Editor's Foreword

Another month, another editor. This time, however, it’s permanent. It’s my very great pleasure to be the new editor of Trade & Forfaiting Review and in a short time, I’ve already learned a great deal from catching up with editorial board members, as well as talking to readers.
It’s my aim to maintain contact with as many people as possible in trade finance, not just to benefit from your knowledge and expertise of the sector, but also for all the thoughts, opinions, criticisms and guidance that you can offer to make TFR an even better magazine.
I hope you see and enjoy the changes in forthcoming months, and I always welcome all feedback – thoughts, opinions and ideas – from readers, so please feel free to phone or e-mail at any time about anything.
I’m not the only one who’s new to TFR. We also have two new additions to our editorial board. Sean Edwards joins from SMBC, where he provides legal counsel, and will provide a sharp legal perspective for the magazine. He also provides an excellent insight into events at this year’s International Forfaiting Association (IFA) conference, on page 8.
The overall message of his report is quite simple: If you missed the conference, you not only missed a great opportunity to do business, but also a great time, too.
Also joining us from JP Morgan is Jeremy Shaw, head of trade services in Europe, Middle East and Africa. Shaw brings with him an immense amount of experience and knowledge about trade finance across the world, which I will certainly keenly tap.
Paul Simpson who he replaces, meanwhile, is busy tending to his garden and will rejoin our board just as soon as he dons his pinstripe once again and heads back to work – this time at Citibank. His garden, by then, should be well-prepared for the Winter.
I hope you enjoy this issue of TFR – my first – as much as I enjoyed putting it together.

Graeme Burton, Managing editor

Features

Base Jump This article is for subscribers only
Natixis Commodity Markets offers its view of the base-metals market and suggests that the supercycle still has some way to go.

Structural reform This article is for subscribers only
Is it possible to treat a commodity in the same way as any other investment? Andre Soumah, executive chairman of ACE Global, believes that with new technology it could be.

Discover new business opportunities in Belarus This article is for subscribers only
IN THE September issue of Trade and Forfaiting Review, we introduced you to the Republic of Belarus, a country in the heart of Europe that looks both west and east, and Belarusbank. This month, I would like to draw your attention to business opportunities for forfaiters with Belarusbank.

Ship shape This article is for subscribers only
The shipbuilding industry is in one of its strongest ever 'up cycles', despite fast-increasing capacity. However, a downturn may not be too far away.

Profile: Godwin Chang This article is for subscribers only
Native New Yorker Godwin Chang has become a veritable authority on trade finance across Asia - and especially in China.

IFA world: mirth, myth, mystery This article is for subscribers only
Sean Edwards reports on this year's IFA Annual Conference in Cannes.

Regulars

60-second interview This article is for subscribers only
Angela Martins, director at the international department of Banco ABC Brasil, talks to TFR.

Letter from Hong Kong Free
After I dropped out of medical school – which was a good thing for the rest of mankind judging by my last rat dissection – I answered an advertisement to ‘join Lloyds Bank Overseas Division and see the world’.

Market View This article is for subscribers only
The sudden and unexpected credit crunch has breathed new life into pre-export finance and other commodity structured finance.