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PHOTO (COLOR): Nazir characterizes former prime minister Mahathir Mohamad as an "end-justifies-themeans kind of guy" PHOTO (COLOR): Ex-prime minister Najib Razak was convicted in 2020 for his role in the 1MDB scandal PHOTO (COLOR) PHOTO (COLOR) Nazir on Mahathir One of the most interesting elements of Nazir's book involves his occasional portraits of former prime minister Mahathir Mohamad. You couldn't have had a closer ring-side seat to the political and financial evolution of Malaysia than Nazir Razak did without actually being part of the action. And after Nazir wrote an article "Remembering my father" as a none-too-subtle shot across his brother's bows to remind him of their family values, and later wrote a joint statement with his other brothers protecting their father's name, Nazir and his wife and children were subjected to a defamatory social media campaign that, Nazir maintains, threatened the safety of his children, then at boarding school in the UK. [Extracted from the article]

Underwriters HSBC and EFG Hermes had lined up a number of anchor investors, with the European Bank for Reconstruction and Development and the Sovereign Fund of Egypt committing to buy up to $75 million of its issued equity. When Ahmed Kouchouk was appointed Egypt's vice-minister of finance for fiscal policies and institutional reform in March 2016, the country was struggling. Egypt needed money and fast; and in the absence of help from sovereign allies in the Gulf - themselves hit hard by falling oil prices - an IMF bailout was the only viable route to salvation. [Extracted from the article]

At the end of April, António Horta-Osório will be leaving a bank - and a country - that he has made his own. "As long as Lloyds could have economies of scale by merging systems, finance, risk and personnel - while keeping a segmented approach to customers through Lloyds and Halifax - I thought that would be the best combination in terms of cost and income", says Horta-Osório. LLOYDS 10 YEARS ON: António Horta-Osório makes his exit Horta-Osório is leaving the UK and Lloyds at a difficult moment, in the aftermath of a pandemic that has hit the British people and economy particularly hard over the last year. [Extracted from the article]

Trade finance When it comes to sustainability, trade finance has been relatively slow off the mark. Susan Starnes, head of strategy, trade and commodity finance for the IFC's financial institutions group, says IFIs are well equipped to play a leading role in sustainable trade finance. Proponents of sustainable trade finance also see reason for optimism in several trends outside the market, including the transfer of trade-finance transactions from paper to digital platforms - a long-awaited shift that has finally gained traction since the start of the pandemic - as well as a Covid-inspired review and restructuring of companies' supply chains. [Extracted from the article]

Some litigation funders co-invest in cases with law firms they know well, from smaller specialists to the biggest in London, New York and Frankfurt. It gives the litigation funder access to a far larger pool of active cases it can view first-hand, giving it a jump on its competition. "Does a case stack up" is another question litigation funders ask all the time. [Extracted from the article]

The funding round was led by RET Ventures, and joined by investors Updater, Pelican Ventures and Crocker Mountain.

In January, relative newcomers to the Qatari market, Islamic bank Masraf Al Rayan, which was founded in 2006, and Al Khalij Commercial Bank (known locally as Al Khaliji), founded in 2007, announced plans to joined forces to create Qatar's biggest Islamic bank. In the horizon of one to two years, we might be expecting some GCC banks to come and maybe acquire banks in Qatar or the other way around, some of the Qatari banks might be thinking to expand in some other emerging markets in the region. "For some of the markets like in Egypt, in Saudi, in UAE, I think there is still hot potential and hot opportunities where some of the Qatari banks might be either interested to expand or a target for some of these large banks for an expansion in Qatar." According to rating agency Fitch, potential mergers will be driven by an increasing need for Qatar's banks to bring costs down, particularly as the pandemic has changed how banks everywhere do business. [Extracted from the article]

