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Lithuania Widens Curbs on Kaliningrad Trade Despite Russian Warning
Date: July 11, 2022
By Andrius Sytas VILNIUS (Reuters) -Lithuania on Monday expanded restrictions on trade through its territory to Russia’s Baltic exclave of Kaliningrad, as phase-ins on European Union sanctions against Moscow over its invasion of Ukraine took effect. Additional goods barred from Monday morning include concrete, wood, alcohol and alcohol-based industrial chemicals, a spokesperson for Lithuanian customs...
Ships Get Older and Slower as Emissions Rules Bite
Date: July 11, 2022
By Sarah McFarlane LONDON (Reuters) – If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with ageing fleets, but older vessels may soon have to start...
Tackling Operational Risk: A Crucial Step in an Effective Risk Management Process
Date: July 8, 2022
By Karl Viertel Until recently, many financial services institutions may have viewed operational risk as a “side project” compared to market and credit risks these organizations manage on a daily basis. The rise of new types of operational risk, the increased reliance on a more complex supply chain of vendors and the velocity of threats...
Criminal Complaint Filed Against UBS Over DRC-linked Funds
Date: July 8, 2022
ZURICH (Reuters) – Three organisations have filed a criminal complaint to federal prosecutors in Switzerland, alleging possible money laundering and a failure to exercise due diligence at UBS in relation to funds they say were received by an alleged associate of former Congolese president Joseph Kabila. “The criminal complaint transmitted to the (Office of the...
Id&v and Covid-19: A Case Study for the Financial Services Sector
Date: July 7, 2022
By Colum Lyons, CEO and Founder, ID-Pal Throughout the coronavirus pandemic, governments around the world rushed to offer unprecedented levels of financial support to businesses and individuals. In the UK, between May 2020 and March 2021, £47 billion was loaned to over one million companies to help them survive the pandemic. This came in the...
Banks Have to Help Drive Down Global Trade’s Carbon Emissions
Date: July 7, 2022
By Simon Ring, Global Head of Maritime Trade Technologies & ESG, Pole Star The trade finance sector knows it must play a major role in reducing the maritime industry’s almost three per cent annual contribution to global carbon emissions. Targets imposed by the International Maritime Organisation and the 2021 COP26 climate change conference last October...