Bank of China to issue renminbi L/Cs in Sri Lanka

Bank of China (BoC) has said it will issue renminbi-denominated letters of credit (L/Cs) from a growing number of branches in Sri Lanka.

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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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Corporation Bank officials under investigation for L/C fraud

Two officials at India's Corporation Bank have been arrested and two more are reportedly under investigation in a fraud case involving letters of credit (L/Cs).

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Region's largest L/C confirmation for Iraqi power project

Trade Bank of Iraq, Standard Chartered and General Electric (GE) have closed what they claim to be the region's largest letter of credit (L/C) confirmation of its kind.

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Digital L/C features in blockchain based crude sales platform

A digital letter of credit (L/C) provided by the Komgo financing platform is to feature in crude oil deals conducted on a live blockchain-based platform called Vakt that recently went live.

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Chinese bank brings L/Cs to Tanzania and beyond

China Dasheng Bank Limited (CDBL) has become the latest bank to provide letters of credit (L/Cs), guarantees and other trade finance services in Tanzania and beyond.

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Libyan L/Cs beginning to flow again

Letters of credit (L/Cs) for Libya's formal economy are beginning to flow again according to the deputy prime minister of the UN-backed Libyan government, Ahmed Maiteeg.

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L/C specialist Stern Bank to establish trade finance team in London

Puerto Rico based Stern Bank is expanding its operations by opening a trade finance operation in London.

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CDC to put US$100 million into Afreximbank's trade programme

The African Export Import Bank (Afreximbank) and the UK's development finance institution, CDC Group, have signed a US$100 million participation agreement to support the bank's Trade Facilitation Programme.

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Zambian ministers at odds over lack of L/Cs causing fuel shortage

Fuel shortages in Zambia have been blamed on a lack of foreign exchange for letters of credit (L/Cs), but the Zambian finance minister says there is no longer an L/C shortage.

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HSBC claims ground breaking transaction validates blockchain in L/C deals

HSBC India and ING Bank Brussels have successfully executed a blockchain enabled, live trade finance transaction incorporating a letter of credit (L/C) jointly with Reliance Industries and Tricon Energy.

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Blockchain system to detect fraud could have prevented Modi's US$2 billion L/C fraud

SWIFT and financial technology company, MonetaGo, are to collaborate to develop a blockchain system to help Indian banks prevent fraud.

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BNP Paribas and HSBC complete landmark digitised L/C transaction

BNP Paribas and HSBC Singapore have completed Singapore's first fully digitised end-to-end letter of credit (L/C) transaction between two different companies.

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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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US trade restrictions compromise Turkey's L/C availability, steelmakers defiantly turn to Asia

Banks are reportedly becoming increasingly reluctant to write letter of credit (L/C) business for transactions between Turkish sellers and western buyers of steel following Washington's decision to double tariffs on steel and aluminium imports from Turkey and threats from US President Donald Trump's of more punitive sanctions to come.

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PNB may close Hong Kong branch in wake of L/C and LoU fraud

India's Punjab National Bank (PNB) is likely to shut down its Kowloon branch in Hong Kong in the next few days according to local media there.

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G-NEXID members agree reciprocal L/C arrangements

The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) met recently in Geneva to discuss how member states could collaborate to close the trade finance gap.

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Currency swap deal will boost L/Cs for China-Nigeria deals

The currency swap deal between China and Nigeria is expected to boost letter of credit (L/C) transactions between the two countries according to a Nigerian business leader.

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RBI told to rescind ban on L/Cs for trade credit

A parliamentary committee has said the Reserve Bank of India (RBI) should rescind its decision to discontinue the issuance of letters of credit (L/Cs) and letters of undertaking (LoUs) for trade credit.

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L/Cs supporting Africa's Trade and Development Bank's growth

Africa's Trade and Development Bank (TDB) wants to position itself as a key regional financial institution to complement the activities of other development finance institutions on the continent such as the African Development Bank and East African Development Bank according to Uganda's finance minister, Matia Kasaija.

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India's banks say no to L/Cs for tea exports to Iran

Prices of Indian tea, much of which is exported to Iran, have fallen 9.1 per cent year-on-year as India's banks increasingly turn down requests for rupee-denominated letters of credit (L/Cs) for trades with Iran, according to the Indian Tea Association (ITA). The association's chairman blames uncertainty about trade with Iran after President Donald Trump pulled the US out of a 2015 nuclear pact with Iran and ordered new US sanctions on Tehran.

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HKMA's new blockchain-based platform set to replace L/C transactions

A new blockchain-based trade finance platform to be developed by the Hong Kong Monetary Authority (HKMA) will eventually provide an alternative to letters of credit (L/Cs) for traders looking for secure open account transactions.

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Turkey says L/Cs for Iran will keep flowing

Turkey appears determined to keep writing letter of credit (L/C) business with Iran despite tougher sanctions imposed on the Islamic Republic by Washington.

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L/Cs start to flow as Ethiopia reforms

Ethiopia's radically reformist new prime minister is introducing policies that appear to be allowing letters of credit (L/Cs) to flow after years of traders being unable to obtain them due to foreign currency shortages.

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Blockchain platform for Chinese L/C auctions

A state-backed financial asset exchange in China's Chongqing city is looking to develop a blockchain solution that could be used for letter of credit (L/C) auctions.

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Libya faces L/C corruption probe

Libyan officials who have been profiting from letters of credit (L/Cs) obtained to manipulate the official and black market exchange rates could be subject to a wide-ranging corruption probe.

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China-US trade war signals bad news for L/C flows

Banks that finance trade in Asia are concerned that the tariff war between the US and China will put further pressure on revenues from their letter of credit (L/C) and wider trade finance operations.

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Angola's L/C funds used for foreign currency sale instead

The National Bank of Angola (NBA) has carried out a euro currency sale using funds earmarked just a month ago for import letters of credit (L/Cs).

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Afreximbank's US$8 billion in a year for L/Cs and trade finance

The African Export Import Bank (Afreximbank) has disbursed over a third of the US$25 billion facility that provides letters of credit (L/Cs) to facilitate intra-African trade, the bank's president and chairman has said.

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Three Indian firms charged over L/C frauds against SBI

India's Central Bureau of Intelligence (CBI) has charged three Mumbai-based firms for cheating State Bank of India (SBI) using letters of credit (L/Cs).

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Large-scale solar project finance features L/C backing

Canada's Innergex Renewable Energy is using a letter of credit (L/C) in the financing package it has arranged for its 250 megawatt photovoltaic solar project that, when completed, will be the largest of its kind in the US state of Texas.

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L/Cs for Indian gold loans must be rigorously checked

National Institution for Transforming India (Niti) is proposing a new policy that would relax the stringent collateral conditions for loans and letters of credit (L/Cs) to jewellers to buy gold.

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Bangladeshi banker says L/C business is booming

Letter of credit (L/C) business is booming for private banks in Bangladesh according to a senior banker.

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OFAC announces wind-down date for Iranian L/C business

The US treasury department's Office of Foreign Assets Control (OFAC) has issued a notice of amendments to US institutions using letters of credit (L/Cs) in transactions with Iran.

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Ecobank Zimbabwe reports L/C successes

Ecobank Zimbabwe has written over US$150 million worth of letter of credit (L/C) business in the Zimbabwean market in the last eight months according to the bank's chairman.

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Whistleblower accuses ICICI Bank of ill advised L/C issuance and round-tripping

A whistleblower has accused India's ICICI Bank of issuing hundreds of letters of credit (L/Cs) to entities related to its troubled corporate borrowers to help them avoid defaulting on their loans according to local media reports.

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Zambia bans L/Cs and guarantees for bankrupt state-owned enterprises

Zambian President Edgar Lungu has ordered several austerity measures, including a ban on the issuance of letters of credit (L/Cs) to some state-owned enterprises, in an attempt to address Zambia's sharply deteriorating debt crisis.

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Angola's central bank governor recommends L/Cs for imports

Letters of credit (L/Cs) look likely to become the preferred financial instrument for imports into Angola according to the head of the country's central bank.

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Bangladesh extends scope of tax on L/Cs, reduces tax rate

The government of Bangladesh has proposed extending the coverage of advance income tax (AIT) on domestic letters of credit (L/Cs) or any financing agreement for purchasing goods

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China CITIC Bank reports on blockchain-based L/C transactions

China CITIC Bank says that during its 2017 financial year it facilitated blockchain-based domestic letter of credit (L/C) transactions worth a total of US$156 million.

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UK business chamber's certification indicates blockchain L/Cs soon

A UK based business chamber has certified an export consignment from an engineering company using blockchain.

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Red Corner Notice issued by Indian investigators of Nirav Modi L/C and LoU fraud

India's Central Bureau of Investigation (CBI) has asked Interpol to issue a Red Corner Notice against absconded celebrity jeweller, Nirav Modi, who Indian investigators want to question in relation to the US$2 billion banking scam involving Punjab National Bank (PNB).

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L/C data indicate sharp rise in imports in Bangladesh

Data on letters of credit (L/Cs) indicate that imports into Bangladesh surged 15 per cent to about US$43 billion in the 10 months to end-April 2018.

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Kenyan government should use L/Cs to support local SMEs

Kenya's culture of late payments is preventing businesses - especially small- and medium-sized enterprises (SMEs) - from investing in growth and contributing to economic recovery according to a director of Sphere Business Africa.

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Afreximbank to support L/Cs for Angolan imports

The African Export-Import Bank (Afreximbank) is to support trade finance facilities for Angola to import essential items on letter of credit (L/C) terms. The facilities are part of up to US$2 billion in financing support to Angola.

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L/Cs for Iranian crude harder to come by

Letters of credit (L/Cs) for Iranian crude for European deliveries are becoming harder to secure, oil traders have told energy information provider Platts.

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Central Bank of Libya governor questions Audit Bureau's L/C related corruption allegations

Central Bank of Libya (CBL) governor Al-Siddiq Al-Kabeer has ordered a financial committee tasked with tracking money laundering to investigate allegations made by the Audit Bureau accusing firms of using letters of credit (L/Cs) in foreign currency smuggling operations.

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Nigeria moves closer to renminbi-denominated L/Cs

The Central Bank of Nigeria (CBN) is set to release the framework for the currency swap deal it agreed recently with China to formally launch transactions in each country's currency.

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PNB bankers misled India's central bank over L/Cs and LoUs in US$2 billion fraud case

Senior officials at India's Punjab National Bank (PNB) misled the central bank in late 2016 over the bank's handling of the SWIFT financial messaging system in respect of letters of credit (L/Cs) and letters of undertaking (LoUs) employed in India's largest ever fraud.

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Bank of India recovers US$1.35 billion from standby L/Cs

Bank of India (BOI) says it has recovered the equivalent of US$1.35 billion from standby letters of credit (L/Cs) issued by other banks.

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Banks agree to launch China's first blockchain L/C

Bank of Shanghai and China Construction Bank have signed an agreement to launch China's first blockchain-based letter of credit (L/C).

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PNB bankers misled India's central bank over L/Cs and LoUs in US$2 billion fraud case

Police have accused senior officials at Punjab National Bank (PNB) of misleading India's central bank in late 2016 over the lender's handling of the SWIFT financial messaging system in respect of letters of credit (L/Cs) and letters of undertaking (LoUs) employed in the country's largest ever fraud.

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India's Infosys blockchain trade finance network will cut out L/C fraud

India's second-biggest software services company says its recently launched blockchain-based trade finance network would avoid the recent spate of letter of credit (L/C) and letter of undertaking frauds.

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Oil trader files suit against Union Bank Nigeria for failing to meet L/C obligations

The Nigerian affiliate of a pan-African oil trader has filed a US$18.6 million lawsuit against Union Bank of Nigeria (UBN).

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PTTPM first Asean firm to use artificial intelligence in L/C processing

A unit of Thailand's majority state-owned oil and gas company, PTT, claims to have become the first Asean firm to use artificial intelligence (AI) in letter of credit (L/C) processing.

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HSBC and ING execute first commercial blockchain L/C transaction

HSBC and ING have executed their first commercial letter of credit (L/C) transaction based on blockchain or distributed ledger technology.

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Islamic Development Bank Group provides L/C support for Bahrain Middle East Bank

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of Jeddah-based Islamic Development Bank Group, has said it will support letter of credit (L/C) transactions in which Bahrain Middle East Bank (BMEB) participates.

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English appeal court upholds Chinese arbitration award in L/C dispute

The English Court of Appeal has upheld the enforcement of a China International Economic and Trade Arbitration Commission (CIETAC) award in favour China-based steel supplier Sinocore and dismissed an appeal from an earlier UK Commercial Court decision in favour of a UK-based buyer, RBRG Trading.

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Eurasian free trade zone and talks between Moscow and Tehran signal more local currency L/Cs

More letters of credit (L/Cs) in national currencies are in prospect with the signing of an initial agreement for a free trade zone between Iran and the Eurasian Economic Union (EAEU).

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Nepalese traders must transact with China and India on L/C terms

Nepalese traders will soon have to start using letters of credit (L/Cs) when buying from or selling to traders in China and India.

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Turkey and Iran commence own currency L/C transactions

Turkey and Iran have issued the first letter of credit (L/C) using their own currencies.

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Punjab National Bank will honour foreign L/Cs

India's state-owned Punjab National Bank (PNB) has issued a statement saying it will honour all foreign letters of credit (L/Cs) as well as inter-bank letters of undertaking (LoUs) issued by it that mature on or before 31 March 2018.

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Commonwealth launches L/C support facility

The Commonwealth of Nations has launched a new trade finance facility that will provide support for letters of credit (L/Cs) in 31 smaller countries.

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Privatisation is not the answer to India's L/C problems

Privatising state-owned banks will not restore confidence in letters of credit (L/Cs) issued by India's banks according to a professor at the National Institute of Public Finance and Policy.

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Indian power promoters failed to meet L/C obligations

India's Central Bureau of Investigation (CBI) and the Gujarat Anti Terrorist Squad have arrested three promoters of Vadodara-based Diamond Power Infrastructure (DPI) in connection with a US$400 million bank fraud.

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Alleged L/C fraudsters face fresh charges

Three men in the US state of New Jersey are facing fresh charges relating to alleged letter of credit (L/C) frauds.

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L/Cs unscathed in Iran's cash crisis says CBI governor

Iran's government is sparing no efforts to contain a currency crisis after the rial hit an all-time low.

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Range Resources and Colombia finally settle dispute over work fulfilment and L/C validity

Australia's Range Resources says it has reached an agreement with Colombia's National Hydrocarbons Agency (NHA) to settle all outstanding claims and disputes between NHA and the consortium of Optima Oil Corporation and the company.

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Fraud case will make L/Cs harder to come by for India's SMEs

The US$1.9 billion fraud unearthed at India's second-largest public sector bank will make letters of credit (L/Cs) harder to come by and more expensive for small- and medium-sized enterprises (SMEs) according to India Ratings and Research.

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Libya's L/C policy under fire

Libya's policy on letters of credit (L/Cs) has come under fire from a member of the country's Presidential Council (PC), the body formed to run the country under the terms of the UN Security Council endorsed Libyan Political Agreement.

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Domestic L/Cs could play a bigger role as protectionism bites and regionalism grows

Domestic letters of credit (L/Cs) could play a bigger role in trade finance as buyers increasingly look for shorter supply chains according to head of global traditional trade products at HSBC, Vinay Mendonca.

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Funding sought for blockchain L/C alternative for Asian SMEs

Singapore-based fintech startup Acudeen is seeking to raise money to provide small- and medium-sized enterprises (SMEs) with what it claims will be a viable alternative to letters of credit (L/Cs).

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L/C could provide evidence in Nawaz Sharif trial

A letter of credit (L/C) could prove instrumental in proving that Pakistan's former prime minister Nawaz Sharif and some of his family used trade-based money laundering techniques to shift illicit funds around the world.

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Moody's says trade finance gap could limit Africa's new free trade area

Africa's massive trade finance gap amounting to US$90 billion is among the major limitations to the continent realising the full potential of a free-trade area in Africa, Moody's has warned.

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US lawyer warns of upcoming L/C risks for US companies

A US lawyer has warned that regulations expected to be introduced by Washington will require US companies to meet a higher burden of proof than big banks in litigation and that L/C risks will be transferred from banks to companies.

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Kenya's energy regulator set to cut L/C margins

Banks in Kenya look set to earn lower fees from letters of credit (L/Cs) opened by oil product importers.

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Jewellery trade frauds may be boosting L/C business

Reports are emerging in India that the use of letters of credit (L/Cs) may be increasing, despite them being used in high profile fraud cases in the jewellery trade.

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Look out circulars issued against alleged L/C fraudsters

India's Central Bureau of Investigation (CBI) has issued look out circulars (LOCs) against the directors of Delhi-based diamond jewellery exporter Dwarka Das Seth International.

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L/Cs underline Egypt's credit expansion

Increased volumes of letters of credit (L/Cs) are an integral part of evidence of an increase in lending by Egyptian banks in 2017 according to data released by the Central Bank of Egypt (CBE).

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Contradictory views on L/Cs and trade finance in 2017

Two apparently contradictory reports have emerged on the amount of trade finance business written in 2017.

