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China's central bank mulling digital L/C options

People's Bank of China (PBC) is reportedly considering trials of blockchain letter of credit (L/C) transactions.

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L/Cs and fair tariffs needed to back Indian wind power

Wind power producers in India want to see distribution companies forced to put up letters of credit (L/Cs) to guarantee that electricity generators are paid in full and on time for the power they produce.

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Bangkok Bank ready to roll out blockchain L/C offering

Bangkok Bank, the only Thai bank involved in the development of R3's Corda-powered Voltron platform to digitise letters of credit (L/Cs), is poised to offer its customers digital trade finance solutions.

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Nigeria injects 17.9 million yuan to support L/C business with China

Central Bank of Nigeria (CBN) has injected 17.9 million Chinese yuan (US$2.5 million) into the currency market to support letter of credit (L/C) business with China and reinforce the bank's efforts to keep the naira stable and prevent currency shortages.

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Nigeria's Keystone Bank to pay damages for failing L/C obligations

Nigeria's Keystone Bank has been ordered by a Nigerian court to pay China's Hexing Electrical damages of US$778,118 over a breach of contract.

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Angola's L/C requirements dent profits at African packaging giant

Angola's new letter of credit (L/C) requirements are a contributory factor in Africa's largest diversified packaging manufacturer suffering a full year loss.

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US Treasury looks to blockchain to improve L/C management

The US treasury department's Office of Financial Innovation and Transformation (OFIT) has announced a blockchain or distributed ledger technology (DLT) letter of credit (L/C) pilot proof of concept project.

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AfDB and ABSA agree facility to improve access to L/Cs

The African Development Bank (AfDB) has signed an unfunded US$250 million Risk Participation Agreement (RPA) facility with ABSA that should improve access to letters of credit (L/Cs) for companies in key strategic sectors.

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Emirates NBD's smartTRADE portal offers enhanced L/C offering

Dubai's largest bank, Emirates NBD, has launched a comprehensive suite of products and advisory services to support working capital requirements.

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HSBC reports blockchain L/C deals in the Gulf

HSBC says it has fully executed two blockchain letter of credit (L/C) transactions in the Gulf.

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Thai government to introduce blockchain L/C payment system

The Thai government is to introduce a scheme for letters of credit (L/Cs) issued by the state to be processed on a blockchain platform.

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Assets seized from alleged L/C fraudsters

Assets worth the equivalent of around US$7.8 million have been seized from a company based in the Indian state of Rajasthan under anti-money laundering law in an alleged bank loan fraud case that involved fake letters of credit (L/Cs), India's Enforcement Directorate (ED) has said.

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Blockchain L/C development key plank in Reliance Industries' strategy

Indian multinational conglomerate Reliance Industries has included the development of blockchain letters of credit (L/Cs) in its strategic plans.

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Chinese banks expanding blockchain trade finance offerings

Two of China's four major state-owned banks are expanding their separate trade finance blockchains internationally.

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L/Cs feature in trade finance funds that could help close the trade finance gap

Letters of credit (L/Cs) feature in the growing number of trade finance funds that are emerging to meet demand from institutional investors seeking attractive returns with low correlation to stocks or bonds.

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Lebanese government seeks new fuel importers as L/C shortage bites

The Lebanese government has invited new companies to tender for fuel imports after the companies currently prequalified to tender claimed they had not been able to obtain the letters of credit (L/Cs) they needed to pay for fuel.

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Egyptian banks start yuan-denominated business

Egypt's major commercial banks are now able to offer a range of Chinese currency transactions according the Economic and Commercial Counsellor's Office of the Chinese Embassy in Egypt.

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L/Cs may be insufficient for Asian oil and gas plant decommissioning costs

South East Asia has been producing five per cent of the world's oil and gas over recent years, with Myanmar, Thailand, Vietnam, Brunei, Malaysia and Indonesia in the forefront.

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BBVA includes L/Cs in expanded sustainable product range

Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) has included letters of credit (L/Cs) in its newly expanded environmentally friendly framework for sustainable transactional products.

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Lebanese potato farmers call for euro denominated L/Cs

Lebanese farmers are continuing to call for the Central Bank of Lebanon (CBL) to allow them to use euro denominated letters of credit (L/Cs) at a regular market rate to import potato seeds.

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L/C support features in McDermott's financial rescue

Troubled oilfield services firm McDermott International says it has entered into an agreement with certain of its secured lenders under which the company will have access to up to US$1.7 billion of additional financing, including letter of credit (L/C) capacity.

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L/Cs feature in VTB Bank's agreement with Afreximbank to boost Russia-Africa trade and investment

VTB Bank (Europe) has signed an agreement to participate in the African Export-Import Bank's (Afreximbank's) Trade Confirmation Guarantee Programme (TCGP).

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Nigerian airline boss fraudulently obtained L/Cs in bank fraud

The founder and chief executive officer of Nigerian airline Air Peace, Allen Onyema, has been charged in the US with money laundering and bank fraud.

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HSBC issues first Malaysian L/C on live blockchain

HSBC has completed what it claims to be the first letter of credit (L/C) pilot transaction on a live blockchain in Malaysia.

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Digital L/Cs feature in new mining technology platform

MineHub Technologies has completed development of its technology platform designed to improve efficiency in trading operations as well as environmental and social governance compliance in mining and metals supply chains.

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Michigan fraudsters used L/Cs in US$1.2 million fraud

Samuel Abraham, a resident of the US state of Michigan, has been sentenced to 10 years in prison for his roles in running an advanced fee scheme involving fake standby letters of credit (L/Cs).

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CCB launches new blockchain platform for L/Cs, factoring and forfaiting

China Construction Bank (CCB), the first in China to use blockchain for domestic letters of credit (L/Cs), has released the second version of its blockchain platform for trade finance.

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L/Cs play a part in collapse of China's largest rubber trader

Letters of credit (L/Cs) played an integral role in the financing strategy that appears to have caused the collapse of China's largest rubber trader.

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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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