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Apple revises L/C requirement for other companies to launch app stores on iPhones

Apple has revised its rules for developers wanting to launch app stores on iPhones in the EU, a move the reluctant tech giant has been forced to do by European legislation which came into force last week and which is intended to break Apple's market monopoly.

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Moscow and Tehran maintain pressure for BRICS alternative to SWIFT

Russia and Iran are keeping up the pressure for the BRICS bloc to establish an alternative to the SWIFT payment system and create a trading mechanism that would allow the group of large emerging economies to use currencies other than the US dollar.

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L/Cs could help Trump through appeal process

Letters of credit (L/C) could help Donald Trump avoid or delay paying the US$540 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year. If he fails to pay by 25 March, New York's attorney general says Trump could see his assets being seized.

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L/Cs continue to support expansion of insurance facility to keep Ukraine's exports flowing

Letters of credit (L/C) are again a key component in a major expansion of the Unity insurance facility developed by global insurer Marsh McLennan, the Ukrainian government and Lloyd's of London.

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Import L/C openings in Bangladesh hit a 16-month high

Letter of credit (L/C) openings for imports into Bangladesh hit a 16-month high in January, despite the country's severe dollar crisis according to Bangladesh Bank data.

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Nordea Bank's new working capital solution to benefit documentary or open account trading

A new working capital solution from Nordea Bank has been developed to help companies to bridge gaps in the trade cycle by extending credit from the production or purchase of goods to the final sale.

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AfDB extends trade finance guarantee to Access Bank in Democratic Republic of Congo

The African Development Bank (AfDB) has approved a US$7 million trade finance guarantee facility to Access Bank in the Democratic Republic of Congo (DRC).

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CredAble's partnership with SBIGFL aims to transform L/C bill discounting and other trade transactions

State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.

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Landlords not renegotiating leases could draw on L/Cs says WeWork

Landlords that are not renegotiating leases with beleaguered WeWork could draw on letters of credit (L/Cs) to receive rent the bankrupt co-working giant is withholding, the company said in a filing.

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Libyan bank officials and customs officers jailed for L/C fraud offences

Libya's attorney general's office says it has jailed several bankers employed by Tripoli-based Al-Yaqeen Bank as well as customs officials at the Libyan-Tunisian Ras Jadair border crossing for their involvement in letter of credit (L/C) frauds amounting to the equivalent of at least US$250 million.

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Citi backs revival of Contour's blockchain L/C efforts

Contour, the blockchain trade finance network and one of the best known developers of digital letters of credit (L/Cs) that failed last year, (DC World News, 31 October 2023), has been acquired by Singaporean startup, Xalts.

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Greenpower expands existing L/C facility with EDC to produce electric vehicles to meet demand

GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.

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Irish court finds 'no seriously arguable' case of fraud and rejects application for injunctive relief

The Irish High Court has rejected an application for injunctive relief by a Nigerian infrastructure fund, First Modular Gas Systems, in a ruling that underscores the demanding criteria for successfully obtaining an injunction to halt payment under a letter of credit (L/C).

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Commerzbank chooses Surecomp's solution for back-office processing of L/Cs and other instruments

Germany's Commerzbank has chosen to deploy Surecomp's DOKA-NG solution for back-office trade finance processing across multiple entities.

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L/C confirmation market set for growth says new research

The global letter of credit (L/C) confirmation market generated US$3.91 billion in 2020. It is projected to generate US$5.09 billion by 2031, and grow at an annual rate of 2.7 per cent between 2021 and 2030, according to a new report published by Allied Market Research.

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L/C facility features in Vesper Energy's US$590 million innovative financing for mega solar project

Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, has announced the closing of an innovative financing that includes a letter of credit (L/C) facility for its Hornet Solar project.

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MUFG and collaborators to explore viability of stablecoins as an L/C alternative in emerging markets

Japan's largest bank, MUFG, has partnered with digital asset platform, Progmat, blockchain trade finance specialist, Standage, and enterprise wallet developer, Ginco, to explore the viability of using permissionless blockchain stablecoins for international trade settlements.

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Distributors up in arms about Apple's L/C demand to sidestep EU law

A new EU law called the Digital Markets Act (DMA) will soon go into effect to ensure that that large online 'gatekeeper' platforms behave in a fair way in digital markets.

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SBP eases L/C regulations for importers, demands due diligence for TBML risks

The State Bank of Pakistan (SBP - central bank) has granted permission to financial institutions that are authorised dealers in foreign exchange to proceed with import advance payments, without requiring prior approval from the central bank, provided they are backed by irrevocable letters of credit (L/Cs) or invoices.

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L/Cs to secure Sidra's Shari'ah-compliant commodity trade finance fund

Sidra Capital, a Shari'ah-compliant asset management firm headquartered in Saudi Arabia, has launched its first Singapore-domiciled Sidra Asian Opportunities Investment I variable capital company (VCC), a new corporate structure for Singaporean investment funds.

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L/Cs at heightened risk under proposed expansion of US anti-boycott rules

The US House Foreign Affairs Committee has voted to advance a bill that would expand existing anti-boycott laws in the country amidst Washington's concerns that the Boycott, Divestment and Sanctions (BDS) movement is targeting Israel in retaliation for its military assault on Gaza.

