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Largest solar developer in the US increases L/C capacity tenfold

8minute Solar Energy says it has closed a US$225 million letter of credit (LC/) facility from a consortium of five banks.

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Pandemic motivates SMBC to accelerate L/C digitisation process with komgo and Contour

Sumitomo Mitsui Financial Group (SMBC) says that it is joining two letter of credit (L/C) focused blockchain trade finance consortia, komgo and Contour.

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Bangladesh railways benefit from L/Cs on preferential terms from India

India has handed over ten broad-gauge diesel-engined locomotives to Bangladesh in support of 17 railway sector projects that are part of a letter of credit (L/C) based assistance scheme extended by India to Bangladesh.

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L/Cs help wireless technology provider revive after coronavirus shocks

Evidence that companies are turning to letters of credit (L/Cs) as they adapt to working under coronavirus crisis conditions has been underlined by UK-based wireless communication technology provider CyanConnode Holdings when it announced its audited results for the 15-month period ended 31 March 2020.

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Trade finance asset distribution could ease L/C difficulties for SMEs in coronavirus crisis

London-based Tradeteq, which claims to be the first electronic trading platform for the institutional trade finance market, says that small- and medium-sized enterprises (SMEs) will find it harder to access letters of credit (L/Cs) in the wake of the coronavirus pandemic.

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US imposes sanctions on Iranian steel, aluminium and iron firms

The US treasury department's Office of Foreign Assets Control (OFAC) has named several Iranian metals companies as Specially Designated Nationals (SDNs).

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Indonesian police allege long term fugitive used fictitious L/C to obtain bank loans

Indonesian police have brought multiple charges against captured fugitive Maria Pauline Lumowa, who allegedly used a fictitious letter of credit (L/C) to obtain bank loans.

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Lebanese L/C openings plummet as buyers increasingly struggle to finance imports

Lebanon's central bank has said that letter of credit (L/C) openings have declined by more than 90 per cent as the country struggles with a failing economy, a hard currency shortage, the impacts of the coronavirus pandemic and the devasting 4 August explosion at Beirut port.

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Co-operative Bank of Kenya launches import duty finance product to enhance L/C offering

The Co-operative Bank of Kenya (CBK) is offering a new Import Duty Finance product to add to the range of services already offered by the bank, including letters of credit (L/Cs).

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Misuse of supply chain finance worrying but not widespread, says Global Supply Chain Finance Forum (GSCFF)

New report from the industry coalition GSCFF addresses head-on the criticisms relating to impact on suppliers, financial reporting and potential credit and liquidity risks

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Russia's CBM establishes renminbi denominated L/C facility for clothing retailer

Credit Bank of Moscow (CBM) has signed a multicurrency loan agreement with one of Russia's largest clothing retailers, O'stin, and announced that it can now open renminbi denominated letters of credit (L/Cs) for its purchases from Chinese suppliers.

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Blockchain will hamper L/C fraud says MUFG Bank

Japan's MUFG Bank has completed its first complete transaction using Trakk, a blockchain system that builds document audit trails to guard against fraud and falsification.

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Blockchain's capacity to speed up L/C processing

The chief executive officer (CEO) of Contour, the blockchain based open trade finance network formerly known as Voltron, has shared his views with the Reuters news agency on a blockchain transaction executed earlier this year between global miner Rio Tinto and China's Nanjing Iron & Steel.

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Coronavirus exacerbating global trade finance gap says World Economic Forum

The issuance of letters of credit (L/Cs) and other trade finance instruments is becoming more difficult as a result of the coronavirus pandemic according to the World Economic Forum (WEF).

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DNB one of many banks ready for delayed SWIFT standby L/C and guarantee processing

Norway's largest bank, DNB, is ready to switch to new online versions of both its front and back-end solutions that are already compliant with rigorous changes to SWIFT messaging protocols that do not now come into force until November 2021 according to the bank's technology provider, Surecomp.

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Fintech TheGuarantor offers L/C alternative to commercial landlords and tenants

A security deposit alternative to letters of credit (L/Cs) put up by tenants to guarantee payment of rent to commercial landlords is on offer from fintech company, TheGuarantors.

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Guarantees and L/Cs for Libya help ATB's latest Fitch rating

Sustained letter of credit (L/C) business with Libya is one reason given by Fitch Ratings why it has affirmed Arap Turk Bankasi's (ATB's) long-term local and foreign currency issuer default ratings at 'B+' with a negative outlook.

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Guarantees and L/Cs for Libya help ATB's latest Fitch rating

Sustained letter of credit (L/C) business with Libya is one reason given by Fitch Ratings why it has affirmed Arap Turk Bankasi's (ATB's) long-term local and foreign currency issuer default ratings at 'B+' with a negative outlook.

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Cameco asks for return of L/C after Canada tax appeal ruling

One of the world's largest publicly traded uranium companies, Cameco is asking the Canadian government to return the letter of credit (L/C) the miner submitted to guarantee payment to the Canada Revenue Agency (CRA) if it were proved that it had paid insufficient taxes.

