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L/Cs may play a role in US opioid epidemic cases

Speculation is growing about the role letters of credit (L/Cs) may play in an anticipated slew of lawsuits anticipated as some of the US' largest pharmaceutical firms and their owners face massive fines for their part in the country's devastating opioid epidemic.

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Conventional L/C wins Energy Risk Award

A financing that was rescued at the eleventh hour by a conventional letter of credit (L/C) has been declared deal of the year for North America at the Energy Risk Awards 2019.

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More than 30 consortia working on blockchain applications

More than 30 consortia comprising mainly financial institutions are working on blockchain applications according to a recent report published by Trade Finance Global (TFG).

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Captive insurers replacing L/Cs with surety bonds

Commercial entities are starting to see surety bonds as an attractive alternative to traditional letters of credit L/Cs according to the Insurance Business magazine.

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Petrobras says bonded storage will improve L/C terms for Chinese refiners

Brazil's Petrobras expects to be able to offer improved letter of credit (L/C) terms to Chinese refiners once its deliveries of crude cargo to bonded storage facilities begin.

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Iran ready to draw on US$2.4 billion Chinese L/C for high-speed railway

Iran Railways has a US$2.4 billion letter of credit (L/C) ready to be drawn upon for work on the high-speed rail line between Tehran and Isfahan, the deputy dead of Iran Railways has announced.

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International trade tensions good for L/C business

Banks' revenues from international trade finance fees are in the best shape for years due to increasingly volatile cross-border trade relations that are driving traders towards letter of credit (L/C) terms according to Coalition, a banking-industry data tracker.

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Centralised KYC database could save L/C providers millions of US dollars each year

The majority of respondents surveyed for BNY Mellon's new global paper, Overcoming the Trade Finance Gap: Root Causes and Remedies, said that centralised know-your-customer (KYC) databases would hold the most value in reducing trade finance rejection rates and closing the trade finance gap.

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Advertising agency wants US$3 million L/C from US gun lobby

The advertising agency that represents the US' National Rifle Association (NRA) says the non-profit organisation that lobbies for gun rights must post a US$3 million letter of credit (L/C) within days.

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Newly launched Visa B2B Connect can support L/C transactions

Global payments specialist Visa has launched the Visa B2B Connect network, a cross-border B2B (business-to-business) payments network that enables financial institutions to quickly and securely process high-value corporate cross-border payments globally.

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Afreximbank opens opportunity for increased L/C access for Comoros

The African Export-Import Bank (Afreximbank), which provides a range of letter of credit (L/C) offerings, is in discussions to provide financing for transactions valued at about US$100 million in Comoros, the bank's president Benedict Oramah says.

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L/Cs remain low risk says ICC Trade Register report

The International Chamber of Commerce (ICC) Banking Commission has released its 2018 Trade Register report.

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ICC WCF issues guidelines for certificates of origin used in L/C transactions

The International Chamber of Commerce (ICC) World Chambers Federation has launched a revised version of its International Certificate of Origin (CO) Guidelines that include advice on certificates used in many letter of credit (L/C) transactions.

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Banka OTP Albania signs up to EBRD's trade facilitation programme

The European Bank for Reconstruction and Development (EBRD) says it has signed two agreements with Banka OTP Albania worth a total of EUR 60 million (US$67.2 million) to support small- and medium-sized enterprises (SMEs).

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New UK pension rules could be opportunity for L/C providers

New accounting rules in the UK could leave pension schemes for companies on the London Stock Exchange £100 billion (US$127 billion) worse off.

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L/Cs failing to solve Zimbabwe's fuel shortages

Zimbabwe is continuing to issue letters of credit (L/Cs) for fuel imports, but these appear not to be alleviating the country's fuel shortages nor solving importers' problems paying foreign suppliers.

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Conflict has the potential to stop Libya's L/C flows

Libya's banks may no longer be able to process payments or issue letters of credit (L/Cs) to import the essential goods on which the country is highly dependent if the current political and military conflict continues between the Tripoli-based government and east-based military forces.

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Preferential L/Cs for essential imports into Egypt

Egypt's importers will be able to obtain letters of credit (L/Cs) at preferential exchange rates for essential goods during June according the country's finance ministry.

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L/Cs for Cuba increasingly hard to come by for US exporters

Farmers and agribusinesses in the US are finding it increasingly difficult to arrange letters of credit (L/Cs) for sales to Cuba.

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Electronic L/Cs essential for Attijariwafa Bank-Egypt's growth strategy

Electronic letters of credit (L/Cs) are an essential component in Attijariwafa Bank-Egypt's target to attract 70 new credit customers with loans exceeding 3 billion Egyptian pounds (E£3 billion - US$176 million) by the end of this year according to the bank's corporate banking director, Tamer Ragheb.

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Banking Regulation and the Campaign to Mitigate the Unintended Consequences for Trade Finance: A Milestone Report

ICC Banking Commission's report assesses the next steps for ensuring that regulation does not hinder the availability of trade finance and remains relevant in a digital landscape.

