Federal Reserve policy makers unexpectedly dropped a commitment to hold interest rates low “for a considerable period” while voting to keep the benchmark US interest rate at 1 per cent. Treasury prices fell.
The Export-Import Bank of the United States (Ex-Im Bank) has approved a US$244 million long-term guarantee to support the export by The Boeing Co. of B747-400 aircraft to Thai Airways International Public Company, Ltd. (Thai Airways).
President and chief executive officer of Fleet Capital Corporation, James G. Connolly, has been tapped to lead the combined asset-based lending businesses resulting from the merger of FleetBoston Financial with Bank of America Corporation.
Last year, Key Bank and Trust changed its name to K Bank, after a lengthy lawsuit over the Key name by Cleveland-based banking giant KeyCorp.
CIT Group posted a higher fourth-quarter profit, citing growth in its financing and leasing portfolio and a smaller proportion of bad loans. The Company reported earnings of US$155.2 million compared with US$141.3 million in the year-ago period.
Factoring company, Boston Financial Corp., yesterday unveiled a new unit, Boston Financial Solutions LLC.
US Bank Business Credit is the agent of a $20 million senior secured credit facility to Tai Foong USA, an importer of pre-packaged shrimp and other seafood.
“When, in the space of a year, the revenue growth of Ken Taylor Plumbing, a 40-year-old, one-man plumbing service in Harlem, New York, increased from 6.3 per cent in 2000/2001 to 28 per cent - and rose to 38 per cent the following year, it was not
Since hitting its lowest point in November 2000, the euro has shot up by more than 50 per cent against the dollar, effectively raising the prices that American businesses pay for European goods.
Fitch Ratings has upgraded and removed from Rating Watch Positive Transamerica Finance Corp.'s (TFC) senior debt to 'AA-' from 'A' and subordinated debt to 'A+' from 'A-'. Fitch also affirmed TFC's 'F1+' commercial paper (CP) rating.
