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Porch Group, a prominent US company specialising in homeowners insurance and home inspection software, has taken legal action against China Construction Bank (CCB), accusing the financial institution of involvement in reinsurance fraud.
India is contemplating extending guarantees on lenders' letters of credit (L/Cs) as New Delhi seeks ways to support trading links with Russian counterparties.
Letters of credit (L/Cs) have been exempted from an order from the Central Bank of Nigeria (CBN) to banks in the country to begin imposing a cybersecurity levy on many types of transactions.
The March 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Data released by the Saudi Central Bank (SCB) has revealed that a significant increase in import letters of credit (L/C) helped boost Saudi Arabia's car imports in 2023 by a massive 40 per cent.
Singapore's biggest banks are apparently responding to pressure from Washington not to participate in trade financing that could be seen to be linked to transactions that evade the G7-led price cap on Russian oil or other sanctions imposed on Moscow in response to its military action in Ukraine.
Cameroon has secured a US$800 million funding package from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB).
Landlords of WeWork with letters of credit (L/Cs) to guarantee that funds would be available to pay rent even if the now collapsed workspace provider faced financial difficulties may be able to swap their debt holdings for shares in the newly restructured company.
The International Monetary Fund (IMF) has been counting the cost of Egypt's controversial policy over the last two years to significantly limit the availability letters of credit (L/C) as a measure to control the country's balance of payments and manage foreign exchange reserves.
The latest ICC Opinions from the Banking Commission Meeting held in April 2024 are now available under the Trade Finance Channel of the Digital Library:
Difficulties experienced by Nigeria's new Dangote Oil Refinery in securing a letter of credit (L/C) may have left a shipment of US crude oil stranded offshore Nigeria for over a month.
Toyota and Suzuki will partially shut down vehicle assembly operations in Pakistan next month due to raw material shortages, supply chain disruption, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials.
The CEO of Doha Bank has revealed that the Qatari bank has extended support to banks in Bangladesh to help them finance imports of essential goods on letter of credit (L/C) terms.
Azerbaijan's TuranBank last week announced it had become the latest bank to enter into an agreement to finance international trade operations with the Asian Development Bank's (ADB's) Trade and Supply Chain Financing Programme (TSCFP).
The International Finance Corporation (IFC) and Singapore-based DBS have signed a US$500 million facility under the IFC's Global Trade Liquidity Programme (GTLP).
The February 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Donald Trump has posted a reduced-rate US$175 million civil fraud bond that his lawyers maintain will secure potential damages should the former US president lose his appeal challenging a judge's finding that he lied about his wealth as he grew the real estate empire.
A new solution to automate bank processes for offsetting credit risk in lending and financing businesses has been launched by Genesis Global.
The African Export-Import Bank (Afreximbank) is finalising a US$200 million funding plan that includes letters of credit (L/Cs) and guarantees to support the controversial East African Crude Oil Pipeline (EACOP), according to Denys Denya, the bank's senior executive vice president for finance, administration and banking.
The January 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Standby letters of credit (L/Cs) are excepted from a new notice issued by the Central Bank of Nigeria (CBN) that bans the country's commercial banks from accepting foreign currency as collateral for naira loans.
The Reserve Bank of Zimbabwe (RBZ) has scuppered an Indian businessman's plans to create a large-scale sugarcane ethanol production plant in Zimbabwe by refusing to issue a letter of credit (L/C) in support of the project.
Oil marketers in Nigeria are in the process of securing letters of credit (L/Cs) to buy petroleum products from the newly constructed Dangote Oil Refinery.
South Korean commercial and state-run banks are looking at opportunities to forge deeper and closer ties with Poland, including establishing banking relationships to facilitate letter of credit (L/C) flows to support trade between the two countries.
The US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at Punjab National Bank (PNB) has raised questions about the auditing and regulatory oversight of India's banks according to Reuters.
Just published - two more Digital Commercialisation Briefings from the ICC Banking Commission.
The International Finance Corporation (IFC) and Burundi's Banque de Crédit de Bujumbura (BCB) have announced a partnership to boost trade and growth by expanding access to financing for thousands of micro-businesses and small and medium-sized enterprises (SMEs) in the country, including informal businesses.
Ukraine's largest bank, Privatbank has joined the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP), which provides guarantees to international commercial banks, thereby covering the political and commercial payment risk of transactions undertaken by partner banks in the EBRD regions.
Donald Trump has claimed he has been unable to secure a bond - possibly secured by a letter of credit (L/C) or real estate - that he would need to avoid or delay paying the US$464 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year (DC World News, 11 March 2024).
Just published - Technical Advisory Briefing from the ICC Banking Commission.
The African Development Bank (AfDB) is continuing its drive to sign African banks up to its support facilities for letters of credit (L/Cs) by agreeing a US$15 million trade finance transaction guarantee facility with NMB Bank Zimbabwe (NMB).
Banque Cantonale de Genève (BCGE) has failed in its attempts to pin the blame for non-payment related to the collapse of oil trader Gulf Petrochem on a shipowner who permitted the alteration of a set of bills of lading.
RA Investment has announced a comprehensive suite of trade finance services that includes the provision of standby letters of credit (L/Cs) and bank guarantees and a standby L/C monetisation offering.
Apple has revised its rules for developers wanting to launch app stores on iPhones in the EU, a move the reluctant tech giant has been forced to do by European legislation which came into force last week and which is intended to break Apple's market monopoly.
Russia and Iran are keeping up the pressure for the BRICS bloc to establish an alternative to the SWIFT payment system and create a trading mechanism that would allow the group of large emerging economies to use currencies other than the US dollar.
Letters of credit (L/C) could help Donald Trump avoid or delay paying the US$540 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year. If he fails to pay by 25 March, New York's attorney general says Trump could see his assets being seized.
Letters of credit (L/C) are again a key component in a major expansion of the Unity insurance facility developed by global insurer Marsh McLennan, the Ukrainian government and Lloyd's of London.
Letter of credit (L/C) openings for imports into Bangladesh hit a 16-month high in January, despite the country's severe dollar crisis according to Bangladesh Bank data.
A new working capital solution from Nordea Bank has been developed to help companies to bridge gaps in the trade cycle by extending credit from the production or purchase of goods to the final sale.
The African Development Bank (AfDB) has approved a US$7 million trade finance guarantee facility to Access Bank in the Democratic Republic of Congo (DRC).