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L/Cs to help operationalise Sri Lanka's green vehicle tax

Sri Lanka will use letters of credit (L/Cs) opened for imported automobiles to provide incentives for buyers of electric vehicles and disincentives for purchasers of hybrid fossil fuelled-electric vehicles.

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Fugitive jeweller faces extradition from UK to India to face US$2 billion L/C fraud charges

Fugitive Indian celebrity jeweller Nirav Modi, wanted for his part in an alleged US$2 billion fraud in which he employed fraudulently obtained letters of credit (L/Cs) and letters of undertaking (LoUs), is facing legal proceedings in Britain to extradite him from there back to India.

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CBA launches software to comply with new SWIFT L/C messaging protocols

Norwegian software vendor Commercial Banking Applications (CBA) says it has released a new user-friendly solution to comply with the SWIFT electronic messaging platform's new letter of credit (L/C) requirements.

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HSBC seeks South Korean partners for blockchain L/C project

Global bank HSBC is seeking to forge ties with South Korean banks to launch a blockchain platform enabling companies to process and settle their invoices for trade efficiently, according to Korean press reports.HSBC is looking to commercially launch the Voltron platform in a project that began within the R3 blockchain consortium that aims to resolve issues of time-consuming processes and faulty documentation associated with paper-based letters of credit (L/Cs).

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L/C processing times to blame for Zimbabwe's fuel shortages

Zimbabwe's central bank governor has blamed the time taken to arrange and execute letter of credit (L/C) transactions for fuel shortages and prices hikes while fuel consumption in the country is 20 per cent less than normal.

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L/C settlements behind Angola's import debt reduction

Angola's debt related to imports of goods amounted has reduced significantly according to the head of the country's central bank, José de Lima Massano.

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Increased L/C volumes underline trouble at Tesla

After year full of regulatory fights, several executive departures and a volatile share price, suppliers are increasingly asking for letters of credit (L/Cs) if carmaker Tesla is the buyer.

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Tanzania still waiting for L/C in controversial cashew nut deal

Tanzania is still awaiting payment for the equivalent of US$180 million for 100,000 tonnes of cashew nuts the government controversially agreed to sell to a Kenya-based company, Indo Power, in a deal signed in Arusha in January.

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Kenya looks to L/Cs to guarantee oil and gas levies

Kenya is looking to ask oil companies to put up standby letters of credit (L/Cs) to guarantee the firms pay surface and training levies to the government.

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New investors for VAKT's blockchain platform to replace L/Cs

Vakt, a company aiming to modernise commodity trading by blockchain, has announced it has received investment from three new strategic investors.

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HSBC Philippines launches L/C tracking service

HSBC's unit in the Philippines has said it is ramping up its digitisation efforts to be more cost-effective and has launched a tracker that allows customers online access to their letter of credit (L/C) transactions.

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Tanzanian MP wants L/C issuing bank in controversial cashew nut deal named

An opposition member of parliament (MP) in Tanzania, Zitto Kabwe, has called on the Bank of Tanzania to publicly name the bank that issued a letter of credit (L/C) that facilitated a controversial sale of Tanzanian cashew nuts to a buyer in Kenya.

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Fluor takes Duke Energy to court in L/C dispute

Fluor Enterprises has alleged in a federal court in the US state of Florida that Duke Energy wrongly tapped a US$67 million letter of credit (L/C) that was issued in the event of a power generation facility not being completed.

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UAE export credit agency to provide L/C support through Standard Chartered

Etihad Credit Insurance (ECI), the UAE's federal export credit agency, has signed a memorandum of understanding (MoU) with Standard Chartered Bank (StanChart) to provide what they say will be seamless access to letter of credit (L/C) and other trade credit solutions and funding for UAE businesses.Under the MoU, StanChart and ECI will collaborate to support UAE-based exporters through various financing and funding solutions.

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Incomeland to launch bank-free LC Lite

The founders of global invoice finance provider Incomlend are launching a blockchain-based letter of credit (L/C) platform.

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SWIFT announces partnership with blockchain L/C specialist R3

Financial messaging service SWIFT has said it has entered into a partnership with R3, a leading consortium amongst several initiatives developing blockchain platforms for trade finance operations.

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Thailand's LH Bank expanding L/C operations

Thailand's LH Bank has announced that it is intent on substantially expanding its letter of credit (L/C) and other trade finance operations in response to the continued growth of the country's exports and imports.

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Low risk L/Cs an investment opportunity for institutional investors

Low risk letters of credit (L/Cs) and other trade finance offerings provide untapped opportunities for institutional investors according to Cerulli Associates.

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Five banks stand to lose US$762 million if Californian utility declares bankruptcy

Five banks that put up letters of credit (L/Cs) to guarantee municipal debt issued on behalf of the Pacific Gas and Electric Company (PG&E) may lose US$762 million if the utility is declared bankrupt.

