TFC CLOSES UAE GOLD FINANCING TRANSACTION
Trade Finance Corporation has closed the sale of UAE bank promissory notes to Indonesian investors. This eight figure transaction was all the more remarkable since it closed immediately after the financial crisis in Gulf.

The underlying trade flows were sales of Indian produced gold ingot sold to buyers in UAE and guaranteed by notes issued by UAE banks with maturities over 12 months.

TFCB CREATES SOLUTIONS
TFCB is encouraged to see a wide range of prospective transactions from existing and prospective clients. Last years melt down has certainly achieved a greater emphasis and understanding of risk in all sectors. This turn is being translated into prospective covers. Whilst the insurer appetite remains constrained and commercial attitudes conservative, TFCB continues to create solutions.

 TFC CAPITAL CAMBODIA LOOKING AT BANK RECAPITaLISATION AND MONITORING DEVELOPMENTS IN THE OIL SECTOR
The Cambodian office is renewing its focus on the fledgling Cambodian financial sector by targeting banks which are now reaching out for new partners for management, technical and capital support. This comes in the wake of the deadline for recapitalisation for all commercial banks and specialised banks not being extended as previously believed. The Cambodia office is targeting up to four such banks.

In the Oil and Gas sector, after a lull of several quarters, interest has perked up again. Several oil and gas exploration majors have expressed renewed interest in Cambodia’s oil and gas concessions and the data package TFC Cambodia offers. This came about after Chevron’s announcement of drilling additional wells this year and setting dates for proceeding to appraisal and exploitation stage. Thus nuances and speculations that the energy giant had relinquished the block,  has been put to rest and has acted as a catalyst  for other energy companies  to again focus on Cambodia’s  potentials.

 TFC CAPITAL (PHILIPPINES) INC EMPLOYS CHINA SPECIALIST
In view of the increasing China interest in Philippines especially as an investor or long term offtaker for mining transactions, it was decided to relocate Bill Pho from the Group’s Cambodia office to Manila.  Bill, a graduate of Dali University, Yunnan, China in Business Management has been working for the last 12 months to bring Chinese investors into the Cambodian market. Bill has a strong network with many Chinese groups across different industry sectors, and with our fast growing activity in Philippines, TFC management felt his skills would be utilized in a larger way in Philippines. Bill is fluent in English, Khmer and can read and write Chinese.

TFC Capital (PHILIPPINES) Inc.
Like a french minuet, markets seem to be moving in slow sidesteps until the economy moves forward out of the concentric circle caused by the past two years. Economists expect a slow motion expansion in 2010 with growth patterns in developed countries still below historical levels. Their good news is that Asia remains the best performing region with small open Asian economies growing at a decent pace in 2010 and where China and India are still expected to be the major growth engine in the region.

In the Philippines, the start of the election campaign precipitated massive spending on the campaign trail contributing a tick in the economic growth. However some businesses are on hold waiting for the new political order and alignments while others are slowly gearing for expansion. TFC Capital (Philippines) received new mandates from various sectors. Mining continues to be a driving force with three new mining mandates in February. We continue to work on projects in the hospitality, real property and education sectors. In agriculture, discussions between two parties we have put together are progressing. There is also renewed interest in structured trade as we facilitate negotiations with two exporters planning expansion in anticipation of better times. 

TFC CAPITAL LAUNCHES “TFC RETAIL”
TFC Capital has launched “TFC Retail”. Established to connect the dots for companies looking to source and distribute. TFC Retail specializes in connecting and matchmaking with the best proven supply network or distribution networks in China.

We have people on the ground with substantial experience over a broad spectrum of Industries – This area of business is growing at a fast pace. Recently TFC Retail was asked by a major Southern Africa retail chain to source denim and cotton products from China.

TFC Capital has formed “TFC Retail” as a joint venture with David Richard Ormrod. David has vast experience in supply chain management across numerous industries and has extensive knowledge of Asia with over eighteen years of market development in commodities and manufactured product supply -. Initially the business will be located in Zhuhai, Southern China.

Previous experience has been gained in over 10 years with Wolverine World Wide multi brand Footwear and Apparrel  - Mair Korea Seoul commodities incorporating Fibre wool supply , Food Stuffs meat and Fish supply along with raw materials Hides and skins sourced globally for the Upholstery , Garment and footwear manufactures.

