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Tyco International Ltd will go ahead with an Initial Public Offering of its financial services unit CIT Group after talks to sell the business to Lehman Brothers broke down last week.
Tyco is seeking approval from the Securities and Exchange Commission for an initial public offering of CIT which is expected to raise US$5billion and US$6 billion the FT said.
30/05/2002
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Small Business Minister Nigel Griffiths today announced a new package of measures to help combat late payment of bills - a problem that's estimated to cost small businesses nearly Ј7 billion at any one time.
For the first time, firms owed money will be able to claim up to Ј100 in debt recovery costs for each overdue bill, on top of claiming interest on the amount owed.
Mr Griffiths said, "We are using a European Directive to give positive benefits to
millions of UK businesses in three key ways:
30/05/2002
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Research carried out by the Credit Management Research Centre (CMRC), a member of the Better Payment Practice Group, has highlighted concerns from UK exporters about the effect of late payment on their business. However, the good news for these businesses is that the EC Directive on Late Payment, which comes into force on 7 August, will provide exporters with a greater ability to recover commercial debt when trading in Europe.
30/05/2002
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Eurofactor (UK) Ltd have recorded a substantial increase in profit in their accounts for the year ended 31 December 2001. The Directors’ Report and Financial Statements for the company show a profit before tax of Ј633,000 for the period, a 335% increase on the year 2000 figure of Ј189,000.
29/05/2002
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Lehman Brothers Holdings, an adviser to Tyco International, bid about US$5 billion for Tyco's CIT finance unit but then appeared to withdraw the offer, executives close to the negotiations said last Friday.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
28/05/2002
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Back Office Support Services Limited, a financial company that offers independent and professional business support to the recruitment industry and whose services include factoring, has enjoyed substantial growth during the period 31 July 2000 to 31 July 2001. The company’s recent financial statement shows an increase in current assets from Ј685,334 in July 2001 to Ј2,057 502.
27/05/2002
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Accord Financial Corp. announced yesterday that its factoring subsidiary Montcap Financial Corp. has entered into a customer referral program with Scotiabank that will offer businesses across Canada greater access to financing as well as to additional products and services. Under the agreement, both companies now have the opportunity to refer existing or prospective customers to each other.
24/05/2002
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The Central Factors Limited and Sanwa Business Credit Co., Limited, announced that they are to merge. The completion date is predicted to be the 1 July 2002, subject to the necessary approval of the authorities
The name of the new company will be UFJ Business Finance Co. Ltd and the head office will be situated in Tokyo.
24/05/2002
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In a quarterly regulatory filing and a conference call last Thursday the battered Bermuda-based conglomerate made clear that much of its plans for the year hinge on its planned sale of CIT Group, which it acquired last year.
CIT Group is parent to CIT Commercial Services, the United States’ largest provider of factoring and related services. The group is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries.
22/05/2002
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The Industrial Bank of Taiwan, (IBT), announced yesterday that it is to provide a factoring service.
Officially founded on July 12, 1999, Industrial Bank of Taiwan was the first newly established industrial bank in Taiwan, jointly organized by famous financiers, Dr. Samuel C. Shieh and Mr. Kenneth C.M. Lo. IBT's mission is to support emerging strategic industries and contribute to national economic development plans so as to accelerate the upgrading of Taiwan's industrial structure and make Taiwan one of the developed countries in the world.
BCR
21/05/2002
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The Bank of England has published their ninth quarterly report on small business statistics. The survey evidence in the report presents the following findings:
Business Environment
The survey evidence on the business environment for small firms shows a generally gloomy picture. The NatWest SBRT survey indicated worsening net balances for actual sales, investment and employment. Looking ahead, expectations were also generally pessimistic.
21/05/2002
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VR Diskontbank, the German-based co-operative bank offering financial services in the areas of factoring and central regulation, last year showed turnover down by 8 per cent to DM22.5bn in a year-on-year comparison. Annual surplus, however, leapt from DM1.53m to DM 4.32m.
Turnover from central regulation business slipped to DM15bn, but the bank still heads the market in this field. Turnover from factoring business remained stable at DM7.5bn. The balance sheet total at the end of 2001 stood at DM1.23bn.
Source: Borsen Zeitung/FT
20/05/2002
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BCR announced last night that it has sent out nearly 3000 programmes for its Receivables Finance International Europe Conference. Factoring professionals worldwide should be receiving their copies soon.
17/05/2002
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A new survey confirms that the UK is one of the best places in the world to do business, Department of Trade and Industry Minister Nigel Griffiths said yesterday.
Speaking at the launch of 'Lifting the Barriers to Growth in UK Small Businesses' commissioned by the Federation of Small Businesses (FSB), Mr Griffiths said, "I am extremely encouraged by the optimistic view shown in this survey of over 18,000 key small businesses.
16/05/2002
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Sales Linked Finance, a specialised corporate and commercial financing company in Toronto which deals in factoring, will begin a pilot programme created by Kasten Chase to deploy secure e-document delivery for the distribution of sensitive e-statements to clients and other recipients.
16/05/2002
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