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Publicly listed PT Bakrie Finance Corporation (BFC), a subsidiary of the Bakrie & Brothers Group, and its creditors have agreed to appoint PriceWaterhouseCoopers (PWC) as an independent financial advisor to oversee its debt restructuring scheme. The company operates in leasing activities, venture capital and factoring.
BFC President Imbang J. Mangkuto said on Thursday that “PWC was expected to come up with a debt restructuring scheme within no more than 10 weeks.”
01/11/2001
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Central Bank Governor Sjahril Sabirin is facing a possible four year imprisonment for allegedly being involved in corruption linked to the Bank Bali scandal, which led to government losses of some Rp 904 billion (US$96.2 million).
Sjahril was also ordered to pay a Rp 30 million fine.
Prosecutor Y.W. Mere told the trial at Central Jakarta District Court on Wednesday that Sjahril had abused his authority as the governor of the central bank in approving the loans of the Indonesian Bank Restructuring Agency (IBRA) to Bank Bali.
01/11/2001
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The abbreviated accounts for the year ended 31 March 2001 have today been released by factoring company Ashley Commercial Finance, whose head office is in Cheshire. BCR Publishing have spoken to Managing Director, Jonathan Cranston, to discuss the implications of the accounts and plans for the company’s future development.
31/10/2001
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Eurofactor (UK) Limited, backed by Credit Lyonnais and Euler (Europe’s largest credit insurance company), is launching a Thames Valley business, under the leadership of Russell Warner and Phil Oakes, to focus on small and medium-sized growth-led enterprises in the M3 and M4 corridors.
31/10/2001
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Invoice and asset-based finance specialists Venture Finance PLC last week launched a free bad debt protection service for small to medium size companies new to Venture's factoring services. Venture has launched the service to help SMEs maintain their cash flow during a period of economic uncertainty.
Venture's bad debt protection means that if a credit approved customer fails to pay an undisputed invoice, Venture will credit the client company with the amount of the debt.
30/10/2001
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Mr. Joe Grimaldi, the chief executive officer of the USA’s second largest factoring company, GMAC Commercial Credit, has been dismissed from his position.
Details of the reason for the dismissal are thin on the ground at present. However rumours are circulating that his enforced departure was linked to the results of an internal inquiry which was instigated by the company’s board of directors.
29/10/2001
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Delays in the Council of State's legal interpretations of pending economic bills, including a draft of the Public Enterprise Corporation bill and Public Debt Management bill, are hampering the government's efforts to revive the flagging domestic economy, a source said yesterday.
"Parliament will probably not be able to hold deliberations over eight draft-bills during the current parliamentary session which is supposed to end in November," said the source.
29/10/2001
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BBVA Factoring, the factoring arm of Spanish bank BBVA (and the Spanish industry’s largest player with a market share of 35%), is currently developing new products to expand its activity within the administration of credit sales and payment by instalment. According to Luis Mendoza, managing director of the company, BBVA Factoring is focusing in particular on small- and medium-sized businesses and public bodies.
29/10/2001
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Despite a high pound and international uncertainty, Britain’s export sector remains buoyant according to research from leading business finance providers Bibby Financial Services. 61% of those surveyed believe that prospects for exporters will remain the same or get better over the coming year, while 63% are confident that their turnover will increase over the same period.
29/10/2001
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Asta Funding Inc, a leading consumer receivables asset management and liquidation company which also factors commercial receivables, today announced that it projects a 40% increase in earnings growth for 2001.
The company projects for the fiscal year 2001 an increase in revenues of approximately 30% and an increase in net income of approximately 40% which equates to $8.4 million or approximately $2.00 per diluted share.
Asta is expected to report final fiscal year 2001 results during the third week of November.
26/10/2001
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General Electric Capital Corporation (GE Capital), a diversified financial services company and subsidiary of the General Electric Company, today announced the completion of its acquisition of Heller Financial, Inc. (Heller) for US$5.3 billion in cash or US$53.75 per share. All required domestic and foreign antitrust and banking regulators have approved the transaction.
26/10/2001
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It was announced this week that Latvia’s third largest bank, Hansabanka, has received permission from the Finance and Capital Market Commission council to increase its share capital by LVR 12 million. The capital increase operation will be carried out through a private placement of shares.
Source: Zephus
Hansabanka is the parent of Latvia’s largest factoring company, Hanza Lizings. The company has grown significantly since it began trading in 1998, as can be seen from the below table.
25/10/2001
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It was announced earlier in the month that Romanian authorities had approved the privatisation strategy of Romania’s largest bank, Banca Comerciala Romana, after a year of deferments. However, it is unlikely that further discussions relating to the privatisation programme will be occurring in the immediate future as, according to the bank’s chairman, Nicolae Dặnilặ, the first move will not be made unitil next spring.
25/10/2001
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Canbank Factors expects to be on target for turnover and profits this fiscal year despite the slowdown. The projected turnover of Rs 1,100 crore of turnover would be met this fiscal year, said Mr B. Sukumaran, Managing Director.
Attributing the performance to the company's portfolio management, Mr Sukumaran said that under an inventory discounting product started this year, inventories backed by letters of credit were being factored at competitive rates.
25/10/2001
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The European Commission said it has cleared General Electric Co's General Electric Capital Corp unit Hawk Acquisition Corp's acquisition of US-based Heller Financial Inc.
The Commission said that although both companies have overlapping activities in Europe in factoring and equipment finance, the transaction does not raise any competition concerns.
In factoring, the companies will face competition from a number of players, and in equipment finance the companies' combined market share will not exceed 15% in any member state where they are present.
25/10/2001
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