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The slow and non-transparent process for letter of credit (L/C) approval in Libya is prompting most firms to use European banks when they do business on L/C terms with counterparties in Libya, the US state department says in its latest analysis of the North African country's investment climate.
Deutsche Bank is contributing to the energy transition by providing letters of credit (L/Cs) to US clean energy company, Intersect Power, for the construction and operation of three standalone battery energy storage systems (BESS) in Texas.
The Canadian province of Saskatchewan has employed a letter of credit (L/C) to forestall the Canada Revenue Agency's (CRA's) efforts to reclaim C$56 million (US$41 million) in federal carbon tax.
India's largest engineering and construction company, Larsen & Toubro (L&T), is expecting better access to letters of credit (L/Cs) as a result of ratings higher than the sovereign's 'BBB-' rating.
Insurers typically request insureds to provide collateral as security for their obligations under a reimbursement or reinsurance agreement. This most commonly comes in the form of a letter of credit (L/C). Each year, an L/C can cost an insured tens of thousands of pounds in fees.
A new political party in Ghana is proposing a radical reform of the country's banking sector that would see the government establishing banks that would issue letters of credit (L/Cs) to support public sector projects.
Iran's central bank chief, Mohammad Reza Farzin, is continuing to call for closer financial ties with Russia that would facilitate letter of credit (L/C) and other transactions between Iranian and Russian banks.
The latest ICC Opinions from the Banking Commission Meeting held in July 2024 are now available under the Trade Finance Channel of the Digital Library:
Amidst a persistently strong US dollar and fearful of shrinking foreign reserves, industry leaders in Bangladesh are hoping that Prime Minister Sheikh Hasina will successfully push the case for the use of the Chinese yuan in international transactions during his visit to China this week.
The US department of commerce's Bureau of Industry and Security (BIS) has published its first quarterly update of the boycott requester list.
Sri Lanka's major country creditors have approved a major debt restructuring deal valued at a combined US$10 billion that should allow letter of credit (L/C) flows that dried up two years ago on the island state to resume.
To support trade flows to and from Mozambique and to strengthen the country's financial sector, the International Finance Corporation (IFC) has announced the agreement of a new trade finance guarantee facility that includes letter of credit (L/C) support to First Capital Bank Moçambique (FCBM).
Zimbabwe's largest bank, CBZ Bank, says it already has customers lining up to take advantage of a new facility provided by the African Export-Import Bank (Afreximbank) that will provide them with improved access to letters of credit (L/Cs).
Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has been selected by Raiffeisen Bank International (RBI), one of the leading banks in Austria and the wider Central and Eastern European (CEE) region, to reinforce their trade finance customer engagement.
Discounted letter of credit (L/C) fees are amongst the incentives on offer from Saigon Hanoi Bank (SHB) for companies operating in Vietnam that are either wholly or partially owned by foreign investors.
A multi-million dollar letter of credit (L/C) facility features in the US$513 million financing closed last week by solar and energy storage project developer, Recurrent Energy, for its 1,200 megawatt per hour energy storage project in Arizona.
African Export-Import Bank (Afreximbank) has signed an agreement for a US$100-million trade finance facility in favour of Rawbank to assist the bank increase trade flows into and out of the Democratic Republic of Congo (DRC).
A UK appeals court has overturned a ruling against UniCredit in a high-profile sanctions case, determining that the bank was justified in refusing payments under letters of credit (L/Cs) issued prior to Russia's invasion of Ukraine.
India's Enforcement Directorate (ED) is investigating an alleged fraud related to Chadalavada Infratech Limited (CIL) and its executives who are suspected of using letters of credit (L/Cs) to fraudulently obtain the equivalent of US$23 million.
Representatives of Ukrainian companies have been meeting with their Swedish counterparts to explore new ways of doing business, including on letter of credit (L/C) terms.
Healthcare provider Novo Integrated Sciences (NIS) says HSBC has issued a 'ready, willing and able letter' that will enable the company to embark on a programme to monetise a standby letter of credit (L/C).
The African Development Bank (AfDB) has approved a US$15 million trade finance package for First Capital Bank (FCB) in Zimbabwe to help bolster intra-African commerce in line with the goals of the Africa Continental Free Trade Area.
Société Générale has launched what it describes as a global transaction banking (GTB), framework that focuses on the bank's sustainable solutions for its large corporate clients, including those writing letter of credit (L/C) business.
Surecomp has announced the completion of successful electronic bills of lading (eBL) transactions bringing together multiple parties via its collaborative trade finance platform, RIVO.
Nigeria's letter of credit (L/C) payments plunged by 63 per cent in the first quarter of 2024 compared with the same period in the previous year, according to Central Bank of Nigeria (CBN) international payments data.
The US' Bureau of Business and Security (BIS) has issued an anti-boycott advisory regarding Turkey that could impact on letter of credit (L/C) business written between the US and Turkey.
The Supreme Court of Canada (SCC) has denied leave to appeal the recent ruling by the Alberta Court of Appeal (ABCA) in the case of Pacific Atlantic Pipeline Construction (PAPC) versus Coastal GasLink Pipeline (CGL).
A surge in letter of credit (L/C) and guarantee business has helped Ameriabank to receive prestigious awards from international financial institutions in recognition of its trade finance operations.
Government financing institutions in the Philippines are including support for letters of credit (L/Cs) in financing programmes and facilities they are making available to exporters and micro, small and medium enterprises (MSMEs).
The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement to enhance access to supply chain financing for small- and medium-sized enterprises (SMEs) and support more than US$100 million in additional annual trade across Asia and the Pacific.
The Saudi Export Import Bank (Saudi Eximbank) and the Saudi National Bank (SNB) have signed an insurance agreement to enhance documentary credits and a major Murabaha agreement to finance the export of Saudi non-oil products.
Porch Group, a prominent US company specialising in homeowners insurance and home inspection software, has taken legal action against China Construction Bank (CCB), accusing the financial institution of involvement in reinsurance fraud.
India is contemplating extending guarantees on lenders' letters of credit (L/Cs) as New Delhi seeks ways to support trading links with Russian counterparties.
Letters of credit (L/Cs) have been exempted from an order from the Central Bank of Nigeria (CBN) to banks in the country to begin imposing a cybersecurity levy on many types of transactions.
The March 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Data released by the Saudi Central Bank (SCB) has revealed that a significant increase in import letters of credit (L/C) helped boost Saudi Arabia's car imports in 2023 by a massive 40 per cent.
Singapore's biggest banks are apparently responding to pressure from Washington not to participate in trade financing that could be seen to be linked to transactions that evade the G7-led price cap on Russian oil or other sanctions imposed on Moscow in response to its military action in Ukraine.
Cameroon has secured a US$800 million funding package from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB).
Landlords of WeWork with letters of credit (L/Cs) to guarantee that funds would be available to pay rent even if the now collapsed workspace provider faced financial difficulties may be able to swap their debt holdings for shares in the newly restructured company.
The International Monetary Fund (IMF) has been counting the cost of Egypt's controversial policy over the last two years to significantly limit the availability letters of credit (L/C) as a measure to control the country's balance of payments and manage foreign exchange reserves.