http://library.iccwbo.org Latest Trade News Friday, 28 Aug 2020 en hourly 1 http://library.iccwbo.org/ http://library.iccwbo.org/ http://library.iccwbo.org/ 32 32 /content/tfb/news/dcwn_04June202111190.htm 04 Jun 2021 By Mark Ford trade-finance-news London based fintech Traydstream has raised US$8 million after closing its series A funding round. /content/tfb/news/dcwn_02June202110146.htm 02 Jun 2021 By Mark Ford trade-finance-news Letters of credit (L/Cs) will no longer be needed for Tunisian goods entering Libya through land borders. /content/tfb/news/dcwn_01June2021105715.htm 01 Jun 2021 By Mark Ford trade-finance-news The Suez Canal Authority (SCA) has proposed an out of court settlement with the owners of the giant container ship that blocked the waterway earlier this year that includes an initial deposit with the balance payable by letters of credit (L/Cs). /content/tfb/news/dcwn_28May202110109.htm 28 May 2021 By Mark Ford trade-finance-news State-owned National Iranian Oil Company (NIOC) has said that it intends to boost exports of Iranian crude via the newly completed 1,000km Goreh-Jask pipeline that aims to allow Iran to circumvent US-led sanctions by piping oil direct to the Gulf of Oman thus bypassing the strait of Hormuz. /content/tfb/news/dcwn_26May2021111829.htm 26 May 2021 By Mark Ford trade-finance-news New rules on coal-ash storage introduced by the Illinois Pollution Control Board could serve as an example for other US states looking to make safe by-products of coal-burning power plants, which include fly ash, bottom ash, boiler slag and various other residues. /content/tfb/news/dcwn_24May2021111650.htm 24 May 2021 By Mark Ford trade-finance-news Swiss coffee trader Sucafina has announced it intends to digitise its trade finance operations to support a new US$500 million senior secured borrowing base facility. /content/tfb/news/dcwn_21May2021102727.htm 21 May 2021 By Mark Ford trade-finance-news Digital trade finance network Contour has partnered with blockchain platform MineHub to integrate their digital supply chain and trade finance technology solutions for the global metals and mining industry. /content/tfb/news/dcwn_19May20218598.htm 19 May 2021 By Mark Ford trade-finance-news Criticism is being increasingly levelled at the Nova Scotia government for its award to three large tourism operators of 35 million Canadian dollars (C$35 million - US$28 million) of loan guarantees via standby letters of credit (L/Cs), (DC World News, 30 April 2021). /content/tfb/news/dcwn_17May202114544.htm 17 May 2021 By Mark Ford trade-finance-news One of Canada's fastest growing communities says it is now able to accept surety bonds rather than letters of credit (L/Cs) to help free up capital for developers. /content/tfb/news/dcwn_14May20211059.htm 14 May 2021 By Mark Ford trade-finance-news Several factors are expected to impact on the letter of credit (L/C) market in India and beyond as the country tackles a deadly second coronavirus wave. /content/tfb/news/dcwn_12May2021103735.htm 12 May 2021 By Mark Ford trade-finance-news US sanctions preventing banks providing letters of credit (L/Cs) for deals involving Iran is one of the factors jeopardising the resumption of the much-stalled Istanbul-Tehran-Islamabad (ITI) freight train project. /content/tfb/news/dcwn_10May202111523.htm 10 May 2021 By Mark Ford trade-finance-news The Commercial Court (England and Wales) has dismissed an application by budget airline Salam Air for an injunction to restrain Latam Airlines from making demands pursuant to several letters of credit (L/Cs). /content/tfb/news/dcwn_07May2021104855.htm 07 May 2021 By Mark Ford trade-finance-news Volatility in the Thai rice market created by the impacts of the coronavirus pandemic is causing buyers to shy away from letters of credit (L/Cs) and ask for the less risky option of documents against payment terms. /content/tfb/news/dcwn_05May202110124.htm 05 May 2021 By Mark Ford trade-finance-news HSBC says it has completed the first integrated paperless letter of credit (L/C) and electronic documentary transaction for a steel export between the UAE and India. /content/tfb/news/dcwn_04May2021113847.htm 04 May 2021 By Mark Ford trade-finance-news Ratings agency Fitch has come under fire in an opinion piece published by Bloomberg for failing to recognise that a Chinese municipal government-owned coal operator failing its letter of credit (L/C) obligations should have prompted a downgrade. /content/tfb/news/dcwn_30April202115402.htm 30 Apr 2021 By Mark Ford trade-finance-news One of the world's largest fintechs, Finastra, has announced that pan-African financial group, Bank of Africa, has selected