Thomas Kuh, head of index at ESG alternative data firm Truvalue Labs, agrees with the need for better data. In a McKinsey report in April, called "Addressing climate change in a post-pandemic world", the consultancy firm advised companies to "seize the moment to decarbonize". IF THERE WERE EARLY CONCERNS that government recovery policies and financings might not build in "green" considerations - and indeed that companies might not take part - those concerns seem to have eased in the European Union at least. Mohieldin suggests that to find capacity, finance must become more integrated and calls for all components of finance to be put to use, including domestic and international, public and private-sector funding, debt management, debt relief, trade finance and community finance. [Extracted from the article]

But if markets remain repriced for a long time, a second-order issue will be that of corporate pension deficits, says one banker, noting that asset-price collapses are big enough to make this relevant even in schemes weighted towards fixed income. Asset price moves of this scale are exacerbated by the lack of liquidity that has been caused by the retrenchment of liquidity providers over the years and a thinning out of corporate bond inventory, he argues: "In functioning markets you don't see it, but in hairy markets you do." Like them or not, hedge funds were a substantial provider of liquidity to markets, but that no longer operates in the same way that it used to, the banker adds. "The post-2008 buffers have worked for the banks on the liquidity side, but regulators will have to look at the funds. [Extracted from the article]

There is no accurate way yet of showing sustainable financing from banks versus brown financing, but WRI offers as a comparison banks' sustainable finance commitments from last year - $292.3 billion - against Rainforest Action Network's data on fossil fuel financing from the top 33 banks alone for last year - $654 billion - more than double. "Banks like HSBC, Standard Chartered and Citigroup pretend to be climate leaders, but in fact our research shows that they are still among the world's top 10 lenders to coal plant developers", says Heffa Schuecking, founder of environmental and human rights non-profit Urgewald, which tracks coal financing. There are other actionable points on the wish list of sustainable finance heads such as greater support from the top, stronger commitment from the US banks and a discussion around financing nuclear as a solution to fossil fuels until other technologies emerge. GRAPH: Keeping quiet Bank disclosures of accounting methodology for sustainable finance commitments (sample of 20 banks) Source: WRI, RAN. [Extracted from the article]

When in 1948 the US and British occupation authorities in Germany were squabbling over how much to enfeeble the banking sector that had financed the Third Reich, they eventually reached a compromise that endures to this day. KfW helps bank government policy aims, such as the Energiewende ("energy transformation" to renewable sources) and student finance, through a rigorous process of negotiation and oversight in accordance with its founding law. Euromoney Even though you work carefully with the private sector, do you think that the presence of KfW and the competence of KfW is a disincentive for the government in Germany to push for a restructuring of the banking sector, because it knows you're there? FC The management boards of KfW, Ipex and DEG take independent risk decisions and they bear responsibility for the risks taken. [Extracted from the article]

Why should you care about the places that finance forgot? It can disrupt financial services and cross-border flows, including trade finance and remittances, undermining financial stability, inclusion, growth and development goals, the IMF says. The Marshall Islands has one domestic bank and it can't issue credit cards and doesn't have ATMs; its only international banking relationship was with First Hawaiian, a unit of BNP Paribas, which announced in 2018 it was closing down all business relationships with the country. [Extracted from the article]

The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics. [ABSTRACT FROM AUTHOR]

Perry will be based in London and report to Nick Robson, global leader, credit specialties. [ABSTRACT FROM AUTHOR]

R&Q has given up on its proposed sale to 777 Partners-owned Brickell after shareholders voted against the transaction tonight following the buyer's attempted withdrawal late on Monday, and will now pursue a $100mn rights issue to shore up its balance sheet. [ABSTRACT FROM AUTHOR]

The line slip will allow carriers, MGAs and ILS funds to transact directly with the Lloyd's market. [ABSTRACT FROM AUTHOR]

The executive replaces Nancy Bewlay, who has moved to run the reinsurance division. [ABSTRACT FROM AUTHOR]

A number of carriers are looking to offload their volatile reinsurance units. Could an ambitious investor knit them together? [ABSTRACT FROM AUTHOR]

The InsurTech has hired Adam Glasby as programme manager, as part of wider efforts to scale up with tech talent drawn from the Lloyd's and London marketplaces. [ABSTRACT FROM AUTHOR]

