Conditions notified for availing export package

Mubarak Zeb Khan ISLAMABAD: The Ministry of Commerce on Thursday notified conditions for availing Prime Minister’s Export Enhancement Package for the year 2017-18. In this regard, the Commerce Division issued a notification SRO1062 for non-textile products. A similar notification for textile products will be issued by the Textile Division shortly. The notification is part of…

Unconditional bank guarantees: ‘like cash in the bank’. But not always …

Cooper Grace Ward It is common in construction and commercial leasing transactions for a party to provide an unconditional bank guarantee to secure the performance of their contractual obligations. An unconditional bank guarantee is widely regarded as being ‘like cash’. Courts are reluctant to restrain the calling for and making of payment under an unconditional…

BankThink The role banks can play in ending global poverty

By Aron Betru Christopher Lee With the World Bank-International Monetary Fund annual meetings this week occurring just after the U.N. General Assembly, international development advocates have been pressing for a dramatic increase in private-sector investment to improve the quality of life in emerging and developing nations. The U.N. meetings focused on the “sustainable development goals” (SDGs), with…

Turkey: Before Drafting Guarantee Agreements, You May Need To Consider These Issues First

by Begüm Biçer İlikay Our recent experience in disputes governed by Turkish law shows That parties should be very diligent while drafting guarantee agreements. Omissions that seem very simple may lead to significant problems in later stages, particularly in determining the legal nature of these agreements, whereby confusions arise about whether the agreement is a…

Fox Networks sues Bangkok Bank for unpaid US$21m guarantee after closure of Thai TV operator

TV and cable operator Fox Networks Group Asia is suing Thailand’s Bangkok Bank Public Company Ltd in Hong Kong for failing to honour a bank guarantee covering a defunct Thai pay-TV operator’s licensing payments. The lawsuit, filed on Monday with the High Court of the Hong Kong Special Administrative Region Court, will see Fox Networks…

Shopkeeper used forged bank guarantees to receive more than €24,000 of cigarettes escapes sentence

A Donegal shopkeeper who used forged bank guarantees to receive more than €24,000 of cigarettes from tobacco manufacturers has escaped a prison sentence. Wade McGinley (47) of Trimacool, Buncrana was sentenced to 240 hours of community service at Letterkenny Circuit Court after pleading guilty to the offences which occurred between June 1st 2009 and October…

Bank of Cyprus announces cancellation of government guarantees as next step on road to recovery

Any storm clouds on the horizon are clearing for the Bank of Cyprus (Source: Getty) Cyprus‘ largest bank took a significant step towards its goal of repaying all its emergency lending by the end of 2017. The Bank of Cyprus – one of the two major commercial banks in the country – cancelled €1bn of…

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