USA

CIT Group Inc. reported net income of $176.6 million for the second quarter, an increase from $136.9 million. Diluted earnings per share were $0.82 for the quarter, up 26% over last year.

The former president of a computing company pleaded guilty yesterday to his role in a US$170 million scheme to defraud the Florida branch of Espirito Santo Bank of Portugal, according to the US Attorney's Office.

Sterling Bancorp, the US finance house and parent company of Sterling National Bank, has reported a 14.7 per cent increase in net income for second quarter 2004, boosted by a strong factoring division.

Atradius has announced the expansion of its worldwide collection activities through the acquisition in the US of Chicago-based International Collections Incorporated, (ICI). ICI will use the trade name Atradius Collections.

Bridge Bank, a market leader among independent banks in sales of the US Small Business Administration (SBA) loans in Northern California, has announced financial results for Q2 and the half-year ended 30 June 2004.

GE Commercial Distribution Finance (GECDF), the supplier finance unit of GE Capital, has agreed to expand the distribution finance facility of technology company ePlus from US$33m to US$50m.

The Singing Machine Company, a maker of consumer-oriented karaoke machines in the US, has said it will look to selling its accounts receivables in order to finance working capital, following weak results for 2003-04.

Hairmax International, a beauty products group, is seeking to partner or invest with a company that provides financial services to commercial businesses.

Assurant Group companies have agreed to return about $6.5 million for charging what Maryland's insurance commissioner calls excessive rates for credit insurance.

Three pastors and a church employee have joined a growing list of inland investors looking to the courts to recoup investments made with a company accused of operating a Ponzi scheme.