The bathroom remodel project was accomplished forward of schedule and with superior workmanship. And throughout the project, Sheen and his workers have been prompt, courteous, clean, and maintained excellent communication because the work progressed. The added value of working with Sheen was with the ability to relax and let him deal with all elements of the project–it was truly a nice experience! We will certainly use this firm for all of our future initiatives and can suggest them enthusiasically to our associates and neighbors. I want you to know I actually have labored with many contractors through the years, both … Read More
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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