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Approximately 40,000 workers from 16 closed factories of the Beximco Group formed a 10-kilometre long human chain this week along a major highway in Bangladesh in a protest demanding the resumption of letters of credit (L/Cs) and the reopening of factories.
The former CEO of Orlen Trading Switzerland (OTS), referred to as 'Samer A' due to privacy laws, is under investigation for authorising advance payments totalling approximately US$400 million for oil deliveries that were never fulfilled.
Reduced reliance on letters of credit (L/Cs) has contributed to strong earnings at Lloyd's of London in the first half of 2024 according to a report published by Moody's Ratings.
The High Court of Australia has declined to intervene in the case concerning an abandoned 185 million Australian dollar (A$185 million - US$115 million) property development in Gosford, New South Wales.
African banks are increasingly engaging with China to facilitate trade and investment, focusing on establishing operations in China and promoting yuan-denominated letters of credit (L/Cs) and other financial instruments.
The latest ICC Opinions from the Banking Commission Meeting held in November 2024 are now available under the Trade Finance Channel of the Digital Library:
Clear Blue Insurance Group has initiated legal action against China Construction Bank (CCB) in response to the multi-million dollar fraud involving fraudulent letters of credit (L/Cs) provided as reinsurance collateral through the insurtech platform, Vesttoo.
Pakistan's Federal Investigation Agency (FIA) has arrested a local businessman who used a fraudulent letter of credit (L/C) in a scheme that allegedly conned a Chinese company out of 115 million Pakistani rupees (Rs115 million - US$414,000).
A survey published by the American Bar Association (ABA) highlights the most important developments of 2023 dealing with letters of credit (L/Cs), domestic and international sales of goods, personal property leases, payments, documents of title, investment securities, and secured transactions.
The American Bankruptcy Institute's (ABI's) International Committee has recognised the financial restructuring of McDermott International as its 2024 "International Matter of the Year."
South Korea's Shinhan Bank has responded to the weakening of the won and volatile economic conditions by extending the maturity of letters of credit (L/Cs) and providing additional funding for businesses paying for L/Cs.
The African Development Bank (AfDB) has agreed to provide Bank of Africa Benin (BAB) a EUR 15 million (US$15.7 million) transaction guarantee facility to support imports of supplies and telecommunications equipment for local businesses and small- and medium-sized enterprises (SMEs).
A Pakistani trader allegedly used false documents to fraudulently obtain letters of credit (L/Cs) that helped him perpetrate a multi-million US dollar chrome ore export fraud.
Qatar International Islamic Bank (QIIB) has announced the launch of its digital letter of credit (L/C) platform that eliminates the need for customers to visit the bank.
OK Lim, the founder of collapsed Singapore-based oil trader Hin Leong, has been jailed for 17-and-a-half years for defrauding the firm's principal creditor, HSBC, and abetting forgery.
The UK's development finance institution and impact investor, British International Investment (BII), has extended a US$150 million trade finance facility to Absa Group that aims to narrow Africa's trade finance gap and support businesses across the continent.
The African Export-Import Bank (Afreximbank) has agreed to provide a US$10 million-dollar revolving trade finance facility to Dorman Long Engineering (DLE) to facilitate the importation of steel pipes for threading.
Singapore headquartered DBS Bank and Japan Finance Corporation (JFC), a financial institution (FI) wholly owned by the Japanese government that complements private FIs by providing policy-based financing, have signed a memorandum of understanding to support the Asian regionalisation of Japanese small and medium-sized enterprises (SMEs).
The African Development Bank (AfDB) has approved a EUR 5 million (US$5.3 million) trade finance transaction guarantee facility for Ecobank Centrafrique, the subsidiary of the Togo-based Ecobank Group that operates in the Central African Republic (CAR).
Trade documents including letters of credit (L/Cs) bills of lading, and invoices have been digitised in international transactions executed by Suzano Asia, the Asian subsidiary of Suzano, a leading Brazilian company specialising in the production of eucalyptus pulp and paper products.