Lloyd's announced back in March that it had appointed Schroders Solutions as a partner for its new investment platform. [ABSTRACT FROM AUTHOR]

The London head and energy leader joined the company in 2013 [ABSTRACT FROM AUTHOR]

The newer banks, with more concentrated loan portfolios in the consumer sector, such as Banco Ademi, Banco Santa Cruz and Banco Vimenca, may face a more challenging deterioration in assets - although it is too soon to tell. "Traditionally banks have had very good levels of profitability, but this is under pressure this year, given the lower interest rates, and so these smaller banks are deferring provisions until March 2021, when we should start to see the real cost of credit." Any suggestion that the bank will be sold to help recapitalize the central bank is, however, swiftly dismissed by the bank source. [Extracted from the article]

The article reports on the lack of gradualism in Argentina. It mentions that International Monetary Fund (IMF) money will have to cover the Argentina's large external financing needs up to, and beyond, those critical elections. It states that the government of Argentina observed softening economic growth that would further complicate its fiscal challenge on the revenue side.

The article reports that the capital markets of Hong Kong, China are dominated by mainland backed houses. It mentions that Hong Kong, China's mainland-backed houses on a continuum, with the securities houses at one end and the investment banking subsidiaries of the big four banks on the other. It presents information on the China Merchants Bank International.

The article reports that volume of funds raised through initial coin offerings (ICOs). It mentions views of Garrick Hileman, head of research at Blockchain, on bitcoin and cryptocurrencies. It presents views of Paul Snaith, head of operations for capital markets, banking and payments at the World Bank, on bank digital currencies. It presents views of Marieke Flament, managing director for Europe at Circle, on technology.

The article reports on implementation of Europe's Bank Resolution and Recovery Directive (BRRD). It mentions views of Marco Troiano, executive director, financial institutions at Scope Ratings tells on financial institutions. It presents views of Bob Penn, financial regulatory partner at Allen & Overy in London, England, on moratorium.

The article reports that transaction services have become the most global part of the banking industry because cash management and supply chain finance needs are complex and a business requires banking partners to help it manage them. Topics include global cash management remains a business with few global banks, and Bank of America Merrill Lynch's transaction services business is global as it serves the U.S. multinational clients across the world and BNP Paribas has a more global footprint.

The article focuses on the impact of global financial crisis on the global banking industry. It mentions that bank employees are working with clients and communities, using finance to effect positive change. It presents views of Jean-Laurent Bonnafé, chief executive officer at BNP Paribas on BNP Paribas named as world's best bank for sustainable finance by Euromoney.

The article reports that more than fifty billion dollars was raised for direct lending strategies across the world in the year 2017. Intermediate Capital Group PLC raised at least five billion euros for its Senior Debt Partners direct lending plan. According to Hayfin Capital Management's chief executive, Tim Flynn, the company uses same workers for its direct lending and special situation teams.

The article discusses the urgency for the philanthropic sector and financial services industry to invest in fishing and shipping. Topics include the Sustainable Ocean Fund of Althelia that invests in small and medium businesses, the suggestion of non-profit As You Sow to phase out non-recycable plastic packaging and the commitment of Credit Suisse towards sustainable finance and impact investing.

The article offer information on the requirement of private banking and the wealth management. Topics discussed include no need of private banking in the modern age of finance; concentration of private banks on the wealth management of wealthy families; and reputational risk with the concept of private banking as felt by shareholders. It also mention about the activity of executives in investing in the responsible investments.

