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Toyota and Suzuki will partially shut down vehicle assembly operations in Pakistan next month due to raw material shortages, supply chain disruption, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials.
The CEO of Doha Bank has revealed that the Qatari bank has extended support to banks in Bangladesh to help them finance imports of essential goods on letter of credit (L/C) terms.
Azerbaijan's TuranBank last week announced it had become the latest bank to enter into an agreement to finance international trade operations with the Asian Development Bank's (ADB's) Trade and Supply Chain Financing Programme (TSCFP).
The International Finance Corporation (IFC) and Singapore-based DBS have signed a US$500 million facility under the IFC's Global Trade Liquidity Programme (GTLP).
The February 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Donald Trump has posted a reduced-rate US$175 million civil fraud bond that his lawyers maintain will secure potential damages should the former US president lose his appeal challenging a judge's finding that he lied about his wealth as he grew the real estate empire.
A new solution to automate bank processes for offsetting credit risk in lending and financing businesses has been launched by Genesis Global.
The African Export-Import Bank (Afreximbank) is finalising a US$200 million funding plan that includes letters of credit (L/Cs) and guarantees to support the controversial East African Crude Oil Pipeline (EACOP), according to Denys Denya, the bank's senior executive vice president for finance, administration and banking.
The January 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Standby letters of credit (L/Cs) are excepted from a new notice issued by the Central Bank of Nigeria (CBN) that bans the country's commercial banks from accepting foreign currency as collateral for naira loans.
The Reserve Bank of Zimbabwe (RBZ) has scuppered an Indian businessman's plans to create a large-scale sugarcane ethanol production plant in Zimbabwe by refusing to issue a letter of credit (L/C) in support of the project.
Oil marketers in Nigeria are in the process of securing letters of credit (L/Cs) to buy petroleum products from the newly constructed Dangote Oil Refinery.
South Korean commercial and state-run banks are looking at opportunities to forge deeper and closer ties with Poland, including establishing banking relationships to facilitate letter of credit (L/C) flows to support trade between the two countries.
The US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at Punjab National Bank (PNB) has raised questions about the auditing and regulatory oversight of India's banks according to Reuters.
Just published - two more Digital Commercialisation Briefings from the ICC Banking Commission.
The International Finance Corporation (IFC) and Burundi's Banque de Crédit de Bujumbura (BCB) have announced a partnership to boost trade and growth by expanding access to financing for thousands of micro-businesses and small and medium-sized enterprises (SMEs) in the country, including informal businesses.
Ukraine's largest bank, Privatbank has joined the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP), which provides guarantees to international commercial banks, thereby covering the political and commercial payment risk of transactions undertaken by partner banks in the EBRD regions.
Donald Trump has claimed he has been unable to secure a bond - possibly secured by a letter of credit (L/C) or real estate - that he would need to avoid or delay paying the US$464 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year (DC World News, 11 March 2024).
Just published - Technical Advisory Briefing from the ICC Banking Commission.
The African Development Bank (AfDB) is continuing its drive to sign African banks up to its support facilities for letters of credit (L/Cs) by agreeing a US$15 million trade finance transaction guarantee facility with NMB Bank Zimbabwe (NMB).
Banque Cantonale de Genève (BCGE) has failed in its attempts to pin the blame for non-payment related to the collapse of oil trader Gulf Petrochem on a shipowner who permitted the alteration of a set of bills of lading.
RA Investment has announced a comprehensive suite of trade finance services that includes the provision of standby letters of credit (L/Cs) and bank guarantees and a standby L/C monetisation offering.
Apple has revised its rules for developers wanting to launch app stores on iPhones in the EU, a move the reluctant tech giant has been forced to do by European legislation which came into force last week and which is intended to break Apple's market monopoly.
Russia and Iran are keeping up the pressure for the BRICS bloc to establish an alternative to the SWIFT payment system and create a trading mechanism that would allow the group of large emerging economies to use currencies other than the US dollar.
Letters of credit (L/C) could help Donald Trump avoid or delay paying the US$540 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year. If he fails to pay by 25 March, New York's attorney general says Trump could see his assets being seized.
Letters of credit (L/C) are again a key component in a major expansion of the Unity insurance facility developed by global insurer Marsh McLennan, the Ukrainian government and Lloyd's of London.
Letter of credit (L/C) openings for imports into Bangladesh hit a 16-month high in January, despite the country's severe dollar crisis according to Bangladesh Bank data.
A new working capital solution from Nordea Bank has been developed to help companies to bridge gaps in the trade cycle by extending credit from the production or purchase of goods to the final sale.
The African Development Bank (AfDB) has approved a US$7 million trade finance guarantee facility to Access Bank in the Democratic Republic of Congo (DRC).
State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.
Landlords that are not renegotiating leases with beleaguered WeWork could draw on letters of credit (L/Cs) to receive rent the bankrupt co-working giant is withholding, the company said in a filing.
Libya's attorney general's office says it has jailed several bankers employed by Tripoli-based Al-Yaqeen Bank as well as customs officials at the Libyan-Tunisian Ras Jadair border crossing for their involvement in letter of credit (L/C) frauds amounting to the equivalent of at least US$250 million.
Contour, the blockchain trade finance network and one of the best known developers of digital letters of credit (L/Cs) that failed last year, (DC World News, 31 October 2023), has been acquired by Singaporean startup, Xalts.
GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.
The Irish High Court has rejected an application for injunctive relief by a Nigerian infrastructure fund, First Modular Gas Systems, in a ruling that underscores the demanding criteria for successfully obtaining an injunction to halt payment under a letter of credit (L/C).
Germany's Commerzbank has chosen to deploy Surecomp's DOKA-NG solution for back-office trade finance processing across multiple entities.
The global letter of credit (L/C) confirmation market generated US$3.91 billion in 2020. It is projected to generate US$5.09 billion by 2031, and grow at an annual rate of 2.7 per cent between 2021 and 2030, according to a new report published by Allied Market Research.
Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, has announced the closing of an innovative financing that includes a letter of credit (L/C) facility for its Hornet Solar project.
Japan's largest bank, MUFG, has partnered with digital asset platform, Progmat, blockchain trade finance specialist, Standage, and enterprise wallet developer, Ginco, to explore the viability of using permissionless blockchain stablecoins for international trade settlements.
A new EU law called the Digital Markets Act (DMA) will soon go into effect to ensure that that large online 'gatekeeper' platforms behave in a fair way in digital markets.