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Iran to fill the L/C gap caused by US sanctions

Iran "will fill the gap" caused by US sanctions that severely limit the country's access to letters of credit (L/Cs) according to chairman and chief executive officer of the Export Guarantee Fund of Iran EGFI, Afrooz Bahrami.

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Indian investigators press fresh case against diamond trade L/C fraudster

India's Central Bureau of Investigation (CBI) has registered a fresh case against absconding diamond dealer Jatin Mehta, his company Winsome Diamonds and Jewellery and a Jordanian national, Hathyam Salman Ali Obaidah.

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Japanese prosecutors say Saudi businessman provided Ghosn with US$20 million and L/C

Japanese prosecutors have amended one of their indictments against former Nissan Motors chairman Carlos Ghosn, alleging that he received US$20 million from Saudi Arabian businessman, Khaled Al Juffali.

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Florida court dismisses Fluor's "wrongful" L/C claim

A court in the US state of Florida has dismissed Fluor Enterprises' claim that Duke Energy wrongfully drew down a US$67 million letter of credit (L/C) issued in connection with Fluor's construction of a gas-fired electrical generation facility in Citrus County, Florida.

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Albania withdraws PSA after oil firm fails to put up L/C guarantee

A Canadian oil company has had its licence to produce oil withdrawn for failing to produce the letter of credit (L/C) the Albanian government wanted to guarantee that work specified in its licence would be completed.

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Voltron L/C consortium swells to more than 50 banks

Blockchain letter of credit (L/C) application consortium Voltron has grown to include more than 50 banks and corporates following the completion of trials.

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Colombian oil exploration L/C dispute finally settled

Range Resources has announced that a court in Colombia has finally approved the settlement of a dispute over letters of credit (L/Cs) and work commitments in the country.

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HSBC in 'unusual' L/C deal with controversial UK businessman

HSBC has entered into an 'unusual' loan deal with Arcadia, the UK-based retail group owned by Philip Green.

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L/Cs feature in ADB's new US$100 million facility for Pacific island renewables

The Asian Development Bank (ADB) has approved an umbrella facility of up to US$100 million to provide financing support for letters of credit (L/Cs), loans and guarantees to overcome constraints to private sector investment in renewable power projects in Pacific island countries.

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Controversial L/C-backed bond may benefit investors

Letter of credit (L/C) backing for a bond may help contain a debt crisis at one of China's best known private equity houses, but it appears to justify long held concerns about lenders providing Chinese L/C backed bonds.

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Yemen's central bank announces greater L/C availability

Yemen's central bank in the southern port of Aden says it is ready to supply commercial and Islamic banks with additional foreign currency.

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South Africa's FNB to offer Sharia compliant L/Cs

One of South Africa's 'big five' banks says it will offer Sharia compliant letters of credit (L/Cs) alongside several more new Islamic banking offerings.

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New UK-based trade bank to provide L/C offerings

British industrialist Sanjeev Gupta's GFG Alliance has completed the acquisition of Diamond Bank UK.

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Sri Lanka aims to improve credit system liquidity by scrapping L/C margin on cars

Sri Lanka's credit system liquidity is expected to receive a boost after cash tied up in import letters of credit (L/Cs) for cars was released into the banking system according to the governor of the Central Bank of Sri Lanka.

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essDOCS agrees to partner for Voltron's blockchain L/C application

Paperless trade solutions provider essDOCS has entered into an agreement to integrate its CargoDocs Doc Ex solution into the blockchain-based Voltron application. Voltron, which is developed on R3's Corda platform, provides a multi-bank channel for companies to digitally manage the issuance of letters of credit (L/Cs) and electronic presentation of trade documents, including title documents such as bills of lading (B/Ls).

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Supply chain financing replacing L/Cs at Tom Tailor

German integrated lifestyle clothing company Tom Tailor has used its environmental, social and governance (ESG) framework to introduce supply chain financing solutions to replace the letters of credit (L/Cs) it used to rely on in transactions with suppliers and distributors.

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Zimbabwe's central bank and oil producers at odds over L/C availability

Zimbabwe's cooking oil producers and the country's central bank governor appear to be at odds over whether foreign currency and letters of credit (L/Cs) are available for the raw materials the manufacturers need.

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L/C offerings help banks win Asiamoney's Middle East Awards

Excellent delivery of letter of credit (L/C) offerings has been a factor behind several banks doing well in Asiamoney's Middle East Awards, 2019.

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Update to The Wolfsberg Group, ICC and BAFT Trade Finance Principles

Since the publication of the joint 2017 Wolfsberg Group, ICC and BAFT Trade Finance Principles, much has happened in the way of discussion and cooperation between various industry groups in the space of financial crime related to trade finance. This updated edition has been expanded to offer more detail around what is meant by various risk mitigation activities.

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