Business & Finance

After $9 Billion Credit Hit, Banks Seek Trade Finance Revamp

(Bloomberg) — When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a $76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than $9 billion in potential losses for global lenders.

At the same time that Hin Leong Trading Pte. was pledging the fuel to back the loan, it allegedly agreed to sell the same cargo to another trader, who sought letters of credit from three banks including Credit Agricole.

This line of credit merry-go-round was among many allegedly fraudulent tools used by Hin Leong, one of Singapore’s biggest oil traders before its spectacular collapse in April that left 23 banks on the hook for $3.5 billion, according to a report from court-appointed managers.

For banks financing the opaque world of commodities trading in Singapore, Hin Leong isn’t

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People’s Bank of China Cuts Stake in India’s Housing Development Finance

(Bloomberg) — China’s central bank has sold at least some of its stake in India’s Housing Development Finance Corp., according to shareholder details filed with the exchanges.

The People’s Bank of China has dropped off the list of investors holding at least a 1% stake in the company as of end-June. The PBOC held about 17.5 million shares, accounting for a 1.01% shares, at end-March. It cannot be ascertained if the Chinese central bank continues to holds any stake in the mortgage lender or not.

The PBOC may have sold at least a part of its shares in the open market, Hindu Business Line newspaper reported earlier, citing market sources. HDFC shares fell as much as 2.2% in Mumbai in early trading Friday. The stock dropped 40% from its January record high to its April low but has since rebounded 27%.

PBOC had increased its stake in India’s largest shadow

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Press Release On Seoneedthis.info

Malang 9 August 2020

Seoneedthis.info is a place to learn Search Engine and does not sell and buy SEO services.

Ifan Azwar Anas is an SEO Artist as well as the owner of Godsseo, Goyizseo, and seoneedthis.info. With the increasing number of internet users in Indonesia, search engines’ role will be even more significant in the business world.

Many SEO services offer services in the field of SEO, but it is apparent that Seoneedthis.info is only a place to learn search engines without trading any services.

The education provided at Seoneedthis.info is about all activities related to search engines, from optimization to strengthening positions on search engines.

The education provided here is global and has nothing to do with white hats, gray hats, or black hat techniques.

Regarding the slogan of seoneedthis.info, “we cheat search engines,” that is a slogan only, it does not mean we are carrying out … Read More

Press Release On Seoneedthis.info

Malang 9 August 2020

Seoneedthis.info is a place to learn Search Engine and does not sell and buy SEO services.

Ifan Azwar Anas is an SEO Artist as well as the owner of Godsseo, Goyizseo, and seoneedthis.info. With the increasing number of internet users in Indonesia, search engines’ role will be even more significant in the business world.

Many SEO services offer services in the field of SEO, but it is apparent that Seoneedthis.info is only a place to learn search engines without trading any services.

The education provided at Seoneedthis.info is about all activities related to search engines, from optimization to strengthening positions on search engines.

The education provided here is global and has nothing to do with white hats, gray hats, or black hat techniques.

Regarding the slogan of seoneedthis.info, “we cheat search engines,” that is a slogan only, it does not mean we are carrying out … Read More