http://www.tfreview.com/ The latest headlines and articles Trade & Forfaiting Review Magazine (c) 2008, Ark Group Ltd. All rights reserved. http://www.tfreview.com/display.asp?articleid=E1BE7739-255A-4F10-852A-3BA865F9775A In the July/August 2008 issue of Trade & Forfaiting Review, we inadvertently included a quote from Santander’s Federico Papa under our award article for BBVA. 20 October 2008 http://www.tfreview.com/display.asp?articleid=882EC25C-1963-4811-80B4-94C9166AD20B Oleg Deripaska, founder, sole owner and chairman of Basic Element, the holding company that controls Russian aluminium giant Rusal, has been forced to divest his 20% stake in Magna International. 20 October 2008 http://www.tfreview.com/display.asp?articleid=BEE7B930-B2B2-480B-9DD8-03CF4F1636C7 Post-independence Africa has long-held much promise – a varied and diverse continent, abundant with natural resources – but it has always under-delivered. 20 October 2008 http://www.tfreview.com/display.asp?articleid=30362AE6-CB54-4F32-A456-E74CCD87A80C The week commencing 15th September 2008 for financial institutions is already being compared with other great disasters of recent times, like the Wall Street crash of 1929. By Rollo Tomasi 20 October 2008 http://www.tfreview.com/display.asp?articleid=55E0E300-0D24-4575-89D4-F2A5ADF1E65D Forfaiting legend Norbert Fritsch is set to retire from Hypovereinsbank (HVB) in December after more than 30 years in banking. It follows his retirement from the board of the International Forfaiting Association (IFA) after completing a tenure of two terms. 20 October 2008 http://www.tfreview.com/display.asp?articleid=0AD605CE-74FD-4AC2-97B5-2577A26E5D99 Trade & Forfaiting Review is once again inviting nominations for its annual Deals of the Year Awards, the only awards to recognise genuine excellence in trade finance. 20 October 2008 http://www.tfreview.com/display.asp?articleid=9A73B7E4-B385-4616-B569-3104CF86B85E Larry E. Christensen examines the political background behind US export control and sanctions policies, and considers the potential implications of the upcoming presidential elections. 20 October 2008 http://www.tfreview.com/display.asp?articleid=C92107BE-C3DF-48DB-B5FF-CE992D0310E6 The International Forfaiting Association (IFA) has voted at its annual conference in Prague 83% in favour of working with the International Chamber of Commerce (ICC) to transform the IFA’s Market Practice Guidelines for forfaiting into a new international standard. 20 October 2008 http://www.tfreview.com/display.asp?articleid=6BE3BB7D-63DC-4910-AC99-A8686C8CAAD7 Copper miner Equinox Minerals has secured an extension to a December 2006 facility enabling it to invest an additional $80m in its Lumwana copper project in Zambia. 20 October 2008 http://www.tfreview.com/display.asp?articleid=06DB2051-8C95-4BA6-B27E-B9C46E42EF02 Mexican oil major Pemex has signed a $600m 12-year loan backed by a guarantee from Japan’s Nippon Export and Investment Insurance (NEXI). 20 October 2008 http://www.tfreview.com/display.asp?articleid=618E5030-E386-428A-9999-B9E5CF61533E The Inter-American Development Bank (IADB) has approved a loan of up to $400m to support the expansion and development of the Panama Canal. 20 October 2008 http://www.tfreview.com/display.asp?articleid=716ABEF1-69A9-402C-A26B-0E4CF636FCDA The future of the trade and commodity finance operations of Icelandic banks Landsbanki and Kaupthing are hanging in the balance following the forced nationalisation of both banks amid a crippling currency crisis in Iceland. 20 October 2008 http://www.tfreview.com/display.asp?articleid=6E438945-D9C8-43BE-A129-577951E963A5 Mozambique’s publicly owned electricity company, EDM, is to invest $2.5bn in a new 2,000km electricity transmission line from the province of Tete in the west of the country. 20 October 2008 http://www.tfreview.com/display.asp?articleid=A6A91A9B-39F5-4B47-884B-5B49BE799C84 The China National Petroleum Company (CNPC) has concluded a $3bn, 20-year oil services contract with the Iraqi government to pump oil from the Ahdab oilfield. 20 October 2008 http://www.tfreview.com/display.asp?articleid=2C8CF820-4C3F-4F0D-964C-5F1BD3E797B2 PT Smelting, operator of Indonesia’s first and only copper smelter and refinery, has concluded a $250m refinancing of its working-capital facility in a deal led by the Bank of Tokyo Mitsubishi UFJ and Mizuho Corporate Bank. 20 October 2008 http://www.tfreview.com/display.asp?articleid=3B8D5332-087A-4C65-B3FB-29546D3FD234 The Export-Import Bank of the United States (US Exim) has approved a $400m long-term loan guarantee to support US exports of equipment and services to India’s Reliance Industries. 20 October 2008 http://www.tfreview.com/display.asp?articleid=6703C566-F9C9-4DAC-A974-0CBEDE7373E1 Russian state-owned bank Sberbank – Savings Bank of the Russian Federation – has secured a $1.2bn loan agreement from a syndicate of 12 international banks. 20 October 2008 http://www.tfreview.com/display.asp?articleid=E97CA652-A78E-4465-B9F7-B6303D8E45E7 Falcon Trade Corporation is continuing its hiring spree with the appointment of Gary Gurry as a product-development specialist at its London office. Gurry joins from BP Oil International, where he was Trade Finance Manager. 20 October 2008 http://www.tfreview.com/display.asp?articleid=DD59705E-53E7-407F-B886-8E892BD6AD6F Deutsche Bank has appointed Jon Richman managing director and Head of North America Sales for Trade Finance and Cash Management Corporates in Deutsche’s Global Transaction Banking unit. 20 October 2008 http://www.tfreview.com/display.asp?articleid=95ACD9D5-85F6-4EDB-9814-A09B38C1D33B The Bank of New York Mellon (BoNYM) has appointed Eric Kamback as CEO of its Treasury Services group. 20 October 2008 http://www.tfreview.com/display.asp?articleid=E49FEAB2-C71A-4CF2-8FF7-63AA9D1ABD69 At the beginning of September 2008, Cristina Fernandez, president of Argentina, announced that Argentina would repay $6.71bn of defaulted debt it owes to the Paris Club of creditors. 20 October 2008