E-commerce: Facebook launches the Business Suite application for SMEs

Technology: Facebook is continuing its strategy of developing e-commerce on its platforms, by designing new tools for businesses. Facebook is launching a new application for small businesses, allowing you to manage professional pages or profiles on both Facebook and Instagram.  Facebook Business Suite The tool is called "Facebook Business Suite". The platform explains that this app allows businesses to post to Facebook and Instagram at the same time, and manage and receive messages, notifications and alerts in one place. The interface will also measure engagement, visualizing the tool's metrics through an information tab on Facebook and Instagram.

"We first designed Facebook Business Suite for small businesses, but it's a long-term investment, and we hope to make it the primary interface for businesses of all sizes that use Facebook, Messenger, Instagram and WhatsApp," Facebook CEO Sheryl Sandberg said in a blog post yesterday. “Th…

Bankruptcy of Trader Zen Rock in Singapore upsets Swiss financiers and African oil companies

The sealing of the ZenRock trader's headquarters in Singapore on Friday caused fear among Swiss financial and African oil companies. Denounced by HSBC, who complains of “dishonest practices”, this trader joins a list of three companies suspected of fraud, including the legendary Hin Leong. Overdrafts amount to $ 5 billion for major banks, especially Swiss, the NGO Public Eye. Behind the bankers, the actors of the trade are on the teeth. Among the injured, the Geneva trader Totsa, the Singaporean branch of Crédit Agricole and the discreet Bank of Commerce and Investments (BCP).
 
Bankruptcy of Trader Zen Rock in Singapore upsets Swiss financiers and African oil companies

The bankruptcy of ZenRock, a trading company founded in 2014 in Singapore, with subsidiaries in China, the Emirates and Geneva (freshly inaugurated a year ago), and whose shareholders are known in the sector for moving around. A specially chartered flight and booking the best suites at the Armani Hotel in Dubai leaves a salty slate. The alert was given in late April when HSBC bank alerted the Singapore regulator (ACRA) about a "series of highly fraudulent transactions" on the part of ZenRock.

The bank is calling for the appointment of an independent third party to settle the restructuring. On May 6, the trader formally requests judicial protection measures against his creditors. Besides HSBC, exposed to the tune of $ 51 million, BCP is also sucked into the Singapore bankruptcy. The only bank authorized under Obama to transact with Iran had loaned ZenRock $ 19.2 million, an amount that matured on April 27 and was left unpaid, according to the affidavit ( affidavit) of ZenRock's patron to the Singapore High Court of Justice, dated May 6, which Public Eye published during the month of May.

ZenRock’s slate with Crédit Agricole could amount to $ 23.7 million if the group does not meet its obligations by June 5. Furthermore, it should be noted that if ZenRock is drowned, it is because its traders practiced what is considered "a national sport" on the Chinese market, namely to obtain several financings for a single cargo of raw materials. The operation recalls certain scams such as the Ponzi scheme. "I find it very difficult to understand how the banks could have accepted this," sums up a Geneva lawyer specialized in the field. In principle, Bills of Lading (bills of lading, title deeds, editor's note) are endorsed in the name of a single bank. Many people do not understand how it works. "




This situation embarrasses the governments of several oil-producing countries which collaborate with traders who use the Singapore financial platform for investments. According to the information in our possession, the Swiss and Singaporean trading companies buy a considerable part of the oil from the continent. Payments from traders 'firms generate a significant share of these countries' revenues, some of which are among the poorest on the planet. These payments also present significant governance risks since they are made in contexts characterized by weak institutions and rampant corruption. But so far and despite their importance, these transactions have escaped all surveillance, following the little transparent practices adopted by companies like ZenRock and the weak regulations.

Today, when everything comes to light due to the bankruptcy of ZenRock, we realize the opacity that has always surrounded the sale and marketing of oil from African countries like the Congo.

Like all African oil producing countries, the Congo’s economy is highly dependent on the oil sector, which accounts for 80% of state revenues. The national oil company, the Société Nationale des Pétroles du Congo (SNPC), is responsible for marketing large volumes, which amounted to 151,000 barrels per day until the upturn and 126,000 in 2012 and 2014. The company has to its credit episodes of financial mismanagement and embezzlement of public funds.
 



For example, in 2005, proceedings in the United Kingdom revealed that the SNPC was selling oil through a network of offshore companies controlled by Congolese officials. The shell companies were created to keep oil revenues out of the reach of many state creditors, with part of the profit also being siphoned off by the officials who ran them. Glencore, Vitol and Zenrock bought oil from these offshore companies. The ZenRock affair brought down the house of cards, raising concerns among Swiss bankers and African political and oil circles.