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According to the latest SME Index from Zurich UK Commercial, a staggering 80% of small businesses say their markets are now more competitive than they were in July and August last year. The two main reasons for this are new entrants (31%) and prices being forced down/price wars (19%).
Dave Smith, marketing and distribution manager, Zurich UK Commercial said: "This is an alarming finding and clearly shows that businesses are finding it difficult to operate. Indeed, last year, 40,532 were declared bankrupt and unless conditions improve this figure could increase this year."
03/04/2002
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March saw further tentative growth of the UK manufacturing economy. Not only did the seasonally-adjusted CIPS/Reuters Purchasing Managers’ Index (PMI – a composite indicator designed to provide an overall view of the manufacturing economy) rise for the third month running to record its highest level since February 2001, but the headline indicator was above the critical no change mark for the second successive month, rising from an upwardly revised level in February.
CIPS/REUTERS PURCHASING MANAGERS’ SURVEY – AT A GLANCE
02/04/2002
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BCR Publishing chose the very heart of the Asia-Pacific region, Singapore, to hold their first Asia-Pacific factoring conference on 12-13 March 2002. Senior factoring executives from 14 countries converged at the sumptuously luxurious Four Seasons Hotel to listen to high-level presentations, network and actively exchange ideas and views on the latest thinking on the future of receivables finance in the region.
28/03/2002
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The current offer of 100 off the full price of attending the second in the series of BCR’s widely-acclaimed Receivables Finance International Europe conferences will expire after 31 March 2002.
Prospective delegates wishing to take advantage of this offer should do so as soon as possible.
Please click on the following link to download a booking form: Receivables Finance International Prague
28/03/2002
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The report of the Competition Commission into the treatment of small business by the major clearing banks has been enthusiastically welcomed by Leslie Bland, Chief Executive of Newbury-based Close Invoice Finance, who has been a champion of the SME sector - and critic of the clearing banks - for many years.
27/03/2002
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The Small Industry Finance Corporation (SIFC) is stepping up its efforts to lend 30bn baht this year, despite slipping below target in the first two months.
This year's target contrasts with last year's lending of 6.1bn baht against a target of 7.5bn.
The agency was now more than doubling its staff and streamlining its credit application process, said Pongsak Chewcharat, the senior executive vice-president.
27/03/2002
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The Eighth Annual Factoring Conference, sponsored by the International Factors Association and Distinctive Solutions, has announced that it has over 350 pre-registrants and the conference organizers are ready to take further bookings. Online booking is available on the IFA’s website.
The conference will be held from 3 to 6 April 2002 at the Peabody Hotel in Memphis, Tennessee, USA.
Although the conference hotel is sold out for the event, there are adjacent hotels with rooms still available.
26/03/2002
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London-based factoring company DCD Factors have today released their annual accounts for the year ended 31 December 2001. The year was another one of sustained growth for the company which commenced trading in 1997, although the rate of the company’s growth seems to be slowing.
Turnover has risen by 27.1% from Ј744,720 in 2000 to Ј946,520 in 2001. This compares with turnover growth of 50% from 1999 – 2000.
Profit before tax has risen by 42.78% from Ј119,310 to Ј170,340. This compares with a profit before tax of Ј9,670 in 1999 and a loss before tax of Ј240,530 in 1998.
20/03/2002
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HSBC has received the government’s response to the Competition Commission’s inquiry into banking services for small and medium sized businesses (SMEs) and issued the following statement:
“We applaud the chancellor’s stated belief that profits are essential to a market economy and that competition is healthy. HSBC is an international bank with operations in 81 countries and territories worldwide. In our experience, strong economies need strong banks and we have found the UK financial services market to be one of the most competitive in the world.
18/03/2002
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Fitch Ratings, the international rating agency, has assigned 'A-' long-term foreign currency (Rating Outlook Stable), 'F2' short-term foreign currency and 'B/C' individual ratings to Chile's Banco de Chile. The '2T' support rating has been affirmed. The ratings assigned to Banco de Chile reflect its established track record of sound financial performance as well as its importance to the system and strong franchise in Chile, which has been further strengthened by its merger with Banco de A Edwards (Edwards) in January 2002.
18/03/2002
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A European Commission Directive that gives businesses the right to claim interest on late payments will come into effect on 8 August 2002, three months earlier than envisaged.
The legislation was originally due to be implemented in the UK on 1 November 2002 but has been brought forward in line with an EC Directive.
It is the third and final phase of a late payments law – The Late Payments of Commercial Debts (Interest) Act 1998 – which currently allows small businesses to claim interest on overdue bills from similar-sized and larger businesses.
15/03/2002
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The Government has accepted in full the findings and recommendations of the independent Competition Commission following its investigation into the supply of banking services to SMEs. The Commission's report, which is being published today, finds that a complex monopoly exists in the market and that as a result SMEs in England and Wales are being overcharged for their banking services.
Chancellor Gordon Brown said: "Our starting point and guiding objective is our belief in competition as the spur to efficiency, innovation and competitiveness.
15/03/2002
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After 14 months of prolonged trials, the Governor of Bank Indonesia, Sjahril Sabirin, was finally sentenced to three years in jail on Wednesday for his involvement in the disbursement of Rp 904 billion (US$90.4 million) of Indonesian Bank Restructuring Agency (IBRA) funds to privately run Bank Bali in 1999.
The Central Jakarta District Court also fined the defendant Rp 15 million or a further three months in jail.
15/03/2002
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Alliance Trade Finance, the speciality trade finance provider, today released their annual accounts for the year ended 31 July 2001. The accounts show that turnover has risen by 10.7% from Ј30.36m in the year ended 31 July 2000 to Ј33.61m. A loss before tax of Ј44,107 was recorded which compares with a profit of Ј309,201 in the previous year.
15/03/2002
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A European Commission Directive that gives businesses the right to claim interest on late payments will come into effect on 8 August 2002, three months earlier than envisaged.
The legislation was originally due to be implemented in the UK on 1 November 2002 but has been brought forward in line with an EC Directive.
It is the third and final phase of a late payments law – The Late Payments of Commercial Debts (Interest) Act 1998 – which currently allows small businesses to claim interest on overdue bills from similar-sized and larger businesses.
15/03/2002
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