PPG Industries successfully executed a $30 million standby letter of credit using the LCconnect platform, with nine U.S.-based banks and six foreign banks invited to bid on the transaction. Through the LCconnect system, companies can run a negotiated reverse auction with their relationship banks, ultimately awarding their LC business to any of the participating banks. The value of the letter of credit market is estimated at $1.5 trillion globally, with the U.S. market accounting for approximately one-third of total outstandings.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.