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Other European countries warm to the concept of the single currency but UK still lags behind
Research from business and financial advisers, Grant Thornton, has revealed that the chasm between UK businesses and their European counterparts is growing wider.
Now in its tenth year, The European Business Survey (EBS) 2002 shows that SMEs across Europe are increasingly positive about the introduction of the euro, with 73% of companies based in EU countries saying it will have a beneficial impact.
03/01/2002
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Arming small businesses with the information that they need to deal with the euro now it has come into effect, leading business and financial advisers, Grant Thornton, in conjunction with Tolley's, have produced a jargon-free guide to the euro and its implications.
The euro guide forms part of the firm's SME Handbook launched this week. The chapter on the euro aims to address the outcome of a recent survey undertaken by Grant Thornton which revealed that 87% of SMEs do not believe that the introduction of the Euro will affect their business.
03/01/2002
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The economic downturn will continue to put pressure on many smaller companies this year. Two conferences and a course run by the Institute of Directors aim to help business managers cope with the challenges.
A conference for small and medium-sized enterprises on cash flow strategies will run on 21 February. When times are tough, it is vital for companies to look at billing, collections and credit management procedures – not only to keep cash flowing, but also to ease the sales process, says the IoD.
03/01/2002
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Metropolitan Factors Ltd have today released their accounts for the seven month period ended July 2001.
Turnover for the period was recorded at Ј1,237,976, which compares with Ј1,968,601 in the previous period (the year ended 31 December 2000) and profit before tax was recorded at Ј324,573, which compares with Ј483,775 in the previous period. This means that Metropolitan’s profit margin- the ratio of profit before tax to turnover- has risen from 24.64% to 26.22%.
03/01/2002
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Quarterly figures released today by the Factors and Invoice Discounters Association (FDA) have shown how the clients of FDA members are being protected from the impact of customer bad debts. There was a staggering 93% increase in credit protection payments to clients compared with last year. This figure demonstrates that significantly more small to mid market businesses are drawing on credit protection to avoid the crippling effects of bad debt.
03/01/2002
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The Institute for Supply Management (formerly the National Association of Purchasing Management) has announced that its index of factory activity rose from 44.5 in November to 48.2 in December, its highest level in 14 months. This has been taken by some as a sign that the long erosion of US manufacturing is nearing an end, adding to speculation that the economy is coming out of recession.
The ISM index remains below 50, as it has through all of 2001, suggesting that manufacturing continued to shrink last month, but at the slowest rate in the year.
03/01/2002
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On 20 December 2001 both houses of Congress passed HR 2884, the federal tax relief package for victims of the September 11 tragedies. Included in that bill was a "landmark protection for Americans with disabilities who receive structured settlement payments," according to Andrew J. Larsen, president of The National Structured Settlements Trade Association and executive vice president of GE Financial.
02/01/2002
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The UK manufacturing economy recorded a further month of significant contraction in December. The seasonally-adjusted Purchasing Managers’ Index (PMI – a composite indicator designed to provide an overall view of the manufacturing economy) fell from 45.6 in November to 45.2 in December, its lowest level since January 1999. The PMI has now remained below the critical no change mark of 50.0 (therefore signalling contraction) since March 2001.
December Purchasing Managers’ Survey – At a Glance
02/01/2002
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Sequoia National Bank has announced that it has filed a lawsuit against Peter Behr, Jr., Richard Hatfield, Daniel Holland, Robert Johnson, Paul Van Etten, and certain affiliated companies. The complaint alleges that the defendants have conspired to expand their sub-prime, hard-money mortgage lending and factoring businesses through a secretive takeover of 51% of the Bank. The complaint alleges that the defendants intend to do it in a manner that would be highly detrimental to the shareholders of the Bank.
02/01/2002
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BancoEstado is extending US$110mil in warranties for loans for operations and investment projects for micro, small and medium sized companies which should apply for financing services to 17 financing institutions that are part of the Fogape (Fondo de Garantias para Pequenos Empresarios) project. Fogape will offer UF4.5mil for the first semester of 2002, 80% more than in the first semester of 2001.
31/12/2001
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On 19 December 2001, Gerling Speziale Kreditversicherungs-AG, Cologne, became the first credit insurer to offer European small and medium-sized enterprises Asset-Backed Securities (ABS) as financing tool. It will enable clients to re-finance their receivables via international capital markets. The initial size of the ABS-Programme in 2002 will be 2bn.
31/12/2001
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Banks are set to escape tough new regulations covering their dealings with small businesses in favour of a code of conduct.
Despite damning evidence from the Competition Commission, which concluded that a complex monopoly existed in the sector, the Department of Trade and Industry will focus on "soft" options to generate more competition and increase transparency. It will publish these proposals, expected in the next few weeks, in its response to the commission's findings.
20/12/2001
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According to the Japanese External Trade Organisation (Jetro), economic growth in east Asia will pick up next year and then strengthen as exports to developed countries recover. Growth in newly industrialised economies more reliant on exports of technology goods, however, is expected to continue to lag behind China and Japan, say Jetro.
20/12/2001
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Shape the future of Asia-Pacific factoring!
BCR Receivables Finance International’s Asia Pacific Conference is to be held in Singapore’s Four Seasons Hotel from 11 to 13 March 2002.
Please click here for further information.
BCR Publishing
18/12/2001
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General Electric was named the world's most respected company for the fourth straight year in a worldwide survey of chief executives conducted by the Financial Times and PricewaterhouseCoopers.
GE is a diversified services, technology and manufacturing company and is the ultimate parent of a number of factors, primarily in European factoring markets including France and the UK.
18/12/2001
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