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Factoring turnover for Bulgaria in 2001 recorded an increase of about 20% and reached a volume of 96,000,000. The positive tendency is mainly due to the fast development in the Bulgarian retail business, which has followed a gradual and steady pace from 1999 onwards.
This compares with a DEM80m estimate of Bulgaria’s total factored volume in 2000 (reached by analysis of data from the Bulgarian National Bank, DATA BG Information Services and Demirbank Bulgaria).
01/02/2002
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Statistics showing insolvencies in the fourth quarter 2001 are
published today (1 February) by the Department of Trade and Industry.
There were 3,798 company insolvencies in England and Wales in the
fourth quarter of 2001 on a seasonally-adjusted basis. This was an
increase of 1.8% on the previous quarter and an increase of 2.6% on
the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended
Q4 2001, the same as the previous quarter and the corresponding
quarter in 2000.
01/02/2002
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Series of forums to kick off with the rise and fall of Nick Leeson.
The Factors and Discounters Association (FDA) are launching a new series of Educational Foundation Staff Forums for 2002 at the Copthorne Effingham Park Hotel, Gatwick. The event, on 11 April (6pm – 8.45pm) is open to all staff of FDA members in the South East region.
Staff at all levels attending the forum will be given the opportunity to hear Nick Leeson’s story.
01/02/2002
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FDA launches new day courses to improve skills and knowledge across the industry.
The Factors and Discounters Association (FDA) has just released a new set of specialist day courses for 2002. Running up to July, the new courses will raise the professional standards and knowledge of those working in the industry.
01/02/2002
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The UK Purchasing Managers’ Index (PMI- a composite indicator designed to provide an overall view of the manufacturing economy) released today has shown that manufacturing contraction has eased, but the PMI remains below 50.0 for the eleventh consecutive month.
January 2002 saw a modest rise in the seasonally-adjusted PMI, which recorded its highest level for three months. However, at 46.4, the headline indicator remained well below the critical no change mark 50.0, signalling contraction of overall manufacturing activity for the eleventh consecutive month.
01/02/2002
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Within the next 12 months 64% of Britain's small business owners and managers are vowing to devote more time to family life, according to a new survey of small business resolutions for 2002 published 25 January, by Bibby Financial Services.
The findings are in contrast to the optimism of the small business sector this time last year, when the top New Year's resolution for the UK's small business owners and managers was to identify new markets for their products and services.
31/01/2002
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Manchester-based factoring and invoice discounting company City Invoice Finance has established a base in Wolverhampton to cover the West Midlands as part of its ongoing strategy to set up a national network covering the whole of the UK.
Damian Glover, who has been appointed to run the operation, has a wealth of financial experience gained at Yorkshire Bank where he worked in business banking for the SME market, organising loans and overdraft facilities as well as being involved in the relationship management side.
31/01/2002
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Asta Funding, Inc, a leading New Jersey consumer receivables asset management and liquidation company which also specialises in factoring commercial receivables, today announced that it will release its financial results for the first quarter 2002, ended 31 December 2001, on 5 February, before the market opens.
The company will host a conference call for the investment community that morning at 11:00am ET. The call will be conducted by Asta's president and chief executive officer, Gary Stern and chief financial officer, Mitchell Herman.
Source: Asta Funding Inc
31/01/2002
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Small businesses in search of venture capital were given a boost today when the first Regional Venture Capital Funds (RVCF) were launched in the East Midlands (Ј20m) and the North East (Ј15 million). Accountants and business advisers PKF, who were appointed by the Small Business Service (SBS) to advise the DTI, says it will encourage more entrepreneurs to take the plunge starting new businesses and provide a huge boost to existing small businesses.
31/01/2002
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Moody's Investors Service upgraded to A2 from Baa1 the senior unsecured debt ratings of AS Hansapank. The deposit ratings of Baa1/Prime 2 (which are set at the country ceiling for Estonia) and the financial strength rating of C- are confirmed with a stable outlook.
The senior unsecured debt rating of Hansapank was placed on review as a result the result of a change in the rating agency's long-standing approach to rating the foreign currency bonds of debt issuers that now permits ratings of bonds and notes of some issuers to exceed their country ceilings.
31/01/2002
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The management team at Berkshire based Elcom Information Technology Limited is celebrating a successful management buy out [MBO] from Elcom International Inc. Lloyds TSB Commercial Finance arranged a finance package for the Ј12 million deal.
Elcom Information Technology has been established for 18 years and is a provider of computer hardware, software and other services to businesses. It employs 103 staff across its five offices in the UK.
29/01/2002
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Birmingham office appoints area manager
Venture Finance PLC, the invoice finance specialist, has boosted its business development team with the appointment of Julian Featherstone. Julian joins Venture Finance as Area Manager for the Midlands and will be based at the company’s Birmingham office.
Julian will be responsible for developing business opportunities for Venture Finance and increasing awareness of Venture Finances’ services to businesses in the region.
28/01/2002
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The diversified financial services company Bay View Capital Corporation has announced results for the fourth quarter of 2001. They included the following figures.
25/01/2002
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President Bush has signed into law a bill that provides tax relief to victims of Sept. 11 and includes protection for people receiving structured-settlement payments by requiring court oversight and approval when injury victims choose to sell payments from a structured settlement to a third-party company.
25/01/2002
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Tyco Capital Corporation (formerly the CIT Group, of which CIT Commercial Services, the USA’s largest factoring company in by factored volume and market share in 2000, was a part) has released figures detailing the company’s Q4 2001 performance.
25/01/2002
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