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Indian banks warned again not to overreact to L/C scandal

The Associated Chambers of Commerce and Industry of India (Assocham) is continuing to lobby for business-as-usual for banks writing letter of credit (L/C) businsess despite their use in high profile trade-based money laundering cases in the diamond trade.

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UN says Libyan banks received illegal L/Cs worth one billion US dollars

Ten Libyan companies based in the Tripoli suburb of Tajoura received US$1 billion in illegal letters of credit (L/Cs) from two banks according to a UN report.

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South Korea decides not to prosecute KEB Hana Bank for issuing L/C to daughter of corrupt presidential confidante

South Korean prosecutors have decided against pressing charges against a commercial bank for issuing a letter of credit (L/C) to the 19-year old daughter of Choi Soon-sil.

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ICC declares L/Cs lowest risk of all trade finance offerings

Trade and export finance products are low credit risk offerings compared with similar asset classes according to the International Chamber of Commerce's (ICC's) latest survey.

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Improved Iranian credit rating will help reduce L/C costs

Iran's steady climb up the credit risk-rating index is helping to reduce letter of credit (L/C) costs according to an Iranian business leader.

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Banks back out of L/C provision for vintage tankers

Banks are backing out of the market to provide letters of credit (L/Cs) in deals in which ship owners sell older tankers to ship breakers according to a prominent shipbroker.

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HSBC readies itself to launch live trade finance blockchain transactions

HSBC is nearly ready to write live trade finance business based on blockchain technology with clients.

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New case of L/C fraud revealed at Punjab National Bank

One of the largest branded jewellery retailers in the world is under investigation for letter of credit (L/C) fraud.

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Indian business leaders calls for preservation of L/C flows as more frauds emerge

Trade-based money laundering linked to letters of credit (L/Cs) is hitting the headlines in India as new fraud cases emerge in the wake of the Punjab National Bank (PNB) alleged fraud case involving jeweller Nirav Modi's diamond dealings.

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Ten law firms sign up to R3's new centre of blockchain excellence

Ten law firms have signed up to the Legal Centre of Excellence (LCoE) launched by R3, the financial blockchain coalition intent on faster and more accurate letter of credit (L/C) processing and other financial sector blockchain applications.

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Will Reserve Bank of India change its position on L/Cs?

In a July 2015 directive, the Reserve Bank of India (RBI) asked banks to honour their letter of credit (L/C) commitments, even in unauthorised transactions. The central bank said failing to honour L/C commitments could affect the image of the banking system as well as L/Cs and other guarantees as payment mechanisms.

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L/Cs feature in US$1.7 billion diamond scam

Letters of credit (L/Cs) are embroiled in the massive bank fraud in the Indian diamond sector that was revealed last week when Punjab National Bank (PNB) said it had fallen victim to what is at least a US$1.7 billion scam linked to celebrity jeweller Nirav Modi (DC World News, 16 February 2018).

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Punjab National Bank fraud similar to L/C centred Winsome Diamond Group scam

India's Punjab National Bank (PNB) has revealed a massive US$1.7 billion fraud linked to celebrity jeweller Nirav Modi.

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Prominent role for L/Cs in Bank of India's third-quarter losses

Letters of credit (L /Cs) feature prominently in the causes of Bank of India's (BoI's) losses in the quarter ending December 2017.

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New partnership to embed blockchain in L/C processing

The Blockchain in Transport Alliance (BTA) is teaming up with the Wall Street Blockchain Alliance (WSBA) to facilitate the use of blockchain or distributed ledger technology (DLT) in letter of credit (L/C) processing and international trade.

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Deadline looms for participants in ICC's flagship trade finance survey

The deadline for participating in the International Chamber of Commerce (ICC)'s Banking Commission's flagship trade finance survey is looming.

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Libya to clear L/C backlog as economic prospects brighten

Libya's fragile internationally recognised government in Tripoli has given the country's central bank until the end of February to clear the backlog in letters of credit (L/Cs) to importers approved by the economy ministry in 2017.

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Former Morgan Stanley advisors used clients' money to back L/C for wind farm

Two former Morgan Stanley advisors used clients' money to back a letter of credit (L/C) for a wind farm project.

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South East Asian trade finance house and UK L/C specialist join forces to extend global reach

Standby letter of credit (L/C) specialist Bachmann and Welser Capital of the UK and Blend Financial Services of India, a provider of trade finance, corporate and financial advisory services, have signed a memorandum of understanding (MoU) to extend their global reach.

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Oil trader that refused L/C must pay hefty settlement

A Pakistan based oil marketing company that refused to put up a letter of credit (L/C) for an oil shipment has agreed to an out of court settlement with its Dubai based supplier.

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Lack of L/Cs forces PDVSA to alternative financial solutions

Petróleos de Venezuela S A's (PDVSA's) difficulties obtaining letters of credit (L/Cs) have forced the state owned oil company to look at alternative financial solutions.

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L/C specialist issues fraud warning

A specialist letter of credit (L/C) provider has issued a statement warning people of an individual who uses the firm's name to perpetrate frauds.

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First blockchain L/C transaction for agricultural commodities

Dutch and French banks as well as one of the world's largest agricultural merchants have completed what they say is the world's first foodstuff transaction to use the distributed ledger-based digital technology known as blockchain.

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Tax increases for L/Cs in the Philippines

Stamp tax on letters of credit (L/Cs) in the Philippines has doubled as it brings in a radical new taxation system.

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Brexit will impact on L/C usage

A leading consultant in Irish and international trade says trouble is in store for European suppliers selling to British small- and medium-sized enterprises (SMEs) that over recent years have switched from letter of credit (L/C) terms to alternative forms of trade financing such as factoring.

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Turkey and Iran strike deal for local currency L/C business

The central banks of Turkey and Iran have reached agreement on the amount they are prepared to make available to facilitate letter of credit (L/C) transactions in their respective currencies.

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Pakistan's L/C restrictions appear to be helping the economy

Pakistan's imposition of a 100 per cent margin deposit requirement on the opening of certain import letters of credit (L/Cs) appears to be contributing to the country's improved economic outlook.

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Equity Bank wins recognition for L/C provision that helps close the trade finance gap

Kenya's Equity Bank has won recognition for its letter of credit (L/C) services from a leading policy expert.

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Pakistan ready for yuan-denominated L/C business

The State Bank of Pakistan (SBP) has announced that all arrangements for using the Chinese currency for yuan-denominated L/C business are already in place.

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Infosys subsidiary's new blockchain product features L/C solution

A subsidiary of technology and consultancy giant Infosys has launched a blockchain-based trade finance solution that includes letter of credit (L/C) management features.

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Central Bank of Libya denies favouritism and nepotism in L/C issuance

The Central Bank of Libya (CBL) has denied charges of favouritism and nepotism in the way it issues letters of credit (L/Cs).

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US Commercial Service finds solution to Kenyan importer's L/C difficulties

The US Commercial Service has helped a Kenyan importer obtain the letter of credit (L/C) it needed to import equipment required to develop its geothermal energy resources.

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L/C ban may be failing to dampen Nigeria's rice imports

The refusal of the Central Bank of Nigeria (CBN) to grant letters of credit (L/Cs) to the country's rice buyers has failed to dampen imports according to a trade organisation.

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Bank Mellat reports surge in L/C business

Iran's Bank Mellat has reported a steep rise in the amount of letter of credit (L/C) business it has written now that many international sanctions imposed on the country have been lifted.

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Venezuelan crude exports hit 14-year low as L/C shortage bites

Venezuela's crude oil exports continue to be depressed by difficulties experienced by US refiners obtaining the letters of credit (L/Cs) they need.

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Indian onion exports must be on L/C terms

India has imposed a minimum export price (MEP) of US$850 per metric tonne on onions until the end of 2017.

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Mastermind of Iran's largest ever L/C fraud given a 20-year prison sentence

The former head of Iran's largest state-owned bank, who forged letters of credit (L/Cs) to buy a string of companies in the largest embezzlement scandal the Islamic republic has ever seen, has been given a 20-year prison sentence.

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Survey reveals low take up of digital L/Cs and trade finance services

Despite the wide publicity given to the digitalisation of letters of credit (L/Cs) and other digital trade finance services, a surprisingly low proportion of the more than 7,000 respondents in Euromoney's annual trade finance survey are actually using new technologies.

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UK court changes law on debts under L/Cs

The UK's Supreme Court has allowed an appeal that has changed English law on the location of debts in the context of letters of credit (L/Cs).

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Bangladesh reports all-time high L/C openings

The value of letters of credit (L/Cs) opened in Bangladesh in November reached an all time high of US$16.33 billion according to Bangladesh Bank data.

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BBVA and Wave carry out first blockchain-based L/C transaction between Europe and Latin America

Multinational Spanish banking group BBVA, in collaboration with technology firm Wave, has carried out its first blockchain based letter of credit (L/C) transaction between Europe and Latin America.

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L/C support in Afreximbank's extensive new guarantee facility

The African Export-Import Bank (Afreximbank) has expanded its range of trade finance products by launching a new guarantee programme for letter of credit (L/C) and other financial instruments.

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Trade Bank of Iraq opens in Abu Dhabi

The bank established in 2003 with the initial purpose of providing letters of credit (L/Cs) to help Iraq rebuild its economy after the fall of Saddam Hussein's regime has opened a representative office in Abu Dhabi.

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Reserve Bank of Zimbabwe working on new L/C facility

The Reserve Bank of Zimbabwe (RBZ) is working on a new US$150 million letter of credit (L/C) to support key industries.

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Singapore's United Overseas Bank introduces robots to its L/C workforce

United Overseas Bank (UOB) has introduced two robots, Amy and Eve, to the bank's corporate and retail units.

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PDVSA's L/C woes worsen

Sanctions imposed by Washington on Venezuelan state-run oil company Petroleos de Venezuela S A (PDVSA) are continuing to affect its US refining unit, Citgo Petroleum.

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New L/C guarantee facility for African renewable power developers

The German development bank, KfW, and the African Trade Insurance Agency (ATI) have announced a new facility to support renewable energy projects in sub-Saharan Africa.

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Libya's L/C strategy falls short of objectives

Libya's strategy of using letters of credit (L/Cs) to stabilise exchange rates and curb inflation appears not to be achieving its objectives.

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Progress on Project Ubin's efforts to harness blockchain for L/C and other banking services

The Monetary Authority of Singapore (MAS), the city-state's de facto central bank, has released a new report focused on the second phase of its Project Ubin blockchain initiative.

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Indian businessman remanded in L/C fraud case

A businessman has been remanded in custody by Indian police on suspicion of involvement in a case involving a fraudulent letter of credit (L/C).

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Iran and Turkey scale up local currency L/C arrangements

Iran and Turkey have appointed banks to facilitate improved letter of credit (L/C) availability for bilateral transactions under their preferential trade agreement (PTA).

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L/C demand underlines credit growth in Bangladesh

Demand for letters of credit (L/Cs) is underlining substantial growth in private sector credit in Bangladesh.

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Demands for L/Cs a challenge smaller US wind power developers

Utilities in the US demanding letters of credit (L/Cs) from firms building wind power generators are proving a challenge for smaller developers according to an industry expert.

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Infrastructure developer employs L/C availability in marketing drive

One of the Philippines' largest infrastructure investment companies is employing letters of credit (L/Cs) in its drive to secure high-value toll road projects in Southeast Asia.

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Afreximbank president calls for more intra-African L/C business

The president of the African Export-Import Bank (Afreximbank) is calling on African banks to reduce their reliance on European counterparties in letter of credit (L/C) transactions.

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L/C issuing banks sought to help delayed Kenyan geothermal project

Commercial banks have been invited to submit proposals to act as the letter of credit (L/C) issuing bank for Kenyan geothermal power plants as part of the developers' efforts to make progress in a much delayed project.

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Accuity's financial crime screening for R3's L/C processing platform

Compliance software provider Accuity has partnered with financial innovation company R3 to integrate its financial crime screening tools with the Corda distributed ledger technology platform.

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CGI Group and three banks establish proof of concept for blockchain L/C processing

Information technology and business process services provider, CGI Group, along with the Bank of Montreal, Royal Bank of Canada, and Mitsubishi Financial Group say they have successfully completed a first-ever proof of concept (POC) that successfully demonstrated streamlined letter of credit (L/C) and other trade finance processes on a blockchain platform.

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African banks face additional L/C pressures

African banks wanting to write letter of credit (L/C) business will come under additional pressure next year with the introduction of International Financial Reporting Standard (IFRS) 9 in January.

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Political tensions restraining L/Cs for trade between Iran and the UAE

The unwillingness of the UAE's banks to write letter of credit (L/C) business for trade with Iran is a product of political tensions between the emirates and the Islamic Republic according to a senior Iranian business figure.

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Suppliers' insistence on L/C terms underlines concerns for old-established US department stores

Suppliers of Bon-Ton Stores are insisting on payment by L/C or cash on delivery as the US department store chain that opened its first outlet in 1898 struggles with debt.

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Suppliers' insistence on L/C terms underlines concerns for old-established US department stores

Suppliers of Bon-Ton Stores are insisting on payment by L/C or cash on delivery as the US department store chain that opened its first outlet in 1898 struggles with debt.

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Four banks sign up to IBM-led platform to replace paper-based L/Cs

Four major banks have joined a trade finance initiative that aims to provide a digital alternative to paper-based letters of credit (L/Cs) in trade finance transactions.

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R3 launches distributed ledger platform and teams up with Bolero

Software developer R3 has launched version 1.0 of its Corda distributed ledger platform that could be critical for the development of digital letters of credit (L/Cs) based on the system originally developed for crypto-currencies.

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Trade finance volumes down, but L/Cs performing well

Global trade finance revenues have reached a seven-year low, with a 5 per cent decline year-on-year for the first half of 2017 according to a recent report.

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Confusion over L/Cs adds to ferry muddle in Trinidad and Tobago

Confusion over the status of standby letters of credit (L/Cs) is complicating Trinidad and Tobago's efforts to strengthen its so-called sea bridge, the vessels that ferry passengers and goods between the two islands.

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Westpac New Zealand sues former executive who allegedly falsified information to obtain L/C facilities

Westpac New Zealand is suing a second former senior executive of Lane Walker Rudkin (LWR), the Christchurch based clothing company that controversially collapsed in 2009.

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Austrian and Danish banks to boost L/C availability for trade with Iran

Iran's Central Bank has announced that several Iranian banks have signed two separate financing deals with an Austrian and a Danish bank.

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Zimbabwean business leader calls for more central bank supported L/Cs for soybeans

The president of the Oil Expressers Association of Zimbabwe (OEAZ) is calling for more letters of credit (L/Cs) in support of soybean imports.

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Caution increasingly prompting East European suppliers to ask for L/C terms

A report by credit insurer Atradius reveals that despite a positive economic outlook, many Eastern European companies expect deteriorating payment practices amongst their business partners.

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Alliance with Kyriba to strengthen GTC's guarantee, L/C and documentary collection services

GlobalTrade Corporation (GTC), which provides a range of letter of credit (L/C) and other trade finance services, has forged an alliance with cloud-based treasury and financial management solutions provider, Kyriba.

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New sanctions on Venezuela impact on L/Cs for US refineries

Recent sanctions imposed by Washington on Venezuelan state-run oil company Petroleos de Venezuela S A (PDVSA) have started to affect its US refining unit, Citgo Petroleum.

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Mashreq establishes position in the Nepalese L/C market

Mashreq Bank of the UAE says it is providing extensive support for banks writing letter of credit (L/C) business in Nepal.

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China's credit rules driving steel mills away from L/C terms

China's increasingly stringent credit rules are driving smaller steel mills away from buying iron ore on letter of credit (L/C) terms.

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Brighter prospects in Egypt for L/C business

Egypt has cleared a multibillion-dollar backlog of foreign currency requests from importers and foreign companies since floating the pound in November 2016, according to a central bank official.

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Central Bank of Iran presents post-sanctions L/C growth

The Central Bank of Iran (CBI) has announced that the country's banks have engaged in foreign exchange transactions worth over US$38 billion since international (but not US) sanctions were lifted in January 2016 after the Islamic Republic scaled back its nuclear ambitions.

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Utility of blockchain in L/C transactions under challenge

Several blockchain-based proofs of concept (PoCs) and prototypes for letter of credit (L/C) processing have been announced over the last year.

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Dubai bankers accused of forging L/Cs

Three Dubai bankers have been accused of accepting US$10 million in bribes for forging letters of credit (L/Cs) attributed to their former employer, HSBC.

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Billion-dollar L/C for Iranian gas refinery

A US$1 billion letter of credit (L/C) from Bank Sepah is backing one of Iran's largest industrial projects.

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Tougher new US sanctions impact on L/C business

The US has signed into law the Countering America's Adversaries Through Sanctions Act (CAATSA).

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Rosneft steps in to buy Venezuelan oil as US banks remain reluctant to provide L/Cs

Russian oil firm Rosneft is apparently responding to the reluctance of US banks to extend letters of credit (L/Cs) for refiners awaiting shipments of Venezuelan crude oil from Petroleos de Venezuela S A (PDVSA).

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L/Cs feature in India's efforts to encourage solar power

Developers of solar power generation facilities in India will be able to reduce the risk of electricity off-takers not meeting their payment obligations by using letters of credit (L/Cs).

