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Asta Funding, Inc., the New Jersey based consumer receivables asset management company (which specializes in the purchase, liquidation and management of performing and non-performing consumer receivables, as well as factoring commercial receivables), has recorded record revenue and net income gains for the fiscal year ended 30 September 2001. Asta generates revenues and earnings primarily through purchase and collection of performing and non-performing consumer receivables and commercial factoring receivables.
Year End Highlights
21/11/2001
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Siam General Factoring reported a net profit of 9.4m bt for Q3, which compares with a net loss of 25m bt for Q3 2000. Net profit for the nine months ended 30 September 2001 was 23.4m bt, which compares with a net loss of 260.7m bt for 9M 2000.
Source: Bangkok Post
20/11/2001
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New shares of Aeon Thana Sinsap (Thailand) PLC, a Thai finance firm offering purchase loans, credit cards, personal loans and factoring, were overwhelmingly oversubscribed yesterday at the launch of the consumer finance firm's initial public offering, according to lead underwriter Capital Nomura Securities.
"Demand from investors for Aeon shares was overwhelming," said Somphop Keerasuntonpong, the deputy general manager for corporate finance at Capital Nomura.
19/11/2001
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Commerce Asset-Holding Bhd Group (CAHB) has registered a 10.3% increase in its operating profit to RM1.17bil for the nine-month period ended 30 September 2001.
The group’s higher year-on-year operating profit was achieved on the back of higher earnings and a reduction in staff costs and overheads, it said in a statement yesterday.
As a result of higher provisions however, group pre-tax profit was 19.2% lower at RM577.2mil for the period under review (RM714mil previously).
19/11/2001
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Britain’s high street banks are failing the country’s exporters according to new research from Bibby Financial Services. More than a third (38%) of those surveyed said that their banks do not meet their needs. Suggesting the banking community needs to completely review its service offering.
The findings go on to show that only 5% of exporters considered their bank manager to be their primary advisor on export issues. Instead a fifth (23%) use Chambers of Commerce, 17% refer to their Business Link, and 19% to Trade Partners UK.
16/11/2001
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Commercial debt is now exceeding a staggering Ј60 billion, with half (50%) of all trade debts in the business-to-business environment paid late and a fifth (20%) of the 200,000 businesses that extend credit now employing third-party agencies to assist collection and recovery.
The mobile phone sector is now the largest growth sector for debt.
12/11/2001
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All speakers have been finalized for the eighth IFA annual factoring conference, 3 – 6 April 2002. The conference will be at the Peabody Hotel in Memphis, Tennessee, USA.
Bert Goldberg, President of Distinctive Solutions, claims that this year’s conference is on target to be the world’s largest event dedicated to the factoring industry.
Speakers at this year’s event will cover a variety of topics of interest to the factoring industry. Some of the speakers will be:
09/11/2001
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GLE Invoice Finance, providers of cash flow solutions, with its Head Office based in Kent, is changing its name with effect from 15th October 2001 and will become Independent Growth Finance.
07/11/2001
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Lending to small businesses increased by over Ј1.2 billion (3.1%) in the third quarter of 2001 to Ј41.4 billion. This followed the previous quarter’s very small rise and reflected rises of Ј0.9 billion in term lending and Ј0.4 billion in overdraft borrowing. Increased term lending was more than accounted for by variable rate loans, with fixed rate loans decreasing for the second successive quarter, suggesting the anticipation of interest rates continuing to fall.
07/11/2001
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GE Capital Commercial Finance has announced that they have signed an agreement with Potential Finance Group to provide them with a Ј25m committed funding facility for a minimum of three years, and on 26 October 2001, Potential received the first tranche of funds.
07/11/2001
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Lloyds TSB Commercial Finance, the provider of invoice discounting and asset based financial solutions, has reported a 50% growth in both asset-based lending deals and funds advanced to date this year.
The increase in asset-based lending activity has resulted in a 68% rise in the total value of all transactions completed this year, compared to the same period last year.
06/11/2001
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Corfo (Corporacion de Fomento de la Produccion – the Chilean economic development agency) will offer a new credit and loans program for micro- and small enterprises. It will offer long-term loan programs through savings and loan cooperatives and a credit line that will be operated by factoring companies.
06/11/2001
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Private service sector activity falls for second month running and at fastest rate in survey history, as adverse effects of September 11 are increasingly widely felt.
05/11/2001
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A nationwide survey sponsored by CollectionIndustry.com shows that 80 percent of Americans stand ready to pay their debts in the normal way, despite deep-running financial troubles.
The finding comes in spite of the fact that 31 percent of Americans say their household finances have been affected as a result of the September 11 terrorist attack, and 35 percent say their household finances have been affected by the recession, according to the survey.
3 in 10 affected by September 11, more by recession
05/11/2001
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Dun & Bradstreet has announced it will change the company's name to D&B, its widely used and instantly recognizable company acronym. Along with this change, D&B launched a new corporate brand, which includes a new logo, tag line, visual identity and renamed product lines. The intent of the new brand, captured in the tagline "Decide With Confidence," is to show an intense focus on enabling customers to make better, more confident business decisions.
05/11/2001
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