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Nigerian milk importers must buy on L/C terms

Bankers in Nigeria say that the country's milk importers will have to open letters of credit (L/Cs) after the central bank ordered lenders to stop processing milk imports on a credit basis.

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Lebanon's central bank steps in to support essential imports on L/C terms

Lebanon's central bank is to facilitate access to US dollars for banks that issue letters of credit (L/Cs) for importers of essential products in response to serious concerns of a US dollar shortage and possible currency devaluation.

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Stanbic Bank Uganda agrees to implement Traydstream's L/C vetting platform

Stanbic Bank Uganda (SBU) is to implement Traydstream's platform that uses machine-learning and artificial intelligence (AI) with natural language processing to create intelligent pattern recognition that enables speedy verification of regulatory compliance.

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ITFA launches new MRPA guidelines, L/Cs included

The International Trade and Forfaiting Association (ITFA) has launched its new Unfunded Master Risk Participation Agreement (MRPA) and associated user guidelines, including for letters of credit (L/Cs) for use by its members.

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Ralph Lauren announces US$500 million facility to support L/C issuance

Ralph Lauren Corporation and some of its foreign subsidiaries have entered into a definitive agreement for a major revolving credit facility under which the global fashion house can issue letters of credit (L/Cs).

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Rio Tinto and Cargill report first paperless iron ore L/C transaction

Mining giant Rio Tinto and trader Cargill, supported by HSBC Singapore and BNP Paribas, have successfully completed the first fully integrated paperless letter of credit (L/C) transaction in iron ore.

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SoftBank looks to US$2 billion L/C facility in WeWork acquisition

Japanese conglomerate SoftBank is reportedly negotiating a US$2 billion letter of credit (L/C) facility to part-finance its acquisition of troubled shared workspace provider, WeWork.

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Construction company and Canadian power generator in L/C dispute

The Canadian subsidiary of Italian multinational major construction company, Astaldi, is asking a judge to throw out an order for C$437,000 (US$332,000) in legal fees to the Muskrat Falls Corporation, a subsidiary of provincial energy utility Nalcor.

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Courts to decide on collapsed Australian engineering firm's L/C obligations

Complications surrounding letters of credit (L/Cs) and bank guarantees will feature in court hearings in Australia to determine the extent to which non-secured creditors will be paid out of the proceeds of liquidated assets of collapsed engineering group RCR Tomlinson.

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Libyan fuel companies prefer profits from imports on L/C terms to domestic supplies

Libya's interior minister, Fathi Bashagha, is calling on the country's internationally recognised prime minister, Faiez Serraj, to end the virtual fuel monopoly held by Libya's four main petrol station operators.

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Standby L/Cs part of US$2.1 million based investment fraud involving former FBI agent

The US Securities and Exchange Commission (SEC) says an ex-Federal Bureau of Investigation (FBI) agent helped a businessman perpetrate a US$2.1 million fraudulent prime bank investment scheme in which investors' funds were supposedly backed by bank guarantees and standby letters of credit (L/Cs).

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ADCB says it is first UAE bank to complete end-to-end blockchain L/C transaction

The UAE's Abu Dhabi Commercial Bank (ADCB) says it has completed the country's first live blockchain end-to-end transaction in a digital process that mirrors traditional paper-based letter of credit (L/C) processing.

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Sberbank enhances online L/C facility

State-owned Sberbank of Russia has introduced a new feature on its remote banking service.

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Coal companies concerned about L/C availability

Coal companies are concerned that backing from insurance companies and letters of credit (L/Cs) required for operations in many jurisdictions will become increasingly hard to come by as environmental activists increase their efforts to deter financiers from backing the coal industry.

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L/Cs feature in Japanese banking partnerships in Africa

Some of Japan's leading banks have signed collaboration agreements with various African financial services providers with the aim of boosting Japanese trade and investment on the continent.

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Indian banks fear for maturing L/Cs after PMCB collapse

Banks in India are telling the Reserve Bank of India (RBI) that they are very concerned about the prospects for maturing letters of credit (L/Cs) issued by the failed Punjab & Maharashtra Co-operative Bank (PMCB).

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TradeSun to introduce AI to L/C processing

A new financial technology (FinTech) company has entered the trade finance market with a product that aims to improve letter of credit (L/C) processing.

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Former bank manager denies participation in US$2 billion PNB L/C fraud

Former Punjab National Bank (PNB) deputy manager Gokulnath Shetty is refusing to cooperate with the Indian authorities investigating his role in the US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at the bank, allegedly perpetrated by diamond merchants, Nirav Modi and his uncle, Mehul Choksi.

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Digital L/Cs for major Austrian banking group

Fintech specialist Intellect Global Transaction Banking (IGTB) has implemented its Digital Trade Finance (DTF) platform for two members of Austria's Raffeisen Banking Group, which in total comprises nearly 500 cooperative banks, most of which exclusively provide services within each Austrian state.

