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Price volatility in Thai rice market causes buyers to shy away from L/Cs

Volatility in the Thai rice market created by the impacts of the coronavirus pandemic is causing buyers to shy away from letters of credit (L/Cs) and ask for the less risky option of documents against payment terms.

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Digitised L/C features in first UAE-India end-to-end blockchain deal

HSBC says it has completed the first integrated paperless letter of credit (L/C) and electronic documentary transaction for a steel export between the UAE and India.

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Fitch "should have seen the writing on the wall" when Chinese coal operator failed L/C obligations

Ratings agency Fitch has come under fire in an opinion piece published by Bloomberg for failing to recognise that a Chinese municipal government-owned coal operator failing its letter of credit (L/C) obligations should have prompted a downgrade.

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Bank of Africa selects Finastra solution to speed L/C document checking

One of the world's largest fintechs, Finastra, has announced that pan-African financial group, Bank of Africa, has selected its Conpend's Trade AI app from its open innovation platform, FusionFabric.cloud.

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DBS Bank goes live with Contour and offers digital L/C capabilities in Australasia

Singapore's DBS Bank has moved from blockchain trade finance provider Contour's beta network to its production network to offer streamlined digital letter of credit (L/C) transactions for customers in the Asia Pacific region.

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Nova Scotia backs tourism operators hit by pandemic with standby L/Cs

Three large tourism operators in Nova Scotia are receiving loan guarantees via standby letters of credit (L/Cs) totalling 35 million Canadian dollars (C$35 million - US$28 million) from the government of the Canadian province.

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ITFA publishes guide to controversial and misunderstood structured L/Cs

The International Trade and Forfaiting Association (ITFA) has released an in-depth guide to structured letters of credit (L/Cs).

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L/Cs feature in GTR Best Deals 2021

Letters of credit (L/Cs) feature in two of the eleven deals selected by Global Trade Review (GTR) as winners in its annual GTR Best Deals 2021.

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New UAE blockchain platform to curb trade-based financial crime contemplates L/Cs in due course

The UAE has launched a blockchain-based trade finance platform aimed at curbing double-financing and misinvoicing.

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Covid-19 caused early 2020 slump in African L/C business and correspondent banking says Afreximbank

A survey by the Africa Export-Import Bank (Afreximbank) has revealed that letter of credit (L/C) business and correspondent banking operations slumped at the start of 2020 as a result of the Covid-19 pandemic.

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Iberdrola and Footprint Power go to court over performance L/C

Iberdrola Energy Projects has reportedly filed a lawsuit in New York state court saying that a group of firms that control Footprint Power Salem Harbor Development, wrongly sought to draw on a standby letter of credit (L/C).

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Two former bankers amongst those charged in fraud involving L/C abuse

Two former bank officials are amongst several companies and their executives charged by India's Central Bureau of Investigation (CBI) in a fraud case featuring letters of credit (L/Cs).

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L/C risk cover contemplated in India's proposed trade credit insurance arrangements

The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft proposals on a regulatory framework to facilitate general insurance companies to offer trade credit insurance cover to suppliers, licensed banks and other financial institutions to help businesses manage country risk.

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Indian importers urged to ditch L/Cs and adopt supply chain trade finance

Indian importers should ditch letters of credit (L/Cs) in favour of supply chain trade finance according to the founder of a fintech focused on alternative ways for corporate importers to control how their international suppliers are funded and paid.

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Yemeni multinational HSA accused by UN panel of "elite capture" of Saudi-funded L/C mechanism

Yemeni multinational Hayel Saeed Anam Group (HSA) has been accused by the UN Security Council Panel of Experts of making a profit of about US$194 million between mid-2018 and August 2020 from the Saudi-funded letter of credit (L/C) mechanism that was said to have been intended to enable importers to bring foodstuffs and other essential items into the war-torn country.

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L/C confirmation market projected to reach nearly US$5 billion by 2027

The global letter of credit (L/C) confirmation market size is projected to reach nearly US$5 billion by 2027 according to market research company, Valuates Reports.

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Invenergy says L/Cs feature in largest construction financing for largest US wind project

Renewable energy developer Invenergy, says letters of credit (L/Cs) feature in its recently completed construction financing for its largest wind energy development to date, the 999 megawatt Traverse Wind Energy Centre.

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L/Cs contemplated in efforts by ICC and Finastra to bridge the trade finance gap

Letters of credit (L/Cs) may be included in a strategic initiative to tackle the growing trade finance gap launched by the International Chamber of Commerce (ICC) and one of the world's largest fintechs, Finastra.

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Focus on L/Cs in Standard Chartered's new sustainable trade finance solutions

Letters of credit (L/Cs) are one of Standard Chartered's focus offerings in its launch of a new suite of sustainable trade finance solutions across Asia, Africa and the Middle East, Europe and the Americas.

