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Citi joins Contour trade finance network to develop digital L/Cs

Citi has joined the Contour trade finance network, increasing the number of banks that have invested in the network formerly known as Voltron as part of an industry-wide global collaboration effort.

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Government approval for state-owned banks to provide L/C guarantees for Sri Lankan Airlines

The government of Sri Lanka has approved a proposal for state-owned commercial banks, Bank of Ceylon and the People's Bank, to provide guarantees for letters of credit (L/Cs) required by Sri Lankan Airlines.

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Impacts of coronavirus on the L/C market

As coronavirus spreads across the world some of the impacts of the pandemic on letter of credit (L/C) business are emerging.

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EximBank India gets additional funds to provide L/Cs for export sales

Export-Import Bank of India (EximBank India) has received the equivalent of around US$195 million of additional state funding to help support Indian exports.

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Coronavirus and oil prices in freefall force Apache to post L/Cs to guarantee North Sea obligations

Apache Corporation has said it will post letters of credit (L/Cs) aggregating approximately US$650 million to guarantee it meets its asset retirement obligations in the UK's North Sea oil fields.

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Blockchain platform to improve access to L/Cs

A new blockchain platform for participants in the supply chain may provide traders with improved access to letters of credit (L/Cs) according to the developers, Distributed Ledger Technologies (DLT).

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Revise L/C requirements US broadband providers tell regulator

Seven associations representing US broadband providers have sent a letter to the Federal Communications Commission (FCC) urging it to revise the letter of credit (L/C) requirements proposed for the Rural Digital Opportunity Fund (RDOF).

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Sri Lanka limits L/C imports to prevent financial market panic due to coronavirus pandemic

The Central Bank of Sri Lanka (CBS) has introduced measures it says will ease the pressure on the exchange rate and prevent financial market panic due to the coronavirus pandemic.

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DBS completes first L/C financing on Singapore's NTP

Singapore's DBS Bank, in collaboration with Audi Singapore and Audi's local distributor, Premium Automobiles, have completed the first trade financing transaction on Singapore's Networked Trade Platform (NTP).

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Nigeria acts on L/Cs affected by coronavirus crisis, Indian bankers call for action

The Central Bank of Nigeria (CBN) has said it will guarantee letters of credit (L/Cs) from Nigerian banks during the coronavirus pandemic and has asked correspondent banks and creditors to Nigerian lenders not to panic over L/Cs and other obligations extended to Nigerian businesses.

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Nigeria commits further US$2.6 million for L/Cs in Chinese currency

The Central Bank of Nigeria (CBN) has committed a further 18 million yuan (US$2.6 million for renminbi-denominated letters of credit.

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Premier Oil locks horns with investor over L/C obligations

Premier Oil is locked in battle with its largest creditor, Asia Research and Capital Management (ARCM) over the London-listed oil company's plans to acquire further assets in the ageing UK North Sea and extend debt maturity.

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Clues indicate impact on L/Cs of coronavirus pandemic

The impact of the coronavirus pandemic on letter of credit (L/C) business is difficult to predict for several reasons. It is unclear how supply chains that L/Cs so often finance will be affected while trade finance flows are both inherently complex and extremely difficult to track and see on a global scale.

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More than US$1 billion of L/Cs in suspicious Lebanese transfers

Around US$1.3 billion of letters of credit (L/Cs) appear to have been used in suspicious hard currency transfers from accounts in Lebanon to several banks in Switzerland according to officials investigating reports that Lebanese politicians transferred billions of US dollars to foreign banks in 2019.

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Coronavirus outbreak impacts on L/C users

As the coronavirus outbreak continues to shake the global economy, concerns are growing amongst letter of credit (L/C) users as to how to cope with potential difficulties that may lie ahead.

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Blockchain L/Cs have facilitated trades during coronavirus disruptions

Blockchain enabled letters of credit (L/Cs) have helped sustain trading despite disruptions caused by the coronavirus outbreak a senior banking official has told the South China Morning Post.

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L/Cs and trade finance behind Stanbic Zambia's record earnings

Stanbic Bank Zambia, which claims to be the country's largest letter of credit (L/C) and guarantee provider, has recorded a profit after tax of 450 million Zambian Kwacha (K450 million - US$30.8 million).

