Christopher Byrnes

Euros Instead of Dollars Due to Force Majeure Clause?

Court of Appeal allows payment in Euros despite contract in US Dollars. Implications for LCs & guarantees? RTI vs. MUR case questions currency and force majeure clauses' role in trade finance.

ICC Re-Releases Guidance Papers on Aspects of UCP Use

ICC republished four guidance papers on recommended principles and usages around the UCP600 rules in February 2023. The collection of

UK Effort Aims to Expose Duplicate Financing Fraud by Year-End 2023

A collaborative initiative underway among the International Chamber of Commerce United Kingdom (ICC-UK), the Centre for Digital Trade and Innovation

CPI Reference in Counter LC Text: What’s the Ultimate Obligation?

In a recent group discussion, LC professionals took up the matter of guarantee text referencing a consumer price index (CPI)

Egyptian LC Policy Weakened Trader Confidence

At year-end 2022, the Central Bank of Egypt (CBE) announced cancellation of its mandate requiring use of letters of credit

Indian High Court Reverses Order, Denies Injunction

In Wellington Cantonment Board v. Gharpure Engineering & Constructions, the Madras High Court (India) set aside a District Judge order

AFP Guide Addresses Trade Finance and Ongoing Pursuit of Digitalization

Accounting Scandal Raises Questions about Supplier Finance

Published reports about the sudden collapse of Americanas SA into bankruptcy protection in mid-January 2023 suggest that the major Brazil

Turkey Declares State of Emergency after Quakes

Turkey, by way of Presidential Decree No. 6785, has declared a three-month state of emergency in ten provinces impacted by

EU Banks, Corporates Cautiously Optimistic While Awaiting Decision on Treatment of Trade Finance Products

EU Parliament may keep trade finance instruments' CCF at 20% instead of 50%. Trade specialists urge caution; Cazenove of Societe Generale warns against potential risks to corporates and economies.

ICC Draft Opinions for April 2023 Meeting Released

Two draft opinions, one new and one re-submitted, were released in mid-February to ICC National Committees for review and comment

Bank of Punjab Empowered to Issue LCs Supporting Pharma Needs

Punjab Health Minister Dr. Javed Akram directs Bank of Punjab to issue Letters of Credit (LCs) for crucial pharmaceutical imports amidst concerns over foreign currency constraints. Details on safeguards and bank selection remain unclear. Stay updated on this development.