David has extensive Asian, Asia Pacific contacts and connections and will be at the service of our global TFC customers who require assistance in regards our new division TFC Retail.

 TFC Capital Zimbabwe (Pvt) Limited REVIEWS ZIMBABWE’S NEW OWNERSHIP LAWS AND CLARIFIES OWN POSITION
In early February 2010, the Zimbabwean government gazetted new laws requiring companies with assets of over US$500,000.00 to cede a controlling interest of not less than 51% to locals. The regulations came into effect on 1 March 2010, from which date companies were given 45 days to outline how they will achieve compliance within a period of 5 years. In terms of Sections 3 & 4 of the regulations, TFC Capital Zimbabwe (Pvt) Limited (“TFCCZ”) is not required to comply with the provisions of the law as its asset size currently falls below the stipulated threshold.

The law has nevertheless sparked an outcry in the business community, which considers it untimely given current efforts to attract large-scale investment flows into the country. Government has instead been urged to get its priorities right through the creation of new wealth, instead of focusing on distribution of existing wealth. Additionally, business has urged government to desist from its current “big bang” approach to indigenisation and adopt a carefully managed process that leads to broad-based empowerment instead of enriching only a small section of the population, as was the case in South Africa before its Broad Based Black Economic Empowerment (BBBEE) which was gazetted in 2007 following complaints that the 2003/2004 Black Economic Empowerment (BEE) scheme had only enriched a few blacks.

Following concerns about inadequate consultation of key stakeholders, the Cabinet has accordingly asked Parliament's Committee on the Budget, Finance and Investment Promotion to hold public hearings on the indigenization rules with the aim of revising them. It has been reported that under the revised rules, instead of using one approach for all sectors, the new provisions would be sector-based with stakeholders in different sectors such as mining, manufacturing, tourism, agriculture and retail using their own systems to come up with specific thresholds for their sectors. Each sector would also determine its own timeframes for implementation. It has also been suggested that the new laws will not apply to new investors - welcome relief to those intending to invest in Zimbabwe. TFCCZ will keep our valued stakeholders posted on the developments.

Meanwhile, TFCCZ continues with its brand building and business development initiatives as it forms the necessary local and regional alliances while positioning itself strategically to support the Group’s investment advisory services into Africa in the mining, tourism, IT, manufacturing and financial service sectors.  TFCCZ is currently pursuing leads in glass manufacturing, retail and financial services sectors

贸易融资有限公司完成UAF黄金融资交易
贸易融资有限公司完成出售阿拉伯联合大公国银行的期票予印尼投资者。是次八位数字的交易别具意义，这是由於交易完成后紧接著便是在海湾区域发生的金融风暴。
这次贸易流程是经阿拉伯联合大公国买家以期票方式买入印度生產的金锭，该期票由阿拉伯联合大公国银行发出的，到期日超过12个月。

贸易融资保险顾问提供解决方案
贸易融资保险顾问在获悉从现有和具潜力客户中可得到广泛的交易额时非常鼓舞。去年之不理想市场环境令更多人关注风险管理承保，这个方向转化成潜在商机，当保险公司口味受到限制而商界同时也较保守时，贸易融资保险顾问仍能提供解决方案。

TFC资本(柬埔寨)展望银行业重新注资及密切留意石油业之发展
TFC资本(柬埔寨)现正重整其目标在柬埔寨发展中之金融行业，透过目标银行寻找新拍挡以支持其管理、技术及资本。这也提醒了所有商业银行及专门银行有关重新注资的限期不能再拖延。TFC资本(柬埔寨)现正专注4间这样的银行。

至於石油及燃气行业，经过数个季度的沉静后，对其產生之兴趣亦再次冒起。多个石油及燃气主要商家已表示重新对柬埔寨地区之专利权及TFC资本(柬埔寨)所提供之数据產生兴趣。这种现象紧随著 Chevron对外公告有关本年度开发钻探，并对评估及开採阶段定下日期等等。故此，有关註释及预测已粉碎有关能源鉅子放弃该油田的传闻，并吸引其他能源企业将注意力重新转回柬埔寨之潜力。

