|
The Serious Fraud Office has released its annual report which this year records the completion of the case against David and Cameron Ross who were charged with fraudulent trading at Winchester Crown Court.
20/07/2001
|
|
Taiwan's Small and medium Business Credit Guarantee Fund (SMBCGF) reported yesterday that a number of banks are to start providing a combined T$1.5bn in lines of credit to small and medium-sized Taiwan-based enterprises on August 1 2001. Participating banks include Chiao Tung Bank, Taiwan Business Bank, and Taiwan Cooperative Bank. The banks are to offer up to T$100m in lines of credit to individual enterprises, at a preferential interest rate of 5.7 per cent.
19/07/2001
|
|
Investment and banking group Nikoil plans to retain its position as the leader on Russia's market in factoring operations.
Nikoil’s Executive Director, Mikhail Treilish, said that the bank's factoring business would rise to $70 million by the end of the year. The Russian market in factoring operations will total an estimated $100 million at year-end.
Nikoil has been in the business since 1999 and is a separate division in the business group.
19/07/2001
|
|
Westdeutsche Landesbank Girozentrale (WestLB), Germany and Export-Import Bank of India (Exim Bank) have joined forces to form a joint venture in India called Global Trade Finance Private Limited (GTF), in which International Finance Corporation is an equity investor. GTF is registered with Reserve Bank of India as a non-banking finance company. The concept is to promote market-driven export-financing solutions for small and medium sized Indian exporters (SMEs) operating in an increasingly competitive world trade environment, by offering forfaiting and factoring under one roof.
18/07/2001
|
|
Ashley Commercial Finance this month has gained three new experienced members of staff. Elaine Ireland has been appointed to the role of Business Development oordinator. Paul Brewster moved from Bibby to start as New Business Manager and Mark Lyon has moved from Arbuthnot to become a Risk Manager at Ashley Commercial Finance.
BCR Publishing
17/07/2001
|
|
The Royal Bank of Scotland Commercial Services is offering faster and easier access to its services in the form of an enhanced small business service. Agreed over the telephone, and allowing initial access to finance within 48 hours, the new KeyCash, service ensures small businesses can obtain up to 90% of cash against invoices in an instant, with full sales ledger management.
16/07/2001
|
|
eCredit, a finance company which provides traditional finance products adapted for e-commerce, has a new on line invoice factoring service which, it claims, is set to challenge the dominance of the credit card for web-based B2B transactions.
Designed to suit to manufacturers and the distribution industry, eCredit places a one click interactive e-button on its client’s websites to provide a fully automated payment method. This funds sales throughout the supply chain and makes on-line trading more secure and efficient.
16/07/2001
|
|
During IFG'S AGM held in Vancouver in May, Mr. Dominique Charpentier, CEO of Eurofactors was elected new Chairman of the Group. The Board Of Directors of IFG now consists of:
16/07/2001
|
|
Factoring and invoice discounting house Cattles Invoice Finance (Oxford) Limited has moved into new premises at the Quadrant, Abingdon Science Park. Formerly based in Parkway Court on Oxford Business Park, the 35 strong team opened for business at their new location on 18 June.
Previously Argent Commercial Services, the business has operated out of the Parkway Court Office for five years, but continued expansion following their takeover by Cattles plc in October 1997 has made the move necessary.
13/07/2001
|
|
Factoring and invoice discounting house Cattles Invoice Finance has strengthened its management team with the appointment of Richard Howard as Marketing Manager. Richard is a marketing graduate with specialist experience in direct marketing and database management. He has over three years’ experience in the invoice finance and trade finance sector.
13/07/2001
|
|
Last year US Bancorp acquired Spectrum Commercial Services as part of a larger deal. Top executives at Spectrum assumed that was the end of their business and that they would be absorbed into an existing corporate division. However, Brian Van Neval and Steven Lowenthal of Spectrum realised almost immediately that Spectrum was an afterthought in the larger deal with Lyon Financial. They raised $6m in capital from investors and secured a $30m loan from Foothill Capital Corp to purchase $35m of Spectrum’s loans from US Bancorp.
13/07/2001
|
|
Early 2001 saw the launch of GLE Invoice Finance’s new website at www.gleinvoicefinance.co.uk. Working with an existing client, Maze Communications, a multimedia design company based near Sevenoaks, the website has been designed to provide fully comprehensive information for prospective clients, business introducers and media contacts.
13/07/2001
|
|
David L’Hoir, who ran the organisation PayDay Today was arrested by the FBI in Fort Lauderdale, Florida on suspicion of mail fraud, wire fraud and money laundering. There is also probable cause to believe he is operating a Ponzi scheme. L’Hoir’s San Diego Company made high-interest loans to low income people and promising investors 3 or 4% a month. He told investors they would be factoring accounts receivable and initially promised to pay investors 5% a month. When investors wanted their money back, he balked.
Source: The San Diego Union-Tribune
12/07/2001
|
|
The US Bankruptcy Court in Delaware approved a plan by Berkshire Hathaway Inc and Leucadia National Corp to bail out commercial lender Finova Group Inc, the troubled international financial services company which sold its factoring division to GMAC in August 2000. The plan included approval of disclosure notices to explain the restructuring plan to creditors. The plan involves using a loan and cash generated from asset sales and other sources to pay creditors 70 cents on the dollar initially, about $7.7bn.
12/07/2001
|
|
The volume of factoring services in Asia, excluding South Korea, grew 147% between 1995 and 2000 according to factors Chain International. The countries which posted the highest growth were Taiwan, China and Hong Kong> the highest ration of international to domestic factoring was reported by Taiwan (42.5%) and Hong Long (33.3%).
Source: The Business Times, Singapore
12/07/2001
|