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No L/Cs for four days for FAB customers

Letters of credit (L/Cs) will not be available for four days from First Abu Dhabi Bank (FAB) as it shuts down for four days later this month.

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L/C flows resume in Myanmar

Private and state banks in Myanmar have once again begun offering letters of credit (L/Cs), raising hopes the country's trade finance operations are reviving.

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SWIFT to suspend access to Iranian banks

The SWIFT financial messaging service has said it will suspend access for at least some Iranian banks.

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NR Capital chooses Chinsay's to digitise L/Cs and other supply chain processes

Singapore based NR Capital, which offers an alternative to traditional balance sheet lending to small- and medium-sized enterprises in the bulk commodity market sector, says it will implement Chinsay's Contract Management Platform to digitalise the process of drafting, issuing and validating commodity contracts.

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Doha Bank asset swaps follow curtailing of L/C business between Qatari banks and those in Saudi-led bloc

Qatar's Doha Bank has cut its exposure to the UAE banking system through an asset swap with UAE banks amid strained relations between the two countries, according to the Reuters news agency.

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Coinsilium inks advisory partnership with L/C start-up

Coinsilium Group, which describes itself as a blockchain venture builder, advisor and investor, has signed an advisory partnership agreement with LC Lite, a firm developing a letter of credit (L/C) platform that aims to connect buyers and suppliers on a single online system.

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Blockchain-based eTrade Connect platform to reduce L/C fraud

A new blockchain-based trade finance platform developed by HSBC, Standard Chartered and 10 other banks, aims to reduce the risk of fraud in letter of credit (L/C) transactions.

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R3 and eight banks launch Voltron blockchain L/C platform

Eight banks and blockchain technology specialist R3 have launched a new initiative named Voltron that initially aims to use blockchain technology to bring significant efficiencies to transacting letters of credit (L/Cs).

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Deutsch Bank and Standard Bank cooperate in L/C-based programme for US exports to Africa

Deutsche Bank and Standard Bank of South Africa have signed a memorandum of understanding (MoU) to closely cooperate under the US government's programme designed to encourage exports of certain US agricultural output to eligible emerging markets.

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National Bank of Canada trials blockchain standby L/Cs

National Bank of Canada (NBC) has collaborated with ICT and business consulting services firm CGI and blockchain technology start-up Skuchain on a pilot programme aimed at improving and streamlining the processes for negotiating standby letters of credit (L/Cs) and guarantees.

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Trade Information Network to accelerate digitisation of trade finance

Global banking giants have joined forces to create the Trade Information Network, which they say will accelerate the digitisation of traditionally paper-based processes, including letters of credit (L/Cs) and provide trade finance needs currently unmet in the early links of the supply chain.

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L/C examination leads to ICICI Bank bringing court action against diamond dealers

ICICI Bank of India has filed a petition in a US court against 11 executives of Mumbai-based diamond company Shrenuj and Co for allegedly defrauding the bank.

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Eight-year sentence for fraudster who promised valuable L/Cs

A UK-based man who fraudulently purported he could provide valuable standby letters of credit (L/Cs) has been jailed for eight years.

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ExWorks presents solution for fully leveraged firms to obtain L/Cs

The managing director of non-bank provider of domestic, import, and export trade finance products, ExWorks, says his firm can help companies finance their supply chains even when they have insufficient balance sheet strength to open letters of credit (L/Cs).

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Union Bank launches Nigeria's first domestic L/C

Nigeria's Union Bank has launched what it calls a local letter of credit (L/C) at a trade finance conference for its corporate customers in Lagos.

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Small US town an L/C away from grocery store

A small town in the US state of Kansas is a letter of credit (L/C) away from having its own grocery store for the first time in 17 years.

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Sri Lanka imposes L/C requirement for specific goods

Sri Lanka's central bank has imposed a requirement that importers of certain goods must buy on letter of credit (L/C) terms.

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ICC agreement with GCD to extend Trade Register coverage

The International Chamber of Commerce's (ICC's) Banking Commission has announced a long-term agreement with Global Credit Data (GCD), to provide more granular data and help extend the coverage of the ICC Trade Register beyond the trade finance products traditionally included in the register such as letters of credit (L/Cs).

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India's CBI unearths round-tripping L/C fraud

India's Central Bureau of Investigation (CBI) has uncovered an alleged letter of credit (L/C) fraud involving Chennai-based SLO Industries and Aran Steels.

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Afreximbank presents new trade facilitation programme

The African Export-Import Bank (Afreximbank) is presenting its new trade facilitation programme, developed in response to the retreat of global banks from Africa's financial sector, a process also called de-banking.

