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Britain's economic outlook is one of the biggest concerns for its business community, with only one in ten company leaders forecasting economic growth over the next year, according to a new survey conducted by business and financial adviser, Grant Thornton.
Over 2,400 business owners and managers were surveyed as part of the national Owners' Day campaign to pinpoint the key issues of concern for business owners and provide a unique insight into what challenges UK businesses face. The findings will be launched at a series of events on November 8.
05/11/2001
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For years, commercial banks have been urged to improve their credit analysis and risk management to turn away from traditional collateral-based lending to credit based on cashflow, to reduce the risks of illiquid markets and unrealistic asset valuations.
Yet collateral-based lending continues to rule, particularly for small and medium-sized businesses. Banks say that given the poor accounting and business planning at most small firms, putting claims on fixed assets is the surest way to protect their downside risks from default.
05/11/2001
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On 1 November 2002, the Late Payment Act will be extended to allow large businesses to claim interest from smaller businesses. The act, first launched 1 November 1998, currently gives small businesses the right to claim interest from large businesses on the late payment of debt.
Venture Finance PLC, which provides working capital for small and medium enterprises, today expresses concern at this amendment to the act. On this planned legislation Alison Small, business development director said:
05/11/2001
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Bank of Ireland is close to launching a debtor financing operation in the UK, Germany and the Netherlands and plans to open five offices in these countries within 12 months, according to a senior Bank of Ireland source. The project will see Bank of Ireland as the first Irish bank to establish a greenfield business banking operation in mainland Europe.
02/11/2001
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Statistics showing insolvencies in the third quarter 2001 are published today (2 November) by the Department of Trade and Industry.
Company Insolvencies
There were 3,649 company insolvencies in England and Wales in the third quarter of 2001 on a seasonally adjusted basis. This was a decrease of 4.1% on the previous quarter and a decrease of 2.4% on the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended
Q3 2001, the same as the previous quarter and the corresponding
quarter in 2000.
02/11/2001
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Phil Countache has been appointed Sales Manager responsible for the generation of new business within the South East by leading business finance firm Bibby Factors.
Mr. Countache joins Bibby Factors Sussex having gained many years in the financial services industry. He worked for Midland Bank plc (now HSBC) for 12 years and more recently, was relationship manager with the Cooperative Bank responsible for London and the South East area.
02/11/2001
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Accord Financial Corp. has today announced results for the three months and nine months ended Sept. 30, 2001 as follows:
02/11/2001
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Exporters in the United Kingdom believe the government is failing them according to new research from Bibby Factors Leeds. Findings show that nearly a quarter (23%) of respondents believe current Government policies are detrimental to their business.
A further 55% felt that the Government had little impact on their business, reflecting the fact that no one government can change global market conditions.
02/11/2001
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Please click on the following links to access BCR's exclusive reports on the latest conferences:
Braving the Storm: The Commercial Finance Association’s 57th Annual Convention and Exposition, San Francisco, October 24th-26th.
Exhibitors Bank on CFA Conference
Asset-Based Lending of Healthcare
02/11/2001
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It can be a fair bet that financial models adopted in the USA eventually make their way to the rest of the world in one form or another. For factors, the key is to pick the right industry sectors to monitor, and to remain aware of developments within. In one panel lecture during the CFA conference, Terry Cady of DVI Business Credit, and Robert McCarrick of GE Capital Commercial Finance, detailed the developing methodologies of the important Asset Based Lending sector and its evolving contribution to the healthcare market - an industry worth 14% of GDP in the United States alone.
02/11/2001
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The Commercial Finance Association’s 57th Annual Convention and Exposition, San Francisco, October 24th-26th.
The USA is, in many ways, the powerhouse of the financial world, and current American developments will affect finance and factoring globally. BCR attended the leading commercial financial gathering in the States, the 57th Annual Convention of the Commercial Finance Association, and found a national financial industry facing up to challenging times.
02/11/2001
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A high turnout marks business support for the Commercial Finance Association
The 57th Annual CFA Convention has continued to enjoy a strong display of exhibitor confidence, despite worries about the performance of the US economy. The three-day convention ran from 26th to 28th October, and showed that, whatever the business climate, it seems that it pays to advertise.
02/11/2001
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The Stock Exchange of Thailand (SET) president, Kittirat Na Ranong, said the SET board has approved the listing of AEON Thana Sinsap (Thailand) Plc. AEON engages in the retail finance business including hire purchase, credit cards, personal loans and factoring.
The company's initial public offering is expected in mid-November, the SET said in a statement.
AEON has registered capital of 40 mln shares at par value of 5 baht. It will increase capital by issuing 10 mln common shares.
01/11/2001
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Although remaining well below the critical no change level of 50.0 in October, the latest seasonally-adjusted Purchasing Managers’ Index (PMI – a composite indicator designed to provide an overall view of the manufacturing economy), published by the Chartered Institute of Purchasing and Supply (CIPS) rose slightly for the second successive month. Nevertheless, at 46.7, the headline indicator continued to signal overall manufacturing contraction, as it has done for the past eight months.
OCTOBER PURCHASING MANAGERS’ SURVEY – AT A GLANCE
01/11/2001
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Andrew Visintin, partner, Hammond Suddards Edge
Insolvency lawyers - or as many now prefer to be called, 'turnaround specialists' - are once again in the spotlight. Headlines talk of recession on a global scale, with UK banks increasing bad provisions by Ј1.5bn by the end of the year.
The changing role of insolvency lawyers over recent years has been well chronicled. Less well chronicled is how financing, especially to the small-medium enterprise market, has evolved, with phenomenal growth in receivables financing and asset-based lending
01/11/2001
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