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Iran's Bank of Industry Mines expands correspondent network to support L/C business

Iran's Bank of Industry and Mines (BIM) considerably expanded its correspondent banking network in the last fiscal year to bolster its letter of credit (L/C) business according to the bank’s deputy for international affairs.

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L/Cs hard to come by for Chinese soybean traders

Singaporean importers of Chinese soybean are finding letters of credit (L/Cs) hard to come by due to adverse factors across the industry.

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Fraudster who promised high returns on L/Cs sentenced

A judge in the US state of North Carolina has sentenced a convicted fraudster to more than four years in prison for operating an investment fraud scheme.

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Tanker carrying Venezuelan crude stranded off US coast needs L/C to discharge crude

An oil tanker loaded with about one million barrels of Venezuelan crude has been stranded for more than a month off the coast of the US state of Louisiana because it lacks the letter of credit (L/C) required to discharge its cargo.

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Floods precipitate surge in L/Cs in Bangladesh

Devastating floods in Bangladesh have precipitated a surge in letter of credit (L/C) openings for imports of staple foods.

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UPS Capital announces L/C alternative payment service

UPS Capital has announced the launch of a new online business-to-business payment service that it claims offers a secure alternative to traditional letter of credit (L/C) payments.

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Dubai's position as Gulf financial hub in jeopardy after L/C disruption

Standard Chartered's CEO says Dubai risks jeopardising its position as the Gulf's banking hub as a result of the trade boycott of Qatar by a Saudi-led bloc that includes the UAE.

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Iran and Pakistan cooperate to boost L/C business

Iran and Pakistan’s largest banks are taking practical steps to boost letter of credit (L/C) business by opening branches in each other’s country according to the Central Bank of Iran (CBI).

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Banks collaborate on pilot for digital sight L/C

Eleven banks are collaborating on a prototype application for letter of credit (L/C) processing over a platform developed by financial innovation company R3, which leads a consortium of dozens of the world's largest financial institutions in the research and development of blockchain or distributed ledger solutions.

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Truck and bus manufacturer casts doubt on L/C future after BPO transaction

Commerzbank has processed the first Bank Payment Obligation (BPO) transaction in Austria.

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L/Cs may feature in Qatari bank's efforts to cut UAE exposure

A unit of Qatar's Doha Bank may be attempting to sell letters of credit (L/Cs) exposed to UAE local lenders amid continuing tensions in the Gulf.

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Russia and Saudi Arabia to forge closer L/C ties

Russian and Saudi officials are expected to meet later this year to forge a range of commercial cooperation agreements in the oil, gas and power sectors.

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CITIC Bank launches China's first blockchain L/C transaction

China-based CITIC Bank has launched what it claims to be the first ever letter of credit (L/C) system in the Chinese banking industry based on blockchain or distributed ledger technology.

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Indian property developer in US$400 million money laundering scheme faces new L/C fraud charges

India's Central Bureau of Investigation (CBI) has charged the director of Zoom Developers for letter of credit (L/C) and other frauds that caused substantial losses for Indian Overseas Bank.

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EIB's L/C enhancement helps groundbreaking new Italy-France power interconnection

The European Investment Bank (EIB) has used its new letter of credit (L/C) senior debt credit enhancement (SDCE) tool to support the financing of a major cross-border electricity interconnection for Italian state grid operator, Terna.

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Bangladesh eases requirements for L/Cs for rice imports

Bangladesh has eased requirements on letters of credit (L/Cs) opened for rice imports.

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L/Cs crucial for financial close on Texan wind farm

Letters of credit (L/Cs) have helped a very substantial wind power project in the US state of Texas reach financial close.

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Guernsey gears up for more L/Cs in Chinese captive insurance schemes

Guernsey has signed four Chinese insurance-related memoranda of understanding (MoU) since mid-2016, and the island's captive insurance market is starting to insure Chinese companies.

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Expired L/Cs add to Cuba's economic woes

Expired letters of credit (L/Cs) are contributing to Cuba's worsening financial crisis according to Cuban economy minister, Ricardo Cabrisas.

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Syria abandons L/Cs for wheat imports

Syria's state grain agency, Hoboob, is no longer opening letters of credit (L/Cs) for wheat imports according to state news agency Sana.

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Mizuho announces successful blockchain L/C experiment

Mizuho of Japan is one of the latest financial institutions to announce the results of an experimental blockchain letter of credit (L/C) transaction.

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Bank officials and telecoms entrepreneur face L/C fraud charges

India's Central Bureau of Investigation (CBI) has filed charges in a Mumbai court against a director of a Gujarat-based private telecoms company and several bank officials in a scam involving letters of credit (L/Cs).

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ICC report contemplates disappearance of L/Cs

The International Chamber of Commerce (ICC) Banking Commission has published its annual Global Survey on Trade Finance, which contemplates the "long-anticipated disappearance of the documentary letter of credit (L/C)."

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EIB provides guarantee facility for L/Cs issued by Greek banks

The European Investment Bank (EIB) has activated a second Trade and Export Finance (TEF2) guarantee facility for Greece.

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L/C hurdles eventually overcome as Iraq begins imports of Iranian gas

Difficulties arranging the letters of credit (L/Cs) needed for Iranian gas exports to start flowing to Iraq have been overcome.

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Traydstream launches new system for automated L/C checks

A new financial technology or 'fintech' company has launched a solution to check letters of credit (L/Cs) and other documents against industry rules and regulations.

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SMBC and IFC sign new US$1bn deal to improve L/C access in emerging markets

Sumitomo Mitsui Banking Corporation (SMBC) and the International Finance Corporation (IFC) have invested US$1 billion in the IFC's Global Trade Liquidity Programme (GTLP) with the aim of improving the flow of letters of credit (L/Cs) issued by banks in emerging markets.

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ICC launches working group on digitalisation of trade finance

The International Chamber of Commerce (ICC) Banking Commission has launched a working group to coordinate work towards the digitalisation of trade finance.

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Banks demand fully funded L/Cs from Zimbabwe

Foreign banks are insisting that Zimbabwean importers arrange fully funded letters of credit (L/Cs) from domestic banks due to the country's worsening foreign currency crisis.

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Sears files lawsuit to counter claims it cannot meet its L/C obligations

Sears, the US retailer currently embarked on a turnaround strategy, has sued a supplier for demanding what the retailer says are unjustified changes to their supply contract.

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Trafigura's deal with Wonfull Petrochemical overcomes Iranian L/C hurdle

China's Wonfull Petrochemical has bought a cargo of Iranian crude on a spot basis from Trafigura, in a deal that overcomes the hurdle of sanctions preventing banks from opening letters of credit (L/Cs) for deals with Iran.

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Trade finance between Hong Kong and China waning

Letter of credit (L/C) business between Hong Kong and China is waning due to capital controls introduced by Beijing as it endeavours to stem the flow of cash out of the country.

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India unearths L/C fraud at private company and Canara Bank

India's Central Bureau of Investigation (CBI) has arrested a director of a New Delhi based private company and another person in a case relating to an alleged US$3.45 million fraud involving Canara Bank.

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Banks in Singapore and Japan to improve L/C availability for small firms

Singapore-based DBS Bank and Nishi-Nippon City Bank (NCB) of Japan have signed a memorandum of understanding (MoU) to foster greater collaboration and support for Japanese small- and medium-sized enterprises (SMEs) in Asia.

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Saudi Arabia orders banks not to increase L/C exposure to Qatari clients

In a directive that includes letters of credit (L/Cs), Saudi Arabia's central bank has ordered the country's lenders not to increase their trade finance exposure to any Qatari clients.

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Sberbank announces successful blockchain L/C transactions

Russia's largest bank, Sberbank, says it has successfully used blockchain technology to conduct international letter of credit (L/C) transactions for the Russian steel and mining company, Severstal.

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Egyptian banks halt dealings with Qatar, but spare L/C business

Some Egyptian banks have halted dealings with Qatari banks but they are continuing to open import letters of credit (L/Cs), four Cairo-based bankers have told the Reuters news agency.

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First bank in Fiji signs up to ADB's Trade Finance Programme

Fiji's Home Finance Company Bank (HFC Bank) has signed two trade finance agreements with the Asian Development Bank (ADB) aimed at improving its access to letters of credit (L/Cs) and other trade finance offerings.

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Blockchain reduces L/C processing time by 20-30 days

India's Kotak Mahindra Bank says it has used blockchain technology to reduce the time taken for a letter of credit (L/C) transaction from 20-30 days to just a few hours.

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ICC calls for UN action to keep L/Cs flowing across the trade finance gap

The International Chamber of Commerce (ICC) is calling on the United Nations (UN) to address a rapidly increasing trade finance gap.

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Smuggling encouraged by L/C costs

Costly letters of credit (L/Cs) feature in a range of circumstances forcing Bangladesh's jewellery makers to become heavily dependent on smuggled gold according to industry sources.

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Telecom entrepreneur used L/Cs to pull off loan scam

India's Central Bureau of Investigation (CBI) has arrested the promoter of a telecom company in connection with a US$19 million loan scam case.

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Calls to eliminate L/Cs in Ghana's oil market

The operations and marketing manager of one of Ghana's major oil marketing and retailing companies, Goenergy, says he wants to stop paying for products on letter of credit (L/C) terms.

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L/C abuse prompts Nigeria to advocate escrow accounts for electricity distributors

Nigeria's minister of power, works and housing, Babatunde Fashola, has said that the Nigerian Electricity Regulatory Commission (NERC) wants the accounts of and revenues generated by the country's 11 electricity distribution companies to be centralised and escrowed to protect the power sector from collapsing.

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Fraudsters fail to deliver valuable standby L/C

Four people have been charged in the US state of New Jersey in connection with a fraud that promised a gold dealer a valuable standby letter of credit (L/C) to fund its imports.

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Transport strike in Pakistan jeopardising L/C transactions

A strike by goods transporters in Pakistan is jeopardising letter of credit (L/C) transactions and spiking prices according to business leaders there.

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New L/C and trade mechanisms for Pakistan and Iran

The State Bank of Pakistan (SBP) has introduced a new mechanism for letter of credit (L/C) transactions between Iran and Pakistan.

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Access to L/Cs for Oman's SMEs set to improve

The Central Bank of Oman (CBO) has issued an order to commercial banks that may improve the flow of letters of credit (L/Cs) to Oman's small- and medium-sized enterprises (SMEs).

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Early L/C settlements helping robust credit growth in Bangladesh

Businesses in Bangladesh are settling letters of credit (L/Cs) in order to take advantage of the strength of the taka against the US dollar.

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Bank of America reveals progress on Microsoft blockchain L/C application

Bank of America has revealed progress on a blockchain application designed in association with Microsoft that automates the process of managing standby letters of credit (L/Cs).

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Pressure mounting on Ethiopian private banks writing L/C business

Pressure is mounting on private banks writing letter of credit (L/C) business in Ethiopia as the country continues to suffer, in general, a lack of foreign exchange.

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Ukraine eases L/C requirements once more

The National Bank of Ukraine (NBU) has responded to more pressure from international traders to further ease the requirement for letters of credit (L/Cs) to be used for imports.

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L/C processing and trade finance feature in major Russian blockchain conference

Letter of credit (L/C) and trade finance applications using blockchain or distributed ledger technologies featured prominently at a recent conference dedicated to blockchain and cryptocurrencies.

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Trade settlement mechanism will allow Pakistan and Iran to write L/C business

State Bank of Pakistan (SBP) and Bank Markazi Jomhouri Islami Iran (BMJII) have signed an agreement to provide a trade settlement mechanism between Pakistan and Iran.

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AfDB approves US$450 million L/C package for Afreximbank

The African Development Bank (AfDB) has approved a US$450 million trade finance package for the African Export-Import Bank (Afreximbank).

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Maltese manufacturers say obtaining L/Cs is the most difficult aspect of trade finance

Obtaining letters of credit (L/Cs) is the most common problem in trade finance faced by Maltese manufacturers according to a recent study by Trade Malta.

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More confirmation of improved Egyptian L/C flows

Egypt's banks are opening increasingly more letters of credit (L/Cs) for petroleum products according to a recent report published by the Central Bank of Egypt (CBE).

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Fake standby L/Cs allegedly used in US wire fraud

A jury in the US has indicted two men and a woman resident in the San Francisco Bay area on charges of wire fraud and wire fraud conspiracy.

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Russia's L/C roller coaster

There appear to have been significant shifts in the dynamics of letter of credit (L/C) business with and within Russia since its 2014 annexation of Crimea and the subsequent imposition of EU and US sanctions.

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Several banks duped in Indian L/C fraud

India's Central Bureau of Investigation (CBI) has filed suits against two Mumbai based jewellery dealers who may have conspired with bank officials to cause losses of around US$230 million to several banks.

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North Africa Bank under investigation for L/C irregularities

North Africa Bank's Zliten branch is to be investigated by Libya's Administrative Control Authority (ACA) over claims of financial irregularities.

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Trafigura and Natixis test blockchain technology to ease L/C transaction process

Commodities trading house Trafigura and French bank Natixis are testing blockchain or distributed ledger technologies as an alternative settlement system to conventional letters of credit (L/Cs).

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Chinese banks restricting L/Cs for imports of South Korean chemicals

A South Korean chemical company has complained that Chinese banks are refusing to open letters of credit (L/Cs) for buyers of its products.

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Westinghouse Chapter 11 refinancing features new L/Cs

Westinghouse Electric Co on 29 March 2017 filed for Chapter 11 protection from creditors to enable strategic restructuring amid "financial and construction challenges" in its US nuclear power plant projects.

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Libya insists on L/Cs for oil purchases amid concerns about black market trading

Libya is insisting that only authorised companies can buy its crude oil, which must be purchased on letter of credit (L/C) terms according to a statement issued by the National Oil Corporation (NOC).

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Pramod Mittal facing charges for L/C conspiracy

Pramod Mittal, the former Chairman of Global Steel Holdings Limited (GHSL) and younger brother of steel tycoon Lakshmi Mittal, is facing charges brought by India's Central Bureau of Intelligence (CBI) for allegedly defaulting on credit re-payments to the State Trading Corporation (STC).

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Georgia eyes L/Cs for nuclear power station compensation

Municipal Electric Authority of Georgia (MEAG) is eyeing letters of credit (L/Cs) as compensation should Westinghouse Electric Co fail to deliver to the authority a nuclear power plant it is building.

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New forged storage certificate scam to hamper access to L/Cs for commodities traders

Letters of credit (L/Cs) may prove even harder to obtain for commodities traders as a new scandal involving forged storage certificates emerges.

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Renewed criticism as Ethiopia's L/C shortage continues

Ethiopian business leaders have renewed criticism of their government for failing to address the longstanding issue of letter of credit (L/C) shortages due to a lack of foreign exchange.

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Abu Dhabi Islamic Bank launches Shari'ah-compliant Islamic L/C offering

Abu Dhabi Islamic Bank (ADIB) has launched a new Shari'ah-compliant letter of credit (L/C) financing offering.

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Calls to lift cash margin from L/Cs for knocked down vehicles

The Pakistan Automotive Manufacturers Association (PAMA) is calling on the finance ministry to abolish the cash margin requirement for letters of credit (L/Cs) opened for imports of completely knocked down (CKD) vehicles.

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Forged L/Cs used to siphon funds from Punjab's public works department

India's Enforcement Directorate (ED) has unearthed records of high-end properties belonging to three officials of Punjab's public works department and allegedly purchased with money siphoned from state funds.

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Increased L/C flows expected under Afreximbank's strategic plan

Flows of letters of credit (L/Cs) are expected to increase under the African Export-Import Bank's (Afreximbank's) recently unveiled five-year strategic plan.

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L/C decline reflects sluggish Saudi economy

A substantial decline in letter of credit (L/C) openings has underlined how Saudi Arabia's economy is still struggling to gain momentum amidst low oil prices.

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Ukraine's energy utility issued L/Cs under new World Bank guaranteed loan agreement

Ukraine's national energy company, Naftogaz, has been issued its first tranche of letters of credit (L/Cs) as part of a US$500 million loan.

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Chinese companies no longer need L/Cs or 'keep well' agreements to tap foreign lenders

Letters of credit (L/Cs) or 'keep well' agreements will no longer be needed for Chinese companies looking to tap foreign lenders.

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Axis Bank providing L/Cs and guarantees to support Indian startups

Indian banks are reportedly extending more credit to Indian technology startups that have until recently found it difficult to obtain bank support.

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Former Gambian president used L/Cs to channel foundation's funds to himself

Funds from a US dollar bank account in the name of the Jammeh Foundation for Peace, a charity founded by Gambia's former president Yahya Jammeh, flowed to Jammeh himself, not to foundation projects, according to the Reuters news agency.

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L/Cs feature in Indian manufacturer's alleged conspiracy

A lawsuit has been filed against an Indian electrical equipment manufacturer that used letters of credit (L/Cs) in an alleged conspiracy that cheated Andhra Bank out of some US$10.7 million.

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Nigeria moves to improve overall L/C availability

The Central Bank of Nigeria (CBN) has issued its New Policy Actions in the Foreign Exchange Market.

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Nepalese L/C business set to boom as trade blockade with India is lifted

Increased letter of credit (L/C) business looks likely to help an anticipated surge in profits at Nepal's commercial banks.