its Conpend's Trade AI app from its open innovation platform, FusionFabric.cloud. /content/tfb/news/dcwn_28April202111133.htm 28 Apr 2021 By Mark Ford trade-finance-news Singapore's DBS Bank has moved from blockchain trade finance provider Contour's beta network to its production network to offer streamlined digital letter of credit (L/C) transactions for customers in the Asia Pacific region. /content/tfb/news/dcwn_26April2021103225.htm 26 Apr 2021 By Mark Ford trade-finance-news Three large tourism operators in Nova Scotia are receiving loan guarantees via standby letters of credit (L/Cs) totalling 35 million Canadian dollars (C$35 million - US$28 million) from the government of the Canadian province. /content/tfb/news/dcwn_23April2021104648.htm 23 Apr 2021 By Mark Ford trade-finance-news The International Trade and Forfaiting Association (ITFA) has released an in-depth guide to structured letters of credit (L/Cs). /content/tfb/news/dcwn_21April202193331.htm 21 Apr 2021 By Mark Ford trade-finance-news Letters of credit (L/Cs) feature in two of the eleven deals selected by Global Trade Review (GTR) as winners in its annual GTR Best Deals 2021. /content/tfb/news/dcwn_21April202193115.htm 21 Apr 2021 By Mark Ford trade-finance-news The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing. /content/tfb/news/dcwn_19April2021114223.htm 19 Apr 2021 By Mark Ford trade-finance-news A survey by the Africa Export-Import Bank (Afreximbank) has revealed that letter of credit (L/C) business and correspondent banking operations slumped at the start of 2020 as a result of the Covid-19 pandemic. /content/tfb/news/dcwn_16April2021103920.htm 16 Apr 2021 By Mark Ford trade-finance-news Iberdrola Energy Projects has reportedly filed a lawsuit in New York state court saying that a group of firms that control Footprint Power Salem Harbor Development, wrongly sought to draw on a standby letter of credit (L/C). /content/tfb/news/dcwn_14April2021123514.htm 14 Apr 2021 By Mark Ford fraud-news Two former bank officials are amongst several companies and their executives charged by India's Central Bureau of Investigation (CBI) in a fraud case featuring letters of credit (L/Cs). /content/tfb/news/dcwn_12April202112835.htm 12 Apr 2021 By Mark Ford trade-finance-news The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft proposals on a regulatory framework to facilitate general insurance companies to offer trade credit insurance cover to suppliers, licensed banks and other financial institutions to help businesses manage country risk. /content/tfb/news/dcwn_09April2021105325.htm 09 Apr 2021 By Mark Ford trade-finance-news Indian importers should ditch letters of credit (L/Cs) in favour of supply chain trade finance according to the founder of a fintech focused on alternative ways for corporate importers to control how their international suppliers are funded and paid. /content/tfb/news/dcwn_07April2021113620.htm 07 Apr 2021 By Mark Ford trade-finance-news Yemeni multinational Hayel Saeed Anam Group (HSA) has been accused by the UN Security Council Panel of Experts of making a profit of about US$194 million between mid-2018 and August 2020 from the Saudi-funded letter of credit (L/C) mechanism that was said to have been intended to enable importers to bring foodstuffs and other essential items into the war-torn country. /content/tfb/news/dcwn_06April202110558.htm 06 Apr 2021 By Mark Ford trade-finance-news The global letter of credit (L/C) confirmation market size is projected to reach nearly US$5 billion by 2027 according to market research company, Valuates Reports. /content/tfb/news/dcwn_01April202111050.htm 01 Apr 2021 By Mark Ford trade-finance-news Renewable energy developer Invenergy, says letters of credit (L/Cs) feature in its recently completed construction financing for its largest wind energy development to date, the 999 megawatt Traverse Wind Energy Centre. /content/tfb/news/dcwn_31March2021123116.htm 31 Mar 2021 By Mark Ford trade-finance-news Letters of credit (L/Cs) may be included in a strategic initiative to tackle the growing trade finance gap launched by the International Chamber of Commerce (ICC) and one of the world's largest fintechs, Finastra. /content/tfb/news/dcwn_29March2021122923.htm 29 Mar 2021 By Mark Ford trade-finance-news Letters of credit (L/Cs) are one of Standard Chartered's focus offerings in its launch of a new suite of sustainable trade finance solutions across Asia, Africa and the Middle East, Europe and the Americas. /content/tfb/news/dcwn_26March202112147.htm 26 Mar 2021 By Mark Ford trade-finance-news Contour, the blockchain-based open industry platform focused on digitising trade