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L/C support for troubled US boilermaker

Troubled US industrial boilermaker, Babcock & Wilcox Enterprises (B&W), has announced a refinancing package that includes improved letter of credit (L/C) availability.

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Bangladesh garment manufacturers seek L/C amendments to soften coronavirus impact

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has asked Bangladesh Bank (BB) for back-to-back letter of credit (L/C) procedures to be amended to help textile firms cope with the adverse impact of the coronavirus outbreak on their businesses.

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US coal miner pursuing blockchain innovation with Amazon for L/C transactions

Coal miner Contura Energy says it is pursuing blockchain-based innovation in partnership with an Amazon subsidiary to transform the way letters of credit (L/Cs) work for the company.

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Chinese steelmaker secures yuan denominated L/Cs for iron ore purchase

China's second largest steelmaker says it has secured two letters of credit (L/Cs) to purchase iron ore from Brazil's Vale in a 200 million yuan contract denominated in the Chinese currency.

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UK aid joins L/C interventions to help close Africa's trade finance gap

CDC Group, the UK's development finance institution (DFI), is expanding its trade finance offerings in Africa to help close the continent's trade finance gap.

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Partnership of ECI and HSBC includes focus on L/Cs for UAE exporters

Etihad Credit Insurance (ECI) has signed a memorandum of understanding (MoU) with HSBC to provide letters of credit (L/Cs) amongst a range of trade export finance and insurance solutions to give the country's exporters a platform for sustainable growth and development over the long term.

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Bolero launches Galileo platform with new L/C management features

Bolero International, perhaps now the most established of global trade finance digitisation providers, has launched its new Galileo platform.

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Doldrums in US shale gas market may lead to US$1.6 billion L/C posting

Shale gas giant EQT has warned that it may have to post US$1.6 billion in letters of credit (L/Cs) in the wake of its downgrade of debt to junk bond status.

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Contract fraud suspect who cashed L/C repatriated to China from Australia

A Chinese national who allegedly cashed in a letter of credit (L/C) but failed to meet his contractual obligations associated with it has been repatriated to China from Australia according to China's ministry of public security.

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L/C requirement stems failure of Indian power distribution companies to pay bills

An Indian government requirement that power distribution companies must put up letters of credit (L/Cs) to ensure that they pay power generators appears to be paying off.

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MUFG completes blockchain L/C transaction on komgo

Japan's MUFG Bank has completed its first live blockchain letter of credit (L/C) transaction on the komgo commodity trade finance platform.

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Tata Steel exempted from appearing in L/C fraud case

An Indian court has granted Tata Steel an exemption from appearing before a court in a case against the former promoters of Bhushan Steel, which was acquired last year by a Tata group firm.

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China's coronavirus lockdown prompts L/C concerns

China's coronavirus outbreak and lockdowns across the country have led to the prolonged closure of Chinese businesses, triggering concerns amongst banks and traders that letter of credit (L/C) obligations may not be met.

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Cancelled Europe-Asia sailings may make L/C obligations hard to meet

2M Alliance, the 10-year vessel-sharing partnership of shipping giants Maersk and MSC, has advised their North European customers that they have cancelled several Asia sailings in March. CMA CGM has also notified customers of void sailings.

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Fraudsters sentenced for wire fraud with fake L/Cs

A woman and two men have been sentenced in the US state of California to a 15 month jail term for their roles in a scheme that used fake letters of credit (L/Cs) to commit wire fraud.

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Pakistan eases L/C restrictions

State Bank of Pakistan (SBP) has allowed the country's banks to make advance payment of up to 50 per cent of the value of imports against letters of credit (L/Cs) for plant, machinery, spare parts and raw materials.

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Contour, formerly Voltron, goes commercial

The blockchain-based open industry platform formerly known as Voltron has been renamed Contour and has declared itself a fully commercial company based in Singapore.

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More L/Cs required if the UK leaves the EU with no deal

A British business leader believes that UK businesses will need to use more letters of credit (L/Cs) if the country leaves the European Union (EU) in December without a trade deal.

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India's state-run coal supplier extends L/C facility to smaller users

Coal India Limited (CIL) has relaxed its payment terms for supplying fuel to its smaller customers by making a letter of credit (L/C) facility available to them.

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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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