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Giesecke+Devrient (G+D), a long-established German security firm says it has developed an 'internet of things' (IoT) solution that integrates with external trade payment solutions and can replace letters of credit (L/Cs).
A North American owner, operator and developer of renewable energy projects, Revolve Renewable Power, has secured an innovative facility from Export Development Canada (EDC) that will allow it to issue letters of credit (L/Cs) without putting up cash collateral.
African fintech Breeze has announced that it has developed a digital platform that it claims will revolutionise letter of credit (L/C) processing.
ContourGlobal, an independent power producer with a diversified global presence, has closed its US$612 million refinancing of a 1,205 megawatt portfolio of natural gas power plants located in California, New Mexico and Texas.
Nigeria and China have renewed their bilateral currency swap agreement (BCSA) that was originally agreed in April 2018 and which enables the exchange of 15 billion yuan (US$2 billion).
The new Dangote Petroleum Refinery near Lagos in Nigeria has reduced the ex-depot price of a litre of petrol to 899.5 naira (N899.50 - 58 US cents) down from the previous rate of N970.
India's Enforcement Directorate (ED) has provisionally attached land parcels and residential properties valued at approximately 48.71 crore rupees (Rs48.71 - US$5.9 million) belonging to Transstroy (India) in a case involving the misuse of letters of credit (L/Cs).
Egypt's new commodities importer has asked Russian grain exporters to come up with ways to reduce transaction costs on wheat deals, according to Dubai-based publication Asharq Business.
South Korea's Woori Bank is providing more favourable letter of credit (L/C) terms in its 500 billion won (US$343 million) financial support package designed to help Korean importers and exporters overcome the country's foreign exchange crisis.
Approximately 40,000 workers from 16 closed factories of the Beximco Group formed a 10-kilometre long human chain this week along a major highway in Bangladesh in a protest demanding the resumption of letters of credit (L/Cs) and the reopening of factories.
The former CEO of Orlen Trading Switzerland (OTS), referred to as 'Samer A' due to privacy laws, is under investigation for authorising advance payments totalling approximately US$400 million for oil deliveries that were never fulfilled.
Reduced reliance on letters of credit (L/Cs) has contributed to strong earnings at Lloyd's of London in the first half of 2024 according to a report published by Moody's Ratings.
The High Court of Australia has declined to intervene in the case concerning an abandoned 185 million Australian dollar (A$185 million - US$115 million) property development in Gosford, New South Wales.
African banks are increasingly engaging with China to facilitate trade and investment, focusing on establishing operations in China and promoting yuan-denominated letters of credit (L/Cs) and other financial instruments.
The latest ICC Opinions from the Banking Commission Meeting held in November 2024 are now available under the Trade Finance Channel of the Digital Library:
Clear Blue Insurance Group has initiated legal action against China Construction Bank (CCB) in response to the multi-million dollar fraud involving fraudulent letters of credit (L/Cs) provided as reinsurance collateral through the insurtech platform, Vesttoo.
Pakistan's Federal Investigation Agency (FIA) has arrested a local businessman who used a fraudulent letter of credit (L/C) in a scheme that allegedly conned a Chinese company out of 115 million Pakistani rupees (Rs115 million - US$414,000).
A survey published by the American Bar Association (ABA) highlights the most important developments of 2023 dealing with letters of credit (L/Cs), domestic and international sales of goods, personal property leases, payments, documents of title, investment securities, and secured transactions.
The American Bankruptcy Institute's (ABI's) International Committee has recognised the financial restructuring of McDermott International as its 2024 "International Matter of the Year."
South Korea's Shinhan Bank has responded to the weakening of the won and volatile economic conditions by extending the maturity of letters of credit (L/Cs) and providing additional funding for businesses paying for L/Cs.
The African Development Bank (AfDB) has agreed to provide Bank of Africa Benin (BAB) a EUR 15 million (US$15.7 million) transaction guarantee facility to support imports of supplies and telecommunications equipment for local businesses and small- and medium-sized enterprises (SMEs).
A Pakistani trader allegedly used false documents to fraudulently obtain letters of credit (L/Cs) that helped him perpetrate a multi-million US dollar chrome ore export fraud.
Qatar International Islamic Bank (QIIB) has announced the launch of its digital letter of credit (L/C) platform that eliminates the need for customers to visit the bank.
OK Lim, the founder of collapsed Singapore-based oil trader Hin Leong, has been jailed for 17-and-a-half years for defrauding the firm's principal creditor, HSBC, and abetting forgery.
The UK's development finance institution and impact investor, British International Investment (BII), has extended a US$150 million trade finance facility to Absa Group that aims to narrow Africa's trade finance gap and support businesses across the continent.
The African Export-Import Bank (Afreximbank) has agreed to provide a US$10 million-dollar revolving trade finance facility to Dorman Long Engineering (DLE) to facilitate the importation of steel pipes for threading.
Singapore headquartered DBS Bank and Japan Finance Corporation (JFC), a financial institution (FI) wholly owned by the Japanese government that complements private FIs by providing policy-based financing, have signed a memorandum of understanding to support the Asian regionalisation of Japanese small and medium-sized enterprises (SMEs).
The African Development Bank (AfDB) has approved a EUR 5 million (US$5.3 million) trade finance transaction guarantee facility for Ecobank Centrafrique, the subsidiary of the Togo-based Ecobank Group that operates in the Central African Republic (CAR).
Trade documents including letters of credit (L/Cs) bills of lading, and invoices have been digitised in international transactions executed by Suzano Asia, the Asian subsidiary of Suzano, a leading Brazilian company specialising in the production of eucalyptus pulp and paper products.
Meezan Bank, one of Pakistan's first and largest Islamic commercial banks, has announced a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC) under its letter of credit (L/C) confirmation facility.
Mizuho Bank and Bank of New York Mellon (BNY) and have jointly announced a landmark collaboration agreement for enhanced correspondent bank network connectivity for international trade.
The International Monetary Fund (IMF) has expressed concerns regarding Kenya's government-to-government oil import arrangement, initiated in April 2023, with Gulf oil producers, including Saudi Aramco, Abu Dhabi National Oil Company, and Dubai's Emirates National Oil Company.
The Central Bank of Egypt (CBE) has reportedly issued a directive ordering the country's banks to allocate US dollars for letters of credit (L/C) to be used for the importation of non-essential goods requiring pre-approval.
Letters of credit (L/Cs) and promissory notes on clay tablets discovered 5000 years ago are the oldest known forms of trade finance, according to a visual timeline of international trade finance posted on J P Morgan's official web site.
Industrial and Commercial Bank of China (ICBC) and Taiwan's CTBC Bank have filed competing legal claims over a US$8.8 million financing for a shipment of Venezuelan petroleum coke that is mired in allegations of fraud.
Boutique lender Acconto Financial Corporation (AFC) says it is promoting its new specialty loan offering to Canada's small- and medium-sized enterprises (SMEs) that provides an alternative to letters of credit (L/CS) and financial guarantees to cover tenants' commercial lease deposit obligations.
Just published - Technical Advisory Briefing from the ICC Banking Commission.
The Bangladesh Power Development Board (BPDB) has reportedly issued a letter of credit (L/C) for the equivalent of US$173 million to partially settle its debts to India's Adani Power.
The Bank for International Settlements (BIS) is launching Project Aperta to explore how to reduce frictions and costs in global finance by enabling seamless cross-border data portability.
JPMorgan Chase & Co has successfully closed a landmark US$1 billion refinancing deal for El Salvador, which represents approximately 14 per cent of the nation's total debt of approximately US$21 billion or 59 per cent of its GDP.