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German businesses can obtain L/Cs for trade with Iran from banks claims UANI

Smaller German businesses can still obtain letters of credit (L/Cs) to do business with Iran from banks in Germany, despite US sanctions that have made L/Cs hard to obtain from banks across the world according to a report published last week by United Against Nuclear Iran (UANI).

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Fitch assigns 'A' rating to L/C enhanced bond

Fitch Ratings has assigned China's Neijiang Investment Holding Group's proposed US dollar credit-enhanced bonds an A rating.

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Traydstream partners with Infosys Finacle to drive blockchain based L/C automation.

Traydstream, a fintech company specialising in trade document scrutiny using artificial intelligence (AI), has announced the signing of a joint partnership agreement with a subsidiary of information technology major Infosys.

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L/Cs included in new Texan challenger bank offering

Gulf Capital Bank (GCB), the first new bank to open in Houston in the US state of Texas in over a decade, is including letters of credit (L/Cs) in its service offering.

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Pandemic has greatly affected growing global L/C confirmation industry

The coronavirus pandemic has greatly affected the global letter of credit (L/C) confirmation industry according to a report published by Allied Market Research.

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Bahrain's Bank ABC deploys Finastra platform to meet increased L/C demand

Bahrain-based Bank ABC has deployed the Fusion Trade Innovation platform to standardise its core wholesale banking systems and processes and meet a dramatic increase in demand for export letters of credit (L/Cs) according to Finastra, the fintech software vendor that developed the platform.

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Vietnam's HDBank joins Contour to improve L/C

HDBank of Vietnam has joined the Contour blockchain letter of credit (L/C) platform to increase its ability to extend trade financing to more corporates.

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Contour and Chinsay blockchain partnership to improve L/C communications

Contour, the blockchain-based open industry platform formerly known as Voltron, has announced a partnership with Chinsay, a technology company specialising in supply chain data capture and risk management.

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L/C fraudster tops list of India's wilful defaulters

Gitanjali Gems, the company owned by Mehul Choksi, who, along with his nephew celebrity jeweller Nirav Modi, engineered a massive bank fraud in the Indian diamond sector, tops the list of "wilful defaulters" released by the Reserve Bank of India (RBI).

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Afreximbank brings Zimbwabe's banks together to create model L/C

The African Export-Import Bank (Afreximbank) is providing training to bankers to help enhance their technical skills in letters of credit (L/Cs) and other aspects of trade finance.

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Winson demands US$21.5 million for dishonoured L/C in trade with Hin Leong

Singapore based Winson Group is demanding 30.4 million Singaporean dollars (SG$30.4 million - US$21.5 million) from Oversea-Chinese Banking Corporation (OCBC) for dishonouring a letter of credit (L/C) the bank issued in respect of a trade with Hin Leong Trading.

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Contour partners with TradeCloud to expand digital L/C offering

Contour, the blockchain based open trade finance network formerly known as Voltron, has announced a partnership with TradeCloud, a digital portal for producers, consumers and traders.

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ICC says up to US$1.9 trillion needed to support post-pandemic trade credit, including L/Cs and guarantees

The International Chamber of Commerce (ICC) has said a large proportion of a possible US$5 trillion of trade credit that will be needed to enable a rapid recovery from the coronavirus crisis will be needed to provide capacity in the bank-intermediated market, including letters of credit (L/Cs) and bank guarantees.

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Counting the costs and assessing the implications for L/Cs after commodity trader mega-failures

Banks are beginning to count the cost of mega-failures amongst commodity traders, notably in Singapore and Dubai, whose less than rigorous trading practices and in some cases suspected fraud have been exposed by the impacts of the coronavirus pandemic.

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Angola issues clarification on L/C settlements

Banco Nacional de Angola (BNA - National Bank of Angola) has issued a clarification on the Angolan settlement of letters of credit (L/Cs) in favour of the exporter.

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SEC says L/C trigger for bribery payment featured in ex-Goldman Sacks executive's web of corruption

A former managing director of Ghana's Tema Oil Refinery (TOR), Asante Berko, has been charged under the US' Foreign Corrupt Practices Act (FCPA).

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SWIFT delays big changes to standby L/C and guarantee messaging

Due to the impacts of the coronavirus pandemic, electronic messaging platform SWIFT has delayed their ISO 20022 migration date for cross-border payments from November 2021 to the end of 2022.

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DLPC CorDapp to promote interoperability of blockchain underpinning digital L/C processing

Blockchain company Skuchain has released the DLPC CorDapp, a component of its Inventory Control & Finance (ICF) product, with the aim of promoting interoperability between trade finance blockchain applications.

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Coronavirus pushes EBRD's financing through TFP to over EUR 500 million a month for the first time

The European Bank for Reconstruction and Development (EBRD) says that financing under its letter of credit (L/C) oriented Trade Facilitation Programme (TFP) last month topped EUR 500 million (US$546 million) for the first time.

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Hertz seeks alteration of L/C terms to cope with coronavirus impacts

Hertz, the US-based car rental group, is seeking to alter terms of letters of credit (L/Cs) it uses in the course of its business as part of a fundamental restructuring of its finances.