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SocGen and BNP Paribas put the brakes on commodity trade finance deals

Société Générale is closing its Singapore trade commodity finance unit after the collapse of oil trader Hin Leong Trading prompted the bank to call a halt on fresh funding for commodity deals in the region.

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DBS Bank joins R3's Corda blockchain trade-finance network Contour

Singapore's DBS Bank has joined Contour's open trade network, which is built on blockchain technology company R3's Corda platform.

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Lawyer suggests L/C safety net for US commercial landlords

Commercial landlords in the US may be more inclined to look to letters of credit (L/Cs) to protect themselves from unexpected bankruptcies precipitated by the economic fallout of the coronavirus pandemic according a partner in the Orlando office of law firm Shutts & Bowen.

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L/Cs a key element in Hertz agreement with investors

Interest payments on Hertz Vehicle Financing II asset-backed securities (ABS) funded by draws on existing letters of credit (L/Cs) are a key element in the troubled vehicle rental giant's interim settlement and agreement with investors holding those securities.

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Philippines mulling virtual banks for L/C issuance

Legislators in the Philippines are considering the introduction of a regulatory framework for virtual banks that would enable them to issue some letters of credit (L/Cs).

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Philippines mulling virtual banks for L/C issuance

Legislators in the Philippines are considering the introduction of a regulatory framework for virtual banks that would enable them to issue some letters of credit (L/Cs).

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Court denies relief for L/Cs impacted by loss of business due to coronavirus crisis

An Indian court has denied relief to a jewellery exporter that asked its bank to stop payments on letters of credit (L/Cs) after its cash flow dried up as a result of business disruption caused by the coronavirus pandemic.

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Expect more L/C requests says Atradius

Payment delays in Asia have increased and as the region learns to cope with business disruptions caused by the coronavirus pandemic, in some countries volumes of letter of credit (L/C) business look likely to increase according to new economic research by trade credit insurer Atradius.

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Digital priorities revealed in latest ICC Global Survey on Trade Finance

Digital trade is a key priority for banks in the International Chamber of Commerce's (ICC) 11th annual Global Survey on Trade Finance.

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India plans for digital L/Cs in efforts to ease coronavirus impacts on ports

The Indian government is looking to digitalise letters of credit (L/Cs) and other trade documentation as part of its electronic Port Community System (PCS).

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Singapore BP staff associated with L/C dispute placed on leave

Several BP trading staff in Singapore have been placed on leave because their names have appeared in court documents filed by banks in their dispute with several commodity traders Bloomberg has reported.

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Payment practices deteriorating in Asia despite L/C and bank guarantee usage says Atradius

The coronavirus pandemic coupled with an increasingly bitter US-China trade war have precipitated a deterioration in payment practices across Asia according to a survey by Atradius.

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Four charged with bribery facilitated HK$75 million L/C fraud and money laundering

A senior executive of a listed company subsidiary and two directors of two construction companies are amongst four people charged by Hong Kong's Independent Commission Against Corruption (ICAC) for their alleged roles in a 75.3 million Hong Kong dollars (HK$75.3 million - US$9.7 million) letter of credit (L/C) fraud involving over HK$1.7 million in bribes and money laundering.

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APIsure to help with digital L/C and bank guarantee processing

Surecomp has announced the opening of its Application Programming Interfaces (API) architecture to customers in a test environment.

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RBI fines Citibank for failing to obtain customer declarations before providing non-fund based facilities

The Reserve Bank of India (RBI) has imposed a 40 million Indian rupee (US$530,000) fine on Citibank for failing to comply with banking regulations and non-compliance with the central bank's directions.

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UPS Capital mulls alternative to L/Cs for SMEs

UPS Capital is looking to develop trade finance offerings that may provide alternatives to letters of credit (L/Cs) and may be particularly appropriate for small- and medium-sized enterprises (SMEs).

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Liberian court judgment may - or may not - end DTL's dispute with GT Bank

Liberia's supreme court has ordered a lower court to enforce its 2019 judgment against the Guaranty Trust Bank (GT Bank) to issue Doramart Trade Limited (DTL) a letter of credit (L/C).

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New L/C arrangements in Delta Air Line's amended revolving credit facility

Delta Air Lines has amended its US$2.65 billion credit facility agreement so that it now features a new standby letter of credit (L/C) facility.

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Interpol posts new red corner notice in US$2 billion L/C and letter of undertaking scam

Interpol has once more posted a red corner notice against fugitive celebrity jeweller Nirav Modi's stepbrother on its web site after taking it down last year when Nehal Deepak Modi launched an appeal against the notice.

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German businesses can obtain L/Cs for trade with Iran from banks claims UANI

Smaller German businesses can still obtain letters of credit (L/Cs) to do business with Iran from banks in Germany, despite US sanctions that have made L/Cs hard to obtain from banks across the world according to a report published last week by United Against Nuclear Iran (UANI).

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Fitch assigns 'A' rating to L/C enhanced bond

Fitch Ratings has assigned China's Neijiang Investment Holding Group's proposed US dollar credit-enhanced bonds an A rating.

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