Year: 2020

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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Holding a Digital Camera

There are a few basic guidelines pertaining to the technique of holding a digital camera which should be ideally adhered to by all photographers, especially beginners and amateurs. The foremost among these is the recommendation to hold the right side of the camera with one’s right hand in such a way that while the forefinger hovers over the shutter release, the other three fingers are curled in front of the camera and the thumb grips the back of the camera.

Likewise, the position of the left hand varies in accordance with the type and model of the digital camera as long as the basic requisite of providing support for the weight of the camera is met with. Therefore, the ideal position for the left hand is to be placed either underneath the camera or alternatively around the lens. Generally, most of the later versions of cameras feature grips or impressions … Read More

TheStreet, Founded by Jim Cramer, Taps Small-Business Loans

(Bloomberg) — The parent company of TheStreet Inc., a financial news website co-founded by media personality Jim Cramer, received a $5.7 million loan as part of a program aimed at helping U.S. small businesses weather the pandemic.

The loan was included in documents released by the federal government on Monday chronicling the $669 billion Paycheck Protection Program. A spokesman for TheMaven Inc., which acquired TheStreet in 2019 for $16.5 million, said that for “ease-of-process” reasons the borrowing was taken out under TheStreet’s name, but that it was for the entire consolidated company, which owns media properties such as Sports Illustrated.

Cramer, who still supplies content to TheStreet under a deal that followed its acquisition by TheMaven, has been critical of how banks handled the Paycheck Protection Program. In April, he slammed financial institutions for approving loans to larger companies than should have been allowed. A spokesperson for CNBC, where Cramer

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No politics, please! HK finance professionals impose self-censorship after security law

By Sumeet Chatterjee and Scott Murdoch

HONG KONG, July 2 (Reuters) – A year ago, growing anti-government demonstrations in Hong Kong were a hot topic in conversations among bankers, lawyers and other investment professionals in one of the world’s biggest and freest financial hubs.

On Thursday, two days after China imposed a controversial new security law on the city, you could almost hear a pin drop. Bankers were tight lipped, shunning any mention of the legislation over the phone or messaging apps in a sign of how much disquiet it has triggered.

More than half a dozen people Reuters spoke to said they chose not to talk about the impact of the law on their businesses with their colleagues and external contacts, though there had been no such official instruction from their respective organizations.

The sweeping legislation pushed the semi-autonomous city, which is the regional home for a large number

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