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Contour partners with ThoughtWorks to strengthen its presence in China's L/C market

Contour, the blockchain-based open industry platform focused on digitising trade finance, has partnered with international software consultancy ThoughtWorks in China to strengthen its position in one of the world's largest letter of credit (L/C) markets.

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Bolero launches white-labelled trade portal-as-a-service solution with L/C functionality

Trade finance digitisation specialist Bolero International has announced what it describes as the industry's first white-labelled trade portal-as-a-service solution for financial institutions.

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Zimbabwe's L/C shortage persists

Zimbabwean importers are finding letters of credit (L/Cs) increasingly hard to come by, reportedly because the foreign exchange auction system is failing to satisfy demand.

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Trade finance and L/Cs crucial in Africa's build-back-better strategy

Facilitating trade finance and providing letters of credit (L/Cs) are priorities in Africa's efforts to rebuild its economy in the wake of the coronavirus pandemic according to the president and CEO of one of the continent's major regional developments.

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Budget review reveals South African government unilaterally sanctioned L/C settlement to help ailing national airline

A demand of 267 million South African rand (R267 million - US$17.9 million) for financially troubled national airline South Africa Airways' (SAA) government guaranteed letters of credit (L/Cs) was made and settled in the country's 2020-21 financial year.

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Jail for former bank CEO who used unauthorised L/Cs to fraudulently obtain US$1.6 million

A former bank CEO has been sentenced to prison by a court in the US state of Minnesota for falsifying bank records.

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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$225 million of additional state funding to help support Indian exports.

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Laboured L/C processing a bottleneck in Bangladesh's investment climate

Laboured letter of credit (L/C) processing is one of the remaining bottlenecks in Bangladesh's investment climate according to Japanese delegates at a Japan-Bangladesh trade and business roundtable in Dhaka.

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Fintech Tradeteq raises US$9.4 million to enable L/C distribution

Tradeteq, a fintech that develops technology for bank asset distribution, has secured funding of an additional US$9.4 million from a consortium of US technology investors.

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SBI (California) opts for Surecomp's L/C and documentary collections solution

Trade finance solutions provider to banks and corporates, Surecomp, has announced that the State Bank of India (California) (SBIC) will be using one of its solutions to process standard and standby letters of credit (L/Cs) and documentary collections.

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LGR Crypto Bank mulls automated L/Cs for Silk Road traders

LGR Crypto Bank of Switzerland is mulling new automated letters of credit (L/Cs) that harness digital smart contracts as part of its efforts to provide trade finance services for deals between Silk Road countries and more than 65 other countries.

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AEB and Wärtsilä successfully use aspects of L/C processing to test secure data sharing

Nordic financial services group SEB and Finnish industrial group Wärtsilä have used aspects of letter of credit (L/C) processing to carry out a test of secure data sharing between companies in trade finance operations.

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SIA's digital solution promises easier and faster management of L/C portfolios

Technology infrastructure and services provider for financial institutions, SIA, says it has launched a new platform that allows banks to fully digitise trade finance processes, making it easier and faster for corporates and small- and medium-sized enterprises operating in markets around the world to manage their letter of credit (L/C) portfolios.

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Calls in Bangladesh for local settlement of L/C disputes

Bangladeshi firms should settle international letter of credit (L/C) disputes by using alternative dispute resolution (ADR) methods, especially amid the ongoing coronavirus pandemic, according to the president of the Dhaka Chamber of Commerce and Industry (DCCI).

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Largest US solar developer upsizes L/C capacity

8minute Solar Energy has significantly upsized its letter of credit (L/C) facility to a total of US$350 million with support from new lenders.

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Global Witness says Libya loses millions via fraudulent L/Cs, central bank defends position

A new report published by Global Witness (GW) claims to show that Libya continues to lose millions of dollars a year through the fraudulent use of its letters of credit (LC) system run by the Central Bank of Libya (CBL).

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L/Cs help and hinder Yemen's efforts to import sufficient food

Yemen's food supply chain has continued to function through five years of conflict, partly due to the availability of letters of credit (L/Cs) to import essential foodstuffs.

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Japanese companies announce government-backed L/C pilot project

A group of Japanese companies has announced a collaborative digitalisation pilot project for Vietnam-bound trade with the first set of trial operations focusing on their receipt of letters of credit (L/Cs).

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L/Cs to be invoked as oil and gas companies bankruptcies rise

Letters of credit (L/Cs) to meet decommissioning liabilities are expected to be invoked as more oil and gas companies are at risk of being left to pick up a defunct partners' liabilities.

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Bolero agrees to provide electronic bill of lading for dltledgers' L/C platform

Trade finance digitisation provider Bolero has signed a formal partnership agreement with the dltledgers blockchain platform for trade execution. This opens the way for importers and exporters for the first time to execute physical trades, end-to-end, without sending paper documents.

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ECI helps UAE businesses move beyond L/Cs

The UAE's export credit insurer says it issued 420 million UAE dirham (AED420 million - US$114 million) of trade credit support to small- and medium-sized enterprises (SMEs) in the 11 months to November 2020.

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