finance, has partnered with international software consultancy ThoughtWorks in China to strengthen its position in one of the world's largest letter of credit (L/C) markets. /content/tfb/news/dcwn_24March20219926.htm 24 Mar 2021 By Mark Ford trade-finance-news Trade finance digitisation specialist Bolero International has announced what it describes as the industry's first white-labelled trade portal-as-a-service solution for financial institutions. /content/tfb/news/dcwn_22March2021125352.htm 22 Mar 2021 By Mark Ford trade-finance-news Zimbabwean importers are finding letters of credit (L/Cs) increasingly hard to come by, reportedly because the foreign exchange auction system is failing to satisfy demand. /content/tfb/news/dcwn_19March2021103448.htm 18 Mar 2021 By Mark Ford trade-finance-news Facilitating trade finance and providing letters of credit (L/Cs) are priorities in Africa's efforts to rebuild its economy in the wake of the coronavirus pandemic according to the president and CEO of one of the continent's major regional developments. /content/tfb/news/dcwn_17March202111240.htm 17 Mar 2021 By Mark Ford trade-finance-news A demand of 267 million South African rand (R267 million - US$17.9 million) for financially troubled national airline South Africa Airways' (SAA) government guaranteed letters of credit (L/Cs) was made and settled in the country's 2020-21 financial year. /content/tfb/news/dcwn_15March2021155522.htm 15 Mar 2021 By Mark Ford trade-finance-news A former bank CEO has been sentenced to prison by a court in the US state of Minnesota for falsifying bank records. /content/tfb/news/dcwn_12March20219581.htm 12 Mar 2021 By Mark Ford trade-finance-news Export-Import Bank of India (EximBank India) has received the equivalent of around US$225 million of additional state funding to help support Indian exports. /content/tfb/news/dcwn_10March2021121712.htm 10 Mar 2021 By Mark Ford trade-finance-news Laboured letter of credit (L/C) processing is one of the remaining bottlenecks in Bangladesh's investment climate according to Japanese delegates at a Japan-Bangladesh trade and business roundtable in Dhaka. /content/tfb/news/dcwn_08March2021102053.htm 08 Mar 2021 By Mark Ford trade-finance-news Tradeteq, a fintech that develops technology for bank asset distribution, has secured funding of an additional US$9.4 million from a consortium of US technology investors. /content/tfb/news/dcwn_05March202192456.htm 05 Mar 2021 By Mark Ford trade-finance-news Trade finance solutions provider to banks and corporates, Surecomp, has announced that the State Bank of India (California) (SBIC) will be using one of its solutions to process standard and standby letters of credit (L/Cs) and documentary collections. /content/tfb/news/dcwn_03March202111546.htm 03 Mar 2021 By Mark Ford trade-finance-news LGR Crypto Bank of Switzerland is mulling new automated letters of credit (L/Cs) that harness digital smart contracts as part of its efforts to provide trade finance services for deals between Silk Road countries and more than 65 other countries. /content/tfb/news/dcwn_01March2021123136.htm 01 Mar 2021 By Mark Ford trade-finance-news Nordic financial services group SEB and Finnish industrial group Wärtsilä have used aspects of letter of credit (L/C) processing to carry out a test of secure data sharing between companies in trade finance operations. /content/tfb/news/dcwn_26February202193851.htm 26 Feb 2021 By Mark Ford trade-finance-news Technology infrastructure and services provider for financial institutions, SIA, says it has launched a new platform that allows banks to fully digitise trade finance processes, making it easier and faster for corporates and small- and medium-sized enterprises operating in markets around the world to manage their letter of credit (L/C) portfolios. /content/tfb/news/dcwn_24February2021103344.htm 24 Feb 2021 By Mark Ford trade-finance-news Bangladeshi firms should settle international letter of credit (L/C) disputes by using alternative dispute resolution (ADR) methods, especially amid the ongoing coronavirus pandemic, according to the president of the Dhaka Chamber of Commerce and Industry (DCCI). /content/tfb/news/dcwn_22February20219320.htm 22 Feb 2021 By Mark Ford trade-finance-news 8minute Solar Energy has significantly upsized its letter of credit (L/C) facility to a total of US$350 million with support from new lenders. /content/tfb/news/dcwn_22February20219252.htm 22 Feb 2021 By Mark Ford fraud-news A new report published by Global Witness (GW) claims to show that Libya continues to lose millions of dollars a year through the fraudulent use of its letters of credit (LC) system run by