Dealogic reports that although 2011 was all doom and gloom over the eurozone, the amount of trade finance transactions for the year totalled 1085, valued at USD 168.6bn. This does not make it a bumper year like the previous 2010, but just a tiny drop lower.

Increase in trade between Malta and Saudi Arabia has been the inspiration for both countries to sign a double taxation agreement. During a meeting in Riyadh, in January, between the Minister of Foreign Affairs of Malta Dr Tonio Borg and Prince Saud of Saudi, the convention on the avoidance of double taxation was signed. Saudi Arabia is the most powerful and the largest member of the Gulf Cooperation...

The Independent Commission on Banking has put forward a proposal to radically reform UK’s biggest banks by 2019. The Commission is recommending a physical separation of retail and investment banking operations. Such a move would mean that the bigger banks such as Barclays and RBS are in for some major changes. Approximately one-third of their total loans and investments, amount to £2trillion,...

China has become the number one market for the world’s most important commodities. Hard work from ordinary people across the Asian continent is reaping dividends. The renminbi-denominated letter of credit is being eagerly adopted elsewhere, with TF Review reporting that this now accounts to 8% of China’s annual trade, equating to US$100 billion. So will China’s financial system collapse...

The price of crude oil keeps surging, and it has now reached a two-and-a-half year high. The market is also expressing concerns about the weaking of the US Dollar, while trading markets today saw the Pound and the Euro rise further. An increase of US$ 1.29 saw the cost of a barrel rise to US$ 111.59. Sources claim that this increase combined with the weakening of the Dollar could result in what the...

US trade deficit was on the up during 2010 by the highest margin ever recorded in a decade by the Commerce Department. A 32.8% increase on the 2009 figures, the difference between imports and exports hit $497.8 billion, the highest deficit since the year 2000. Import was affected by the increase in purchases from China, which reached $364.9 billion for the year 2010.

About 35,000 Santander customers have received the wrong bank statement, claims one report. The bank customers received the first page of their account but subsequent pages belonging to other clients. The bank reacted immediately by writing to all the effected customers, and informed the Financial Services Authority about the problem. The latter may impose a hefty fine due to a breach of data protection. A...

Shares in Europe and Asia have fallen on fears that the Irish debt might spread to other European countries. The bail-out money will come from the European Union. Following the bail-out of Greece, this is the second country to turn to the EU for financial support. Yet again banks are being targeted as a maneouvre in the next budget to improve this sector. A four-year budget plan should be tabled on...

Bloomberg reported last week that the Euro-zone’s smallest economy – Malta, and the largest economy – Germany, were the only two to register a boost in their “competitiveness and fiscal sustainability” during the past five years. Allianz chief economist Michael Heise claimed that “virtually all Euro-zone countries still face a massive task in getting their public...

Russia is moving towards the privatisation process of 900 state firms, a move that could raise up to Rb 1.8 trillion (USD60 billion/Eur43 billion). This action should counteract the country’s increasing budget deficit. Among the companies forming this group is the oil giant Rosneft and Russian railways, said the Deputy Prime Minister Igor Shuvalov. Major privatisations took place in Russia in...