Banks in Singapore in talks to bolster lending practices for troubled commodity sector By Reuters

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By Roslan Khasawneh, Jessica Jaganathan and Anshuman Daga

SINGAPORE (Reuters) – Commodity trade financiers in Singapore are teaming up to strengthen lending practices and improve transparency in the sector following a spate of defaults at trading firms, four sources with knowledge of the matter said.

Hin Leong Trading Pte Ltd, one of Asia’s biggest oil traders, and three other Singapore-based commodity traders ran into severe financial difficulties this year, hit hard by an oil price crash and a slump in fuel demand due to the coronavirus pandemic.

Commodity trade finance chiefs from about 20 banks including HSBC Holdings Plc (LON:), DBS Group (OTC:) Holdings Ltd and OCBC, have formed a working group to propose new guidelines, the sources told Reuters on condition of anonymity as the news has not been made public.

Authorities that have leant their backing

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NEW YORK — The S&P 500 rallied on Tuesday to finish higher and secure its biggest quarterly percentage gain in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon.

Coming off a drop of 20 per cent in the first quarter, the biggest quarterly decline since the financial crisis in the fourth quarter of 2008, the S&P rallied more than 19 per cent to notch its biggest quarterly gain since 1998, at the height of the tech boom.

The gains have been fuelled by unprecedented levels of fiscal and monetary stimulus and the easing of restrictions.

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