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L/C functionality in IBM's blockchain solution for imports and re-exports of goods through Dubai

Dubai's government has launched an initiative to test blockchain technology for trade finance in partnership with IBM.

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Libya imposes 100 per cent customs duty on L/C imports

Libya's Presidential Council and Government of National Accord (PC/GNA) have issued a decree imposing a new unified customs duty of 100 per cent on almost all imports transacted on letter of credit (L/C) terms.

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Credit Suisse secures Caribbean market position providing L/Cs for captive insurers

Credit Suisse has established itself as a leading provider to the Caribbean's captive insurance sector, providing letters of credit (L/Cs) worth US$2.5 billion.

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Bank Misr confirms improved Egyptian L/C flows

Egypt's second biggest bank, state-owned Banque Misr, has opened letters of credit (L/Cs) worth around US$2.05 billion to meet import payments since last year's local currency flotation, according to vice chairman, Akef El Maghraby.

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L/C required to back Libya's power generation expansion

A leading engineering, procurement and construction (EPC) group based in Greece says it has signed a US$380 million contract with the interim Libyan authorities to construct a power plant in Tobruk.

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Banks collaborate on blockchain L/C alternative for SMEs

Seven large banks are collaborating on a blockchain-based trade finance and supply chain platform aimed at small- and medium-enterprises (SMEs) that find letters of credit (L/Cs) unsuitable for their business needs.

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New online L/C service from DBS Bank for Singaporean SMEs

Singapore's DBS Bank has launched a new service that allows small- and medium-sized enterprises (SMEs) to apply for letters of credit (L/C) online in the space of five minutes.

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Conflicting messages on Nigerian L/C availability for manufacturers

The Central Bank of Nigeria (CBN) says it is committed to ensuring that key manufacturing firms are able to obtain the letters of credit (L/Cs) they need to import the materials required for their businesses.

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Quarry operator must put up L/C to lift suspension

A quarry operator in the Canadian province of British Columbia has been told it must put up a letter of credit (L/C) to guarantee its environmental remediation obligations if it wants to resume operations.

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Iran optimistic about normalised L/C business by March

Iran expects banking relations with the rest of the world to improve by the end of its current fiscal year in March according to deputy for international affairs at the Iran Chamber of Commerce, Industries, Mines and Agriculture, Mohammad Reza Karbasi.

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Bank of China signs up for Bolero's electronic trade document platform

Bank of China (BOC) has become the first of China's 'Big Four' banks to offer exporters the use of Bolero's online electronic trade document platform.

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L/Cs used in multi-million euro money smuggling out of Libya

The Libyan authorities have accused 23 companies located across the world of smuggling millions of euro out of Libya.

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L/Cs required for Iran-Iraq gas sales

Difficulties obtaining appropriate letters of credit (L/Cs) need to be overcome before Iraq can buy gas from Iran according to the Iranian deputy oil minister.

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National Bank of Egypt confirms L/C recovery and anticipates economic recovery

The National Bank of Egypt (NBE) has financed import operations worth US$4.3 billion since the decision to float the Egyptian pound on 3 November 2016 until 18 January 2017 according to the bank's vice president, Yehia Abu ElFotouh.

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Commentators agree with court judgment on PetroSaudi's L/C validity

Commentators appear to agree in general with that the judgment of a UK court that PetroSaudi had no claim to US$130 million under a standby letter of credit (L/C) which stipulated that the Venezuelan government must pay the company, whether or not there were disputes to be settled.

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Russia reports first blockchain L/C transaction

Two Russian entities, S7 Airlines and Alfa-Bank, have completed and settled a letter of credit (L/C) transaction using blockchain or distributed ledger technology.

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L/C shortage contributes to sharp decline in Nigerian manufacturing activity

Nigeria's manufacturing sector performed dismally in 2016 according to data released by the Central Bank of Nigeria (CBN)

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Indian interest in L/C and trade finance applications for blockchain technologies

Stakeholders in India's banking and financial services sectors are looking closely at ways blockchain or distributed ledger technologies can be used in letter of credit (L/C) and other trade finance applications.

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L/Cs a key feature in Sears' financial rescue package

Letters of credit (L/Cs) are an integral part of hedge fund manager Edward Lampert's financial rescue package for struggling US retailer, Sears Holdings.

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Demonetisation stoking Indian demand for L/Cs

India's so-called demonetisation - the withdrawal from circulation of 500 and 1,000 rupee notes - appears to have precipitated increased interest in letter of credit (L/C) transactions.

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Libya's ban on sale of L/C subsidised goods to Tunisia provokes border protests

Tunisians living on the border with Libya are blocking the road and preventing travellers crossing from one country to the other.

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Fake L/Cs feature in Indian bank scam

India's Enforcement Directorate has seized assets worth around US$19.3 million deemed to be associated with a major organised fraud at Syndicate Bank.

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Ethiopian bank's falling profits due to L/C and telegraphic transfer mismanagement

Plummeting profits at the Cooperative Bank of Oromia (CBO) are a result of mismanagement of the bank's letter of credit (L/C) and telegraphic transfer operations.

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No L/Cs for wheat edging Yemen closer to famine

Yemen's major wheat importers have said they are now unable to import wheat because letters of credit (L/Cs) can no longer be obtained amid a crisis at the Central Bank of Yemen (CBY), documents seen by news agency Reuters show.

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US education authorities intensifying L/C pressures on for-profit colleges

Education authorities in the US are intensifying their use of letters of credit (L/Cs) in their efforts to ensure that for-profit education companies that are state funded deliver adequate services.

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ICC data shows L/Cs are a particularly low risk asset

Data from the International Chamber of Commerce's (ICC's) Trade Register shows how low risk trade finance is in relation to comparable asset classes, such as corporate and small to medium-sized enterprise (SME) lending.

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Ecobank L/C plays a part in Zimbabwe's holiday fuel solution

A letter of credit (L/C) from Ecobank has helped the Reserve Bank of Zimbabwe (RBZ) seal a deal to ensure adequate fuel supplies during the country's upcoming festive season.

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Air France-KLM employs Bank of China L/C to back Asian fund raising

Air France-KLM has employed a letter of credit (L/C) from Bank of China to back its latest fund raising efforts in Asia.

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Philippine Business Bank signs up to IFC's global trade finance programme

Philippine Business Bank (PBB) has signed up to the International Finance Corporation's (IFC's) Global Trade Finance Programme (GTFP).

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Nigeria's special intervention for L/Cs for fuel imports

The Central Bank of Nigeria (CBN) has made what it describes as a special intervention to ensure that foreign exchange is available for oil importers' letters of credit (L/Cs) reaching maturity.

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Société Générale Ghana looks to boost L/C business with Chinese exporters

Société Générale Ghana (SocGen) is pitching its Finasia trade finance offering to Chinese exporters in a bid to win more letter of credit (L/C) business for transactions between China and Ghana.

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Egypt's banks secure US$2.2bn to meet customers' needs and L/Cs since currency flotation

Egyptian officials say banks operating in Egypt provided US$2.2 billion to meet the needs of their customers and secure letters of credit (L/Cs) in the ten days since the liberalisation of the exchange rate of the Egyptian pound.

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Libya orders L/Cs for food and basic goods

Libya's interim government has issued an ordinance tasking the Central Bank of Libya (CBL) to provide 300 million Libyan dinars (US$211 million) cover in foreign currency for essential imports.

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Support may be waning for blockchain L/C developer

Support for the fintech innovation company R3 CEV's blockchain or distributed ledger consortium appears to be waning.

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Heavy losses for Nigerian manufacturers trading on L/C terms

The Manufacturers Association of Nigeria (MAN) has said that the Central Bank of Nigeria's (CBN's) flexible exchange rate policy has caused substantial losses for manufacturers selling on letter of credit (L/C) terms.

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Former Wells Fargo advisor fined for unauthorised communications on L/Cs and guarantees

The Financial Industry Regulatory Authority (FINRA) of the US has fined and reprimanded a former Wells Fargo advisor for allegedly communicating with customers about bank transactions that were beyond the scope of his authority.

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Euro topples RMB as second most used trade finance currency

The euro is the second most used currency for trade finance, whilst China's renminbi (RMB) slips to position number three in the latest Swift RMB Tracker.

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Intesa Sanpaola becomes first nationwide Italian bank to issue electronic L/C

Italian banking group Intesa Sanpaolo has used Bolero's ePresentation to become the first nationwide Italian bank to issue an electronic import letter of credit (L/C).

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Guilty verdicts in complex fraud case involving USDA L/C guarantee

Two men have been found guilty of committing a multi-million dollar fraud using false documents to obtain letters of credit (L/Cs) from US and foreign banks.

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Solar energy opportunities could be unlocked by L/Cs

Officials in Craven County are suggesting that letters of credit (L/Cs) could help increase the amount of energy produced by solar power in the US state of North Carolina.

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HSBC to roll-out ePresentation

HSBC and Reliance Industries have announced that they have recently completed a digital 'ePresentation' transaction involving the electronic presentation of export documents under a letter of credit (L/C).

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US-based alleged fraudsters said 'leased' L/Cs and bank guarantees would yield super-high earnings

Three men from the US states of Georgia and South Carolina have been accused of defrauding investors of at least US$775,000 after promising super-high returns from 'leased' letters of credit (L/Cs) or bank guarantees.

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Doubts over availability of L/Cs from Crane Bank of Uganda

A Ugandan government injection of 200 billion Ugandan shillings (USh200 billion-US$57 million) into Crane Bank may be too little to restore the bank's ability to provide letters of credit (L/Cs) to its clients.

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Dispute over L/C submission in Mexican mobile network row

A letter of credit (L/C) lodged with the Mexican authorities to signal a US-based company's serious intent to bid for a mobile network in the country was not submitted according to the regulator.

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Increasing use of L/Cs denominated in Chinese currency anticipated

The latest RMB Tracker from SWIFT shows that during the last two years to September 2016, seven new countries are now using the Chinese renminbi (RMB) for more than 10 per cent of their direct payments by value with China and Hong Kong, bringing the total to 57 countries worldwide.

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Sustainable shipment L/Cs prove popular

The sustainable shipment letter of credit (SSL/C), a financing solution that banks can use to promote international trade in sustainably produced commodities, is proving popular amongst banks according to a recent survey.

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Illinois to remarket costly L/C supported bonds

The US state of Illinois is to remarket US$600 million of variable-rate municipal bonds to avoid the costs of letters of credit (L/C) used in its current tranche of bonds.

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Bank of China and China Guangfa Bank report first-ever electronic L/C transactions

Bank of China and China Guangfa Bank have both for the first time used an electronic back-to-back letter of credit (L/C) solution in an international transaction.

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Nepal's banks finally authorised to issue L/Cs for clients using India's Vizag Port

Importers in Nepal can at last ship third-country goods in through Visakhapatnam (Vizag) Port in India.

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OFAC clarifies L/C position for trade between the US and Cuba

The US Office of Foreign Asset Control (OFAC) has clarified its position on letters of credit (L/Cs) for trade between the US and Cuba.

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CBA and Wells Fargo add more technologies to live blockchain L/C transaction

Commonwealth Bank of Australia (CBA), Wells Fargo and Brighann Cotton are in the process of conducting a letter of credit (L/C) transaction using multiple technologies, including blockchain or distributed ledger solutions.

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Moody's downgrades two L/C enhanced bonds on concerns over Chinese banks

Moody's Investors Service has downgraded the ratings on two stand-by letter of credit (L/C) enhanced bonds.

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Banks provide L/C in support Ghana's landmark power project

HSBC and Standard Chartered have issued a US$500 million standby letter of credit (L/C) in support of an offshore gas project that could increase Ghana's electricity generating capacity by around one-third.

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ICC Global Survey points to a decrease in L/C business and deepening trade finance gap for SMEs

Nearly 50 per cent of respondents to the International Chamber of Commerce's (ICC's) recently released Global Survey report said they had seen a decrease in commercial letter of credit (L/C) business.

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German companies see progressively more L/C availability for trade with Iran

German economy minister, Sigmar Gabriel, has visited Iran with a delegation of around 100 industry executives keen to rebuild trade ties.

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EximBank India makes L/Cs available for Zimbabwe's power sector

Export-Import Bank of India (EximBank India) has agreed with the government of Zimbabwe a US$87 million credit line to help develop the African country's power sector.

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Uncertain future for L/Cs linked to Hanjin Shipping collapse

Despite being thrown a financial lifeline meant to ensure that stranded cargoes could be unloaded, reports continue to appear describing that many shipments that were en route when Hanjin Shipping declared bankruptcy are stuck at ports and ships are unable to deliver their cargoes.

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Trade Technologies reports 100,000th fully electronic presentation

Trade Technologies, an established provider international trade document solutions, says its has successfully completed its 100,000th fully electronic presentation of original trade documents to banks and buyers.

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Expanded Libyan power station operations may be disrupted by poor L/C availability

Libya's state-owned power utility has said the expansion of a large power station is nearing completion.

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Bank of America and Microsoft collaborate on L/C blockchain applications

Bank of America Merrill Lynch is collaborating with Microsoft to build and test blockchain applications for letter of credit (L/C) transactions.

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Stenn launches finance platform as an L/C alternative for small Asian exporters

Trade finance provider Stenn International has announced a multi-million dollar platform to provide smaller Asian exporters an alternative to letters of credit (L/Cs).

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Canadian Solar secures US$100 million L/C or guarantee facility from Export Development Canada

Canadian Solar has announced that it has signed a financing agreement whereby it will be able to obtain letters of credit (L/Cs) or guarantees from Canada's export credit agency.

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Japan to provide L/C funding for Iran's petrochemical projects

Japan may fund the development of nearly $1bn of Iran's petrochemical projects.

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IBM stakes claim in emerging blockchain technology L/C market

Multinational technology giant IBM is staking its claim to be part of the emerging blockchain technology letter of credit (L/C) market.

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Businessman indicted for fraud involving unauthorised L/Cs

A businessman in the US state of Tennessee has been indicted for participating in a conspiracy that defrauded three banks of more than US$9 million.

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Parallel Central Bank of Libya opens L/Cs in foreign currency

The parallel Central Bank of Libya (CBL) of the unrecognised Eastern Libyan government says it has started to open letters of credit (L/Cs) in US dollars and other foreign currencies.

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More blockchain technology developments with L/C implications

Blockfreight, a solutions provider aiming to produce the world's first end-to-end blockchain or distributed ledger technology solution for the global cargo shipping industry, is looking to dovetail its offering with letter of credit (L/C) processing.

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Discontent over Washington's reluctance to lift US sanctions on Iran

An Iranian banker has said that there are few signs of normal banking relationships resuming between the world's largest banks and Iran.

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Barclays announces first live L/C transaction using blockchain technology

Barclays has announced the first live letter of credit (L/C) transaction using blockchain or distributed ledger technology.

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US education authorities increase L/Cs requirements to pile the pressure on for-profit schools

Education authorities in the US are using letters of credit (L/Cs) as part of a package of tough measures on state funded for-profit education companies that fail to deliver adequate services.

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US bank ordered to pay L/C that guaranteed payment of bankrupt hospital's insurance cover

A US court has ordered First Community Bank (FCB) of the US to pay Arch Specialty Insurance (ASI) US$300,000 plus nearly US$45,000 in interest for refusing to honour a letter of credit (L/C) issued to guarantee the insurer was paid its premium.

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Streamline L/C service for India's renewable energy providers

Providers of renewable energy will be able to access letters of credit (L/Cs) faster under a new arrangement between a specialist financial institution and Indian banks.

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Call for collaboration in developing distributed ledger technology for L/C transactions

A senior executive in one of the two consortia that recently announced progress towards applying blockchain or distributed ledger technology in letter of credit (L/C) transactions is calling for the two development teams to work together.

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Nigeria eases access to L/C backed electricity payment guarantees

Nigerian Bulk Electricity Trading (NBET) has assigned the country's electricity generation companies (Gencos), the right to draw down payments for power supplied but not paid for by electricity distribution companies (Discos) from standby letters of credit (L/Cs) lodged as payment guarantees with their banks.

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More progress on blockchain technologies for L/C transactions

Another consortium has announced progress towards applying blockchain or distributed ledger technology in letter of credit (L/C) transactions.

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Ukraine softens L/C requirements

The National Bank of Ukraine (NBU) has responded to pressure from importers and exporters to soften restrictions on letter of credit (L/C) transactions.

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Working group formed to improve L/C availability in Myanmar

A working group comprising government and bank officials as well as entrepreneurs has been formed with the support of the Asian Development Bank (ADB), to develop business banking services and supply chain mechanisms so that Myanmar's traders can participate more actively in international trade.

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Technology tenants boosting L/C usage in the US office rental market

Technology tenants in the US are leasing record volumes of office space, precipitating increased demand for letters of credit (L/Cs) as landlords seek security, often from firms developing products that have yet to prove profitable.

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Blockchain for L/C transactions a step closer

A new prototype developed by Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore (IDA) may have brought the use of blockchain technologies in letter of credit (L/C) transactions a step closer.

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Lack of access to banking services and L/Cs restraining too many Mena-based companies

A majority of firms in the Middle East and North Africa (Mena) region have insufficient access to letters of credit (L/Cs) and banking services according to a recent report.