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Controversy over L/Cs for Ontario's second licensing round for cannabis retailers

The Canadian province of Ontario in August completed a second round of licensing recreational cannabis stores, with the aim of establishing 50 new retailers that would start trading as early as October.

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EGFI asks for authority to counter difficulties with L/Cs for Iran

The managing director of the Export Guarantee Fund of Iran (EGFI) has written to the Iranian president asking for more authority for the fund to step in to provide finance for traders unable to access letters of credit (L/Cs) due to US sanctions.

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L/C over Voltron platform features in first paperless iron ore transaction

Digital trade platform provider essDocs says it has completed the world's first integrated paperless iron ore trade transaction.

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Malta's IIG Bank expands L/C offering with Temenos solution

Temenos has announced that the Malta-based trade finance bank, IIG Bank, has gone live with its digital front office and core banking products, Infinity and T24 Transact respectively.

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Failure of Indian power companies to put up L/Cs deterring solar investment

India's solar power developers may be deterred from participating in state tenders because distribution companies are still not issuing letters of credit (L/Cs) as a payment security mechanism.

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Former CDB chairman investigated for L/C fraud

The former chairman of China's major state-owned bank responsible for raising funds for large-scale infrastructure projects, including the Three Gorges Dam and the Shanghai Pudong International Airport, is under investigation for letter of credit (L/C) fraud.

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HSBC reports first yuan-denominated blockchain L/C transaction

HSBC has completed the first blockchain or distributed ledger letter of credit (L/C) transaction in the Chinese currency.

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SME Protect aims to reduce UAE-based firms' L/C reliance

The UAE's federal export credit company, Etihad Credit Insurance (ECI), has launched a new specialised insurance cover for UAE-based companies involved in international trade.

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HSBC executes first blockchain L/C transaction in Korea and Vietnam

HSBC has executed its first blockchain-based letter of credit (L/C) transaction in Korea and Vietnam.

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Standard Chartered completes pilot blockchain L/C transaction for oil shipment

Standard Chartered says it has completed a pilot letter of credit (L/C) transaction on the Voltron distributed ledger or blockchain platform.

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Yes Bank launches facility to improve L/C access for MSMEs

India's Yes Bank is offering a new working capital facility that aims to make letters of credit (L/Cs) more available for micro-, small- and medium-sized enterprises (MSMEs).

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Continuing woes at CMIG add to concerns over Chinese L/C backed bonds

Continuing problems at China Minsheng Investment Group (CMIG) are adding to concerns over the use of standby letters of credit (L/Cs) to back Chinese bonds.

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Apogee failed to put up L/C for purchase of EFCO

Window and door company Pella Corporation is alleging that architectural glass and metal solutions provider, Apogee Enterprises, has failed to make payments for its purchase of manufacturer of architectural aluminium for commercial construction projects, EFCO, from Pella in June 2017. All three companies are US-based.

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L/C employed in innovative financing for East Harlem housing scheme

A letter of credit (L/C) has been used in an innovative financing package to fund affordable housing in the East Harlem district of New York.

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IFC launches initiative to improve L/C access for women

The International Finance Corporation (IFC) in partnership with Goldman Sachs has launched a programme aimed at improving access to letters of credit (L/Cs) and other trade finance instruments for women.

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World Bank's US$100 million for Angola includes L/C support

The World Bank has approved a US$100 million support package for Angola that includes a facility to improve the availability of import letters of credit (L/Cs).

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TangoTrade launches digital L/C alternative

TangoTrade has launched an assured payment solution that functions as a digital letter of credit (L/C) but does not require the participation of major banks.

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Etihad Credit Insurance and Emirates NBD agreement to improve L/C availability

The UAE's federal credit insurance company, Etihad Credit Insurance (ECI), has signed a memorandum of understanding (MoU) with the corporate banking division of Emirates NBD, that aims to improve access to letters of credit (L/Cs) for the bank's customers.

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Acciona and CaixaBank sign first green L/C in Europe

Infrastructure and renewable energy developer, Acciona, says it has arranged the first green letter of credit (L/C) in the European financial system with CaixaBank for a total of US$129 million.

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India introduces requirement for states to put up L/C guarantees for power producers

In an attempt to ensure timely payments by India's states to power generation utilities, the Indian government has made it mandatory for state electricity distribution companies to provide letters of credit (L/Cs) to guarantee they deliver the requirements specified in their power purchase agreements (PPAs).

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Standby L/Cs round tripped in Sterling Biotech fraud case

Sterling Biotech of India round-tripped standby letters of credit (L/Cs) to fraudulently finance its Nigerian oil operations according to India's Enforcement Directorate (ED).

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