BNP Shuts Swiss Commodity Trade Finance Team Amid Frauds

TipRanks

3 “Strong Buy” Healthcare Stocks Under $5 With Triple-Digit Growth Prospects

For those that thought the extreme market volatility was behind us, think again. This month, another burst of volatility was brought on by concerns about the U.S. economic recovery, hefty valuations, and a second wave of COVID-19. While challenging at times, Wall Street pros believe the healthcare space is becoming more exciting, with several long-term tailwinds on the horizon.As healthcare stocks tend to be riskier in nature, we narrowed our search to include only the best of the best, according to the analyst community.TipRanks’ database revealed three such stocks that won’t break the bank; each one trades for less than $5 per share and has earned a “Strong Buy” consensus rating from the Street’s pros. Not to mention triple-digit upside potential is on the table here.VYNE Therapeutics (VYNE)Using its Molecule Stabilizing Technology (MST) platform, VYNE Therapeutics hopes to

Read More

BNP Halts New Commodity Trade Finance Deals as It Reviews Unit

(Bloomberg) — BNP Paribas SA has suspended new commodity trade finance deals while it reviews its involvement in the business in Europe, Middle East and Africa, according to people familiar with the matter.

The French bank, one of the largest lenders to global commodity traders, has recently told clients that no new deals will be concluded unless there’s a contractual obligation, said the people, who asked not to be identified because the information isn’t public. BNP is currently reviewing options for the future of its EMEA commodity trade finance business, the people said.

The move comes after the bank took a hit from commodity trade houses facing financial stress from Dubai to the U.S., the people said. BNP’s commodity trade finance team suffered sell my house fast jacksonville heavy losses from the bank’s exposure to companies including crop trader Phoenix Group, energy firm GP Global Group as well as coffee

Read More

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

Read More

Subscribe US Now