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HSBC Invoice Finance UK Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 4.4% to Ј103,579,000 from the 1998 figure of Ј108,331,000. Pre taxation profits have risen by 20.4% to Ј27,408,000 from the 1998 figure of Ј22,757,000.
BCR Publishing
17/08/2000
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Alex Lawrie Factors Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 8.8% to Ј71,360,000 from the 1998 figure of Ј78,241,000. Pre taxation profits have risen by 16.9% to Ј22,968,000 from the 1998 figure of Ј19,634,000.
As a result of the merger with Lloyds TSB, this will be the last set of accounts which will be issued in the name Alex Lawrie Factors limited.
BCR Publishing
17/08/2000
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The Bibby Group of factors today released their annual accounts for the year ended December 31 1999. Turnover has risen by 31.9% to Ј25,371,000 from the 1998 figure of Ј19,224,000. Pre taxation profits have risen by 33.8% to Ј8,670,000 from the 1998 figure of Ј6,475,000.
BCR Publishing
17/08/2000
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Although figures have not yet been released, expectations regarding the results for the second quarter of 2000 are pessimistic. With growth during the first quarter of only 0.9%, many are speculating that the figure for the second quarter will not even reach 2%.
According to the August consensus forecast of the Barcelona-based consultancy, LatinFocus, the econonomy is to grow by only 2.3% this year.
Source: Financial Times
17/08/2000
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Details of a new scheme for promptly resolving legal disputes between bankers and defaulting debtors were announced yesterday by Thailand’s Finance Minister, Tarrin Nimmanahaeminda.
There is a backlog of court cases relating to bad debts totalling an estimated figure of between Bt800bn and Bt1,000. These cases could potentially cause “a frightening overload” of the judicial system according to Mr Tarrin.
17/08/2000
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Merchants Bank of California (which specializes in trade finance, factoring and ‘check cashing’) has reported record earnings for the second quarter of the year 2000. Net income for the period ending 30 June 2000 was $444,137 representing a 57.8% increase on the corresponding quarter of 1999.
16/08/2000
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The Factors & Discounters Association has announced figures for the half year ended 30 June 2000. The figures show a continuation of the trend of the last four quarters, with funds provided to clients up by 26% to Ј5.5 billion and volume up by 19% to Ј36.5 billion.
16/08/2000
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CIT Commercial Services, the largest provider of factoring services in the USA, today announced an arrangement with TextilEdge, a leading e-commerce marketplace serving the global textile industry.
16/08/2000
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Since the economic crash of three years ago, Thailand’s banks have been enmeshed in a web of bad debts generated by the crash. However, whilst relief is not imminent, it is at least thought to be on the way.
The major banks have finished their main provisioning for non-performing loans and debt restructuring has developed substantially in recent months. The industry is still expected to lose money overall this year, but the leading banks are expected to bounce back in 2001.
16/08/2000
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The CIT Group today announced a record net income of $151.4 million for the second quarter of 2000. This represents an increase of 57.2% from the same quarter of 1999 and puts this year’s six monthly income at $295.3 million.
16/08/2000
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Although the rate of economic growth in Malaysia is one of the fastest in the south east Asian region and is predicted to accelerate next year, analysts are concerned that a lack of foreign direct investment in the country could put a brake on the trend.
From January to July of this year the rate of applications for foreign investment has risen by 24.7%, whereas the rate of approval for applications has fallen by 43.4%.
16/08/2000
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The USA’s largest provider of factoring services, CIT Commercial Services, have today announced an alliance with TradeOut, a global internet marketplace for business surpluses such as excess inventory and idle assets. CIT will provide factoring and financing services to buyers and sellers via TradeOut
Under the financing agreement, CIT will issue pre-approved lines of credit to buyers to purchase goods on the website and will also provide credit protection to sellers.
16/08/2000
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The Department of Trade and Industry has today announced its SME statistics for 1999. Their findings include the following results:
There were an estimated 3.7 million active businesses in the UK at the start of 1999. Of those 3.7 million, 2.3million were ‘size class zero’ meaning they were composed of sole traders or partners without employees. The number of size class zero businesses has fallen since the start of 1998, particularly in the agriculture, construction and wholesale/retail sectors.
15/08/2000
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Go to www.capital.com and you will find an on-line business finance marketplace in which premier financing sources compete to provide services to small and medium-sized companies.
The company behind the interactive portal, also called Capital.com, have today announced that GMAC Business credit of Southfield, MI, GMAC Commercial Credit of New York and a host of other companies have signed as providers of capital to businesses seeking finance solutions through Capital.com.
15/08/2000
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The Department of Trade and Industry have today released the corporate insolvency figures for the second quarter of 2000. The figures show that there were 3,426 company insolvencies in England and Wales in the period. This figure represents an increase of 0.9% on the previous quarter, but a decrease of 6.3% on the second quarter of 1999.
1.1% of active companies became insolvent in the 12 months which ended with the second quarter of 2000. This figure was the same in the previous quarter, and slightly lower than the corresponding quarter in 1999.
15/08/2000
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