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Contour announces first yuan-denominated blockchain L/C deal

Open trade finance network Contour has announced the completion of the first yuan-denominated blockchain letter of credit (L/C) deal between Baosteel and Rio Tinto.

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L/Cs substantially help Al Baraka Bank of Algeria to boost profits by 23 per cent

Al Baraka Bank Algeria (ABBA), one of the banking units of Bahrain-based Al Baraka Banking Group BSC (ABG), has achieved a significant growth in its net income of 23 per cent during the year 2019 compared to 2018.

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Latest ICC Trade Register 2019 Report is now available

What is the ICC Trade Register?The ICC Trade Register is an unparalleled instrument to measure global risk in trade and export finance facilitated by the International Chamber of Commerce (ICC) and the world's leading banks.

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Third year of lower default rates for L/Cs says 2019 ICC Trade Register Report

The International Chamber of Commerce (ICC) has released its 2019 Trade Register Report, revealing that default rates for letters of credit (L/Cs) are a little lower than those recorded in the 2018 report.

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US extends L/C support for agricultural exports

The US Department of Agriculture (USDA) is extending its support for the country's food producers by providing coverage for exports under sight letters of credit (L/Cs) without refinancing under the Commodity Credit Corporation's Export Credit Guarantee Programme (GSM-102).

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Giant Indian urea buyer says it may not be able to open L/Cs

Metals and Minerals Trading Corporation of India (MMTC) has said that it may not be able to obtain letters of credit (L/Cs) for purchases of urea from sellers.

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Indian court injunction on grounds force majeure caused by pandemic may be precedent for L/C guarantees

A court in Delhi has granted Halliburton Offshore Services of the US an interim injunction preventing the originally Indian natural resource giant Vedanta from invoking or encashing a bank guarantee on the grounds of force majeure created by the coronavirus lockdown.

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Singapore's largest bank's L/C exposure to troubled oil markets

Singapore's largest bank, DBS, has said that its oil and gas loans, which include a substantial number of letter of credit (L/C) backed loans, is the most exposed portion of its portfolio of loans to industries suffering severe difficulties as a result of the negative impacts of the coronavirus pandemic.

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L/C-focused Komgo looks to broaden its offerings as Citi increases its investment

Global banking giant Citi has increased its equity stake in Komgo, the trade finance platform that is currently focused on letters of credit (L/Cs), account receivables financing, and know-your-customer (KYC) processing.

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Lawyers advise on L/C issues for lessors in the transport leasing sector

Lawyers at the Asset Finance Group at Allen & Overy LLP have outlined some of the issues arising from the coronavirus pandemic that lessors with the benefit of security for unpaid rent or maintenance reserves in the form of a letter of credit (L/Cs) may face.

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How banks are going digital to manage covid-19

A collection of rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of Covid-19.

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M&S offers suppliers L/C terms and vendor finance to minimise supply chain disruption

One of the UK's largest retailers, Marks and Spencer (M&S), is offering its garment suppliers letter of credit (L/C) terms and vendor financing in its efforts to minimise supply chain disruption caused by the coronavirus pandemic.

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L/Cs can now be frozen under Egypt's amended terrorism financing law

Letters of credit (L/Cs) used by individuals and entities in Egypt affiliated with terrorist groups can now be frozen after the Council of Ministers approved draft amendments to legislation on terrorist financing.

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Indian railway on a mission to convert SMEs to L/C terms

India's North Central Railway (NCR) has held a vendor meeting at its headquarters in Allahabad, a city in the state of Uttar Pradesh, to persuade its suppliers to use domestic letters of credit (L/Cs) when doing business with the railway company.

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More L/Cs expected post-lockdown to meet Indian demand for Chinese solar equipment

China-based manufacturers of photovoltaic solar (PV solar) equipment are increasingly moving to letter of credit (L/C) terms for sales of goods to India.

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RBZ's L/C support for grain insufficient to avert shortages

The Reserve Bank of Zimbabwe's (RBZ) promise of letters of credit (L/Cs) worth US$10 million to import grain from various African countries appears not to have helped sufficiently with the government's efforts to provide hard currency to avert severe grain shortages.

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ABN Amro files applications against Hin Leong for L/C related charges

ABN Amro Bank has lodged a claim against Hin Leong Trading, the Singaporean oil trading giant that has appointed advisors and filed for protection from creditors.

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L/Cs feature in Bank of Maldive's working capital facility

Letters of credit (L/Cs) feature in Bank of Maldives' (BML's) new unsecured Working Capital Finance (WCF) facility.

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Singapore's DBS Bank claims 'industry first' L/C financing on CamelONE's TFP

Singapore's DBS Bank claims it has closed another 'industry-first' with the completion of the first trade financing settlement through CamelONE's Trade Finance portal (TFP).

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Indian court rejects coronavirus impacts as force majeure on L/C obligations

Indian steel importers cannot declare force majeure based on the impacts of the coronavirus pandemic to block letters of credit (L/Cs) with South Korean suppliers, the Mumbai High Court has ruled.

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