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TFG Weekly Trade Briefing, 28th August 2023

Estimated reading time: 3 minutes

Your Monday morning coffee briefing from TFG:

  • From starboard surprises to portside perils: Inherent risks in the shipping industry
  • Almond ailments: New York courts find jurisdiction a hard shell to crack
  • The game changer in Open Banking: B2B integration
  • Global trade in Q2 2023: OECD report highlights shifts and challenges
  • Indian Central Bank pushes for banks to settle UAE trades in rupee and dirham
  • EU and EBRD partner with KredoBank to provide trade finance support to Ukraine
  • Building Brick by BRIC(S): Bloc expands with six new counties
  • Saudi Arabia’s trade surplus reaches $10bn in June, increasing from May slump

From starboard surprises to portside perils: Inherent risks in the shipping industry

90% of world trade – from bulk raw commodities to breakbulk and finished goods – is moved on approximately 60,000 trading ships, crewed by about 1.5 million seafarers. To most traders, the potential risks associated with any one of these vessels is an unknown. Read more →

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Almond ailments: New York courts find jurisdiction a hard shell to crack

Does a New York court have jurisdiction over an Indian collecting bank that is alleged to have violated the Uniform Rules for Collections (URC 522) for neither collecting and remitting funds to pay for shipments represented by the documents forwarded to it nor returning originals of several of the documents sent to it for collection? Read more →

The game changer in Open Banking: B2B integration

Open banking is a phenomenon that is sweeping the world. It is transforming financial services just as much as the migration from the closed Nokia to the open smartphone transformed telecoms. Read more →

Global trade in Q2 2023: OECD report highlights shifts and challenges

Last week, the OECD released their International Trade Statistics report for Q2 2023. The report offers an insight into the global trade landscape, highlighting significant shifts and trends. With a decline in G20 merchandise trade and a marked slowdown in services trade, the report paints a complex picture of international commerce. Read more →

Indian Central Bank pushes for banks to settle UAE trades in rupee and dirham

India’s central banking authority is encouraging domestic banks to advise their clients to settle trade transactions between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR), in an effort to decrease US-dollar-based transactions, according to five sources who spoke to Reuters. Read more →

EU and EBRD partner with KredoBank to provide trade finance support to Ukraine

The European Union and the European Bank for Reconstruction and Development (EBRD) are backing food security and other key industries in wartime Ukraine through a new risk-sharing agreement in favour of KredoBank, a subsidiary of PKO Bank Polski. Read more →

Building Brick by BRIC(S): Bloc expands with six new countries

After weeks of speculation, and a last-minute stalemate, the BRICS group of nations has extended an invite to six additional countries. The new countries are Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates. Read more →

Saudi Arabia’s trade surplus reaches $10bn in June, increasing from May slump

In June 2023, Saudi Arabia’s trade balance achieved a surplus of approximately SAR 38 billion (around $10 billion), as reported by the General Authority for Statistics (GASTAT). Read more →

Go to the Source – TFG Weekly Trade Briefing, 28th August 2023