the Central Bank of Libya (CBL). /content/tfb/news/dcwn_19February2021113343.htm 19 Feb 2021 By Mark Ford trade-finance-news Yemen's food supply chain has continued to function through five years of conflict, partly due to the availability of letters of credit (L/Cs) to import essential foodstuffs. /content/tfb/news/dcwn_15February20211157.htm 15 Feb 2021 By Mark Ford trade-finance-news A group of Japanese companies has announced a collaborative digitalisation pilot project for Vietnam-bound trade with the first set of trial operations focusing on their receipt of letters of credit (L/Cs). /content/tfb/news/dcwn_12February2021102419.htm 12 Feb 2021 By Mark Ford trade-finance-news Letters of credit (L/Cs) to meet decommissioning liabilities are expected to be invoked as more oil and gas companies are at risk of being left to pick up a defunct partners' liabilities. /content/tfb/news/dcwn_10February20211064.htm 10 Feb 2021 By Mark Ford trade-finance-news Trade finance digitisation provider Bolero has signed a formal partnership agreement with the dltledgers blockchain platform for trade execution. This opens the way for importers and exporters for the first time to execute physical trades, end-to-end, without sending paper documents. /content/tfb/news/dcwn_08February2021103559.htm 08 Feb 2021 By Mark Ford trade-finance-news The UAE's export credit insurer says it issued 420 million UAE dirham (AED420 million - US$114 million) of trade credit support to small- and medium-sized enterprises (SMEs) in the 11 months to November 2020. /content/tfb/news/dcwn_05February20219357.htm 05 Feb 2021 By Mark Ford trade-finance-news WeWork has filed a complaint alleging one of its landlords violated its lease agreement for a property in New York by threatening to draw down a multi-million dollar letter of credit (L/C). /content/tfb/news/dcwn_03February2021131416.htm 03 Feb 2021 By Mark Ford trade-finance-news Three of the six banks named as letter of credit (L/C) or other trade finance providers for major oil deals with the Amazon region have decided to stop financing traders dealing in crude oil from Ecuador. /content/tfb/news/dcwn_01February2021114845.htm 01 Feb 2021 By Mark Ford trade-finance-news The Ontario Court of Appeal has overturned a decision of a lower court and found that a letter of credit (L/C) issued by a third-party lender as security for a tenant's obligations under a lease must be honoured in full, even in the event of a tenant becoming bankrupt. /content/tfb/news/dcwn_29January2021115516.htm 29 Jan 2021 By Mark Ford trade-finance-news CAC International Bank has been recognised as the best bank in Djibouti in The Banker publication's Bank of the Year Awards 2020. /content/tfb/news/dcwn_27January202185747.htm 27 Jan 2021 By Mark Ford trade-finance-news Banco Nacional de Angola (BNA - National Bank of Angola) has adjusted the limits for exchange operations on imports of goods on letter of credit (L/C) and advance payment terms. /content/tfb/news/dcwn_26January2021115249.htm 26 Jan 2021 By Mark Ford trade-finance-news The Australian Prudential Regulation Authority (APRA) has published new guidelines for authorised deposit-taking institutions (ADIs) on the measurement of credit risk weighted assets relating to insurance standby letters of credit (L/Cs). /content/tfb/news/dcwn_25January20219197.htm 25 Jan 2021 By Mark Ford fraud-news India's Central Bureau of Investigation (CBI) has raided several premises, including those of Delhi-based Jay Polychem India in connection with allegations that they fraudulently obtained letters of credit (L/Cs) to cause losses of a total of the equivalent of around US$270 million to a consortium of 13 banks. /content/tfb/news/dcwn_22January202193030.htm 22 Jan 2021 By Mark Ford trade-finance-news Developer, owner and operator of utility-scale renewable energy assets, Vesper Energy has closed a new letter of credit (L/C) facility with Macquarie Group for up to US$100 million. /content/tfb/news/dcwn_21January202113217.htm 21 Jan 2021 By Mark Ford fraud-news Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to provide straight through processing of letters of credit (L/Cs) and guarantees. /content/tfb/news/dcwn_20January2021115523.htm 20 Jan 2021 By Mark Ford trade-finance-news OCBC Bank has developed a framework that makes it simpler and less costly for Singaporean small- and medium-sized enterprises (SMEs) to access sustainable financing of up to 20 million Singaporean dollars (S$20 million - US$15 million) to accelerate their sustainability plans. /content/tfb/news/dcwn_18January2021123426.htm 18 Jan 2021 By Mark Ford trade-finance-news HDBank of Vietnam has processed its