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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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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).
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.
State-owned Sberbank of Russia has introduced a new feature on its remote banking service.
Coal companies are concerned that backing from insurance companies and letters of credit (L/Cs) required for operations in many jurisdictions will become increasingly hard to come by as environmental activists increase their efforts to deter financiers from backing the coal industry.
Some of Japan's leading banks have signed collaboration agreements with various African financial services providers with the aim of boosting Japanese trade and investment on the continent.
Banks in India are telling the Reserve Bank of India (RBI) that they are very concerned about the prospects for maturing letters of credit (L/Cs) issued by the failed Punjab & Maharashtra Co-operative Bank (PMCB).
A new financial technology (FinTech) company has entered the trade finance market with a product that aims to improve letter of credit (L/C) processing.
Former Punjab National Bank (PNB) deputy manager Gokulnath Shetty is refusing to cooperate with the Indian authorities investigating his role in the US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at the bank, allegedly perpetrated by diamond merchants, Nirav Modi and his uncle, Mehul Choksi.
Fintech specialist Intellect Global Transaction Banking (IGTB) has implemented its Digital Trade Finance (DTF) platform for two members of Austria's Raffeisen Banking Group, which in total comprises nearly 500 cooperative banks, most of which exclusively provide services within each Austrian state.
The Canadian province of Ontario in August completed a second round of licensing recreational cannabis stores, with the aim of establishing 50 new retailers that would start trading as early as October.
The managing director of the Export Guarantee Fund of Iran (EGFI) has written to the Iranian president asking for more authority for the fund to step in to provide finance for traders unable to access letters of credit (L/Cs) due to US sanctions.
Digital trade platform provider essDocs says it has completed the world's first integrated paperless iron ore trade transaction.
Temenos has announced that the Malta-based trade finance bank, IIG Bank, has gone live with its digital front office and core banking products, Infinity and T24 Transact respectively.
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.
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.
HSBC has completed the first blockchain or distributed ledger letter of credit (L/C) transaction in the Chinese currency.
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.
HSBC has executed its first blockchain-based letter of credit (L/C) transaction in Korea and Vietnam.
Standard Chartered says it has completed a pilot letter of credit (L/C) transaction on the Voltron distributed ledger or blockchain platform.
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).
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.
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.
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.
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.
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).
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.
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.
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.
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).
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).