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New Opinions from the ICC Banking Commission

The latest ICC Opinions from the Banking Commission Meeting held in January 2024 are now available under the Trade Finance Channel of the Digital Library:

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Revolving L/Cs help bring largest solar-storage project online

Financing on a scale not previously seen for an integrated solar and energy storage project involving revolving letter of credit (L/C) facilities has led to the activation of the largest solar-storage project in the US, according to project developer Terra-Gen and its engineering, procurement, and construction contractor, Mortensen.

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Mitech and Tesselate partner to accelerate trade finance digitisation

Trade finance fintech Mitech has partnered with Tesselate, a provider of adaptable and scalable business systems, to develop a new platform aimed at accelerating the digitisation of trade finance processes for banks.

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Kenya to exit L/C deal with three Gulf oil exporters

The Kenyan government has told the International Monetary Fund (IMF) that it is looking to exit its deal with the national oil exporters of Saudi Arabia, Dubai and Abu Dhabi, that provides for six-month credit for oil imports, backed by letters of credit (L/Cs) issued by participating commercial banks.

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Middle East's largest insurance deal covers L/Cs for SABIC's sales worldwide

The Saudi Export Import Bank (Saudi EXIM Bank) has signed an insurance agreement with Saudi Basic Industries Corporation (SABIC) to provide cover for the Saudi petrochemical giant's sales transacted on letter of credit (L/C) terms worldwide.

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Banco do Brasil suspends yuan L/Cs for trade between Brazil and Argentina

Banco do Brasil has reportedly suspended letters of credit (L/Cs) for imports or exports coming or going to Argentina in yuan.Only L/Cs in US dollars are now being issued by the oldest bank in Brazil according to reports that suggest the move may be related to Argentina's decision on 1 January 2024 not to accept its invitation to join the BRICS group of nations.

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L/Cs our 'most material exposure' says Lloyds of London as it imposes new limits on documentary credits

The Lloyd's of London insurance market has imposed variable limits on exposures to letters of credit (L/Cs) that ensure an insurer or reinsurer meets capital and risk management requirements. The limits are based on issuing banks' credit ratings.

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Ontario to require L/Cs to safeguard temporary and vulnerable workers

In an effort to safeguard temporary and vulnerable workers, as of 1 July 2024, temporary work agencies and recruiters must obtain a license to deploy staff for work within the Canadian province of Ontario.

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Expensive L/Cs and forex woes depress Nigeria's consumer goods sector

The majority of companies in Nigeria's consumer goods sector holding foreign currency-denominated debts faced more expensive letters of credit (L/Cs) amongst other financial hardships in 2023 as a result of the weakened naira, according to a report published by Meristem Securities.

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Bridge Bank Group Côte d'Ivoire expands trade finance offering to include L/Cs

Bridge Bank Group Côte d'Ivoire (BBG CI) has expanded its suite of financial services to provide trade finance products including letters of credit (L/Cs) for its target market of small- and medium-sized enterprises (SMEs) operating in the west African country.

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More African banks sign up for L/C support from development institutions

Two more African banks have signed up for facilities provided by development institutions that guarantee trade finance instruments, including letters of credit (L/Cs).

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Bank Sepah initiates L/C for imports from Russia to Iran as Moscow and Tehran move closer

Iran has closed two deals with Moscow to facilitate its imports from Russia, Iran's state-run IRNA news agency reported on 27 December 2023.

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Nigeria's foreign exchange crisis prompts central bank to extend L/C timeline

The foreign exchange crisis in Nigeria has led the Central Bank of Nigeria (CBN) to make significant changes to timelines for letters of credit (L/Cs).

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Egypt's L/C shortage prompts firms to sell parts of their businesses

Egypt's struggles to obtain sufficient foreign currency liquidity to establish and maintain a sustainable flow of import letters of credit (L/Cs) has prompted several private and state-owned Egyptian companies to sell parts of their businesses to foreign buyers to access US dollars.

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L/Cs included in new EU measures restricting transfers of funds to Russia

The EU has introduced new measures that will require the notification of transfers of funds exceeding EUR 100,000 (US$109,439) out of the EU by entities in member states that are directly or indirectly owned by more than 40 per cent by Russians or entities established in Russia.

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AfDB approves guarantee facility to support Malawi's NBS Bank's L/C and other trade finance instruments

The African Development Bank (AfDB) has approved a US$7 million trade finance transaction guarantee facility for NBS Bank in Malawi to support local businesses.

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EBRD doubles Uzbekistan's Ipak Yuli Bank L/C-oriented TFP limit

The European Bank for Reconstruction and Development (EBRD) is to provide a financial package of US$45 million to Uzbekistan's Ipak Yuli Bank.

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Blockchain L/C prospects in 2024

The year 2024 is expected to be a pivotal point in the evolution of technology, including in applications related to letters of credit (L/Cs) and other aspects trade finance as well as anti-money laundering compliance according to a senior manager at IT and technology consultancy, Capgemini.

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AfDB signs US$20 million facility for Nigeria's FSDH Merchant Bank's L/Cs and similar trade finance instruments

The African Development Bank (AfDB) has signed a US$20 million trade finance facility agreement with Nigeria's FSDH Merchant Bank to support small- and medium-sized enterprises (SMEs) in the country's industrial and manufacturing sectors.

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