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International banks agree to disclose steel-related loan emissions, but L/C reporting is voluntary

Six international banks - Citi, Crédit Agricole CIB, ING, Standard Chartered, Société Générale and UniCredit - have signed up to an agreement to measure and disclose their steel-related loan emissions via the Sustainable STEEL Principles (SSP), the first climate-aligned finance agreement for the steel industry.

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India's DGFT seeking L/C details for stranded rice exports

India's Directorate General of Foreign Trade (DGFT) is reportedly seeking details of stranded rice cargoes for which agreements and letters of credit L/Cs pre-date restrictions on rice exports.

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Pakistan's business leaders call for government action to end L/C delays

Despite Pakistan's measures to revive letter of credit (L/Cs) flows to rekindle manufacturing output, the country's business leaders say delays in L/Cs for imports of raw materials, machinery and equipment are still badly affecting production. They are calling for more government measures to facilitate L/C flows.

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US commerce department faces criticism over L/C guarantee demands

Republican lawmaker Andy Harris has sent a letter to US commerce secretary Gina Raimondo regarding the National Telecommunications and Information Administration's (NTIA's) requirements for its Infrastructure Investment and Jobs Act (IIJA) broadband programmes.

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J P Morgan - Cleareye.ai alliance to automate L/C document examination and complement UCP and ISBP rules

J P Morgan has entered into a global strategic alliance with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to digitise trade finance due diligence processing.

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RBI approves blockchain-based cross-border payment systems

India's central bank has approved a second cohort of neo-banking companies in its regulatory sandbox programme that have proposed blockchain-based cross-border payment systems that could be used as an alternative to letters of credit (L/Cs) by some Indian exporters.

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Keppel O&M entity wins interim injunction forbidding payment on US$126.6 million standby L/C

Keppel Corporation has been granted an interim injunction by the Singapore Court to restrain any payment or receipt of money under a US$126.6 million standby letter of credit (L/C) it had provided in favour of an unnamed customer in relation to an historical rig contract with its Keppel Offshore & Marine subsidiary.

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Pakistan eases restrictions for exporters opening L/Cs, continues to restrict non-essential imports

Pakistan's finance minister, Miftah Ismail, has said he is not in favour of further relaxing restrictions on import letters of credit (L/Cs) imposed with the aim of protecting the country's

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Contour acquires we.trade's assets to bring digital open account proposition alongside L/C offering

Contour, one of the world's largest blockchain trade finance networks, has announced that it is acquiring the rulebook and other associated legal documents from the we.trade Innovation DAC joint-venture company owned by 12 European banks.

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Arkansas internet service providers object to L/C guarantee demands

Internet service providers (ISPs) in Arkansas have expressed concerns over how the use of letters of credit (L/Cs) in newly revised grant funding requirements could hamper broadband internet expansion across the US state.

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L/C facilitates Reliance Industries' unexpected dramatic entrance in the wheat market

Best known for its activities in the energy, petrochemicals and textiles sectors, a subsidiary of Indian conglomerate Reliance Industries - the country's largest publicly traded company - has become India's second largest wheat exporter, despite a ban on wheat exports.

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Aquila acquires Cibar to extend its international trade finance reach

Canadian investment house Aquila has announced the acquisition of US-based software development company Cibar, which includes letter of credit (L/C) solutions amongst its portfolio of offerings for the international trade finance industry.

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Standby L/Cs preferred collateral choice for captive insurance companies

Standby letters of credit (L/Cs) are still the most popular collateral choice for captive insurance companies according to the senior vice president and manager of Comerica Bank's global and captive insurance group, Martin Ellis.

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Bolero and CHIMEI complete shipment under L/C terms in 3 days

Cloud-based trade finance digitisation solutions provider, Bolero International, and Taiwan-based performance materials producer, CHIMEI, have completed a shipment under letter of credit (L/C) terms with a short shipment duration of just a few days.

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Ecuador's state oil company tells Trafigura not to import Russian oil amidst sanction concerns and L/C difficulties

Ecuador's state oil company has told commodity trader Trafigura Group to avoid importing Russian fuels into the country amid concerns it may become further entangled in sanctions difficulties according to the Bloomberg news agency.

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Egypt to facilitate import L/Cs for raw materials and spare parts

Egypt's minister of trade and industry, Ahmed Samir, says his ministry is working to ease restrictions placed on letter of credit (L/C) issuance to the country's exporters.

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StanChart and ADM launch US$500 million sustainable export L/C programme

Multinational food processing and commodities trading corporation ADM and Standard Chartered have launched the bank's first green trade export letter of credit (L/C) programme in Singapore, London, and New York.

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Bank Muscat's new trade finance portal features L/C functionality

Bank Muscat has launched a new trade finance portal for corporate customers that includes capabilities for letter of credit (L/C) management and processing.

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L/Cs underpin revival of Saudi Arabia's commercial import financing to surpass pre-pandemic levels

Letters of credit (L/Cs) are underpinning a revival of Saudi Arabia's private sector import financing, which has now surpassed pre-pandemic levels, according to data released by the Saudi Arabian Monetary Authority (SAMA).

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L/C exposures in missing US$500 million of Chinese trader's copper

Switzerland-based traders Glencore and IXM have ceased supplying metals to China-based metals merchant Huludao Ruisheng after the disappearance of nearly US$500 million in copper, a report in the Financial Times (FT) has revealed.

