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Japanese prosecutors have amended one of their indictments against former Nissan Motors chairman Carlos Ghosn, alleging that he received US$20 million from Saudi Arabian businessman, Khaled Al Juffali.
A court in the US state of Florida has dismissed Fluor Enterprises' claim that Duke Energy wrongfully drew down a US$67 million letter of credit (L/C) issued in connection with Fluor's construction of a gas-fired electrical generation facility in Citrus County, Florida.
A Canadian oil company has had its licence to produce oil withdrawn for failing to produce the letter of credit (L/C) the Albanian government wanted to guarantee that work specified in its licence would be completed.
Blockchain letter of credit (L/C) application consortium Voltron has grown to include more than 50 banks and corporates following the completion of trials.
Range Resources has announced that a court in Colombia has finally approved the settlement of a dispute over letters of credit (L/Cs) and work commitments in the country.
HSBC has entered into an 'unusual' loan deal with Arcadia, the UK-based retail group owned by Philip Green.
The Asian Development Bank (ADB) has approved an umbrella facility of up to US$100 million to provide financing support for letters of credit (L/Cs), loans and guarantees to overcome constraints to private sector investment in renewable power projects in Pacific island countries.
Letter of credit (L/C) backing for a bond may help contain a debt crisis at one of China's best known private equity houses, but it appears to justify long held concerns about lenders providing Chinese L/C backed bonds.
Yemen's central bank in the southern port of Aden says it is ready to supply commercial and Islamic banks with additional foreign currency.
One of South Africa's 'big five' banks says it will offer Sharia compliant letters of credit (L/Cs) alongside several more new Islamic banking offerings.
British industrialist Sanjeev Gupta's GFG Alliance has completed the acquisition of Diamond Bank UK.
Sri Lanka's credit system liquidity is expected to receive a boost after cash tied up in import letters of credit (L/Cs) for cars was released into the banking system according to the governor of the Central Bank of Sri Lanka.
Paperless trade solutions provider essDOCS has entered into an agreement to integrate its CargoDocs Doc Ex solution into the blockchain-based Voltron application. Voltron, which is developed on R3's Corda platform, provides a multi-bank channel for companies to digitally manage the issuance of letters of credit (L/Cs) and electronic presentation of trade documents, including title documents such as bills of lading (B/Ls).
German integrated lifestyle clothing company Tom Tailor has used its environmental, social and governance (ESG) framework to introduce supply chain financing solutions to replace the letters of credit (L/Cs) it used to rely on in transactions with suppliers and distributors.
Zimbabwe's cooking oil producers and the country's central bank governor appear to be at odds over whether foreign currency and letters of credit (L/Cs) are available for the raw materials the manufacturers need.
Excellent delivery of letter of credit (L/C) offerings has been a factor behind several banks doing well in Asiamoney's Middle East Awards, 2019.
Since the publication of the joint 2017 Wolfsberg Group, ICC and BAFT Trade Finance Principles, much has happened in the way of discussion and cooperation between various industry groups in the space of financial crime related to trade finance.
This updated edition has been expanded to offer more detail around what is meant by various risk mitigation activities.
Sberbank has announced its first ever Sharia compliant letter of credit (L/C) as it looks to expand its Islamic financing offerings in the Gulf region.
The ICC Banking Commission conducted a survey on the legal status of eB/Ls when converted from an electronic record. This report sets out the relevant issues found and the results of the survey, which covered ten jurisdictions.
The government of Ethiopia has launched a study assisted by World Bank experts with the aim of liberalising the country's financial system.
The City of Calgary has substantially replaced the requirement for property developers to put up letters of credit (L/Cs) to guarantee they fulfil their construction contracts and associated obligations with a Development Surety Bond (DSB).
The Indian Banks' Association (IBA) is still seeking clarification on how to treat letters of credit (L/Cs) and bank guarantees under the country's new banking guidelines.
Australian wool exporter Fox & Lillie and HSBC say they have completed the first Voltron blockchain network transaction with a digitised letter of credit (L/C) between Australia and China for a wool shipment.
Recently licensed recreational cannabis retailers in Ontario are facing a draw down on letters of credit (L/Cs) for failing to open bricks-and-mortar stores in the Canadian province.
The UAE's Etihad Credit Insurance (ECI) has partnered with First Abu Dhabi Bank (FAB), to cooperate in developing enhanced letter of credit (L/C) and other trade finance offerings.
Egypt will go back to paying its grain suppliers on letter of credit (L/C) terms with payment within 180 days instead of immediately according to a government source.
The China Banking Association (CBA) has launched a blockchain-based trade finance platform with the aim of improving the efficiency of Chinese trade finance.
Citigroup has quietly shelved its plans for a bank-backed cryptocurrency but remains keen to pursue the use of blockchain applications in other areas according to Citi's global head of innovation for treasury and trade solutions, Gulru Atak.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
Vakt, a company aiming to modernise commodity trading by blockchain, has announced it has received investment from three new strategic investors.
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.