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Pakistan's banks see L/C opportunities in China

Several of Pakistan's banks are eyeing opportunities to write more letter of credit (L/C) business by expanding overseas and exploring new markets, particularly in China, officials have said.

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US court rules that forged L/Cs provide no evidence of 'unlawful taking'

Tesoro, a US-based oil refining company is not entitled to coverage under its crime policy issued by its insurer, an AIG company, because there is no evidence that forged letters of credit (L/Cs) involve "unlawful taking," an appeals court has ruled.

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L/Cs issued by DBS at risk as oil services company collapses

Singapore's DBS Bank, has said that it is exposed to letters of credit (L/Cs) provided to Swiber Holdings shortly before the collapse of the oil services company.

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US court overruled in attempts to seize property from Bank Melli for its L/C activities and other sanctions violations

A federal appeals court in New York has blocked efforts by the US government to seize a 36-story Manhattan office tower jointly owned by a non-profit organisation and an entity owned by Bank Melli, the state-owned Iranian bank sanctioned for opening letters of credit (L/Cs) for and maintaining the accounts of Iranian front companies.

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India's steelmakers want effective ban on L/Cs for steel imports

India's leading steelmakers are seeking an extension of the minimum import price (MIP) imposed on steel by six months to a year.

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Role of L/Cs in Canadian pension schemes set for expansion

The extent to which letters of credit (L/Cs) can be used in defined benefit pension plans operating in the Canadian province of Ontario may be increased.

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Reserve Bank of India fines UCO Bank for L/C procedural breaches

The Reserve Bank of India (RBI) has imposed a US$150 million fine on UCO Bank for its failure to follow proper letter of credit (L/C) procedures.

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Outgoing bank chief sees future of more African L/C business

Outgoing group managing director of United Bank for Africa (UBA) is predicting that more letter of credit (L/C) business will be written entirely in Africa.

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Banks should mull migrating L/C business to blockchain

Financial institutions should accelerate their implementation of blockchain technologies in their trade finance operations or face falling behind the competition, according to a new analysis from Bain.

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Coal miner's bankruptcy may open up new L/C market

The bankruptcy in the US of Alpha Natural Resource has called into question the way miners have been able to use controversial state self-bonding programmes for coal mine reclamation.

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Libya sets aside more funds for L/Cs for essential imports

The Central Bank of Libya (CBL) has said it is doubling the proportion of hard currency set aside in its annual budget for the import of five broad categories of goods through letters of credit (L/Cs)

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Thai programme to improve L/C availability for SMEs

Thailand's Krungthai Bank is to make letters of credit (L/Cs) available to small- and medium-sized enterprises (SMEs) looking to realise their export potential.

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Yemen's L/C isolation adds to civil war misery

Yemen's increasing difficulties to obtain letters of credit (L/Cs) is partly the cause of many areas of the country edging close to famine.

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ADB's L/C-oriented trade programme enters the Pacific

The Asian Development Bank's (ADB's) Trade Finance Programme (TFP) has made its first foray into Pacific markets with the signing of guarantee and loan agreements with the National Bank of Samoa and Samoa Commercial Bank.

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Fitch cautions against move away from L/Cs and traditional trade finance

Relatively low ratings awarded by Fitch to the emerging breed of alternative trade finance providers are in part due to the riskier nature of their products compared with traditional tools such as letters of credit (L/Cs).

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HDFC launches digital L/C and bank guarantee service for SMEs

Electronic letter of credit (L/C) and bank guarantee services are available to Indian small- and medium-sized enterprises (SME) in HDFC Bank's newly launched digital banking service for the small business sector.

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New L/C arrangements for imports into Nepal via Vizag Port

Nepal's ministry of commerce (MoC) has notified the Nepal Rastra Bank (NRB) that banks can now authorise letters of credit (L/Cs) with documents naming India's Visakhapatnam (Vizag) Port as a destination for imports into Nepal.

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Fraudulent L/Cs used in money-laundering scheme

India's Enforcement Directorate (ED) has seized assets worth around US$3 million from a Hyderabad-based firm and its directors in connection with a money-laundering probe.

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IMF suggests major banks bundle L/Cs with other products to reduce correspondent banking compliance costs

The International Monetary Fund (IMF) has suggested that major global banks should look for ways to reverse the trend of eliminating correspondent banking relationships (CBR) with smaller economies.

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Egypt's exports increase may help L/C availability

An increase in Egypt's exports may signal a move towards improved letter of credit (L/C) availability.

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Impact of Brexit on L/C business

Trading between the UK and the European Union (EU) following the so-called Brexit vote will be more complicated, according to a director of an organisation that checks a very large number of letters of credit (L/Cs) each year.

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Iran seeks L/C funding for major petrochemical plans

Iran is seeking letter of credit (L/C) funding from potential Japanese and South Korean investors to fund the rehabilitation and expansion of its petrochemical facilities.

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Falling remittances will have a negative impact on Nepal's L/C flows

Remittance payments to Nepal have fallen sharply as migrant workers suffer the impact of sluggish Gulf economies due to the sustained fall in oil prices.

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Alternative L/C provider enters administration

A non-bank letter of credit (L/C) and trade finance provider with three offices in the UK has entered administration and ceased trading with job losses.

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Gap closing on Nigeria's outstanding L/Cs and foreign exchange reserves

The gap between Nigeria's foreign exchange reserves and the country's outstanding letters of credit (L/Cs) is closing.

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Iran's gradually increasing L/C business

Iran's banking sector is increasingly able to write letter of credit (L/C) business according to sources in Iran, the Gulf and Europe.

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Central Bank of Yemen steps in to fill the breach left by L/C shortage

With banks unwilling to provide letters of credit (L/Cs) for transactions with Yemen, its central bank has stepped in to provide the finance needed for vital imports.

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Dubai's Department of Economic Development recommends L/C usage

Dubai's Department of Economic Development (DED) is using local media to emphasise the value of using letters of credit (L/C) to secure transactions between buyers and sellers.

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Privately owned US colleges fear more L/C demands

Privately-owned for-profit colleges in the US are concerned about proposed new legislation requiring them to put up letters of credit (L/Cs) as performance guarantees.

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Bank Asia officials arrested for collusion in L/C fraud

Bangladesh's Anti Corruption Commission (ACC) has arrested two officials at a Chittagong branch of Bank Asia Limited who allegedly used fraudulent letters of credit (L/Cs) to embezzle bank funds.

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Austrian and Swiss banks open for Iranian L/C business but larger banks remain absent

Austria's Oberbank and Raiffeisen Bank International (RBI) are now connected to Iranian banks a senior trade official has said.

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AfDB plans to make L/Cs more available in Africa

The African Development Bank (AfDB) is looking to improve letter of credit (L/C) availability in its plans to broaden the range of trade finance products available across the continent.

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ABN AMRO to issue L/Cs in Singapore for Dubai Mercantile Exchange

Dubai Mercantile Exchange (DME) has announced that ABN AMRO's Singapore office has been approved to issue letters of credit (L/Cs) for trading crude oil on the exchange.

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Kuwait's infrastructure spending set to boost demand for L/Cs from Gulf Bank

Despite low oil prices, Gulf Bank of Kuwait may see increasing demand for letters of credit (L/Cs) according to Capital Intelligence Ratings (CIR).

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US sanctions on Myanmar to restrict L/C business until civilian rule is fully restored

US secretary of state John Kerry has said Myanmar must change its constitution to guarantee civilian power if Washington is to lift remaining American economic sanctions on the country.

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Trade finance specialist pleads guilty to fraud involving unauthorised L/C issuance

A former employee of a US not-for-profit financial cooperative that offers banking services has pleaded guilty in court to nine indictments accusing him of fraud.

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L/C dependency impacts negatively on Asian SMEs

The Asian Development Bank (ADB) has highlighted the negative impacts of the reliance on letters of credit (L/Cs) by small- and medium-sized enterprises (SMEs) in the region.

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L/C deal lands EBRD award for Armenia's Converse Bank

Converse Bank of Armenia has been awarded the Deal of the Year-Social Impact award by the Trade Facilitation Programme (TFP) of the European Bank for Reconstruction and Development (EBRD).

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Former bank chief pleads guilty to fraud incorporating unauthorised L/C approvals

A former Central Bank of Savannah CEO has pleaded guilty in a US federal court to charges related to frauds that sometimes relied on unauthorised approvals of letters of credit (L/Cs).

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Noble refinances massive US1.1 billion L/C facility

Singapore's Noble Group has agreed a deal to raise US$3 billion in bank credit facilities to refinance existing loans that include a US$1.1 billion letter of credit (L/C) facility.

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Libya seizes containers as L/C investigations rumble on

Libyan security services have seized fifteen containers as investigations into widespread letter of credit (L/C) abuses continue.

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Boost in L/C availability for US-China trade

A bank originally founded to serve the Chinese American community in California is to set up a new regional letter of credit (L/C) centre.

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Lifting of sanctions on Iran not such good news for Uco Bank's L/C business

The January lifting of sanctions imposed on Iran has been well received by most letter of credit (L/C) providers.

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More L/C business anticipated after Dubai-based CBI receives ratings boost

Dubai-based Commercial Bank International (CBI) expects to write more letter of credit (L/C) business after it was assigned its first investment grade rating from a major credit agency.

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L/C incentives for Ethiopia's industrial parks

Cut price letters of credit (L/Cs) are amongst a range of incentives aimed at attracting investors to take a stake in Ethiopia's Hawassa Industry Park.

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China orders L/C clamp down on imports that could be substituted

Under-capacity in China's manufacturing sector has prompted Beijing to issue an order for banks not to open letters of credit (L/Cs) for imports that could be replaced by goods produced in China.

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US under pressure from Europe to lift sanctions preventing L/C transactions

Frustration is growing amongst European politicians, diplomats and businesspeople over the failure of Washington to repeal US legislation that effectively means sanctions that could be applied to letter of credit (L/C) transactions with Iran are still in place.

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L/C difficulties add pressure to Indonesia's banking sector

Continued difficulties with letter of credit (L/C) regulations, added to pressure from China's economic downturn, have resulted in a tough first quarter in 2016 for Indonesia's banking sector.

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Italy's deal with Iran may pave the way for more L/C transactions

Italy's financing agencies have agreed to provide Iran with nearly EUR 5 billion in credit lines and export guarantees.

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Nigeria to transact L/Cs in Chinese currency

The governor of the Central Bank of Nigeria (CBN) has been explaining how letters of credit (L/Cs) should become easier to obtain following a landmark agreement by China and Nigeria of a new loan and currency swap deal.

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Weak commodity markets dent 2015 L/C business

Letter of credit (L/C) business suffered in 2015 from weak conditions in the commodity markets and the slowdown in China according to analytics company, Coalition.

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Austrian leader calls on Washington in particular to lift restrictions on Iranian banks

Austrian President Heinz Fischer has called on the West and the US to show serious resolve to properly lift financial sanctions imposed on Iran.

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Libya to issue L/Cs to dampen inflation and improve liquidity

The Central Bank of Libya (CBL) has agreed to issue letters of credit (L/Cs) to importers in a bid to dampen a hike in food prices and cash shortages in the country's banks.

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Mixed reports on availability of L/Cs for business with Iran

There are mixed reports regarding letter of credit (L/C) availability in Iran.

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Russia's VTB Bank and Bank of China to write more L/C business

Russia's VTB Bank and Bank of China have signed an agreement that should make it easier to obtain letters of credit (L/Cs) for trade between the two countries.

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US colleges face more L/C demands

Colleges in the US may be required to open more letters of credit (L/Cs) to guarantee performance and cover possible closure costs if proposals from the Department of Education (DoE) come to fruition.

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L/Cs may ease flows of Venezuelan oil exports

Venezuela's state-owned oil company is turning to letters of credit (L/Cs) to help it obtain the materials it needs to keep its oil exports flowing.

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Lack of L/Cs adds to Yemen's food crisis

Yemen's food crisis is deepening, in part because of increasing difficulties obtaining letters of credit (L/Cs).

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Indian investigators uncover long-running scam involving fake L/Cs

India's Central Bureau of Investigation (CBI) has charged at least eight people, including five bank officials, in connection with a long-running series of frauds, some of which included fake letters of credit (L/Cs).

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Shipbreakers in Gujarat should find it easier to obtain L/Cs

Letters of credit (L/Cs) should become easier to obtain for beleaguered shipbreakers in the Indian state of Gujarat.

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Concerns grow over the sustainability of SunEdison's L/C facilities

Concerns are growing over the beleaguered renewable power giant SunEdison's ability to obtain the letter of credit (L/C) facilities it needs to stay in business.

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Foreign branches of Iranian banks reconnect with SWIFT

Twenty-six Iranian banks are now reconnected to the SWIFT messaging system and should now be better able to write letter of credit (L/C) business with other financial institutions

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Nepal's L/C openings surge as trade embargo is eased

The pace of Nepal's letter of credit (L/C) openings is gaining fast after the government eased an embargo on Indian goods.

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Ukraine loosens mandatory L/C requirements

The National Bank of Ukraine (NBU) has exempted energy resources from the requirement that letters of credits (L/Cs) must be used for advance payments in foreign currency when importing goods under contracts of more than US$500,000.

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Central Bank of Libya may open US$2bn of L/Cs

The Central Bank of Libya (CBL) may open up to US$2 billion in letters of credit (L/Cs) with the aim of helping the country out of its massive liquidity crisis.

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Nigerian firm used forged L/C to obtain fuel subsidy

Nigeria's Economic and Financial Crimes Commission (EFCC) says it has uncovered a forged letter of credit (L/C) used by a Nigerian oil trading firm to falsely claim a government subsidy for imported fuel.

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Blockchain technology to join L/Cs in trade finance departments

Bank of America Merrill Lynch (BAML), the corporate and investment banking division of Bank of America, is reportedly developing a blockchain-based experiment for trade finance transactions.

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Cross-border trade settlements in Chinese currency expected to increase

Letters of credit (L/Cs) used to take advantage of differences in interest and exchange rates between mainland China and Hong Kong are likely to remain popular during 2016 according to analysts.

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Egypt to receive US$500 billion trade finance boost from Afreximbank

The Central Bank of Egypt (CBE) has signed a US$500 million trade finance facility agreement with the African Export-Import Bank (Afreximbank) that should help restore the ability of Egyptian banks and businesses to transact on letter of credit (L/C) terms.

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India's refiners anticipate L/C benefits

India's state refiners are hoping for better letter of credit (L/C) terms as they jointly negotiate oil purchase deals with OPEC producers.

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Bankers in Bangladesh charged in L/C fraud case

Bangladesh's Anti Corruption Commission (ACC) has brought charges against five bankers and four others for their part in an alleged US$32 million letter of credit (L/C) fraud.

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Standard Chartered banking on L/C business

Standard Chartered, the emerging market bank that is facing tough times in respect of poor oil and commodity prices in its key markets, is continuing to write letter of credit (L/C) business according to the bank's Dubai-based head of regional transaction banking.

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Iranian banks switch on to SWIFT

Several Iranian banks have reconnected to electronic messaging network SWIFT, enabling the banks to resume letter of credit (L/C) transactions with foreign banks after the lifting of sanctions on Tehran, according to SWIFT.

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Turkey and Sudan look to write more L/C business

Turkey and Sudan are contemplating ways of improving trade and investment links, including making letters of credit (L/Cs) more available for imports and exports between the two countries.

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L/Cs will shield Singaporean banks from Chinese economic shock

Letters of credit (L/Cs) will help insulate Singapore's banking sector from economic shocks from China according to Fitch Ratings.

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US set to ratify UN Convention on Independent Guarantees and Stand-by Letters of Credit

President Barak Obama has sent a message to the US Senate asking it to ratify the UN Convention on Independent Guarantees and Standby Letters of Credit (L/Cs).

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One year wait for L/Cs caused by Ethiopia's forex shortage

Ethiopia's shortage of foreign exchange has become so critical that opening a letter of credit (L/C)can now take one year or in some cases longer.

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China releases Trafigura oil trader in L/C fraud case

A Beijing-based oil trader involved in a fraud that allegedly employed fraudulent letters of credit (L/Cs) has been released on bail.

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DBS Bank looks to make up for lost Chinese L/C business

Singapore-based DBS Bank is looking to replace some of the substantial volume of letter of credit (L/C) business it has lost over the last year or so.

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Document discrepancies used to renegotiate Chinese commodity deals

Under pressure from customers, Chinese banks are using document discrepancies on letters of credit (L/Cs) to enable buyers to benefit from falling commodity prices.

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Central Bank of Egypt mulls L/C restrictions on automotive imports

Reports in Egypt indicate that the Central Bank of Egypt (CBE) is contemplating restricting the volume of letters of credit (L/Cs) made available for automotive imports.

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US relaxes Cuban L/C restrictions

Washington has relaxed restrictions on letter of credit (L/C) transactions by US financial institutions with Cuba.

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L/C difficulties may deter investors in Iran's oil tanker fleet

Continued difficulties transacting on letter of credit (L/C) terms may hinder Iran's endeavours to list its national tanker company.