MUFG has promoted Johann Lamrissi to director, project finance, based in the firm's New York office. Prior to joining MUFG as vice president in the project finance group in 2016, Lamrissi was a project finance analyst at BBVA for roughly 2 years in New York. [Extracted from the article]

The programs are: B National Infrastructure Project Assistance (MEGA) b The program was created in the infrastructure law for projects that are too large or complex for traditional funding programs. Eligible projects for RURAL grants include: highways bridges tunnels USDOT will award up to $300 million in grants through this program this year - part of the $2 billion included in the infrastructure law over 5 years. US Department of Transportation (USDOT) today (23 March) announced $2.9 billion of funding available for major infrastructure projects of regional or national significance. [Extracted from the article]

B Updated to include: b advisers underwriters equity contribution TIFIA interest rate and maturity Financial close has been reached on Virginia's $660 million 495 Express Lanes Northern Extension (NEXT) project. In addition to the debt raised for this project, financial close was also reached on the refinancing of 495 Express Lanes' existing debt facilities, PABs issued in 2008 and a TIFIA loan. This split is: $133 million - PABs $212.7 million - TIFIA funding $49 million - loan from the Virginia Transportation Infrastructure Bank The remaining funding will come from the Transurban Chesapeake shareholders as the project development progresses. [Extracted from the article]

The government signed a 15-year contract with preferred bidder Plenary Infrastructure DC (PIDC) to convert the District Department of Transportation's (DDOT) streetlight network to energy-efficient LED technology. The PIDC consortium comprises: Plenary Americas (equity) Phoenix Infrastructure Group (equity) Dynamic Concepts VHB Metro DC Indigo Mid-Atlantic Tina Boyd and Associates The nation's largest urban streetlight modernisation project will upgrade more than 75,000 streetlights by converting to LED technology with remote monitoring and control capabilities. The project increases the city's sustainability efforts by reducing streetlight energy consumption by more than 50%, eliminating 38,000 tons of greenhouse gas emissions each year. [Extracted from the article]

Financial close has been reached on Virginia's $660 million 495 Express Lanes Northern Extension (NEXT) project. In addition to the debt raised for this project, financial close was also reached on the refinancing of 495 Express Lanes' existing debt facilities, PABs issued in 2008 and a TIFIA loan. This split is as follows: $114.5 million in PABs $212.7 million in TIFIA funding a $49 million loan from the Virginia Transportation Infrastructure Bank The remaining funding will come from the Transurban Chesapeake shareholders as the project development progresses. [Extracted from the article]

The PPP includes the construction, rehabilitation, operation and maintenance of 4 stretches of highways in the state of Nayarit totalling around 55km: Tepic-Compostela (26km) - construction, rehabilitation, maintenance and operation Compostela-Las Varas, section A (11km) - rehabilitation, operation and maintenance Compostela-Las Varas, section B (18.3km) - completion of construction, rehabilitation, maintenance and operation The proposed PPP does not include construction works on section A of the Compostela-Las Varas highway. Mexican development bank Banobras will receive offers next month (April 2022) for a 10-year highway PPP. [Extracted from the article]

National utility Ethiopia Electric Power (EEP) has signed with an AFRY Switzerland-led consultancy team the updated contracts for the feasibility studies concerning several hydropower projects. They are: 422MW Halele Werabessa stage 1 & 2 - feasibility study update, ESIA, RAP 100MW Genale Dawa V - feasibility study 256MW Genale Dawa VI - feasibility study update, ESIA, RAP An AfDB loan from July 2016 has part-funded the consultancy costs. [Extracted from the article]

The proponents of the Dalrymple Bay Hydrogen Project in Queensland have finalised a funding agreement to undertake detailed feasibility studies for the development. The feasibility study will seek to quantify the green hydrogen production capability of the region surrounding Dalrymple Bay, and the scope and scale of upgrades required to the existing terminal infrastructure to handle both its own and third parties' green energy exports. Hay Point along with Dalrymple Bay are Queensland's 2 major export terminals servicing the local mining sector with coal being one of their major exports. [Extracted from the article]

Abbott and Huxley join Adam Stapledon who also joined Corrs from Allen & Overy's projects team last month (January 2022). Australian independent law firm Corrs Chambers Westgarth has poached 2 infrastructure and projects partners from Allen & Overy in addition to last month's hire. [Extracted from the article]

Financial close has been reached on the refinancing of $638 million in PABs for the 95 Express Lanes (95EL) project in Virginia. In August 2012, Transurban and Fluor closed on $245 million PABs for the project and later that year, the US Department of Transportation approved a $300 million TIFIA loan. [Extracted from the article]