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The e-commerce and internet solutions provider AllnetServices.com Corp has today announced that it has renewed its factoring agreement with Global Asset Exchange Inc and that their factoring credit line has been extended to $1 million.
President and CEO of Allnet Rob Aubel said “The competitive rates and service from Global Asset Exchange has been excellent and we look forward to continuing this relationship…the renewal of this credit facility ensures continued revenue and earnings growth beyond our expectations for the rest of the year.”
Business Wire
20/09/2000
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The USA’s largest provider of factoring, CIT Commercial Services, has further strengthened its position in the apparel e-commerce area today by announcing a strategic alliance with BtoBapparel.com, an internet based business to business marketplace for the global apparel industry founded in the spring of this year. Under the new agreement, CIT will provide factoring and financing services to apparel buyers and sellers via BtoBapparel’s website, opening lines of credit to buyers and offering credit protection to sellers.
05/09/2000
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Fears have been voiced by a Mexican banker that inadequacies in the provision of information are threatening lenders. Victor Borras, director of corporate banking at Grupo Financiero BBVA Bancomen has said that the dearth and poor quality of information cause particular problems when lending to medium sized companies.
05/09/2000
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UPS Capital, part of the UPS Logistics Group, is to set up a European factoring network which should be operational by the beginning of October 2000.
The network is to be headed by Ben Hosh, former Managing Director of Griffin (now HSBC) and of Anglo/Secpac Factoring Services Limited. Its UK division, based in Brighton, will be led by Andrew Gale, also formerly of Griffin, of Anglo/Secpac and more recently, of First National. David Smart who has worked for Hill Price Davison will act as Credit Manager.
04/09/2000
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The venture capital industry has struck a regulatory barrier in its plans to attract overseas investment into Australian funds, prompting a political tussle that could determine whether Australian start-ups gain access to fresh capital.
The obstacle, part of the Federal Government's sweeping tax review, appears likely to discourage overseas pension funds from investing in Australian venture capital vehicles.
24/08/2000
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A 7% increase in turnover for the first half 2000
In the course of the first semester 2000, EULER achieved consolidated turnover of 563.4 million euros, an increase of 7% compared over the same period last year (4% in 1999 compared to 1998). On a constant exchange rate basis, this increase is slightly above 5%.
24/08/2000
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ABC Holdings has just completed its primary listing on the Botswana Stock Exchiange.
The bank is configured to be a one-stop shop for regional business. The objective is to play a key role in promoting investment and trade flows in the region. It has initial capital of about $45,7m, with supporting assets estimated at $253,1m.
ABCH, which has a secondary listing on the Zimbabwe Stock Exchange, focuses on merchant bank activities such as treasury, investment banking, structured trade finance and financing activities such as leasing, factoring and corporate lending.
24/08/2000
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Trading in the shares of French factoring services specialist Factorem SA and the French insurer Assurances Banques Populaires SA will resume in Paris on 3 August. A squeeze-out operation for these companies by French bank Natexis will run from that date until 7 September.
24/08/2000
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Cabinet ministers yesterday approved a final draft of a new factoring bill. Finance Minister Tarrin Nimmanahaeminda said the law would help set operational guidelines for factoring firms.
The change in law would help give small and medium-sized enterprises new options in managing liquidity, he said. The bill will now go to the Council of State for review before being submitted to Parliament for final approval. Passage is not expected until next year.
Source Bangkok Post
23/08/2000
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11 August 2000: Ifis Wants to become a Bank
Ifis, the Italian factoring company presided over by Sebastiano Furstenberg and which is traded on the restricted market, yesterday presented a request to the Bank of Italy for authorisation to operate as a bank. The extraordinary shareholders meeting, held on July 20, had already adapted the company's statute to this new activity.
23/08/2000
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Spain: Banks' non-performing loans had reached a record low since 1993 by the end of 1999. Most experts agree, however, that this trend has reached an end. Since January consumer non-performing loans have been increasing slowly.
The best way to analyse future non-performing loans is to study the sector most affected, mainly leasing, factoring and so-called finance companies, whose customers are companies or individuals. These organisations are currently on a high given the sharp growth in the economy, which shot up 4.2 per cent in the second quarter.
23/08/2000
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CIT Commercial Services, the largest provider of factoring services in the US, today announced a strategic alliance with EcomTextile, Inc.of Fullerton, California. EcomTextile provide electronic procurement and supply-chain services for the textile, apparel, machinery and sewn products industries. Under the agreement, CIT will be a resource to provide factoring and financing services to EcomTextile.com users
23/08/2000
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22-Aug-2000: EBRD Launches Second Credit Line for SMEs
The European Bank for Reconstruction and Development will be launching a second credit line for small and medium enterprises worth US $88mn following the signing of agreements with the government and the National Bank of Ukraine.
Source: Eastern Economist Daily
22/08/2000
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Aceva Technologies today announced the launch of their first managed eFinance platform and aims to service online businesses. The new platform enables online businesses to integrate trade credit, accounts receivable and payable, and real-time settlement and reporting into a single managed solution.
21/08/2000
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The Turkish Factoring Association has released its half-yearly figures for 2000. They are as follows:
Domestic US$bn1.92 International US$m377 Total US$bn2.30 For 1999, the overall total volume was US$m5,266.
21/08/2000
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