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The credit insurer and provider of other diverse financial and management services, Euler group, has recorded a rise of 15% in their consolidated first half turnover for 2001 to 647.7m. The strongest growth was recorded by the Euler-Allianz group's new London-based subsidiary for transnational business, Euler & Hermes International, which lifted its revenues from 3.4m at the end of June last year to 30.4m at the same date this year. On its home French market, the group's performance was relatively flat, with a 0.7% increase in turnover to 177m.
07/08/2001
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The Ministry of Finance announced on 1 August a set of draft rules governing the management of mutual trust funds, paving the way for local investment and trust companies to organize mutual trust funds for equity investments. Under the proposed rules, investment and trust firms will be allowed to form mutual trust funds for making investments in stocks, government bonds, bank debentures, corporate bonds, convertible bonds, commercial papers, gold, foreign exchange, futures and other derivative products.
07/08/2001
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The leading French factoring specialist, Factofrance Heller, has become part of GE Capital, the financial arm of General Electric, following this company's acquisition of the French financial services group Heller Financial. More specifically, this operation is expected to unite the factoring specialist with France's seventh-largest player in this sector, GE Capital Finance.
07/08/2001
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A fourth person was charged yesterday by the Serious Fraud Office in connection with the collapse of Versailles, the trade finance group. John Black will appear at Bow Street magistrates court on Friday 3 August 2001, along with Carl Cushnie, Frederick Clough and Lorraine Jones. Black is charged with assisting Clough in fraudulent activity (see also news 31 July 2001).
Source: Serious Fraud Office
03/08/2001
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Following their surrender today at Charing Cross Police Station, Carl Cushnie, the former Chairman and Chief Executive of Versailles, and Frederick Clough the former Finance Director, were charged today with fraudulent trading contrary to Section 458 of the Companies Act 1985. Lorraine Jones, Clough’s personal assistant, was charged with aiding and abetting fraudulent trading.
The Defendants have been released on unconditional bail until Friday, 3 August 2001 when they will appear at Bow Street Magistrates Court.
01/08/2001
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The annual accounts for the factoring company City Invoice Finance Ltd for the year ended 31 December 2000 record that a pre-taxation profit of Ј300,889 has been achieved This compares with pre-taxation losses of Ј802,362 and Ј110,966 in 1999 and 1998 respectively. The accounts also show that turnover has risen by 240% to Ј2,692,029 from the 1999 figure of Ј790,523.
27/07/2001
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The Toronto-based Accord Financial Corp (which through its subsidiaries in Canada and the United States, provides asset-based financial services to businesses, including lending, factoring, credit investigation and guarantees) has announced results for the three months and six months ended June 30, 2001 as follows:
26/07/2001
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KBK Capital Corporation, which provides financial services to middle-market businesses, today reported its operating results for the second quarter and first half of the year 2001.
24/07/2001
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There are very few factoring companies in France (25 at the end of 2000), and the five main players in the sector took on 46.2bn in bills last year, representing more than 80% of total volume.
The country's two leading factoring groups are FactoFrance Heller, which registered net profit of 44.2m and dealt with 16.2bn in accounts receivable last year, and Eurofactor, which generated turnover of 15.31bn for 17.8m in net profit.
Source: Les Echos
24/07/2001
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Taiwan-based Bank Sinopac launched a website--MMAb2b.com to provide factoring service for enterprises in August 2000.
Bank Sinopac has recorded a transaction value of nearly T$60bn via the website to date, and plans to increase the value to RMB100bn in 2001.
Enterprises have applied for over RMB12bn worth of financing through MMAb2b.com since August 2000.
MMAb2b.com reported that a total of 1,396 enterprises have become subscribers, and plans to increase the figure to 2,000.
Source: Chamber World Network International Ltd
24/07/2001
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Euro Sales Finance, the invoice and factoring group that issued a profit warning back in April, has come into play after receiving indicative offers in excess of its net book value. "We must be looking at a price that's at least as much as the NAV, and that's 500p," said sector analyst Justin Bates, of Numis Securities. News of the talks has already helped boost the shares by roughly 30 per cent to 478p. But that's well below last autumn's share price high of 1,570p.
24/07/2001
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MAYBANK Group has come up with an all-in-one financing package for industrialists requiring financing from scratch for their businesses.
The integrated package known as FAC3plus pools the services of Maybank, Mayban Finance, Mayban Assurance and MaybanLife to provide comprehensive financing for industrial concerns, especially small-medium enterprises (SMEs). Under the package, customers can take a loan to purchase industrial land and to construct their factories. They can also get financing to purchase industrial equipment and obtain factoring services and insurance coverage.
24/07/2001
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CEO of Bay View Capital Corporation (based in the San Francisco Bay area) outlined the company's strategy for building shareholder value by focusing on core banking activities and expanding its business lending operations in the San Francisco Bay Area.
“We have already made significant progress implementing our multi-part strategic vision, which we expect to have in full effect by 2002” noted Goldstein.
24/07/2001
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Although it had a net loss under current cost accounting, ZDB Financial Services saw its net profit increase by 177% in historical terms. In its results for the year ending December 2000, the financial institution had a net loss of $9.3 million down from $22.8 million under inflation accounting. Its net profit increased from $7.9 million to $21.9 million under historical cost. Net interest income increased from $24.3 million to $44.9 million and other income rose from $359 074 to $737 050.
24/07/2001
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League tables for over 4,000 companies published by the Federation of Small Businesses (FSB), a member of the Better Payment Practice Group (BPPG), have shown that plcs are failing to make prompt payment a priority.
The private sector performance league tables, published by the FSB In conjunction with the Dun & Bradstreet for the third consecutive year, show that the average length of time it takes plc to pay its suppliers remains at 46 days, the same as in 1999 and 2000 and the payment performance of the slowest paying plc is getting worse.
23/07/2001
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