first blockchain letter of credit (L/C) transactions since joining the Contour blockchain trade finance network last year (DC World News, 19 June 2020). /content/tfb/news/dcwn_15January2021112135.htm 15 Jan 2021 By Mark Ford trade-finance-news Union Bank of Nigeria (UBN) has become a participant in the International Finance Corporation's (IFC's) Global Trade Finance Programme (GTFP) under which the World Bank Group member will guarantee letters of credit (L/Cs) and other trade finance instruments. /content/tfb/news/dcwn_13January202111350.htm 13 Jan 2021 By Mark Ford trade-finance-news Recent US unilateral financial sanctions imposed on Iran are cutting off Iranian banks from the international banking system, making letters of credit (L/Cs) to import medicine and food into the Islamic republic much more difficult to obtain according to a professor who teaches international business at the George Washington University. /content/tfb/news/dcwn_12January2021143329.htm 12 Jan 2021 By Mark Ford trade-finance-news City Bank has become the first Bangladeshi bank to execute a cross-border letter of credit (L/C) transaction under a Shariah-based financing arrangement executed using blockchain technology on the Contour network. /content/tfb/news/dcwn_11January202114435.htm 11 Jan 2021 By Mark Ford trade-finance-news Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department's Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions. /content/tfb/news/dcwn_11January202114344.htm 11 Jan 2021 By Mark Ford trade-finance-news Blockchain trade finance network Contour has announced a partnership with TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents. /content/tfb/news/dcwn_08January202192949.htm 08 Jan 2021 By Mark Ford trade-finance-news The UK has published its 2020 National Risk Assessment (NRA), the third comprehensive assessment of money laundering and terrorist financing risk in the country. /content/tfb/news/dcwn_06January202120152.htm 06 Jan 2021 By Mark Ford trade-finance-news The Asian Development Bank (ADB) is making available a US$500 million Vaccine Import Facility to support the efforts of its developing members to secure safe and effective vaccines, as well as the goods that support distribution and inoculation. /content/tfb/news/dcwn_04January202192214.htm 04 Jan 2021 By Mark Ford trade-finance-news Executives at Chinese telecommunications giant, ZTE Corporation have approved a plan to seek credit facilities that will improve the Chinese multinational telecommunications equipment and systems company's access to letters of credit (L/Cs). /content/tfb/news/dcwn_02January2021104923.htm 31 Dec 2020 By Mark Ford trade-finance-news The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has launched a new standalone letter of credit (L/C) confirmation instrument as part of its strategy to expand its private sector interventions. /content/tfb/news/dcwn_29December2020101154.htm 29 Dec 2020 By Mark Ford fraud-news International shipping and commodity law firm Helmsman has held a webinar discussing issues relating to letter of credit (L/C) payments related to sale and purchase (S&P) of commodities, S&P of ships from financially troubled companies facing fraud allegations, and trafficking in spent bills of lading. /content/tfb/news/dcwn_23December202010158.htm 23 Dec 2020 By Mark Ford trade-finance-news Israel's supervisor of banks, Yair Avidan, has written a guidance note to the country's banks warning them of the risks associated with conducting letter of credit (L/C) and other transactions with banks in the UAE. /content/tfb/news/dcwn_21December20201181.htm 21 Dec 2020 By Mark Ford trade-finance-news Door-to-door deliveries of letters of credit (L/Cs) have helped Commercial Bank of Ceylon win the Best Trade Finance Bank in the Sri Lanka category for the third year in a row at the 2020 Asian Banker Transaction Awards. /content/tfb/news/dcwn_18December202093412.htm 18 Dec 2020 By Mark Ford trade-finance-news Bangladesh Bank is assisting local exporters transact on open account terms as a result of recent policy changes in Bangladesh. /content/tfb/news/dcwn_17December202094753.htm 17 Dec 2020 By Mark Ford trade-finance-news Contour has announced that HSBC has become the first bank to go live on its global trade finance network that provides digitised letters of credit (L/Cs). /content/tfb/news/dcwn_16December202010054.htm 16 Dec 2020 By Mark Ford trade-finance-news Bank of China is suing BP for allegedly fabricating oil deals with collapsed oil trader Hin Leong which involved the oil major withdrawing a total of US$125.7 million on three letters of credit (L/Cs) in early February 2020 from Bank of China.