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Electronic bill of lading enhances L/C and guarantee issuance

Pacific International Lines (PIL) has used an electronic bill of lading (e-BL) built on the IBM Blockchain Platform in a successful real-time pilot tracking of a shipment of mandarin oranges from China to Singapore.

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Devaluation of Bangladeshi currency would put pressure on L/Cs

Sustained high demand for US dollars by commercial banks in Bangladesh is putting pressure on the currency, prompting some experts to suggest that the taka should be devalued.

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Oil majors move closer to commercial blockchain-based L/Cs

Oil majors Chevron and Total as well as Indian refiner Reliance Industries, have joined and invested in the Vakt blockchain-based global commodities platform.

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More than US$400 million of L/Cs due, but Pakistan State Oil financing plan delayed

Pakistan State Oil (PSO) has around US$408 million of letter of credit (L/Cs) obligations due to its suppliers.

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L/Cs feature in Texas wind farm financing

Letters of credit (L/Cs) are a key feature in the financing of the 300 megawatt (MW) Ranchero Wind Farm project in Crockett County in the US state of Texas

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Zimbabwe's central bank agrees to guarantee L/Cs to avoid manufacturing catastrophe

The government of Zimbabwe has approved an emergency US$400 million credit facility for manufacturing companies so they can continue to import critical raw materials.

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India rejects Iran's request for Indian banks in Tehran, L/C arrangements already sufficient

India is reported to have rejected a request by the Iranian government to approve the opening of branches of Indian banks in Tehran.

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HSBC reports settlement of more than US$250 billion DLT transactions

HSBC says it has settled more than US$250 billion in transactions using distributed ledger technology (DLT).

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Japan receives regulatory clearance for L/Cs for Iranian oil

Japan's leading banks will be able to issue letters of credit (L/Cs) for Iranian oil transactions after receiving final regulatory clearance.

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FinTech startup Ripple counts L/C specialist amongst latest haul of customers

Financial technology (FinTech) startup Ripple says it has acquired another 13 customers for its RippleNet global payment network, including letter of credit (L/C) specialist Euro Exim Bank.

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Senior official denies L/C bias at Yemen's divided central bank

A central banker in Yemen has denied claims that letters of credit (L/Cs) for much needed food imports to alleviate widespread hunger in the country divided by war are only available in certain areas.

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Blockchain L/Cs amongst key trends in marine transportation

Global technology research and advisory company Technavio has published a report highlighting the penetration of blockchain technology in marine transportation as one of the key trends in the global refrigerated sea transportation market.

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ICICI Bank digitises L/Cs in Trade Online revamp

India's ICICI Bank has announced that it has revamped its Trade Online platform for export and import transactions by introducing an array of new digital services on it, including online letter of credit (L/C) offerings.

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Saudi businessman helped obtain L/C for ousted Nissan chairman

New misconduct allegations brought by Japanese prosecutors say that someone helped the sacked Nissan chairman Carlos Ghosn obtain a letter of credit (L/C) to help bail him out of financial difficulties.

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Primechain launches blockchain platform for L/C issuance and sharing

Blockchain start-up Primechain Technologies has launched a platform that it claims enables the issuance and sharing of letters of credit (L/Cs) in a secure and confidential manner.

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Chinese battery firm fails to issue L/Cs to renege on contract with Glencore

A Chinese battery firm has simply failed to issue letters of credit (L/Cs) to renege on a three-year contract to buy cobalt hydroxide from miner-trader Glencore.

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L/C to feature in Ghana's renegotiated deal with Ameri Energy

The Ghanaian government has renegotiated a controversial power purchase agreement (PPA) between Ghana and Africa and Middle East Resources Investment Group (Ameri).

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Interpol issues Red Corner notice against billionaire alleged L/C fraudster

International police organisation Interpol has issued a Red Corner notice against absconded billionaire diamond trader Mehul Choksi who is accused of cheating state-run Punjab National Bank (PNB), allegedly in collusion with his nephew, celebrity jeweller, Nirav Modi.

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Foreign banks refusing L/Cs for transactions with Nicaragua

Foreign banks are refusing to accept letters of credit (L/Cs) for transactions involving Nicaragua according to the president of the country's Consultants for Business Development group, Nestor Avendano.

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Forensic auditor to investigate L/C related allegations at ICICI Bank

India's ICICI Bank is expected to appoint a forensic auditor to probe allegations of improper use of letters of credit (L/Cs).

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L/C fraudster sentenced to 23 years in prison

The man at the centre of the 2014 Qingdao metal warehousing scandal in China that had the impact of making letters of credit (L/Cs) much harder to come by for commodity traders in the region has been jailed.

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