Letter of Credit needed to back new electricity generation plants in Nakuru County

By Macharia Kamau The Government is looking for a bank to back three firms awarded the tender to construct new electricity generation plants in Nakuru County. The selected bank will issue a letter of credit to the three independent power producers, bringing the geothermal power project back on track after years of waiting. Quantam Power…

Ukraine: Further liberalization of capital controls (dividends and letters of credit)

Cameron McKenna Ukraine On 13 April 2017, the National Bank of Ukraine (the “NBU”) issued Regulation No. 33 (“Regulation No. 33”) amending certain existing NBU Regulations regarding currency controls. Regulation No. 33 is part of the on-going liberalisation of capital controls ultimately aimed at improving the business environment in Ukraine. Repatriation of dividends for 2016…

Standby letters of credit – still the lifeblood of international commerce?

by Sarah Taylor United Kingdom In 1978 Kerr J famously said that irrevocable obligations assumed by banks are the “lifeblood of international commerce”1. The accuracy of this description was tested recently before the English Court of Appeal. The court remained unwilling to depart from the principle that if a compliant demand is made under a…

IBM Partners with Dubai Government for Blockchain-Based Trade and Logistics Solution

IBM is announcing new collaboration with Dubai government agencies, Dubai Customs and Dubai Trade, and several enterprise partners to adopt Blockchain for a trade finance and logistics solution for the import and re-export process of goods in and out of Dubai. The Blockchain solution is expected to be based on Hyperledger Fabric and IBM Cloud…

Raising Finance is still a trouble for small businesses

Manufacturing is a priority economic sector for Indonesia to promote inclusive growth. According to the Central Statistics Agency (BPS), there are more than 3.6 million manufacturing units in Indonesia that can be categorized as micro and small enterprises. These small businesses are an important source of employment and contribute significantly to the national output. However,…

Iran to begin exportation of gas into Iraq years after years of agreement

The pipeline will supply 50 million cubic-meters of gas per day, capable of generating 3,500 megawatts of power per day. Photo:AFP   ERBIL, Kurdistan Region — Iran will begin exporting natural gas to Iraq this week, Iran’s oil minister said,years after the initial announcement of construction of an Iran-Iraq natural gas pipeline and postponements because…

S7 Airlines and Alfa-Bank closed a deal with a letter of credit firstly in Russia with the usage of blockchain

By Iuliia Tore S7 Airlines and Alfa-Bank have executed the first in Russia service payment through a letter of credit using smart-contacts on the basis of blockchain technologies. Under the agreement concluded between PJSC Siberia Airlines and one of the counterparts the calculations with the usage of covered letter of credit have been done. The deal has been concluded…

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