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Green letters of credit (L/Cs) appear a step closer for Standard Chartered with the successful execution of its first green trade finance facility for Amplus Energy Solutions FZE (Amplus ES) to support its solar generation business.
Digital letters of credit (L/Cs) feature in Sharjah Islamic Bank's (SIB's) newly launched corporate digital banking services.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Eximbank have signed two reinsurance agreements.
A proposal has been issued by the Bank of Uganda (BoU) to increase the paid-up capital requirements of financial institutions in a move that could make letters of credit (L/Cs) available from a smaller selection of banks.
Infrastructure investor Infratil says support for letters of credit (L/Cs) features in its commitment of US$233 million to establish Gurīn Energy, a renewable energy development platform headquartered in Singapore which will focus on greenfield renewable projects across Asia.
The Central Bank of Sri Lanka (CBSL) has ordered the imposition of a 100 per cent cash margin deposit requirement against the importation of non-essential goods made under letter of credit (L/C) and documents against acceptance (D/A) terms.
Russia's Sberbank has signed a master agreement on letters of credit (L/Cs) with Metalloinvest subsidiary, Mikhailovsky GOC, which operates the second largest open pit iron ore mine in Russia.
A Canadian start-up providing B2B trading solutions for auto dealers has acquired an established automotive trading, redistribution, and financing company to improve its trade financing, logistics, and letter of credit (L/C) processing capabilities.
A man from the US state of Virginia has been sentenced to 14 years in prison for his role in an investment fraud scheme that utilised fake letters of credit (L/Cs).
Letters of credit (L/Cs) have helped several banks win awards in The Banker transaction banking awards 2021.
The International Finance Corporation (IFC) says it provided record financing of US$10.4 billion in fiscal year 2021 in the Middle East and Africa to help thousands of small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and help to meet critical health needs amid the coronavirus pandemic.
The Insolvency and Bankruptcy Board of India (IBBI), has published a discussion paper asking how letters of credit (L/Cs) and bank guarantees (B/Gs) should be considered as claims in the corporate insolvency resolution process.
Exporters in the Philippines that can demonstrate trading history by producing letters of credit (L/Cs) or purchase orders can apply for interest-free government loans to meet their shipping freight costs.
Skuchain has executed the first Distributed Ledger Payment Commitment (DLPC) transactions over its digital blockchain platform for global trade.
A substantial increase in guarantee and letter of credit (L/C) issuance fees has helped Credit Bank of Moscow (CBM) boost its net income by nearly 50 per cent in the first six months of 2021.
Digital trade finance network Contour, which digitises paper-based trade finance processes including letters of credit (L/Cs), has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.
Innovative letter of credit (L/C) offerings have helped Commercial Bank of Ceylon (CBC) to be recognised in the 2021 Asian Banking and Finance (ABF) Awards as Sri Lanka's domestic trade finance bank of the year.
Finastra has announced that its Fusion Trade Innovation application has been confirmed as the first to be designated 2021 SWIFT compatible for trade finance.
Blockchain letters of credit (L/Cs) are specifically contemplated in a new guide published by the body that develops and maintains US and international standards for the financial services industry.
Lim Huey Ching, the daughter of the founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, has been charged with obstruction of justice in connection with the investigation into the collapse of the family's shipping and trading group.
Fraudulent letters of credit (L/Cs) in the name of shell companies feature in a major money laundering case brought by India's Enforcement Directorate (ED).
An American insurance company has filed a petition in a New York court to recover a US$165 million arbitration award against the University of Ghana (UG) over the termination of a contract for CPA Integras Ghana Limited (Africa Integras) to construct new buildings.
The African Development Bank (AfDB) has launched a transaction guarantee instrument designed to provide up to 100 per cent cover for non-payment risk to regional and international banks for trade transactions, including confirmed letters of credit (L/Cs), initiated by local banks in Africa.
More banks have joined the recently formed Indian Banks' Blockchain Infrastructure Company (IBBIC) that will harness blockchain technology to process letters of credit (L/Cs) for domestic transactions in India (DC World News, 21 June 2021).
A sustained positive trend in letter of credit (L/C) business written by Banco Latinoamericano de Comercio Exterior (Bladex) has been highlighted as a contributory factor in the banks 10 per cent increase in profits in the second quarter of 2021 compared with the same year's first quarter.
Norwegian software vendor Commercial Banking Applications (CBA) says it has shipped the latest annual release of its IBAS GBF (Global Banking Factory) software to all customers over three months ahead of schedule, allowing additional time for testing in advance of the upcoming transition to SWIFT Release 2021 in November this year.
Training to become familiar with processing letters of credit (L/Cs) and other payment types are amongst the steps local manufacturers and small business owners can take to increase participation in the African Continental Free Trade Area Agreement (AfCFTA) according to the Manufacturers Association of Nigeria (MAN).
Florida Coastal School of Law (FCSL) has filed a lawsuit against the US department of education for denying the school access to the federal student loan programme that it needs to operate.
Delays in processing letters of credit (L/C) have been partially blamed for the failure of a controversial contract under which Ghana intended to purchase hundreds of thousands of doses of the Russian-made Sputnik V coronavirus vaccine via a minor Dubai royal family member.
Uzbekistan's largest lender, Uzpromstroybank, has become a participant in the International Finance Corporation's (IFC's) Global Trade Finance Programme (GTFP) under which the World Bank Group member will guarantee letters of credit (L/Cs) and other trade finance instruments.
The UK's development finance institution, CDC Group, has announced a US$30 million trade finance loan to City Bank in Bangladesh that aims to help facilitate trade finance through usance paid at sight (UPAS) letters of credit (L/Cs).
Fifteen banks have been temporarily restrained by the Tanzania High Court from paying out on letters of credit (L/Cs) in a dispute over a tender to supply fuel under the country's petroleum bulk procurement system.
Babcock & Wilcox Enterprises (B&W), has announced a new financing package that includes a substantial letter of credit (L/C) facility as the troubled US industrial boilermaker pursues its turnaround strategy.
Environmental advocacy groups Stand Earth and Amazon Watch are calling on major banks to stop providing letters of credit (L/Cs) to finance traders dealing in oil from the vulnerable Amazon rainforest.
Blockchain trade finance network Contour has opened an innovation lab in Singapore where it will collaborate closely with its growing network of banks, corporates and other partners to research and develop what it describes as novel, digitally native trade finance solutions.
Etihad Credit Insurance (ECI) has enhanced its support for letters of credit (L/Cs) in its efforts to meet the needs of the UAE's non-oil exporters and boost the country's non-oil economy.
The former governor of the Reserve Bank of Malawi (RBM), Dalitso Kabambe, and three other former senior central bank officials are facing four charges of financial impropriety, including money laundering.
The founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, is facing an additional 105 charges, 33 of which relate to letter of credit (L/C) usage, in connection with allegedly fraudulent schemes at his now-defunct trading house.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), is to provide importers of crude oil, petroleum products and liquefied natural gas (LNG) into Pakistan with a US$4.5 billion three-year trade financing facility.
Banks are refusing letters of credit (L/Cs) for importers in Sri Lanka as the country struggles with a severe shortage of US dollars in the foreign exchange market.