|
UK manufacturing economy enters recession in August for the second time in three-and-a-half years.
03/09/2001
|
|
Transfact, the factoring subsidiary of French rural bank Credit Agricole, has announced the launch of Immedians, an online financing service aimed at small businesses.
Immedians provides short-term finance for companies which have incurred trading debts with other companies. It charges 8 per cent commission on the sum supplied, plus fixed processing costs.
Source: Les Echos
03/09/2001
|
|
LG Capital said yesterday that its name will be changed to LG Card Co. starting Sept. 1.
The company said the name change is designed to match the company name to its representative product name and thereby enhance customers' recognition of the company and maximize corporate value before listing on the Korea Stock Exchange.
31/08/2001
|
|
Factoring system combines with risk analysis software
Leading factoring and financial software provider, Highams Business Solutions Limited, has formed an alliance with risk management software provider, RiskFactor Solutions Limited. Together, the companies will provide clients in the financial services industry worldwide with an integrated solution for their operating system and risk management needs.
30/08/2001
|
|
The government offers too little help to business start-ups and is failing in its attempts to build a culture of entrepreneurship, according to a survey of chartered accountants published today. The research by the Institute of Chartered Accountants in England and Wales, the main industry body, praises the state of the economy but claims that cumbersome regulations are holding back the development of smaller companies.
30/08/2001
|
|
Turkey’s Factoring Turnover (US$m) 30/06/2000 30/06/2001 Export 360,086 397,382 Import 16,770 10,120 International 376,856 407,502 Domestic 1,925,234 1,
30/08/2001
|
|
Anthony Jacobs, a non-executive director of Potential Finance Group, the AIM-listed company providing factoring services for smaller firms, yesterday paid Ј8,950 for 10,000 of the shares at 89 mp. Jacobs now owns 1,485,000 shares in Potential Finance Group, some 14.2 % of the company. Shares stayed still at 88 mp.
Source: The Express
29/08/2001
|
|
The Bibby Group of Factors, the largest independent factoring organisation in the UK, is to open Bibby Factors in Leeds. The company will be headed by Jocelyn Spratt, who has 15 years’ experience in the financial services industry.
Jocelyn said: “As one of the UK’s leading factoring companies, we took the decision that we needed an office in the heart of the country and Leeds’ central positioning midway between Edinburgh and London makes the ideal location. Being on the ground in Leeds means that we can offer a local, fast and personal services to businesses in the area.
28/08/2001
|
|
The latest Federal Reserve report of loans made by banks reveals they are not nearly as keen as they once were to extend loans to high-tech companies. In its report, the Fed says: "The percentage of domestic banks that reported tightening standards on loans to large and middle-market firms, which peaked at 60% in the January survey and decreased to 50% in the May survey, fell to 40% in August." The Fed also confirmed loans extended to smaller firms followed suit.
28/08/2001
|
|
Mexico's Comision Nacional Bancaria y de Valores (CNBV) has stepped in to administrate Banca Quadrum, one of the 'new' banks to appear in Mexico after privatisation of the sector. The related factoring entity, Factor Quadrum, and financial leasing group, Arrendadora Financiera Quadrum, are also now under administration. Their financial situation has deteriorated whilst certain accounting anomalies have been detected. Provisions against bad loans are insufficient at 11.6% overall. Quadrum's owners have 60 days to come up with fresh capital (not as huge sum it is said).
24/08/2001
|
|
23/08/2001
|
|
A survey of over 1,000 firms by the credit management research centre (CMRC) reveals that businesses within the business and financial services, manufacturing and wholesale sectors are being paid up to 26 days overdue, leaving them with cash flow problems and a culture of late payment.
The research, due to be published this month in CMRC's August 2001 review, also found that less than half the invoices issued by businesses within these industries were paid on time.
23/08/2001
|
|
Gerling Versicherungs-Beteiligungs-AG (GKB) and Swiss Re have reached an agreement on forming a joint venture between Dutch credit insurer NCM, in which Swiss Re has a 90 % stake, and the Gerling Credit Insurance Group.
The new company, Gerling NCM Credit and Finance AG, is to be based in Cologne, and Gerling is to have a 51 % holding. Swiss Re will hold 25 % (+ 1 share) and a private group of investors will hold 24 % (- 1 share).
23/08/2001
|
|
The London-based trade finance company, Merchant Commercial Finance, has recorded a 39.7% increase in turnover in the year ended 28 February 2001 compared to the previous accounts, which covered the fifteen month period ended 28 February 2000. A total turnover of Ј4,831,211 was recorded, which compares with Ј3,456,044 for the previous fifteen months.
21/08/2001
|
|
Five Arrows Commercial Finance, which in the year ended 31 December 1999, recorded profits before tax of Ј890,000, has seen that figure reduced to Ј128,000 for the following year. This represents a fall of 86%, the largest drop in profits the company has seen in recent years. The company’s turnover, however, rose by 8% from Ј6.575m to Ј7.103m.
21/08/2001
|
|