Index for December 2010

Volume , Issue

Volume 9, Issue 12

  • (Bloomberg, Paris, 21 December 2010) Airbus and Boeing planes will become more expensive to buy using state-guaranteed export financing under a draft agreement struck today by the U.S., France and five other countries. The OECD brokered proposal still needs final approval from governments by 20 January 2011. It would raise premiums charged for export guarantees to reduce distortions to competition between airlines. The rule change is designed to answer concerns among OECD based airlines that are excluded from receiving guarantees because Boeing and Airbus build planes there. Carriers such as British Airways Plc and Delta Air Lines Inc. said the cheaper funding terms favored rivals such as Ryanair Holdings Plc and Dubai-based Emirates.
  • (Dow Jones, Brussels, 21 December 2010)- The European Commission Tuesday authorized one year extensions to short-term export-credit insurance programs in Denmark, Finland and Germany.
  • (Xinhua News Agency, Beijing, 21 December 2010) -- The insured value of total export credit and short-term export credit of the China Export & Credit Insurance Corp. are expected to rank first among world's official export credit insurance institutions by the end of this year. By December 10, the insured value of export credit of the company hit US$150.16 billion, up 71.8 % year on year.
  • (Fern, Brussels, 1 December 2010) The European Parliament Committee on International Trade has voted in favour of amendments requiring Export Credit Agencies (ECAs) to respect the EU’s three pillars of sustainable development, as well as its development policies and objectives, including human rights. The plenary vote is forecast to take place on 19 January 2011.
  • (Business Standard, New Delhi, 23 December 2010) A French ECA line of credit for two EPR reactors of Nuclear Power Corporation Ltd at Jaitapur in Maharashtra will come along with sovereign guarantees from the French and Indian governments. The extent of guarantee will depend on what portion of the cost the French credit will cover. NPCIL will buy two reactors from French energy major Areva, the Department of Atomic Energy will sign a separate agreement with the company for supply of uranium.
  • (Times Live, Havana, 7 December 2010) President Jacob Zuma, on a state visit to Cuba, said a R210-million (US$31.6 million) credit line package had been finalised in an effort to uplift economic ties with the country. In his address to the SA-Cuba business forum in Havana, Zuma said the extension of credit guarantees from the government's Export Credit Insurance Corporation to Cuba, to the value of R70-million, was one aspect of the package and will insure South African suppliers for exports to Cuba. South African exports to Cuba have fallen from R82-million in 2008 to only R1-million in 2010.
  • OECD's ECA Working Group publishes some 2009 data and latest meeting minutes

    2009 cash flow results for officially supported export credits - the last cash flow results posted were for 2005 and the last aggregated record of the level of official OECD member country export credits was in 2005 Information on Category A and Category B projects reported for 2009 2010 Review of Members' Survey Responses on the Environment and Export Credits  115th Meeting of the Participants to the Arrangement, 17 Nov. 2010 124th Meeting of the OECD Working Party, 18-19 Nov. 2010 The 2010 Review of Members’ Responses to the Survey on Measures Taken to Combat Bribery in Officially Supported Export Credits will be made public early next year.
  • (Urgewald, Berlin, 17 December 2010) The public attorney of Rio de Janeiro has brought charges against a subsidiary of German's ThyssenKrupp and leading managers on grounds of massive violation of environmental standards at a steelwork in Santo Cruz in the bay of Rio de Janeiro supported by Hermes guarantees of €200,000. People in the vicinity of the steelworks have complained about impacts on their health by the steelworks, which went into operation in 2010 and has been the biggest German investment in Brasil in the past years.