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Invalid L/Cs lead Colombia to revoke exploration licenses

Colombia has revoked three hydrocarbon licenses after a consortium failed to provide the correct letters of credit (L/Cs) to the National Hydrocarbons Agency (NHA).

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L/C failures may hinder liberalisation of China's refinery sector

The failure of a Chinese refinery to obtain letters of credit (L/Cs) for fuel purchases could precipitate regulatory change and hinder China's efforts to liberalise its oil market according to the Bloomberg news agency.

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Libya introduces new L/C conditions

The Tripoli-based Central Bank of Libya (CBL) has announced several new conditions concerning letters of credit (L/Cs).

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Iran gears up for L/C transactions

Iran is gearing up to do significantly more business on letter of credit (L/C) terms now that international sanctions on its banks have been substantially lifted.

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Nepal extends L/C tenors to alleviate border problems

Nepal's central bank has ordered banks and financial institutions to extend letter of credit (L/C) tenors due to difficulties importers have had with shipments blocked at the country's border with India.

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Deutsche Bank securitises trade finance portfolio with L/Cs an asset

Deutsche Bank has announced that it has securitised an entire trade finance portfolio, which is proving attractive to institutional investors.

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Nigeria's trading partners may seek cash collateral prop for L/Cs

Analysts have warned that Nigeria's declining foreign exchange reserves could cause concern amongst the country's trading partners, who may insist on cash collateral to support letter of credit (L/C) transactions.

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American Express predicts L/C decline

A whitepaper published last month by American Express FX International Payments, argues that while letters of credit (L/Cs) still play an important role in international payment systems, a decline in documentary credit usage should be anticipated.

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L/C boost for Taiwanese agricultural exporters

Taiwanese exporters of agricultural products look set to benefit from improved letter of credit (L/C) availability from the Agricultural Bank of Taiwan (ABT).

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Nigeria confirms forex priority for hydrocarbon and raw material L/Cs

The Central Bank ofNigeria (CBN) has confirmed that ensuring foreign exchange is available for letter of credit (L/C) transactions for hydrocarbon and raw material imports are key priorities for the Nigerian banking sector.

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ICC Trade Register illustrates low risk profile of L/Cs and trade finance

The International Chamber of Commerce (ICC) Banking Commission has released its 2015 Trade Register, which illustrates the favourable risk profile of letters of credit (L/Cs) and trade finance compared with other investment grade offerings.

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India's Exim Bank makes L/Cs available for exports to Democratic Republic of Congo

Export-Import Bank of India (Exim Bank) has entered into an agreement with the Democratic Republic of Congo (DRC) to provide a US$34.5 million credit line for exports of Indian goods and services.

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Afreximbank offers L/C support to banks impacted by adverse economic shocks

The African Export-Import Bank (Afreximbank) has launched a US$3.5 billion trade finance package that includes letters of credit (L/Cs) and guarantees to help member countries adjust to prevailing adverse economic shocks.

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Ghana's guarantees for utility L/Cs raise concerns

The Volta River Authority (VRA), which generates and supplies power for Ghana's needs, has agreed to a new financing arrangement after banks refused to provide letters of credit (L/Cs).

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Egypt's banks adopt strict L/C measures

Banks in Egypt are adopting strict measures before issuing letters of credit (L/Cs) for foreign transactions.

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Iran's petrochemicals companies look forward to L/C supply

Petrochemical suppliers in Iran are strengthening their internal financial processes and contemplating direct letter of credit (L/C) transactions in preparation for the anticipated easing next year of sanctions imposed on the Islamic republic.

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Myanmar's Cooperative Bank signs up to AFD's trade finance programme

Myanmar's Cooperative Bank (CB Bank) has signed an agreement to participate in the Asian Development Bank's (ADB's) Trade Finance Programme (TFP).

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Afreximbank offers L/C assistance to Egypt

The African Export-Import Bank (Afreximbank) has said it will arrange a facility of up to US$1 billion for the Central Bank of Egypt (CBE).

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Availability of L/Cs may be assisting Sudanese sugar smugglers

Availability of letters of credit (L/Cs) may be a factor behind Sudan becoming a regional entrepôt for sugar smuggling.

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L/C concerns as IMF signals milestone in the adoption of the yuan as a global currency

Sharp increases in volumes of renminbi denominated letters of credit (L/Cs) seem to have been a factor behind the International Monetary Fund's (IMF's) decision to confer Special Drawing Rights (SDR) on the yuan.

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Kuwait Finance House reports surge in L/C and guarantee business

Kuwait Finance House (KFH) has reported a huge surge in the volume of bank guarantees and letter of credit (L/C) transactions it handled in the third quarter of 2015.

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Three charged in Ethiopian L/C fraud case

Three men are facing criminal charges in the Ethiopian Federal High Court for allegedly using a forged letter of credit (L/C) to transfer the equivalent of around US$3 million to a foreign bank.

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Emirates Islamic launches online L/C and trade finance platform

Emirates Islamic has launched a fully integrated sharia compliant online trade finance and supply chain platform.

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KeyBank opts for BNY Mellon's private label trade services

BNY Mellon is to provide private label trade processing services to US-based KeyBank.

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Indian business mogul face charges for L/C fraud

India's Central Bureau of Investigation (CBI) is pressing charges related to letter of credit (L/C) frauds against a prominent but controversial business mogul.

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Lack of L/Cs a factor in Nigeria's fuel shortages

A lack of letters of credit (L/Cs) may be a reason behind a fresh round of fuel shortages in Nigeria and a backlog of gasoline waiting offshore to be unloaded.

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L/C to underpin deal for Iran to pipe gas to Iraq

Iraq will provide a letter of credit (L/C) to guarantee payments under a new contract to buy Iranian natural gas.

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Dubai court hears L/C fraud case

A Sudanese businessman allegedly falsely obtained a EUR 1.1 million letter of credit (L/C) and a certificate of origin of cargo from Dubai Chamber of Commerce and Industry, Dubai Criminal Court has heard.

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L/C demands a barrier to business growth in the UAE

Demands for letters of credit (L/Cs) as payment guarantees are a barrier to small business development and growth in the UAE according to the owner of a business based there.

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Lowered S&P rating may push Saudi Arabia's L/C and guarantee costs up

Costs associated with letter of credit (L/C) transactions may be pushed up by Standard & Poor's (S&P's) recently lowered rating of Saudi Arabia according to a prominent businessman.

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Egyptian Steel overcomes L/C and energy shortages to quadruple production

Egyptian Steel is pushing ahead with ambitious expansion plans to more than quadruple production, despite widespread shortages of letters of credit (L/Cs) and energy that have put the brakes on the activities of most firms in Egypt's steel sector.

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Lack of L/Cs set to hamper Pakistan's rice export competitiveness

Pakistan's rice exporters are raising concerns about the lack of letters of credit (L/Cs) for exports to Iran if Tehran lifts its year-long ban on Pakistani rice imports.

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New international trade and finance initiative in Singapore to feature L/C training

Students in Singapore will be able to gain an understanding of letters of credit (L/Cs) alongside a working knowledge of other financial instruments and practices in international trade and finance in a new multi-partnership initiative.

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Egypt insists on L/Cs to guarantee gas deliveries from BP and RWE

The Egyptian General Petroleum Company (EGPC) has entered into a letter of credit (L/C) agreement to ensure it receives deliveries of gas from the giant North Alexandria gas field.

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OCBC Bank licensed to issue L/Cs in Singapore for Dubai Mercantile Exchange

Dubai Mercantile Exchange (DME) has announced that Singapore-headquartered OCBC Bank has become the latest financial institution to receive approval for issuing letters of credit (L/Cs) for trading on the exchange.

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New Central Bank of Egypt governor promises action on L/C flows

The new governor of the Central Bank of Egypt (CBE), Tarek Amer, has promised action to revive the flow of letters of credit (L/Cs) for Egyptian businesses.

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Nigerian businesses hit by L/C shortage

A shortage of letters of credit (L/Cs) is having a negative impact on Nigerian small businesses according to the managing director of Kresta Laurel, an importer of material handling equipment.

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Exim Bank shutdown forces US exporters to L/C terms

US exporters are turning to letters of credit (L/Cs) as the Export-Import Bank of the United States (Exim Bank) remains closed for new business.

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Egyptians look to new governor to revive L/C flows

Bankers and importers in Egypt that have struggled to do business on letter of credit (L/C) terms have welcomed the decision of President Abdel Fattah Al-Sisi to appoint a new central bank governor.

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SWIFT launches L/C and payments service

SWIFT has launched a new analytics service that allows clients to analyse their payments and letter of credit (L/C) data over the global messaging platform's system.

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Tough action on Libyan L/C abusers

The Tripoli-based Libyan Audit Bureau (LAB) has issued a ruling freezing the bank accounts of 160 companies and individuals accused of smuggling foreign currency, falsifying official documents and evading customs duties.

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Ecobank Nigeria and Deutsche Bank sign MoU for L/C cooperation

Deutsche Bank and Ecobank Nigeria have signed a memorandum of understanding (MoU) to expand their trade finance relationship.

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New applications to enable instant L/C and guarantee approval in India

New applications launched by India's Axis Bank will enable letters of credit (L/Cs) and bank guarantees to be approved instantly.

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Renminbi increases its share of global L/C issuance

The Renminbi (RMB) increased its share in the global issuance of letters of credit (L/Cs) and entered the top four of world payment currencies by value in August 2015, according to global transaction services organisation, SWIFT.

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Nepalese L/C issuance plummets by 60 per cent

Issuance of letters of credit (L/Cs) by Nepalese banks has dropped significantly in the wake of restrictions imposed by India on shipments to Nepal.

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British Grand Prix may be cancelled as L/C doubts emerge at Silverstone

Formula One chief executive, Bernie Ecclestone, has said that the future of the British Grand Prix is in doubt after the managing director of Silverstone, the track which hosts the motor race, revealed financial difficulties.

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Sri Lanka imposes 100 per cent margin on L/Cs for vehicle imports

Sri Lanka has imposed a 100 per cent cash margin on letters of credit (L/Cs) for motor vehicle imports.

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Troubled Glencore shares L/C details with investors

Glencore has shared details of its letter of credit (L/Cs) arrangements along with other financial information in a bid to reassure its investors that it is financially robust.

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L/Cs at risk in money laundering operations

Accuity, a provider of payment efficiency and compliance solutions that include anti-money laundering and counter terrorist financing, is highlighting the risk of letters of credit (L/C) being used by money launderers.

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Egyptian fertiliser producer resolves L/C problem

An Egyptian company appears to have resolved problems in respect of obtaining letters of credit (L/Cs) required for a contractor to resume work on a major construction project.

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Lebanon reports L/C decline as Syrian crisis impacts on trade

Lebanon has reported a sharp fall in the value of letter of credit (L/C) openings over recent months.

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L/C dispute jeopardises deal for Pakistan to buy gas from Qatar

Disagreement over letter of credit (L/C) terms is one of several factors jeopardising a huge deal for Pakistan to import liquefied natural gas (LNG) from Qatar.

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Exim Bank India makes L/Cs available for Nicaraguan power improvements

Export-Import Bank of India (Exim Bank India) has entered into an agreement with Nicaragua to provide a US$26.24 million credit line for exports of Indian goods and services.

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Indonesia lifts L/C requirement for oil and gas exporters

Indonesia has partially lifted its requirement for certain exports to be sold only on letter of credit (L/C) terms.

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Libya ready to launch new import and L/C controls

Libya's ministry of economy says it is ready to introduce an electronic import regulatory system.

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Myanmar and Asian Development Bank sign L/C guarantee scheme

The government of Myanmar and the Asian Development Bank (ADB) have signed a framework agreement that will allow ADB to expand its Trade Finance Programme (TFP) into Myanmar.

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South Sudan's L/C scheme still failing

Merchants in South Sudan say they are being denied access to letters of credit (L/Cs) as the country struggles to stabilise its currency.

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L/Cs employed in Libyan foreign currency smuggling

The Libyan Audit Bureau (LAB) has reportedly said that at least eleven Libyan companies are known to have fraudulently smuggled foreign currency abroad through fake import transactions.

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Bermuda launches L/C guarantee scheme

The government of Bermuda has introduced a letter of credit (L/C) based scheme that will make it easier for the island's small businesses to import goods.

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L/Cs could help bridge Africa's infrastructure gap

Letters of credit (L/Cs) could play a key role bridging Africa's infrastructure gap according to an Africa-based executive of a US-headquartered multinational institutional investment company, National Standard Finance (NSF).

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Pakistan mulls big cash margin on L/Cs for luxury goods

Pakistan's central bank is considering imposing a hefty cash margin on letters of credit (L/Cs) used to import luxury goods in its efforts to stem the decline of the rupee against the US dollar.

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Bank Audi-Egypt looks to Europe for help with L/C availability

Bank Audi-Egypt is reportedly in talks with two European development banks with a view to securing dollar liquidity and ensuring letter of credit (L/C) flows.

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Nigerian oil dealers required to prove L/C capability in bidding round

Nigeria's crude oil off-takers will need to show that they are capable of raising letters of credit (L/Cs) under new crude oil term contracts expected soon from the Nigerian National Petroleum Corporation (NNPC).

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More confusion over Indonesia's new L/C rules for commodity exports

Indonesia's top miner, PT Timah, has emerged as another large metals and minerals producer to struggle with the country's new legislation on letters of credit (L/Cs) for exports of certain commodities.

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India's Exim Bank makes L/Cs available for exports to Chad

Export-Import Bank of India (Exim Bank) has entered into an agreement with Chad to provide a US$18.08 million credit line for exports of Indian goods and services.

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India calls on OPEC to drop L/C terms

India's petroleum minister, Dharmendra Pradhan, is calling on OPEC oil exporters to drop their insistence that letters of credit (L/Cs) must be used in oil transactions.

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Egypt blames L/C difficulties for vehicle shortages

Egypt's vehicle agents and distributors appear agreed that sales in the Egyptian automotive market have been badly affected by a shortage of foreign exchange and letters of credit (L/Cs).

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Improved L/C availability behind rapid growth of Chinese purchases of Dubai crude

Improved letter of credit (L/C) availability appears to have helped precipitate a major change in the pattern of crude oil purchases by Chinese oil companies.

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Freeport McMoRan halts copper exports from Indonesia due to L/C arrangements

The Indonesian subsidiary of US mining giant Freeport McMoRan, has ceased exporting copper concentrate after its letter of credit (L/C) suspension expired in July.

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Puerto Rico defaults on ambiguous L/C-backed bond

Puerto Rico has defaulted on a US$58 million bond payment that is guaranteed by a letter of credit (L/C), the terms of which appear ambiguous.

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OFAC warns of tougher enforcement of sanctions on Crimea

The US Department of theTreasury's Office of Foreign Assets Control (OFAC) has signalled its intention to step up its enforcement of sanctions aimed at Russia on account of its military and political interventions in Ukraine.

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Mizuho Bank to provide L/Cs in new Myanmar branch

Mizuho Bank of Japan has opened a branch in Yangon, Myanmar'slargest city, making it the latest of several foreign banks able to write letter of credit (L/C) business in the Southeast Asian state.

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Strategic partnership to improve access to L/Cs for US exporters

FirstMerit Corporation has signed a strategic partnership agreement with the US Department of Commerce's International Trade Administration (ITA) that aims to improve access to L/Cs and provide other trade advantages to US exporters.

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Inter-American Development Bank and OPEC Fund for International Development collaboration to provide L/C facilities

The Inter-American Development Bank (IDB) and the OPEC Fund for International Development (OFID) have signed a co-lending agreement with the aim of improving access to trade finance in Latin America and the Caribbean.

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Seminar focuses on L/C discrepancies and trade disputes

A recent seminar in India has heard claims that the vast majority of letter of credit (L/C) transactions are flawed.

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US company settles sanctions violation revealed by L/C documentation

John Bean Technologies Corporation (JBT) has settled charges that it violated US economic sanctions imposed on Iran when it presented a letter of credit (L/C) naming a sanctioned entity, Islamic Republic of Iran Shipping Lines (IRISL).

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Doubts cast over future of US Ex-Im Bank's L/Cs for small businesses

Doubts have been cast over the future ability of the US Export Import Bank's (Ex-Im Bank's) ability to provide letters of credit (L/Cs) for the country's small businesses.

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Trafigura's Beijing-based marketer may face L/C fraud charge

Chinese police may soon formally charge an employee of Swiss trading giant Trafigura for fraudulently obtaining letters of credit (L/Cs) according to the Reuters news agency.

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Bloomberg sounds warning over China's use of L/C enhanced offshore bonds

Data and media company Bloomberg has expressed concerns over the now widespread use of standby letters of credit (SBL/Cs) to enhance China's offshore bonds.

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Former executives of bankrupt law firm obtained L/Cs to guarantee salaries

Former top executives of Dewey & LeBoeuf LLP, the law firm now in bankruptcy, obtained letters of credit (L/Cs) to ensure that they were paid, even if the now-defunct firm failed to do so.

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Money laundering concerns expected to delay resumption of L/C business with Iran

Iran's landmark nuclear deal with Western countries and the lifting of trade sanctions to follow opens the way for banks to resume links with their Iranian counterparts and, in due course, write letter of credit (L/C) business with the Islamic republic.

