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A Finance Ministry official has commented that even though the attack on Afghansistan has not done the economy any good, it has not created any new issues that could seriously damage the economic fabric. "This is not a conventional war. And as long as it remains so, it would not have much impact on world economies. The US economy is getting increasingly mired in recession, and that is affecting the Indian economy more than the war," he said.
25/10/2001
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KBK Capital Corporation, which provides financial services to middle-market businesses, today reported its operating results for the third quarter and first nine months of 2001.
23/10/2001
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Bear points
Currently a relatively small player
Yet to establish national coverage
Bull points
Well placed to grow its client base as banks cut back their lending books
Growing product range
23/10/2001
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Asta Funding, Inc, the New Jersey-based financial services company, announced today that its board of directors has authorized the repurchase of up to 100,000 shares of the company's outstanding common stock. The board's authorization covers up to approximately 2.5% of the company's outstanding common stock. The repurchases will be made from time to time in open market transactions in such amounts as determined in the discretion of the company's management and will be funded out of the company's working capital.
23/10/2001
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Alex Lawrie Factors, the provider of factoring services and specialist division of Lloyds TSB Commercial Finance Ltd, has launched a new online factoring service for small businesses, which boasts an array of business information and self-service tools designed to boost business cashflow.
The new online service, www.alexlawrie.com, is now available to an estimated 3.7 million small and medium-sized businesses operating throughout the UK.
23/10/2001
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Bibby Trade Finance has appointed Michael Andrew as regional manager responsible for sourcing and developing new business opportunities for Northern England and Scotland.
Michael brings to Bibby Trade Finance over 12 years’ experience in the Business Finance sector, where he worked with firms to solve a range of cash flow and funding issues.
23/10/2001
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Global Trade Finance Private Limited (GTF) is looking at doing export factoring of $200 million and forfaiting business of $20 million in the first full year of operations in the country. Mr Arvind Sonmale, deputy managing director of GTF said factoring and forfeiting was not accepted easily in the Indian market as there were not many established players offering these services in India.
23/10/2001
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O’Rane Cornish, former controller of 6C/Dahcor Industries Inc, a Tennessee corporation, was sentenced for swindling two companies out of nearly $500,000. He was indicted in March 2000 on 10 counts.
Cornish sold Performance Financial an account receivable of Ј390,000, claiming a fictitious company called Manufacturing Technologies owed Dahcor that amount.
17/10/2001
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The Competition Commission has met several times since the September 11 attacks on the US to consider its recommendations for reforming small business banking in the light of the changed economic situation.
Banks hope the watchdog will water down any plans it may have for a big shake up of the sector in order to avoid a cut in credit to small enterprises. The commission is finalising its 19 month investigation of banking services for small business, and will hand its report to ministers on Friday.
17/10/2001
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Donald Wiener, who runs the dress chain Dresses For Less, is suing CIT Group and other accomplices, accusing them of running a factors’ monopoly called the Uptown Credit Group. The group meets twice a week to decide which garment companies deserve credit and which don’t.
Wiener says that CIT squeezed a group of apparel manufacturers which he co-owned out of business by refusing to guarantee their sales to CIT’s factoring clients. He claims the decision cost him $3m on factoring fees and $5.5m on lost sales.
17/10/2001
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Japan's parliament is preparing legislation this week that will empower the Resolution and Collection Corporation (RCC) to purchase a larger portion of the banking system's bad debts.
Though there are still no details how the RCC will be able to afford the bad debt buy-up, some observers say the Bank of Japan (BOJ) may provide the capitalisation needed by the company. Policymakers from the ruling Liberal Democratic Party (LDP) hope that the legislation will solve Japan's significant bad debt problem, which is believed to amount to at least 60 trillion yen (S$0.9tr).
17/10/2001
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Warren Buffet’s Berkshire Hathaway Inc dropped its offer for $500m in notes from Finova Group Inc. Berkshire could end the offer if there was a suspension of stock trading or “war or armed hostilities or other national or international calamity directly or indirectly involving the United States.”
The purchase was expected to close on September 26 and it was unclear how the move will affect Finova’s recovery plan, In an interview Buffet said he wasn’t selling US equities or dropping acquisition plans because of the World Trade Center attack.
17/10/2001
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Bibby Factors Northeast has appointed Aidan Jewitt business development manager responsible for sourcing and developing new business opportunities throughout the region.
Aidan joins the company having worked as a business banking manager for Yorkshire Bank for many years. More recently he was an area sales manager for Associated Commercial Corporation.
Bibby Factors Bedford has made Jonathon Fish its head of sales. His responsibilities will include overseeing the existing sales team and developing new business in the Bedford region.
16/10/2001
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According to recent research by leading business finance firm Bibby Financial Services, 50% of small business owners and managers in the UK, consider finding skilled employees to be the biggest challenge facing their business today.*
With this in mind, Bibby Financial Services has launched a free guide to help those considering taking on additional staff to negotiate the recruitment minefield.
16/10/2001
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As the stock market continues to fall and an economic slowdown looks inevitable, leading business finance providers Bibby Financial Services have prepared ten top tips designed to help small business owners and managers survive the difficult trading environment.
Top Ten Tips
16/10/2001
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