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Digital L/C features in new commodities blockchain platform

Fifteen of the world's largest institutions, including banks and trading firms are launching a blockchain-based platform that promises to feature digital letters of credit (L/Cs).

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Sri Lanka imposes 100 per cent margin deposit on L/Cs for motor vehicles

The Central Bank of Sri Lanka (CBSL) has imposed a 100 per cent margin deposit requirement against letters of credit (L/Cs) opened at commercial banks for imported motor vehicles.

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R3 to launch Voltron blockchain L/C in 2019

Financial innovation company R3 says its Voltron blockchain platform for letters of credit (L/Cs) will go into production in 2019.

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Blockchain L/C alternatives will benefit smaller businesses

Global management consultancy Bain & Co has published a report suggesting that smaller businesses will benefit most if they migrate from doing business on letter of credit (L/C) terms to using facilities available on trade finance platforms based on blockchain or distributed ledger technologies.

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UN failing to curb Libyan L/C abuse

A senior commander in Libya's Anti-Terrorism Force has criticised the work of the United Nations Support Mission in Libya (UNSMIL).

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Indonesia may employ L/C requirement to prop up currency

Indonesia may introduce new letter of credit (L/C) requirements alongside new rules for commodities exporters to guarantee funding for shipments through Indonesian banks or branches of foreign banks in the country, trade minister Enggartiasto Lukita has said.

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L/Cs next for blockchain startup CargoX

CargoX says it is planning to launch a blockchain letter of credit (L/C) following the successful trial of a bill of lading executed on the Ethereum blockchain platform.

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Angola plans eight foreign exchange auctions to improve import L/C availability

The National Bank of Angola (BNA) is conducting eight foreign exchange auctions in September to make euros available for letter of credit (L/C) transactions.

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Indonesia to insist on L/Cs for fuel imports as government seeks to support the rupiah

Indonesia wants the country's power generators and refineries to pay for imports on letter of credit (L/C) terms as part of the government's efforts to reduce imports and support the flagging rupiah.

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Turkey bids to convert defence L/Cs from US dollars to lira

Turkey is looking to renegotiate its defence contracts so that letter of credit (L/C) and other future obligations are denominated in Turkish lira rather than US dollars.

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L/C abuses a key factor in India's significant increase in bank frauds

The Reserve Bank of India (RBI) has reported a quantum leap in bank frauds in the 2017-18 financial year.

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US banks non-committal over Washington's new sanctions on Iran

Two of the largest US financial institutions are reportedly not committing to cutting Iranian access to international letter of credit (L/C) markets by banishing Iran from the SWIFT messaging network.

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Redwood Markets and EH Energy to deliver L/C alternative to the LNG industry

Redwood Markets and One Source Risk Management have chosen EH Energy, a division of Euler Hermes North America Insurance, to lead a syndicate of underwriters to handle trade credit insurance for the liquefied natural gas (LNG) market through its online trading platform, the Redwood Marketplace.

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Blockchain solution may offer L/C alternative in UAE

Standard Chartered has announced that it is working with Siemens Financial Services on blockchain-based bank guarantees that could provide an alternative for letters of credit (L/Cs) for traders in the UAE.

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Weak demand for Saudi L/Cs as tax reforms bite

Plummeting values of letter of credit (L/C) openings are pointing to a substantial weakening of Saudi Arabia's economy.

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L/C-based infrastructure financing product now available outside the US

Specialist Australian finance house Crossway Capital says it has developed a letter of credit (L/C) based structured finance product for major infrastructure projects that has hitherto only been available in the US.

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Sri Lanka uses L/Cs in drive to cut emissions

Sri Lanka is using letters of credit (L/Cs) to ensure that imported used vehicles meet the country's new emission standards.

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Nigeria creates special window for renminbi denominated L/Cs

The Central Bank of Nigeria (CBN) has created a special window making funds available for renminbi denominated letters of credit (L/Cs).

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Mastermind of US$2 billion L/C and LoU fraud located in Britain

The UK authorities have confirmed that celebrity Indian jeweller Nirav Modi, who allegedly used letters of credit (L/Cs) and letters of understanding (LoUs) to defraud India's Punjab National Bank (PNB) of US$2 billion, is in their country.

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Deepening US-Turkey trade war fears prompt L/C shortages, precipitate free fall in DDGS market

The deepening trade war between the US and Turkey is making it hard for Turkish importers to raise the letters of credit (L/Cs) they need to buy distillers dried grains with solubles, better known as DDGS, from US suppliers.

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