USA

CIT Commercial Services, the largest provider of factoring services in the USA, today announced an arrangement with TextilEdge, a leading e-commerce marketplace serving the global textile industry.

The CIT Group today announced a record net income of $151.4 million for the second quarter of 2000. This represents an increase of 57.2% from the same quarter of 1999 and puts this year’s six monthly income at $295.3 million.

The USA’s largest provider of factoring services, CIT Commercial Services, have today announced an alliance with TradeOut, a global internet marketplace for business surpluses such as excess inventory and idle assets.

Go to www.capital.com and you will find an on-line business finance marketplace in which premier financing sources compete to provide services to small and medium-sized companies.

The Heritage Bank of Commerce have today announced that Sherry Crowley has been made Vice President and Business Development Officer of its Heritage Capital Group, the Bank’s accounts receivable financing and factoring division.

The US’s largest provider of factoring services, CIT Commercial Services, has announced that it will form a strategic alliance with Cyber Merchants Exchange.

The Finova Group has today announced that it has signed an agreement to sell its commercial services business (which provides factoring and accounts receivable management services) to GMAC Commercial Credit.

The Federal Reserve’s latest survey on regional economic conditions indicates that the rate of growth in the US has slowed down from its earlier pace in the year.

US venture capital financing has slowed slightly in the second quarter, but still remains at record levels of about US$1bn per week.

A new rule is proposed by the US Securities and Exchange Commission to stop companies giving favoured analysts and investors advance news of important financial information.