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Tyco International Ltd. today announced that its financial services subsidiary, CIT Group Inc., filed a registration statement on Form 10 with the Securities and Exchange Commission (SEC) relating to the pro rata distribution of the shares of CIT to Tyco shareholders. Tyco expects the distribution to be completed during the second calendar quarter of 2002. CIT intends to file an application to list its common stock on the New York Stock Exchange under the symbol "CIT."
13/03/2002
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New research on projected borrowing patterns highlights need for better relationships between banks and SMEs
The British Bankers' Association today launches the first ever 'Banking Code' aimed specifically at supporting small business in their relationships with banks. The code builds on the huge success of the Banking Code for personal customers, which was first published in 1991, and reflects a growing desire by banks to ensure small businesses are given the standard of service and support they need to help their business to flourish.
13/03/2002
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The accounts of Singer and Friedlander Factors Ltd for the year ended 31 December 2001 have today been released, showing a dramatic increase in losses before tax. The company, which was absorbed by Close Invoice Finance in December 2001, recorded its second consecutive loss. The loss before tax in 2000 was Ј1.33m, however it had more than doubled in 2001 to Ј2.96m.
12/03/2002
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HSBC Invoice Finance (UK) ltd, the factoring and invoice discounting arm of HSBC, has today released its annual accounts for the financial year ended 31 December 2001.
The accounts showed that profit had risen by 10.34% on the previous year from Ј42.533m to Ј46.933m. Turnover also climbed from Ј118.037m to Ј120.882m, which represents an increase of 2.41%. These increases give the company its highest recorded profit margin within the last five years, an impressive 38.83%.
11/03/2002
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While business start-ups totalled 342,000 in 2001, down 15% on the previous year, the small business picture is not as bad as it might seem, according to research published by Barclays.
11/03/2002
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Asta Funding, Inc, a leading factor and consumer receivables asset management and liquidation company, today announced that it has formed a strategic alliance with a major consumer receivables management company. This new alliance will enable our newly formed subsidiary Palisades Acquisition, LLC to purchase distressed consumer receivables from companies that have relationships with the consumer receivables management company.
11/03/2002
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The British Bankers’ Association will launch a code of conduct today covering small businesses, pitching for improved self-regulation ahead of the government’s long-awaited report on competition in the sector.
The voluntary code will parallel the existing framework for personal customers , and set benchmarks making it easier for companies to assess charges and switch accounts between banks to get the best deal, including the transfer of their credit histories.
07/03/2002
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NMB- Heller Ltd have today released their annual accounts for the year ended 31 December 2001. Pre-taxation profits have risen by 11.05% from Ј6.306m to Ј7.003m. This represents a second year of growing profit for the company as pre-taxation profits rose by 14.6% year on year in the previous period after a fall of 8.3% in 1999.
Turnover, however, has fallen by 6.68% from Ј37.433m to Ј34.932m, but the profit margin (the ratio of profit to turnover) is at its highest level in over five years.
The second note to the accounts provides the following breakdown of turnover:
07/03/2002
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As part of its ongoing strategy to further strengthen its financial position and diversify its funding sources, CIT Group Inc. announced today that it has completed a US$1bn securitization facility backed by home equity loans. The facility will support the planned securitization of approximately US$1.8bn of home equity loans over the next few months.
06/03/2002
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It has been reported that Bank of Ireland could be merging with Anglo Irish Bank Corporation plc. The rumour has been reported on the business news service, Zephus.com.
Both companies have an interest in Ireland’s factoring and invoice discounting market. Bank of Ireland Commercial Finance is the factoring and invoice discounting subsidiary of Bank of Ireland and Anglo Irish Bank Corporation, which became a member of the FDA in 2001, set up an invoice discounting division (to offer the service direct to clients rather than through a specialist subsidiary) in May 1999.
06/03/2002
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The Factors and Invoice Discounters Association, the trade body representing the interests of factors and invoice discounters operating within the British Isles, have today released full year and final quarter figures for 2001.
The FDA figures showed that the value of transactions handled grew in 2001, with clients’ turnover rising to a new record of Ј88.8bn (an increase of 16% from December 2000). Underlying this impressive growth is a rise in the number of clients to almost 30,000.
06/03/2002
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February’s survey provided further signs of recovery within the UK private sector services economy. The seasonally adjusted Business Activity Index recorded 52.1, up from 51.4 in January, to signal expansion of overall activity levels for the second month running. Moreover, despite remaining only modest and well down on levels seen during the same period one year ago, the rate of expansion of activity was nevertheless the strongest since last June and represented a significant turnaround from the falling levels of activity seen in the final four months of 2001.
05/03/2002
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Rumours have surfaced on the business news service, Zephus.com, of the forthcoming acquisition of Argentina’s Banco Galicia. A prospective purchaser has not been publicly disclosed by the source.
Banco Galicia is the parent of one of the leaders in the Argentine factoring market. According to estimates made by Fiorito Factors in 2001 Galicia Factoring, Buenos Aires Factoring, Banex and Heller were joint market leaders in 2000, accounting for 12% each of Argentina’s factoring market.
BCR
05/03/2002
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The seasonally-adjusted Purchasing Managers’ Index (PMI- a composite indicator designed to an overall view of the manufacturing economy), signalled marginal growth of manufacturing activity in February for the first time in twelve months. Designed to provide an overall view of conditions in the manufacturing economy, the headline indicator rose fractionally above the critical no change mark of 50.0 for the first time since last February, recording 50.1 compared to 46.5 last month. UK manufacturing firms reported strong growth of output and order books compared to the previous month.
04/03/2002
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BCR’s Receivables Finance International Asia-Pacific has now attracted registrations from 14 nations which means that the conference, to be held 11th – 13th March, will be one of the best-attended factoring events the region has seen.
The popularity of the conference reflects the importance of the Asia-Pacific market issues that the programme addresses and also the networking opportunities with senior-level factoring managers attending.
28/02/2002
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