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Smaller firms are fighting against the downturn in manufacturing, and many can boast booming order books.
According to a recent CBI survey, manufacturing fell over the past four months at the fastest rate since July 1999, but small firms in the sector are more optimistic than most.
Nick Loxton, 38, and Sara Rodgers, 40, know that it is tough to become a successful manufacturer. In 1988 the couple established Leather Chairs of Bath, a business that uses traditional hand-dyed leather to make a range of reproduction chairs and sofas.
20/02/2002
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Swiss Life/Rentenanstalt said it would acquire the French life insurance operations of Fortis, the Dutch/Belgian financial-services conglomerate, at a price of 150m to 200m.
The acquisition of Fortis France S.A. will expand Swiss Life's business in a profitable market and strengthen its distribution network there, Swiss Life said. Fortis Assurances S.A., the principal operating unit of Fortis France, had premiums of about 700m Swiss francs in 2001, mainly in unit-linked products, according to Zurich, Switzerland-based Swiss Life.
18/02/2002
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Sterling National Bank, the principal banking subsidiary of Sterling Bancorp, announced today that through its subsidiary, Sterling Factors Corporation, it has agreed to provide factoring for Kmart debtor-in-possession orders on regular terms for its clients. Sterling Factors has recently released debtor-in-possession orders for apparel, electronics, footwear, jewellery and home furnishings, all bound for Kmart's store shelves.
18/02/2002
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BCR’s Receivables Finance International Asia-Pacific has so far attracted delegates from 12 nations making this one of the best-attended factoring events the region has seen. The popularity of the conference, to be held 11-13 March, reflects the importance of the Asia-Pacific market issues that will be addressed and also the networking opportunities with senior-level factoring managers attending. In fact, the cross-fertilisation of ideas, opinions and experiences among the delegates is strongly facilitated at BCR conferences and is one of the most rewarding aspects for attendees.
18/02/2002
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CIT Group Inc. announced today that it has completed two key initiatives outlined by the company on 4 February 2002, in preparation for its return to independence.
Specifically:
The company changed its name from Tyco Capital Corporation to CIT Group Inc. and returned to its historical CIT brand. The CIT name remains synonymous with industry leading positions, financial expertise and high levels of customer satisfaction; and
18/02/2002
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Global Trade Finance Private Limited (GTF) has obtained ‘P1+’ rating from CRISIL for Rs. 500 million Commercial Paper Programme.
GTF is 40% owned by WestLB (rated ‘AA+’ by Standard and Poor) and 35% by EXIM Bank (rated ‘AAA’ by CRISIL and ICRA). The balance 25% equity is held by International Finance Corporation (IFC), Washington, the private financing arm of the World Bank.
18/02/2002
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Venture Finance PLC, the invoice finance specialist, has strengthened its business development team with the appointment of Nick Philips as business development manager for the Bristol area.
Nick will be responsible for expanding Venture’s customer base in the South West and providing financial solutions for small and medium-sized enterprises in the region.
18/02/2002
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New Small Business Champions boost services for small firms to ensure effective support for Britain's growing businesses
Trade and Industry Secretary Patricia Hewitt today outlined plans to strengthen support for small business when she named a new "independent voice for small firms" in Government.
07/02/2002
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Accord Financial Corp. announced yesterday that the Board of Directors of the Corporation declared a quarterly dividend of $0.035 per share, payable 1 March 2002 to shareholders of record at the close of business 15 February 2002.
Accord Financial Corp., through its subsidiaries in Canada and the United States, provides asset-based financial services to businesses, including lending, factoring, credit investigation and guarantees.
Source: Canada Newswire
07/02/2002
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Robin Clarke has been appointed CEO of the FDA, the body that serves the interest of factors, discounters and asset-based lenders in the UK.
07/02/2002
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Tyco Capital, the financial services subsidiary of Tyco International Ltd, announced yesterday that it would draw from US$8.5bn in unsecured bank credit facilities. According to Reuters the proceeds will be used to pay off short-term debt. Tyco Capital said it would use the bank credit facilities to repurchase its outstanding commercial paper at scheduled maturities.
06/02/2002
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As part of its initiative to prepare for independence, Tyco Capital Corporation, the financial services subsidiary of Tyco International Ltd., announced that it is to revert to using the CIT brand name.
The Tyco Capital family of companies are subsidiaries of Tyco International Ltd. Tyco Capital is a leading, global source of financing and leasing capital and advisor for companies in more than 30 industries. Managing $50 billion in assets across a diversified portfolio, Tyco Capital offers vendor, equipment, factoring, consumer, and structured financing capabilities.
05/02/2002
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First Quarter Highlights:
Revenues increased 103 percent
Net Income increased 31 percent to $2.3 million
EPS of $0.53 per diluted share
Asta Funding, Inc., a New Jersey company which generates revenues and earnings primarily through purchase and collection of performing and non-performing consumer receivables and commercial factoring receivables, today reported both revenue and net income gains for the first quarter ended 31 December 2001.
05/02/2002
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Following four consecutive months of contraction, January;s survey recorded a modest expansion of activity within the UK private service sector economy. The seasonally adjusted Business Activity Index recorded 51.4 up from 49.4 in December and for the third month running from October’s “September 11” related series low, as incoming new business and business confidence both continued to improve.
January- Purchasing Managers’ Survey for Services
05/02/2002
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William Stucky and Associates, Incorporated, the US-based provider of Internet services for the asset-based lending industry who market themselves as “the future of lending and factoring systems”, have this week announced that they have taken on Tyco Capital as a client.
04/02/2002
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