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Complex set of L/Cs and guarantees feature in largest infrastructure PPP in Latin America

A syndicate of ten commercial banks and development agencies has secured financing for the US$3 billion São Paulo Metro Line 6 project in Brazil.

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EU announces exception to Russian oil import ban, L/C issuers take note

The European Commission (EC) has issued a notice providing an exception to its initial total ban on imports into the European Union (EU) of Russian oil mixed with oil of other origin.

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Honda and Kia join Toyota and Suzuki in production cuts due to forex, L/C and raw material shortages in Pakistan

Honda and Kia are joining Toyota and Suzuki in partially shutting down vehicle assembly operations in Pakistan due to computer chip and other raw material shortages, supply chain disruption, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials (DC World News, 1 August 2022).

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Deutsche Bank partners with Traydstream to automate document checking

Deutsche Bank has partnered with London-based fintech Traydstream to automate document checking for the bank's trade finance products.

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Sight L/Cs could help boost trade between developed and emerging markets

Commercial letters of credit (L/Cs) payable at sight could help boost trade between sellers in developed markets and buyers in emerging markets according to vice president, trade & working capital sales, EMEA at J P Morgan.

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Infosys subsidiary and six banks to pilot India's blockchain-based trade finance solution

A subsidiary of Bangalore-headquartered multinational information technology giant, Infosys, is to work with six banks to pilot India's International Financial Services Centres Authority's (IFSCA's) blockchain-based trade finance solution.

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AfDB and TBD risk participation agreement expected to boost L/C flows in eastern and southern Africa

The African Development Bank Group (AfDB) has approved a US$175 million trade finance funded risk participation agreement (RPA) facility with the Trade & Development Bank (TDB), the trade and development financial institution operating in eastern and southern Africa.

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Forex, L/C and raw material shortages trigger partial shut down of Toyota and Suzuki assembly lines in Pakistan

Toyota and Suzuki are to partially shut down vehicle assembly operations in Pakistan this month due to raw material shortages, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials according to the Reuters news agency.

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Economic conditions and foreign currency shortages impacting on L/C business

Less developed and lower middle income countries across the world are reporting disruptions in letter of credit (L/C) flows as they struggle to cope with tough economic conditions and foreign currency shortages.

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Sberbank added to EU sanctions list

Sberbank, a major player in Russia's letter of credit (L/C) market is amongst 10 new Russian entities now on the EU's sanctions list which also features 54 more individuals.

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Banks and the Mehta family in fresh legal moves over alleged US$1 billion Winsome Diamonds fraud

The high court in London has issued a US$1 billion worldwide asset freezing order against Jatin Mehta, his wife Sonia, their sons Vishal and Suraj, along with a business associate Haytham Obidah.

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Bangladeshi banks reluctant to open L/Cs for Russian grain suppliers

Talks in progress for the supply of Russian grain to Bangladesh are being held up by the reluctance of Bangladeshi banks to open letters of credit (L/Cs) in favour of Russian suppliers, according to Russia's ambassador to Bangladesh, Ekaterina Semenova.

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L/C service and innovation helps banks and fintechs win GTR Leaders in Trade awards

Several winners of the recently announced 2021 Global Trade Review (GTR) Leaders in Trade awards are credited for their achievements in the provision of letter of credit (L/C) services.

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Bangladesh introduces measures to improve L/C availability

Bangladesh Bank (BB) has said it will increase the supply of US dollars in the country's foreign exchange market by freeing up funds currently reserved to settle back-to-back letter of credit (L/C) liabilities.

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US urges banks writing L/C business to be vigilant against evasion of sanctions imposed on Russia and Belarus

Banks providing or handling payments supported by letters of credit (L/Cs) are amongst financial institutions that the US' Financial Crimes Enforcement Network (FinCEN) and the US department of commerce's Bureau of Industry and Security (BIS) are urging to be vigilant against efforts by individuals or entities to evade national export controls implemented in connection with Russia and Belarus.

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Pan-African Ecobank reports surge in L/C business

Pan-African conglomerate Ecobank is reporting a significant increase in the value of letter of credit (L/C) business it is writing as it focuses on what its CEO describes as the group's "intent to be the preferred trade bank for sub-Saharan Africa".

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Russian oil for China and coal for India bypassing L/C-limiting restrictions

China and India, two of Russia's major export markets, are managing to construct trade deals that enable their importers to continue taking delivery of Russian fuel that before Moscow's invasion of Ukraine would have been paid for using dollar denominated letters of credit (L/Cs).

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L/Cs included in enhanced credit management strategies to mitigate against surging inflation

Businesses in the US, Mexico and Canada are including letters of credit (L/Cs) in enhanced credit management strategies designed to mitigate the impact of the alarming surge of inflation on businesses, and the consequent need to take measures to protect their profitability and viability according to global credit insurer Atradius.

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Egypt's controversial import L/C requirement stifling access to key goods

Egypt's new rules requiring importers to use letters of credit (L/Cs) are stifling access to essential imports for the country's own agricultural, industrial and health sectors according to a report in the Mada Masra independent Egyptian online newspaper.

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WiseTech buys Bolero to progress trade digitisation and extend global reach

Bolero International, probably the most established of global trade finance digitisation providers, has been acquired by WiseTech Global, developer of the widely used cloud-based logistics management platform, CargoWise.

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