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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).
State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.
Landlords that are not renegotiating leases with beleaguered WeWork could draw on letters of credit (L/Cs) to receive rent the bankrupt co-working giant is withholding, the company said in a filing.
Libya's attorney general's office says it has jailed several bankers employed by Tripoli-based Al-Yaqeen Bank as well as customs officials at the Libyan-Tunisian Ras Jadair border crossing for their involvement in letter of credit (L/C) frauds amounting to the equivalent of at least US$250 million.
Contour, the blockchain trade finance network and one of the best known developers of digital letters of credit (L/Cs) that failed last year, (DC World News, 31 October 2023), has been acquired by Singaporean startup, Xalts.
GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.
The Irish High Court has rejected an application for injunctive relief by a Nigerian infrastructure fund, First Modular Gas Systems, in a ruling that underscores the demanding criteria for successfully obtaining an injunction to halt payment under a letter of credit (L/C).
Germany's Commerzbank has chosen to deploy Surecomp's DOKA-NG solution for back-office trade finance processing across multiple entities.
The global letter of credit (L/C) confirmation market generated US$3.91 billion in 2020. It is projected to generate US$5.09 billion by 2031, and grow at an annual rate of 2.7 per cent between 2021 and 2030, according to a new report published by Allied Market Research.
Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, has announced the closing of an innovative financing that includes a letter of credit (L/C) facility for its Hornet Solar project.
Japan's largest bank, MUFG, has partnered with digital asset platform, Progmat, blockchain trade finance specialist, Standage, and enterprise wallet developer, Ginco, to explore the viability of using permissionless blockchain stablecoins for international trade settlements.
A new EU law called the Digital Markets Act (DMA) will soon go into effect to ensure that that large online 'gatekeeper' platforms behave in a fair way in digital markets.
The State Bank of Pakistan (SBP - central bank) has granted permission to financial institutions that are authorised dealers in foreign exchange to proceed with import advance payments, without requiring prior approval from the central bank, provided they are backed by irrevocable letters of credit (L/Cs) or invoices.
Sidra Capital, a Shari'ah-compliant asset management firm headquartered in Saudi Arabia, has launched its first Singapore-domiciled Sidra Asian Opportunities Investment I variable capital company (VCC), a new corporate structure for Singaporean investment funds.
The US House Foreign Affairs Committee has voted to advance a bill that would expand existing anti-boycott laws in the country amidst Washington's concerns that the Boycott, Divestment and Sanctions (BDS) movement is targeting Israel in retaliation for its military assault on Gaza.
The latest ICC Opinions from the Banking Commission Meeting held in January 2024 are now available under the Trade Finance Channel of the Digital Library:
Financing on a scale not previously seen for an integrated solar and energy storage project involving revolving letter of credit (L/C) facilities has led to the activation of the largest solar-storage project in the US, according to project developer Terra-Gen and its engineering, procurement, and construction contractor, Mortensen.
Trade finance fintech Mitech has partnered with Tesselate, a provider of adaptable and scalable business systems, to develop a new platform aimed at accelerating the digitisation of trade finance processes for banks.
The Kenyan government has told the International Monetary Fund (IMF) that it is looking to exit its deal with the national oil exporters of Saudi Arabia, Dubai and Abu Dhabi, that provides for six-month credit for oil imports, backed by letters of credit (L/Cs) issued by participating commercial banks.
The Saudi Export Import Bank (Saudi EXIM Bank) has signed an insurance agreement with Saudi Basic Industries Corporation (SABIC) to provide cover for the Saudi petrochemical giant's sales transacted on letter of credit (L/C) terms worldwide.
Banco do Brasil has reportedly suspended letters of credit (L/Cs) for imports or exports coming or going to Argentina in yuan.Only L/Cs in US dollars are now being issued by the oldest bank in Brazil according to reports that suggest the move may be related to Argentina's decision on 1 January 2024 not to accept its invitation to join the BRICS group of nations.
The Lloyd's of London insurance market has imposed variable limits on exposures to letters of credit (L/Cs) that ensure an insurer or reinsurer meets capital and risk management requirements. The limits are based on issuing banks' credit ratings.
In an effort to safeguard temporary and vulnerable workers, as of 1 July 2024, temporary work agencies and recruiters must obtain a license to deploy staff for work within the Canadian province of Ontario.
The majority of companies in Nigeria's consumer goods sector holding foreign currency-denominated debts faced more expensive letters of credit (L/Cs) amongst other financial hardships in 2023 as a result of the weakened naira, according to a report published by Meristem Securities.
Bridge Bank Group Côte d'Ivoire (BBG CI) has expanded its suite of financial services to provide trade finance products including letters of credit (L/Cs) for its target market of small- and medium-sized enterprises (SMEs) operating in the west African country.
Two more African banks have signed up for facilities provided by development institutions that guarantee trade finance instruments, including letters of credit (L/Cs).
Iran has closed two deals with Moscow to facilitate its imports from Russia, Iran's state-run IRNA news agency reported on 27 December 2023.
The foreign exchange crisis in Nigeria has led the Central Bank of Nigeria (CBN) to make significant changes to timelines for letters of credit (L/Cs).