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Bank accomplice suspected in Indian L/C fraud

A 37-year-old law graduate has been arrested in India for allegedly duping a Korea-based bank into paying the equivalent of around US875,000 on the basis of what turned out to be a fake letter of credit (L/C).

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Standby L/Cs could be targeted over uranium pollution concerns in Malawi

Payment from standby letters of credit (L/Cs) may be sought if community and official concerns continue to mount over fears that Uranium Miner Paladin Africa Limited may be discharging toxic waste into Lake Malawi.

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India's Exim Bank makes L/Cs available for exports to Djibouti

Export-Import Bank of India (Exim Bank) has entered into an agreement with Djibouti to provide a US$15.13 million credit line for exports of Indian goods and services.

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Nokia selects GTC's multi-bank platform for L/Cs and bank guarantees

Nokia Corporation has selected GlobalTrade Corporation's (GTC's) @GlobalTrade multi-bank trade finance platform for managing export letters of credit (L/Cs) and bank guarantees globally.

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RBS international L/C and guarantee business referred to BNP Paribas

Royal Bank of Scotland (RBS) has said it will no longer offer transaction services to customers who need cash management and trade finance capabilities outside the UK and the Republic of Ireland through its international country network.

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Tesla Motors new commercial US$500 million credit line includes L/C facilities

Letters of credit (L/Cs) are included in a new working capital financing deal secured by electric car new-start, Tesla Motors.

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London reports fast decline in renminbi denominated L/Cs

The value of renminbi (RMB) denominated letters of credit (L/Cs) transacted in London has fallen away sharply according to a new report.

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DBS to issue L/Cs for Dubai Mercantile Exchange

Dubai Mercantile Exchange (DME) has announced that DBS Bank's Singapore office has been approved to issue letters of credit (L/Cs) for trading crude oil on the exchange.

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ICICI Bank and Alibaba.com partner to provide L/Cs and bank guarantees

ICICI Bank of India has announced that it has partnered with China's Alibaba.com to launch a trade facilitation centre that will provide services including letters of credit (L/Cs) and bank guarantees.

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Indo-Iranian joint venture eyes post-sanctions opportunities

A joint venture between Tehran-based Middle East Bank (MEB) and Mumbai-based IndAsia Fund aims to explore trade and investment opportunities for Iranian and Indian businesses if sanctions on the Islamic republic are eased at the end of June.

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Myanmar plans L/C scheme to ease foreign currency shortage

Myanmar is planning to introduce a scheme to make letters of credit (L/Cs) available to importers of fuel and palm oil.

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L/Cs feature in interim settlement between US aluminium giant and Jamaican government

Letters of credit (L/Cs) feature in an interim agreement reached in a dispute between Noranda Aluminum Holding Corporation of the US and the Jamaican government.

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Afreximbank bolsters L/C guarantee scheme

The African Export-Import Bank (Afreximbank) is to introduce a special guarantee facility to enable African processing plants to secure long-term export contracts with bank backing.

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South Sudan's central banker does not want to manage L/C scheme

The governor of South Sudan's Central Bank (SSCB) has advised the country's National Assembly that the bank does not want the power to decide which importers should be allowed access to letters of credit (L/Cs) with which to import food, fuel and other essential items.

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L/Cs on the decline say corporate treasurers

Letters of credit (L/Cs) are on the decline according to a recent survey of corporate treasurers.

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Survey reports rising L/C costs

A recent survey has found that letter of credit (L/C) costs have risen since the 2008 financial crisis.

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Sberbank issues Russia's first yuan denominated L/Cs

Sberbank has issued its first yuan denominated letters of credit (L/Cs), becoming Russia's first bank to do so.

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Statoil's L/C consolidation apparently a success

International energy company, Statoil, has implemented new trade finance arrangements over the past two years that has involved the consolidation of its letter of credit (L/C) management.

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UK government agency encourages exporters to trade on L/C terms

British businesses wanting to export to emerging markets should consider the value of using letters of credit (L/Cs) to help secure funding according to UK Export Finance's (UKEF's) export finance adviser Paul Wright.

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China sees increase in L/C business alongside surge in non-performing loans

Uptake of letters of credit (L/Cs) is increasing as non-performing loans (NPLs) at commercial banks continue to rise according to China's top banking regulator.

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Alternative lender offers L/Cs and bank guarantees for UAE-based SMEs

Small- and medium sized enterprises (SMEs) in the UAE may be set to benefit from improved access to letters of credit (L/Cs) and bank guarantees with the launch of Gulf Finance Corporation's (GFC's) suite of trade finance solutions.

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Slow rehabilitation of Iran's banks anticipated if sanctions are lifted

Iran's banks may be about to be formally allowed back into the global financial system, but analysts suggest a return to normal letter of credit (L/C) business for Iranian financial institutions may be a more distant prospect.

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Tripoli bans selected L/C transactions

In conflict riven Libya, the Tripoli-based authorities have passed a decree banning imports of 32 items on letter of credit (L/C) terms for 6 months.

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India improves access to L/Cs for earthquake stricken Nepal

Export-Import Bank of India (Exim Bank) has entered into an agreement with Nepal to provide a billion US dollar credit line for exports of Indian goods and services.

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Exemption window for L/Cs if Pakistan imposes new tax on previously exempted imports

Letters of credit (L/Cs) will be exempt from a new sales tax for a short window if Pakistan's government introduces, as anticipated, the tax on previously exempted items in the federal 2015-16 budget.

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High Court rules Bank Mellat damages claim against L/C and other losses should proceed

The High Court of Justice of England and Wales has rejected the British government's attempt to delay a hearing in which Iran's Bank Mellat is seeking US$4 billion damages from the UK Treasury.

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Pressure on US commission to drop L/C requirements for smaller firms participating in rural broadband programme

A US telecommunications industry association and a competition watchdog have urged the Federal Communications Commission (FCC) to drop its requirement for bidders to put up a letter of credit (L/C) in order to participate in its programme to expand rural broadband services.

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WTO director general comments on L/C availability in poorer countries

Poor access to letters of credit (L/Cs) and a lack of trade finance in general is impacting on global development, according to the World Trade Organisation's (WTO's) director general, Roberto Azevêdo.

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Ghana's banks withdraw L/Cs from fuel market

Twelve of Ghana's major commercial banks have said they will not issue letters of credit (L/Cs) to the country's bulk oil distribution companies (BDCs).

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India's state-run companies complain about government L/C guidelines

Some of India's largest state-run companies have complained to officials that government organisations and states are not accepting letters of credit (L/Cs) issued by private banks.

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Russian banks' L/C offering too limited for commodity exports

Russian banks are losing out to their European competitors in terms of financing the huge volume of the country's natural resource and commodity exports, according to a Switzerland-based international trade consultant.

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L/C woes continue for Nigerian fuel importers

The Nigerian government has issued Sovereign Debt Notes (SDNs) to the country's fuel importers in an attempt to restore the use of letters of credit (L/Cs) in the market, but the move appears not to have had the desired impact.

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Qianhai issues L/C enhanced bond, despite concerns

Qianhai Financial Holdings of China has successfully launched a renminbi denominated bond issued in Hong Kong.

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South Sudanese officials deny L/C abuse

Officials in South Sudan's Northern Bahr el Ghazal state government have denied allegations that they used letters of credit (L/Cs) meant for low-cost food imports for personal gain.

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Egypt eases commissions on L/C openings but US dollar shortages remain

The Central Bank of Egypt (CBE) has reduced commissions on opening letters of credit (L/Cs) from 2.5 per cent to 1.5 per cent.

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Chinese solar manufacturers request non-L/C terms

Chinese manufacturers of photovoltaic solar (solar PV) equipment have reportedly asked some of their Taiwan-based suppliers of solar cells to sell products on open account terms with credit facilities.

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Canada makes first renminbi cross-border payment in the Americas

Canada has become the first country in the Americas to complete a cross-border payment in its capacity as an offshore clearing and trading centre for the renminbi (RMB).

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Bolero announces first ePresentation against L/C into India

The world's first electronic presentation of documents (ePresentation) into India has been sent over Bolero's online network, suggesting a growing demand for electronic trade processes into and out of the country.

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Pakistan eases import L/C and bank guarantee requirements

The State Bank of Pakistan (SBP) has eased its requirement for importers to use letters of credit (L/Cs) or bank guarantees when providing advance payment facilities.

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BPOs yet to make a dent in L/C market

The much heralded bank payment obligation (BPO) appears not yet to have made a significant dent in the letter of credit (L/C) market.

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Ukraine cancels L/C requirement

Ukraine's central bank on 10 April cancelled the requirement that importers must use letters of credit (L/Cs) to purchase goods.

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Confusion over Indonesia's new L/C requirement

There is confusion amongst Indonesia's coal miners as to how new legislation requiring letters of credit (L/Cs) to be used for coal exports will be applied.

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Chicago faces L/C payments in fiscal free fall

Banks could demand payment from the US city of Chicago against letters of credit (L/Cs) if it continues its fiscal free fall.

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Clearing house changes L/C rules from shareholders' equity to Tier 1 Capital

The US clearing house that provides central counterparty clearingandsettlementservices to 14 exchanges is proposing changes to the measurement it uses to establish minimum capital requirements for banks approved to issue letters of credit (L/Cs).

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Sanctioned Iranian bank says its biggest losses are L/C commissions

Bank Mellat has lost more in letter of credit (L/C) commissions than any other bank services according to lawyers representing the bank in a UK court case.

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India improves L/C access for exports to Cuba and Myanmar

Export-Import Bank of India (Exim Bank) has entered into agreements with Cuba and Myanmar to provide multi-million US dollar credit lines for exports of Indian goods and services.

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Surging US dollar could make L/Cs scarce in Europe

The surging US dollar should be causing concerns for European traders and ship owners according to an analyst at Allied Shipbrokers.

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US indictments for alleged L/C fraudsters

Three people in the US have been indicted in connection with a multimillion US dollar fraud that incorporated illegally obtained letters of credit (L/Cs).

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Emirates rejects US accusations of US$1.6 billion of L/Cs from Dubai government

Emirates airline has countered accusations that it received letters of credit (L/Cs) and subsidies from the Dubai government.

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L/C difficulties behind Zambia's fuel shortages

A lack of letters of credit (L/Cs) is being blamed for severe fuel shortages in Zambia.

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L/Cs feature in Pakistan's private sector energy policy

Pakistan has revealed that letters of credit (L/Cs) will feature in arrangements to increase private sector participation in the energy sector.

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Route to L/Cs blocked by Egypt's currency reforms

Letters of credit (L/Cs) in Egypt have become harder to come by as a result of the government's attempts to curb black market foreign exchange deals.

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L/C difficulties behind Nigeria's fuel shortages

A shortage of petrol in some Nigerian states is due to the inability of petroleum marketers to obtain letters of credit (L/Cs) from commercial banks for fuel imports according to Nigeria's fuel regulator.

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L/Cs employed in alleged US$32 million fraud

Letters of credit (L/Cs) were employed in an alleged US$32 million fraud arranged between an oil trader working for Qingdao United Energy and a worker at commodities trading house, Trafigura.

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Ukraine orders L/Cs for transactions in excess of US$500,000

Ukraine's central bank has ordered that letters of credit (L/Cs) must be used for currency payments of more than US$500,000.

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Euler Hermes reveals figures behind shift towards L/Cs by Hong Kong's exporters

Credit insurer Euler Hermes has revealed figures indicating why Hong Kong's exporters are increasingly insisting on letter of credit (L/C) terms (DC World News, 9 February 2014).

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Unicredit signals shift from L/Cs to BPO

A senior trade financier at Unicredit has said he is seeing a significant shift from letter of credit (L/C) to open account terms.

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Renminbi confirms its second place in L/C currencies

The Chinese Renminbi (RMB) has confirmed its position as the world's second most used currency in letters of credit (L/Cs).

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Direct L/Cs for South Korean exports to Cuba

South Korean exporters look set to benefit from a new arrangement to obtain letters of credit (L/Cs) direct from Banco Exterior de Cuba (BEC).

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L/Cs feature in scheme to ensure reliable fuel for Ghana's armed forces

Letters of credit (L/Cs) feature in a new structure aimed at ensuring that vehicles and facilities used by Ghana's armed forces are reliably supplied with fuel.

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Reserve Bank of India lifts ban on L/Cs for gold imports

The Reserve Bank of India (RBI) has lifted its ban on letters of credit (L/Cs) for gold imports.

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Citibank Indonesia expects 30 per cent L/C growth

Citibank Indonesia expects its international trade finance business will grow by 30 per cent this year as a result of the re-introduction of a requirement for letters of credit (L/Cs) to be used for certain commodity exports.

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Uncertainty over L/Cs in Greece-EU dispute

The new Greek government's reluctance to accept EU proposals for an extension of its austerity-based bailout programme may result in letters of credit (L/Cs) becoming harder to come by.

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Indonesia to re-introduce L/C requirement for certain commodities

Indonesia's trade ministry has issued ministerial decree No. 4/2015 that requires letter of credit (L/C) usage for certain exported goods.

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Indonesian marine services provider uses standby L/Cs for bond issue

An Indonesian marine services provider to the country's offshore oil and gas industry has obtained a standby letter of credit (L/C) to back its newly completed US$37 million bond issue.

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South Sudanese politician accused of obtaining L/Cs using state funds

A politician in one of the ten states of South Sudan has been accused of using state funds to obtain letters of credit (L/Cs) for private purposes.

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Chinese buyers losing appetite for L/C terms

Chinese buyers are becoming more reluctant to agree to letter of credit (L/C) terms according to Euler Hermes.

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Properties seized from Indian businessman in L/C fraud case

The government agency charged with implementing India's anti-money laundering law has seized properties from industrialist, Grandhi Eswara Rao.

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IFC backing for L/Cs and guarantees from Nepal's NMB Bank

The International Finance Corporation (IFC) is making US$5 million available to improve access to letters of credit (L/Cs) and bank guarantees for Nepalese small businesses.

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ING Bank to issue L/Cs for Dubai Mercantile Exchange in Singapore

ING Bank Singapore Branch has become the latest bank to be approved to issue letters of credit (L/Cs) for trading on Dubai Mercantile Exchange (DME) directly from Singapore.

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Helicopters in London aim to facilitate transatlantic L/C business

Express delivery company, DHL is launching helicopter services to beat London's traffic jams.

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UK non-bank L/C provider up for industry awards

Legion Trade Finance, one of a growing number of non-bank letter of credit (L/C) providers in the UK, has been shortlisted for two industry awards.

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Sudanese Egyptian Bank signs L/C and guarantee software agreement with Path

Path Solutions has signed a strategic agreement that provides software Shariah compliant letters of credit (L/Cs) and guarantees with Sudanese Egyptian Bank (SEB).

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L/Cs playing an integral part building China's debt mountain

A leading banker in Asia has warned about the role played by letters of credit (L/Cs) in increasing the size of China's growing debt mountain.

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L/Cs behind unprecedented petrol shortages in the Punjab

Letter of credit (L/C) difficulties at Pakistan State Oil (PSO) and poor information flows from Pakistan's ministry of petroleum and natural resources are being blamed for unprecedented petrol shortages in the Punjab.

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Chinese state-owned conglomerate reports L/C repayment failures

Subsidiaries of a Chinese state-owned firm have missed millions of US dollars' worth of payments on their letters of credit (L/Cs).

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Disagreement in FTA talks stalls better L/C provision for Pakistan's trade with China

Improved access to letters of credit (L/Cs) for trade between Pakistan and China is being stalled as the two countries struggle to reach agreement on tariff reductions.

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Serial fraudster used L/Cs to dupe victims

A serial fraudster who included fraudulent letters of credit (L/Cs) in his array of instruments for duping his victims, has pleaded guilty to several charges.

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Mizuho Bank to issue L/Cs for Dubai Mercantile Exchange in Singapore

Dubai Mercantile Exchange (DME) has announced that Mizuho Bank has been approved to issue letters of credit (L/Cs) for trading on DME directly from Singapore.

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Confidence in L/Cs features in Nigerian election campaigning

Nigeria's reputation for writing letter of credit (L/C) business in international trade is featuring in the country's presidential election campaign.

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Bogus L/C warning for South Korean banks

South Korea's Financial Supervisory Service (FSC) has issued a warning to banks to beware of bogus letters of credit (L/C), purportedly issued by foreign banks.

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Details of fraudulent L/Cs at collapsed US health plan emerge

Details have emerged about the part fraudulent letters of credit (L/Cs) played in the financial collapse of a cooperative health insurer in the US state of Alabama.

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India extends credit for L/Cs for Rwandan agricultural products

Export-Import Bank of India (Exim Bank) has entered into an agreement with Rwanda to provide a US$120 million credit line for exports of Indian goods and services.

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Fraudster who promised lucrative L/Cs sentenced to 18 month jail term in Arizona

A court in the US state of Arizona has sentenced a man who promised investors letters of credit (L/Cs) that would bring them huge returns.

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Misappropriation of L/Cs debated in South Sudan's parliament

South Sudanese lawmakers have been debating how letters of credit (L/Cs) meant for much needed fuel imports came to be misappropriated by senior officials and business figures.

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Ship fuel suppliers steer away from L/Cs

Ship fuel suppliers in Asia and the Middle East are returning to open account terms, some six weeks after they sought less risky letter of credit (L/C) payment terms in the wake of a major market shock.