Meezan Bank, one of Pakistan's first and largest Islamic commercial banks, has announced a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC) under its letter of credit (L/C) confirmation facility.
Mizuho Bank and Bank of New York Mellon (BNY) and have jointly announced a landmark collaboration agreement for enhanced correspondent bank network connectivity for international trade.
The International Monetary Fund (IMF) has expressed concerns regarding Kenya's government-to-government oil import arrangement, initiated in April 2023, with Gulf oil producers, including Saudi Aramco, Abu Dhabi National Oil Company, and Dubai's Emirates National Oil Company.
The Central Bank of Egypt (CBE) has reportedly issued a directive ordering the country's banks to allocate US dollars for letters of credit (L/C) to be used for the importation of non-essential goods requiring pre-approval.
Letters of credit (L/Cs) and promissory notes on clay tablets discovered 5000 years ago are the oldest known forms of trade finance, according to a visual timeline of international trade finance posted on J P Morgan's official web site.
Industrial and Commercial Bank of China (ICBC) and Taiwan's CTBC Bank have filed competing legal claims over a US$8.8 million financing for a shipment of Venezuelan petroleum coke that is mired in allegations of fraud.
Boutique lender Acconto Financial Corporation (AFC) says it is promoting its new specialty loan offering to Canada's small- and medium-sized enterprises (SMEs) that provides an alternative to letters of credit (L/CS) and financial guarantees to cover tenants' commercial lease deposit obligations.
Just published - Technical Advisory Briefing from the ICC Banking Commission.
The Bangladesh Power Development Board (BPDB) has reportedly issued a letter of credit (L/C) for the equivalent of US$173 million to partially settle its debts to India's Adani Power.
The Bank for International Settlements (BIS) is launching Project Aperta to explore how to reduce frictions and costs in global finance by enabling seamless cross-border data portability.
JPMorgan Chase & Co has successfully closed a landmark US$1 billion refinancing deal for El Salvador, which represents approximately 14 per cent of the nation's total debt of approximately US$21 billion or 59 per cent of its GDP.
Lithium Americas and General Motors Holdings (GM) have entered into a new investment agreement to establish a joint venture (JV) for the purpose of funding, developing, constructing and operating the Thacker Pass lithium project in the US state of Nevada.
WaveBL, a blockchain-based digital solution provider that focuses on digitising trade documents such as bills of lading, has completed a ground breaking Proof of Value (POV) with Swift, the global messaging platform.
Fintech Obligo, which uses letters of credit (L/Cs) from banking giant Wells Fargo to back its security deposit alternative for landlords and tenants (DC World News, 1 July 2022), has raised US$35 million to expand its operations and build its share in the potentially lucrative market for US security deposit guarantees.
Regions Bank has become just one in ten of the recipients of the 2024 President's "E" Award for export service in recognition of the bank's work to provide financing solutions for corporate banking clients that collectively increase US exports.
Allen Ifechukwu Athan Onyema, the CEO and founder of Nigerian airline Air Peace, faces additional charges from the US Attorney's Office for the Northern District of Georgia. Initially indicted in 2019 for bank fraud and money laundering, Onyema is now also charged with obstruction of justice.
Director of business development for financial services at Microsoft, Peter Hazou, has been explaining how the global technology giant has been working with partners to develop new letter of credit (L/C) and other trade finance solutions.
Standard Chartered has announced the introduction of Autoquote, a new digital request for quote (RFQ) module available on its Straight2Bank Next Gen, the bank's digital banking platform.
Citi has announced what it describes as a "historic milestone" in its work to replace conventional trade finance instruments such as letters of credit (L/Cs) with Citi Token Services for Trade (CTST), a digital solution based on smart contracts backed by tokenised cash.
Founder and chairman of Bangladesh-based Nassa Group, Nazrul Islam Mazumder has been accused of being involved in laundering US$3 million to the US through trade-based money laundering (TBML).