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8minute Solar Energy says it has closed a US$225 million letter of credit (LC/) facility from a consortium of five banks.
Sumitomo Mitsui Financial Group (SMBC) says that it is joining two letter of credit (L/C) focused blockchain trade finance consortia, komgo and Contour.
India has handed over ten broad-gauge diesel-engined locomotives to Bangladesh in support of 17 railway sector projects that are part of a letter of credit (L/C) based assistance scheme extended by India to Bangladesh.
Evidence that companies are turning to letters of credit (L/Cs) as they adapt to working under coronavirus crisis conditions has been underlined by UK-based wireless communication technology provider CyanConnode Holdings when it announced its audited results for the 15-month period ended 31 March 2020.
London-based Tradeteq, which claims to be the first electronic trading platform for the institutional trade finance market, says that small- and medium-sized enterprises (SMEs) will find it harder to access letters of credit (L/Cs) in the wake of the coronavirus pandemic.
The US treasury department's Office of Foreign Assets Control (OFAC) has named several Iranian metals companies as Specially Designated Nationals (SDNs).
Indonesian police have brought multiple charges against captured fugitive Maria Pauline Lumowa, who allegedly used a fictitious letter of credit (L/C) to obtain bank loans.
Lebanon's central bank has said that letter of credit (L/C) openings have declined by more than 90 per cent as the country struggles with a failing economy, a hard currency shortage, the impacts of the coronavirus pandemic and the devasting 4 August explosion at Beirut port.
The Co-operative Bank of Kenya (CBK) is offering a new Import Duty Finance product to add to the range of services already offered by the bank, including letters of credit (L/Cs).
New report from the industry coalition GSCFF addresses head-on the criticisms relating to impact on suppliers, financial reporting and potential credit and liquidity risks
Credit Bank of Moscow (CBM) has signed a multicurrency loan agreement with one of Russia's largest clothing retailers, O'stin, and announced that it can now open renminbi denominated letters of credit (L/Cs) for its purchases from Chinese suppliers.
Japan's MUFG Bank has completed its first complete transaction using Trakk, a blockchain system that builds document audit trails to guard against fraud and falsification.
The chief executive officer (CEO) of Contour, the blockchain based open trade finance network formerly known as Voltron, has shared his views with the Reuters news agency on a blockchain transaction executed earlier this year between global miner Rio Tinto and China's Nanjing Iron & Steel.
The issuance of letters of credit (L/Cs) and other trade finance instruments is becoming more difficult as a result of the coronavirus pandemic according to the World Economic Forum (WEF).
Norway's largest bank, DNB, is ready to switch to new online versions of both its front and back-end solutions that are already compliant with rigorous changes to SWIFT messaging protocols that do not now come into force until November 2021 according to the bank's technology provider, Surecomp.
A security deposit alternative to letters of credit (L/Cs) put up by tenants to guarantee payment of rent to commercial landlords is on offer from fintech company, TheGuarantors.
Sustained letter of credit (L/C) business with Libya is one reason given by Fitch Ratings why it has affirmed Arap Turk Bankasi's (ATB's) long-term local and foreign currency issuer default ratings at 'B+' with a negative outlook.
One of the world's largest publicly traded uranium companies, Cameco is asking the Canadian government to return the letter of credit (L/C) the miner submitted to guarantee payment to the Canada Revenue Agency (CRA) if it were proved that it had paid insufficient taxes.
Société Générale is closing its Singapore trade commodity finance unit after the collapse of oil trader Hin Leong Trading prompted the bank to call a halt on fresh funding for commodity deals in the region.
Singapore's DBS Bank has joined Contour's open trade network, which is built on blockchain technology company R3's Corda platform.
Commercial landlords in the US may be more inclined to look to letters of credit (L/Cs) to protect themselves from unexpected bankruptcies precipitated by the economic fallout of the coronavirus pandemic according a partner in the Orlando office of law firm Shutts & Bowen.
Interest payments on Hertz Vehicle Financing II asset-backed securities (ABS) funded by draws on existing letters of credit (L/Cs) are a key element in the troubled vehicle rental giant's interim settlement and agreement with investors holding those securities.
Legislators in the Philippines are considering the introduction of a regulatory framework for virtual banks that would enable them to issue some letters of credit (L/Cs).
An Indian court has denied relief to a jewellery exporter that asked its bank to stop payments on letters of credit (L/Cs) after its cash flow dried up as a result of business disruption caused by the coronavirus pandemic.
Payment delays in Asia have increased and as the region learns to cope with business disruptions caused by the coronavirus pandemic, in some countries volumes of letter of credit (L/C) business look likely to increase according to new economic research by trade credit insurer Atradius.
Digital trade is a key priority for banks in the International Chamber of Commerce's (ICC) 11th annual Global Survey on Trade Finance.
The Indian government is looking to digitalise letters of credit (L/Cs) and other trade documentation as part of its electronic Port Community System (PCS).
Several BP trading staff in Singapore have been placed on leave because their names have appeared in court documents filed by banks in their dispute with several commodity traders Bloomberg has reported.
The coronavirus pandemic coupled with an increasingly bitter US-China trade war have precipitated a deterioration in payment practices across Asia according to a survey by Atradius.
A senior executive of a listed company subsidiary and two directors of two construction companies are amongst four people charged by Hong Kong's Independent Commission Against Corruption (ICAC) for their alleged roles in a 75.3 million Hong Kong dollars (HK$75.3 million - US$9.7 million) letter of credit (L/C) fraud involving over HK$1.7 million in bribes and money laundering.
Surecomp has announced the opening of its Application Programming Interfaces (API) architecture to customers in a test environment.
The Reserve Bank of India (RBI) has imposed a 40 million Indian rupee (US$530,000) fine on Citibank for failing to comply with banking regulations and non-compliance with the central bank's directions.
UPS Capital is looking to develop trade finance offerings that may provide alternatives to letters of credit (L/Cs) and may be particularly appropriate for small- and medium-sized enterprises (SMEs).
Liberia's supreme court has ordered a lower court to enforce its 2019 judgment against the Guaranty Trust Bank (GT Bank) to issue Doramart Trade Limited (DTL) a letter of credit (L/C).
Delta Air Lines has amended its US$2.65 billion credit facility agreement so that it now features a new standby letter of credit (L/C) facility.
Interpol has once more posted a red corner notice against fugitive celebrity jeweller Nirav Modi's stepbrother on its web site after taking it down last year when Nehal Deepak Modi launched an appeal against the notice.
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).
Fitch Ratings has assigned China's Neijiang Investment Holding Group's proposed US dollar credit-enhanced bonds an A rating.