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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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Alleged L/C fraudster Choksi faces extradition to India

Diamond merchant Mehul Choksi could soon be extradited to India to face charges related to the US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at Punjab National Bank (PNB).

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EBRD agrees L/C oriented trade finance programme in Ukraine

The European Bank for Reconstruction and Development (EBRD) says it has signed an agreement with Ukrgasbank of Ukraine worth a total of US$40 million to support Ukrainian businesses with the aim of stimulating regional and international trade.

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Voltron L/C platform successfully links with another blockchain platform

HSBC and UAE-based Landmark Group have completed a first of its kind transaction that connects two independently-built blockchain platforms.

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L/Cs employed in massive tax fraud

India's Goods and Service Tax (GST) Commission is clamping down on firms raising fake GST invoices and claiming input tax credit (ITC) from the government.

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L/C shortage may impede Libya's UN-recognised government's struggle

Banks reluctant to provide letters of credit (L/Cs) for Libya's businesses may be impeding the struggle of the country's UN-backed government in Tripoli against military commander Khalifa Haftar.

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Indian investigators close in on L/C fraudsters

India's Enforcement Directorate (ED) has conducted searches in several locations for evidence in support of allegations of letter of credit (L/C) fraud within or connected with the Varron Group.

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Fewer L/Cs help Lloyd's of London to ratings upgrade

S&P Global Rating has upgraded Lloyd's of London, the global insurance market that services over 200 countries and territories, to stable from negative.

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Bangladesh Supreme Court jails alleged L/C fraudster

A Dhaka court has sent Hallmark Group Chairman Jasmine Islam to jail in a case involving the alleged embezzlement of the equivalent of millions of US dollars through a fake letter of credit (L/C).

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L/C to guarantee Egypt will pay fine for stopping gas exports to Israel

A letter of credit (L/C) from Egypt's central bank is to guarantee that the country delivers on its obligations under a new settlement of a long running dispute over Cairo's ending of exports of gas to Israel.

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US sanctions halt L/Cs for Indian imports of Iranian crude

A lack of letter of credit (L/C) availability is preventing India receiving shipments of Iranian crude oil out of Chabahar Port in southeast Iran.

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Trusts a cheaper option than L/Cs for captive insurers

Captive insurance companies - insurers that are wholly owned and controlled by their insureds - are paying over the odds for their collateral arrangements due to an inertia when it comes to exploring the use of captive collateral trusts instead of letters of credit (L/Cs) according to an industry expert.

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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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