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HSBC first to complete RMB trade settlement
across six continents HSBC has become the first international bank to complete a renminbi-denominated (RMB) trade settlement across all six continents, after announcing the completion of its latest deal in Brazil. The ground-breaking transaction was closed for Groupo Tellerina, a retailer of house and decoration products. In settling this transaction, HSBC stands as the leading bank globally offering customers RMB trade settlement services in Asia Pacific, Europe, Australasia, Africa, North America and South America. In July this year, HSBC announced its first European cross-border RMB trade settlement transaction for hand and garden tool business Neill Tools Limited, a UK subsidiary of Spear & Jackson plc, based in Sheffield, England. Alan Keir, HSBC’s global co-head, HSBC Commercial Banking, said: “As the world economy continues its shift to the east, we believe the RMB will become one of the top three currencies used in global trade in the near future. As the first bank to complete RMB-based transactions across all six continents, we now have RMB capabilities in all of China’s top 20 trading partner economies. Going forward, we will continue to widen our scope to facilitate RMB-based transactions in more countries and territories, and will roll out RMB services to both corporate and institutional customers in more countries worldwide.” Peter Wong, HSBC’s chief executive for
Asia Pacific, said: “China’s position within the global economy is developing rapidly and its growing influence is undeniable. We estimate that annual trade flows will cross US$2tn within five years, easily positioning the RMB as one of the top three currencies used in global trade. As the RMB becomes a major settlement currency, our global connectivity and unrivalled RMB experience provides customers with a significant advantage.” Following the expansion of the RMB trade settlement programme by the Chinese government in June 2010, HSBC has actively supported the internationalisation of China’s currency, extending its RMB capabilities to 33 markets across six continents.
4 November/December 2010
Japan: improve the environment to boost
economic growth – OECD JAPAN should do more to fight climate change and protect biodiversity, according to a new OECD review of its environment. Tackling these two problems would improve the environment and help boost long-term growth. OECD secretary-general Angel Gurría commends Japan for addressing the environment as part of the response to the economic and financial crisis. Japan has already allocated US$28BN – about 16% of the anti-crisis package – to environment related measures.
However, OECD’s Environmental
Performance Review of Japan said the stimulus package includes support for agriculture and for the car industry which could have negative effects on the environment and distort competition. In addition, though the use of water and waste charges has been extended and new green taxes have been introduced – there is a continuing overreliance on subsidies and negotiated agreements with industry. Reforming the environmental policy mix is necessary, said Angel: “In its 2011 tax reform Japan should make more use of market-based instruments, such as environmental taxes, that apply to the economy as a whole: we believe they would provide a more cost-effective way of providing incentives for achieving environmental policy objectives, reduce pressure on the public budget, and further promote eco innovation.” Japan is the world leader in green technologies and employment in environment- related businesses has doubled in the past decade. To encourage further innovation, the OECD review recommends expanding public investment in green technologies, with the government sharing the risks presently borne by the private sector.
Japan’s industries are among the most
energy efficient in the world. And, thanks to new technologies and rise in global oil prices, greenhouse gases emitted by the transport sector dropped 12% over the past decade. Despite this success, Japan is far from its Kyoto Protocol targets. Only 3% of Japan’s energy is from renewable sources and electricity
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consumption in homes and businesses has been growing steadily. The OECD review said more must be done to reduce reliance on fossil fuels and to achieve Japan’s climate targets more efficiently. The review recommends putting a consistent price on carbon through a mandatory cap-and-trade scheme in combination with a carbon tax.
Japan is one of the least material intensive economies in the OECD. By reducing, reusing and recycling, it has reduced the amount of landfill waste in spite of a rise in consumption. Expanding pay-for-waste schemes and making manufacturers responsible for disposal of end-of-life products could further improve waste management. The review also recommended that Japan increase the forest and marine areas dedicated to nature conservation and biodiversity. More than one-third of freshwater fish and a quarter of mammals face extinction. Though Japan has designated 24% of its land as protected, very little of that conforms to international standards and financing for nature conservation is low. Agricultural land could play an important part, balancing farm production with conservation of biodiversity and improved ecosystems, if the government links agricultural subsidies to environmental benefits.
Bibby Financial Services Group acquires
Kopparberg Finans AB THE Bibby Financial Services Group has acquired Kopparberg Finans AB, an independent factoring company. The deal, which was completed on Friday 12 November, forms a key part of the group’s European expansion strategy. Based in Ljusnarsberg, central Sweden, the business was established in 2005, and has built a strong business currently serving over 50 clients with invoice finance and debt collection services.
Bibby Financial Services, has embarked on a challenging growth strategy. This acquisition forms a key part of the group’s global expansion strategy. In recent years, they have expanded into America, Poland, Australia, France, Canada, Ireland, India, Germany, the Czech and Slovak Republics and Hong Kong.
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