TFC资本(菲律宾)招揽中国专才
鑑於来自中国对菲律宾的兴趣越来越浓厚，尤指矿石业之投资者，故此，Bill Pho先生将会从TFC资本(柬埔寨)调往TFC资本(菲律宾)。Bill君為中国云南大理大学毕业生，主修工商管理，并在过去12个月為柬埔寨市场带来中国投资者。Bill君拥有强大中国各行业企业之交际网络，本集团确信其能力能為菲律宾发展迅速业务带来正面影响。Bill君操流利英语及高棉语，能书写及阅读中文。

TFC资本(菲律宾)
一如法式小步曲，市场正缓慢地从两年前的金融海啸中復甦起来。经济家预计在2010年会有均衡增长，虽则已发展国家的增长会较预期减少。但好消息是亚洲区仍然有最佳发展表现。部份亚洲国家在2010年更被预测有满意增长，而中国及印度仍是亚洲区主要发展动力。

在菲律宾，由於竞选活动促使大量开销，亦带动了本土经济发展，但仍有部份商业有待新政治状况落实及调整;其餘行业则作缓慢发展。TFC资本(菲律宾)受到多个行业之委托。继续投放资源在酒店业，房地產及教育等等项目。在农业方面，已积极鼓励买卖双方进行磋商洽谈，现时已有莫大进展;而两家出口商均有扩充业务之意向，故此重新对结构性贸易產生兴趣。

TFC资本成立“TFC零售”
TFC资本已成立”TFC零售”。 TFC零售之成立是為了替有需要寻找及分销之公司作联繫。TFC零售透过在中国最强大供应商及分销商网络，专注发展联络及配对。
我们团队中均拥有丰富行业经验 – 这行业以惊人速度发展。 TFC零售被一家在南美洲主要零售连锁企业要求协助从中国寻找牛仔布及棉质產品。

TFC资本与David Ormrod先生合作组成”TFC零售”。 David君在多个行业均拥有供应流程管理之丰富经验，并有18年在亚洲区商品类及工业用品供应业之知识。 在初段，业务将设於南中国珠海。
在过去10年，David君从国际知名鞋履及成衣品牌以及鱼类產品获得实务经验， 而当中更替多个室内用品，针织成衣，鞋履生產商获得皮革原材料。
David君拥有庞大亚洲区及亚太区联络点及联繫网，并将会為TFC环球客户服务。

TFC资本(辛巴威) 探讨辛巴威最新的拥有权法及使其位置更清晰
2010年2月初旬，辛巴威政府推出新法例，要求所有资產超过五十万美元的公司，须以当地居民持有不少於该公司51%的权益，生效日為2010年3月1日。该生效日起，公司将授予45天时间去计划如何在5年内遵守有关法则。根据该法则第三章及第四章， TFC资本(辛巴威)的资產量不超过法定要求，故此不需遵守有关法则。

然而，此法例引起了商界很大回响，这归咎於国家早前著力吸引大规模投资流向国家。政府被强烈要求致力增加新财富，而不是分佈现有财富。除此以外，商界已促请政府打消现时”过於激进”的方法，而转向本土化。同时，应施以紧慎过程达到权力普及大眾，而不是只传达至小部份市民–这跟南非在2003/2004年推出黑人经济授权后，经反映后在2007年推行黑人广泛经济授权前的情况有点类同。

大眾关注到主要利益相关者间缺乏足够諮询，内阁因此向国会财务预算及投资提出主持公眾听证会，有关听证会是探讨及修正本土化条例。根据资料，已修订之条例并不是以单一方案应用到所有行业，新修订条例是按每个行业的主要利益者之需求而制订不同系统，其中包括採矿业，製造业，旅游业，农业及零售业。每个行业均可按其需要制定独有执行时间表。建议指出新例将不适用於新投资者 –潜在投资者应欢迎是项政策。 TFC资本(辛巴威)将定期向利益相关者更新以上资料。

TFC是一家以香港为基地的财务服务供应机构。如需更多的相关资料，请到我们的公司网站www.tfcfinancialgroup.com    浏览或以电邮  tfc@tradefinancecorp.com    联络我们。