20) governments, a clear signal of the challenge facing them. the most advanced countries on the development ladder.

But Chinese lenders are backing down as governments ask for relief, especially with countries not receiving media attention. And these countries feel the pain. For example, Suriname’s inability to access IMF funds means less money for social programs at a time when the pandemic has increased demand for health care and other programs targeting the poor.

The administrations of US Presidents Donald Trump and Joe Biden have accused China of using loans to lure borrowing countries into a “debt trap” that gives Beijing a grip on strategic assets and natural resources when governments fail. can not refund. But that accusation has not stood up to scrutiny, even though some Chinese loan agreements contain severe conditions.

This does not mean that China is free from blame. Beijing follows a familiar scenario of delusional lending that has a habit of creating an unsustainable debt quagmire in many countries. The situation echoes the debt crisis in Latin America in the 1980s, when countries were unable to repay loans from Western commercial lenders, and the desperate situation of low-income countries in the late 1990s which resulted in led to bailouts from the IMF, World Bank and other creditors.

Timely Chinese debt relief could help many indebted countries. But failure to act could create a real debt trap that traps both foreign borrowers and Chinese lenders.

Under the belt

Chinese loans for infrastructure projects fell under President Xi Jinping’s Belt and Road Initiative (BRI), which was enshrined in China’s constitution in 2017. But with countries seeking now in debt relief, the BIS appears to be undergoing a downgrade in Xi’s pantheon of achievement. : The program received no mention in the Communist Party plenary assembly statement last month, and only one in the self-righteous resolution on the party’s history released at the meeting.

This likely reflects unease that many of the 144 countries that have signed BIS “cooperation agreements” are struggling to repay loans from Exim Bank, China Development Bank (CDB), and China. other Chinese financial institutions that have helped finance many of the more than 3,100 projects launched or planned by Chinese state-owned enterprises in 2018. While the exact amount borrowed from China under the BIS is unknown, the Rhodium Group estimates lending peaked in 2016 at $ 75 billion, before dropping sharply as problem debt began to emerge.

This loan abandonment was highlighted in China’s pledge of $ 40 billion in financial assistance to Africa at the China-Africa Cooperation Forum last month. The package, up from $ sixty billion in the last pledging round in 2018, but still substantial, contained ten billion dollars in lines of credit and no interest-free loans (or grants), focusing instead on the direct investment, trade finance and pipeline. funds through the IMF. In contrast, in 2018, China pledged $ 20 billion in credit and $ 15 billion in interest-free loans.

China’s official position on debt relief aligns with policies approved by the G20, which include a moratorium on debt service payments by low-income countries expiring on December 31 and a pledge towards the so far unsuccessful “common framework” in which these nations must negotiate restructuring. The G20 is also calling on private sector lenders to initiate debt talks on a case-by-case basis, and China has said its banks are following this stipulation, even though a significant portion of Chinese loans come from financial institutions controlled by the G20. State. like Exim Bank and CDB. (Beijing claims the CBD is a commercial bank and therefore does not fall under programs for government creditors, a position the World Bank president has criticized.)

Beijing has provided more than $ 12 billion in debt service deferrals and restructuring since the start of the pandemic. This is the highest amount among the G20 countries, with China being the largest lender in the group. Restructuring deals have been reached with a handful of countries, including Angola, the Republic of Congo and Ecuador, the latter under an IMF program, like Suriname’s, which called on creditors to renegotiate conditions.

Mourn the poverty

But China’s stance has hardened in recent months, and officials suggest Beijing can hope the delay will be rewarded with rising commodity prices, especially oil, and a global economic recovery that would restore capacity. reimbursement countries. Beijing can also bank on the IMF granting loans to governments even if they have fallen behind in repaying official creditors – a process called “lending in arrears.” But other governments are likely to oppose any loan that could allow repayment to China – as the Trump administration did during discussions over a 2018 loan to Pakistan – and some debtor countries may refuse to pay. repay Beijing in the absence of a restructuring agreement if IMF funds become available.

An IMF official told me that China is claiming internal constraints to offer debt relief: “They say, ‘We can help extend the payments, but basically this money is owed to the Chinese people. We are not a rich country that can provide free foreign aid.

The idea that China – a global engine of growth with more than $ 3 trillion in foreign exchange reserves – remains a poor country beyond comprehension. Nonetheless, domestic political constraints apply: There is considerable sensitivity to debt issues in China at a time when the real estate sector is burdened with bad debt, putting the Chinese financial sector under considerable pressure and officials. the financial sector are being investigated. It may also help explain why BRI is no longer featured in the campaign touting Xi’s accomplishments.

In fact, at a Chinese government symposium on the BIS last month, the Chinese leader adopted a rather defensive tone. According to the Communist Party newspaper People’s DailyXi told officials gathered that the BIS “is not a debt trap, but a pie for the benefit of the people; it is not a geopolitical tool, but an opportunity for common development.

Discussions about foreign debt in China are tightly controlled. When the IMF’s program with Suriname was announced in April, the state insurance company Sinosure, which provides export credit insurance and analyzes country risk, issued an “early warning analysis”. The bulletin spoke of Suriname’s debt, but did not mention Exim Bank loans.

The huge debts owed to China will not go away just because Beijing erects a curtain of silence. And the burden of repayment will inevitably be borne by those who can least afford to make the sacrifices.

Jeremy Mark is a Senior Non-Resident Researcher at the Center for Geoeconomics at the Atlantic Council. He previously worked for the IMF, The Wall Street Journal, The Asian Wall Street Journal, and CNBC Asia.

Further reading

Image: A Chinese yuan banknote is pictured in this illustrative photo on May 31, 2017. By Thomas White / REUTERS.