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Canada mulls L/Cs for pipeline companies

Canada may insist that pipeline companies put up letters of credit (L/Cs) to cover the costs of damage caused by fuel spillages from pipelines.

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China Petrochemical Development issue backed by standby L/Cs from two banks

China Petrochemical Development (CPD) of Taiwan has raised US$132 million from a convertible bond to help finance a new plant in the mainland Chinese province of Jiangsu.

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Indonesia to require L/Cs for mining and agricultural exports

The Indonesian government is planning to require exporters to use letters of credit (L/Cs) with the aim of boosting the country's foreign exchange reserves.

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L/Cs feature in alleged US$32 million gasoline trade fraud

Letters of credit (L/Cs) reportedly featured in an alleged US$32 million gasoline trade fraud for which two people have now been arrested.

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Chamber International support for small UK exporters

Reflecting a trend in the UK for more participation of non-bank providers in the documentary credit market, Chamber International is continuing to report setting up letter of credit (L/C) for small- and medium-sized enterprises.

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African confirming banks a 'major constraint' on trade says African Development Bank

A recently published report by the African Development Bank (AfDB) has identified the limited ability of Africa's confirming banks as one of the major constraints on meeting demands for trade finance on the continent.

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India extends credit for L/Cs for Niger water works

Export-Import Bank of India (Exim Bank) has entered into an agreement with the government of Niger to provide a US$25 million credit line for exports of Indian goods and services.

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Future uncertain for Indian L/C backed bond issues

The future of letter of credit (L/C) backed bond issues in India is in doubt after the central bank moved to ban another structure enabling Indian issuers to tap into offshore markets.

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Collapsed US health cooperative victim to L/C fraud

Letter of credit (L/C) fraud has been revealed at a recently collapsed health cooperative in the US state of South Carolina.

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Future of L/Cs for Iran remain in doubt

The future of letters of credit (L/Cs) for trade with Iran remains in doubt after Iran and six world powers failed to agree a deal over financial sanctions imposed on the Islamic republic as a result of its nuclear programme.

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Canadian council finds L/C solution for the temporarily homeless

A Canadian city council has considered letters of credit (L/Cs) a good tool for enabling a bylaw amendment to be passed that had previously been considered too open to abuse.

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Sberbank issues Russia's first yuan-denominated L/C

Russia's Sberbank has announced that it has issued the country's first yuan-denominated letters of credit (L/Cs).

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L/Cs feature in China-Pakistan Economic Corridor project

Letters of credit (L/Cs) feature in the financing structure of the multi-billion dollar China-Pakistan Economic Corridor project (CPEC).

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L/Cs dry up as Pakistan's circular debt problem spirals

Supplies of letters of credit (L/Cs) are drying up as circular debts in Pakistan's fuel sector reach record highs.

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Pakistan employs L/Cs to boost forex earnings

Pakistan is using letters of credit (L/Cs) in its strategy to help the country's beleaguered sugar industry and boost foreign earnings.

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China opens EUR 350 million of L/Cs for petrochemical plants in Iran

Chinese investors have opened multi-million euro-denominated letters of credit (L/Cs) for two petrochemical plants in Iran.

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Shipping fuel traders turn to L/Cs for safety after bankruptcy filing

Singapore-based bunker fuel suppliers are turning to letters of credit (L/Cs) in the wake of the world's largest ship fuel supplier filing for bankruptcy.

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L/Cs flowing for Russian wheat exports

Letters of credit (L/Cs) are flowing for Russian wheat exports after several weeks of very weak sales.

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Chiyoda Steel and Bank of China set for court in L/C dispute

Chiyoda Steel of Japan has reportedly said it plans to take Bank of China Hong Kong (BOC) to court over a dispute concerning a letter of credit (L/C) transaction.

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India's Exim-Bank to provide L/C facilities for Togolese power sector improvements

Export-Import Bank of India (Exim Bank) has entered into an agreement with the government of Togo to provide a US$52 million credit line for exports of Indian goods and services.

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Europe-Iran Forum mulls prospects for Iranian L/Cs

A recently formed forum of European and Iranian business leaders has been contemplating the prospects for letters of credit (L/Cs) if financial sanctions imposed on Iran that have been temporarily suspended are eased or lifted.

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Calls on Bangladesh Bank to ease L/C regulations

Business leaders in Bangladesh are calling on the country's central bank to ease letter of credit (L/C) regulations.

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Concerns over Solomon Islands' central bank support for commercial L/Cs

The Solomon Islands' multi-million US dollar logging industry is expressing concerns over reports that the central bank is acting as an agent for letters of credit (L/Cs) on behalf of the country's newest commercial bank.

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First German-Japan BPO processed

UniCredit and Bank of Tokyo-Mitsubishi have completed the first ever Bank Payment Obligation (BPO) transaction between Germany and Japan.

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Taiwan's banks to use L/Cs to guarantee loans for Chinese companies

Taiwanese bankers are looking to use standby letters of credit (L/Cs) to guarantee loans that Taiwan's state-owned banks extend to Chinese companies.

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Pakistani gas company shoulders government's L/C risk

Sui Southern Gas Company (SSGC) of Pakistan has reportedly approved the issuance of a standby letter of credit (L/C) worth US$50 million in favour of Elengy Terminal Pakistan Limited (ETPL) to cover penalties that may be payable if imported liquefied natural gas (LNG) supplies are delayed.

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China may use local currency L/Cs to pay for Russian gas

China may use renminbi (RMB) or ruble denominated letters of credit (L/Cs) to pay for Russian gas.

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Iranian banker says international banks still steering clear of L/Cs for Iran

International banks are steering clear of writing letter of credit (L/C) business with Iran for fear of being fined, according to an Iranian banker.

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L/Cs now flowing for Egyptian imports of Kuwaiti crude

Letters of credit (L/Cs) can now be issued to finance imports of Kuwaiti oil into Egypt.

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BNP Paribas exercises caution in Russian L/C business

BNP Paribas is no longer providing letters of credit (L/Cs) to finance commodities trades involving sanctioned Russian banks, according to a report in the Wall Street Journal

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Oman to provide export L/C guarantees

Oman's Export Credit Guarantee Agency (ECGA) has said it will soon introduce its Documentary Credit Insurance Programme (DCIP) to help the sultanate's banks engage in more letter of credit (L/C) business.

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Deutsche Bank and PTA Bank sign MoU to provide credit guarantees

Deutsche Bank and the Eastern and Southern African Trade and Development Bank (PTA Bank) have signed a memorandum of understanding (MoU) that aims to make letters of credit (L/Cs) easier to access for African buyers of US agricultural products.

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Banks tighten L/C controls as China announces US$10 billion of fake trades

Earlier this year it emerged that duplicate storage certificates used by a minerals trader at the port ofQingdao made Chinese banks reluctant to provide letters of credit (L/Cs) for commodities traders (DC World News, 2 July 2014 and 9 July 2014).

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RBS adopts SWIFT's universal L/C and guarantee platform

The Royal Bank of Scotland (RBS) has adopted the new SWIFT system that enables clients to generate a range of message types used for guarantees and letter of credit (L/C) transactions.

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South Sudanese L/C flows stemmed

Faced with a severe foreign exchange shortage, South Sudan's central bank has stopped selling US dollars to the world's newest country's commercial banks.

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L/C fraudster sentenced to jail term of more than eight years

A Greek man has been sentenced in a US court to eight years and five months in jail for his part in a multimillion dollar scam involving bogus letters of credit (L/Cs).

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Brazil eases requirements for standby L/Cs

The Central Bank of Brazil (CBB) has announced a reduction in the percentage banks must keep as a reserve when they issue standby letters of credit (L/Cs).

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Banks reluctant to issue L/Cs for fuel imports into Argentina

Banks are reluctant to issue letters of credit (L/Cs) for some imports of fuel into Argentina due to volatility in the market.

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First Chinese brokerage issues first bonds without L/C or similar enhancement

Haitong International Securities Group has bucked the trend of Chinese brokerages using standby letters of credit (L/Cs) or some other enhancement in a US dollar bond issue.

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BNY Mellon's L/C flows set to benefit from deal with German banks

BNY Mellon of the US has signed a trade processing partnership with German commercial bank, Landesbank Hessen-Thürigen (Helaba) and the G25, a group that represents Germany's 25 largest savings banks.

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Trade Technologies opens Seattle office

Trade Technologies, which claims to be the world's largest provider of outsourced trade document services and software, has announced the opening of an office in Seattle.

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Iran, Pakistan, Turkey and Central Asian states to boost L/C availability for inter-trade

The intergovernmental regional organisation that promotes economic, technical and cultural cooperation amongst Iran, Pakistan, Turkey and several Central Asian countries says it is to establish an agreement to promote trade amongst member countries.

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UK TV to highlight alternative trade finance providers

Two documentaries to be shown on UK television will highlight the role played by alternative providers of letters of credit (L/Cs) and other banking services for small- and medium sized enterprises (SMEs).

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RBS settles dispute with trade finance software provider

The Royal Bank of Scotland (RBS) has reached a settlement allowing it to carry on using trade finance software from provider Complex Systems to process letters of credit (L/Cs) and guarantees.

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US captive insurance industry disagreements over L/C usage

US insurance regulators are faced with disagreement amongst industry players as to whether letters of credit (L/Cs) should be used as collateral by captive insurers.

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Egypt transfers L/C issuing responsibilities for vegetable oil imports

Egypt has transferred responsibility for vegetable oil imports from one state-owned wholesaler to another.

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Russian sanctions bite on L/C flows

Sanctions imposed on Russia appear have reportedly stemmed the flow of letters of credit (L/Cs) for Russian oil exports.

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Jail for fraudster who used L/Cs in US mortgage scam

A man in the US state of Kansas has been has been sentenced to six years in prison for his role in a mortgage fraud conspiracy.

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US businessman faces charges for alleged L/C forgery

The president of a Florida-based janitorial company is facing charges after allegedly forging a letter of credit (L/C) to secure a US$1 million contract with a state agency, according to the Florida Department of Law Enforcement (FDLE).

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Tanzanian regulator calls for consolidation of L/Cs for petroleum imports

Tanzania's Energy and Water Utilities Regulatory Authority (EWURA) is looking to consolidate the way letters of credit (L/Cs) are used for petroleum imports with the aim of reducing costs.

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Bangladeshi traders call for L/Cs to boost trade with India

Traders in Bangladesh are calling for the dismantling of barriers that prevent them from writing direct letter of credit (L/C) business with India.

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L/C irregularities at Banco Espírito Santo

Letter of credit (L/C) irregularities have been reported at Portugal's troubled Banco Espírito Santo (BES).

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Canadian Ponzi scheme promised fee-earning L/Cs

The promise of fee-earning letters of credit (L/Cs) featured in a C$100 million Ponzi scheme uncovered by the British Columbia Securities Commission (BCSC).

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Moody's say L/C enhanced bonds meet standards for credit substitution

Moody's Investors Service has said that the bonds enhanced by standby letters of credit (L/Cs) meet the standards for credit substitution.

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EastWest offers new renminbi L/Cs for trade between the Philippines and China

East West Banking (EastWest) of the Philippines is to start offering renminbi-denominated letters of credit (L/Cs) and other banking products.

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Russian bank enters agreements to boost L/C and guarantee business with Africa

Russia's Sberbank has entered into co-operative agreements with two Moroccan banks with the aim of boosting the supply of letters of credit (L/Cs) and other trade finance services to Russian companies doing business in Africa.

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Lack of L/Cs may hamper UK firms' Iranian ambitions

Britain has recently announced plans to reopen the UK's embassy in Iran.

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New sanctions applied to Russian L/C transactions

Washington has imposed sanctions on Russia that restrict letter of credit (L/C) transactions with four of the country's largest financial and energy companies.

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Iranian businessman in US$2.8 billion L/C fraud executed

The billionaire businessman at the heart of Iran's US$2.8 billion letter of credit (L/C) based fraud has been executed.

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India eases L/C restrictions for imported diamonds

The Reserve Bank of India (RBI) has eased restrictions on letters of credit (L/Cs) for the import of diamonds.

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Ghanaian pharmaceutical companies face L/C shortage

Ghanaian pharmaceutical companies are unable to obtain letters of credit (L/Cs) because banks are concerned about the increasing amount of money the drugs firms are owed by their customers.

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Encashed standby L/Cs prompt Indian banks and jewellery industry to improve due diligence

Banks are to work with India's jewellery industry to improve due diligence measures in attempts to repair the creditworthiness of the country's jewellers.

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Qingdao port investigations may impact on L/C availability for smaller traders

Recently it emerged that duplicate storage certificates used by a minerals trader at the port of Qingdao have made Chinese banks reluctant to provide letters of credit (L/Cs) for commodities traders (DC World News, 2 July 2014).

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BNP's L/C business with Sudan features in record sanctions fine

Letters of credit (L/C) for trade with Sudan featured substantially in transactions handled by BNP Paribas that contravened US sanctions and led to the largest ever fine imposed on a bank for sanctions busting.

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Ghana releases cash for fuel to alleviate L/C crisis

Ghana has bailed out its Bulk Oil Distribution Companies (BDCs) to ensure sufficient fuel supplies at the country's filling stations.

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Qingdao port fraud adds to China's L/C woes

Duplicate storage certificates used by at least one minerals trader at the port of Qingdao are making Chinese banks even more reluctant to provide letters of credit (L/Cs) for commodities traders.

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Pakistan faces power shortages as L/C defaults trigger debt crisis

A multi-million US dollar letter of credit (L/C) default by Pakistan State Oil (PSO) has triggered an inter-corporate debt crisis that threatens power shortages in Pakistan.

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Italian banking group joins EIB's Greek facility

Italian banking group Intesa Sanpaolo has signed a EUR 75 million agreement with the European Investment Bank (EIB) to become a confirming bank in its Trade Finance Facility (TFF) for Greece.

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Surety bonds take place of L/Cs or bank guarantees in UK pension scheme

A London-listed company has become the first to use surety bonds in its funding strategy for its defined benefit pension plan.

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Vietnamese firms should use L/Cs in trades with Africa and the Middle East

Vietnamese firms are being encouraged to use letters of credit (L/Cs) in their endeavours to tap market opportunities in Africa and the Middle East.

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Trade finance salaries amongst the lowest in banking

Trade finance salaries feature amongst the lowest in the banking industry according to recent salary surveys.

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Investors still attracted to L/C enhanced Chinese bond issues

Despite new rules issued last month by the Chinese authorities, this month has seen a flurry of standby letter of credit (L/C) enhanced bond issues.

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Gulf concerns over L/Cs from State Bank of India

Qatar is reportedly refusing to accept letters of credit (L/Cs) issued by the State Bank of India (SBI), because it does not have an adequate credit rating.

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Cyprus lifts some L/C and bank guarantee restrictions

The government of Cyprus has lifted several restrictions on banks imposed under the island's recent austerity measures.

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US trade finance provider launches L/C alternative

Capital Business Credit (CBC) is marketing a new product that provides an alternative to letter of credit (L/C) financing specifically targeted at US importers buying from multiple Asian manufacturers.

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Bank of China clamps down on L/Cs for iron ore imports

One of China's big four state owned banks is making it more difficult for importers to obtain letters of credit (L/Cs) for iron ore.

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Canada insists on L/Cs or other payment guarantees for pipeline abandonment costs

Canada's National Energy Board (NEB) has said that pipeline companies under federal jurisdiction with plans for major oil projects to the west coast of British Columbia must put up a letter of credit (L/C) or another type of payment guarantee to pay for abandoning pipelines.

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Bolero announces first electronic back-to-back L/C transaction in China

A full electronic back-to-back letter of credit (L/C) transaction in China has been completed for the first time over Bolero's cloud-based platform.

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UBA's trade services overhaul provides non-L/C options for African traders

United Bank of Africa (UBA) says its overhauled trade finance product offering will make it easier for intra-African traders to transact on a non-letter of credit (L/C) basis.

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China simplifies system to provide alternative to L/C enhanced bonds

Chinese regulators are simplifying foreign-exchange rules to make it easier for companies to guarantee offshore debt offerings.

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Iran executes businessman convicted in L/C fraud case

Iran has reportedly executed a billionaire businessman accused and convicted of organising a US$2.6 billion letter of credit (L/C) fraud.

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Euler Hermes markets L/C alternative to UK firms

Euler Hermes is marketing what it describes as a deductible guarantee as an alternative to letters of credit (L/C) and bank guarantees to UK businesses.

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Chinese L/C shortages forces iron ore prices down

Chinese banks have limited letters of credit (L/Cs) for iron ore imports according to a trader in China's eastern Shandong province.

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Marubeni insists on L/Cs from Chinese soybean buyers

Marubeni Corporation is requiring its Chinese buyers of soybeans to obtain secure letters of credit (L/Cs) for their imports amidst an increasing number of defaults.

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More problems with L/Cs in Egypt

Letters of credit (L/Cs) have once more become hard to come by in Egypt as its financial crisis makes it difficult to pay for food imports.

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RBS ordered not to use software for L/Cs and guarantees

A US judge has ordered the Royal Bank of Scotland (RBS) to stop using trade finance software supplied by Complex Systems.

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