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Potential Finance Group plc, which was recently established to provide factoring & invoice discounting services to small and medium sized businesses, based in the United Kingdom, is to be floated on AIM (Alternative Investment Market) on 4 August 2000. There will be 10,473,600 ordinary shares of 25p each will be admitted with an issue price of 125p. The capital to be raised on admission is Ј6.6m.
01/08/2000
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According to Jeff Liu, Senior Vice President of the Chailease Finance Corporation, several banks are currently urging the Ministry of Finance to allow them to provide an import factoring service. The Ministry of Finance has studied the request, but so far has not reached a conclusion. Reasons for the delay in a response are thought to include objections from the Central Bank, who are concerned by the level of risk which banks will be exposing themselves to if an import factoring service is allowed.
31/07/2000
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Underlining an ongoing trend in Taiwanese banking, Dah An Commercial Bank have entered into a co-operative arrangement with the Chailease Finance Corporation. Dah An is the most recent of several banks to adopt and package Chailease’s factoring services as one of their own banking products. In May of last year, Chinfon Bank entered into a similar arrangement and more agreements are currently being discussed.
31/07/2000
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From August 2000, clients of the Chailease Finance Corporation, Taiwan’s largest international factor, will be able to access their accounts on line. The services available will include an on line credit request facility, credit response, A/R assignment and debt management (specifically dealing with receivable ledgers, payment reports and risk control reports).
31/07/2000
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Equity Participation and Trade Finance Services now available.
26/07/2000
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Key figures from Magyar Annual Report(HUF million) 1999
Total Assets 682,963 Shareholders' Funds 61,369 Profit before taxation 7,170 Capital Adequacy Ratio(BIS, unc.,%) 14.0%
26/07/2000
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The Bermuda based Bank of NT Butterfield & Son have made Ј60 million from an MBO of the Manchester based Davenport Group. The successful management team of four is headed by Colin Davenport. The rest of the team consists of Mike Hamlyn and Steve Marsh (who have both been with the company since 1991) and Ray Wise, one of the founders of Euro Sales Finance.
26/07/2000
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Bank lending in Thailand declined 18.7 percent, or 820 billion baht, compared with last year's first half, said Thai Farmers Research Center (TFRC).
According to the data released by TFRC, 13 major banks retain total outstanding loans of 3.58 trillion baht, with the top four banks - Bangkok Bank (BBL), Krung Thai Bank (KTB), Thai Farmers Bank (TFB) and Siam Commercial Bank (SCB) - accounting for 65.24 percent of the total lending amount.
25/07/2000
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The Chinese Government is paving the way for a relaxation of currency trading rules as part of sweeping reforms to the country's financial system. The Governor of the People's Bank of China, Mr Dai Xianglong, also revealed plans yesterday to liberalise interest rate policy completely over the next three years, allowing the market to set both deposit and lending rates.
25/07/2000
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The election result for 2 July was better than expected. The financial markets reacted very well, with falls in country risk and interest rates, plus a rise in the stock market and a strengthening of the peso.
21/07/2000
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The Insolvency Service’s Annual Report, released on July 20th, has shown a 20% increase in the number of unfit directors to be disqualified. The figure has risen from 1,284 in 1998-99 to 1,540. The statistic covers the year ending 31 March 2000 and is likely to spur the Service into taking a progressively more hard line attitude towards high-ranking corporate miscreants.
21/07/2000
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Enel, the Italian electricity group, has created Enelfactoring, a new company which will operate in the corporate factoring sector.
The new company, which will be 90 per cent controlled by Enel and 10 per cent by Italian bank Meliorbanca, will be in charge of suppliers' outstanding credits. Enelfactoring will keep under control the cash flow whilst exemplifying the payments system.
Milano Finanza, June 8 2000
21/07/2000
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Small Business Minister Patricia Hewitt on the 12 July 2000 launched the Business Debtline, a telephone helpline aimed at helping small businesses facing debt problems. The service will provide telephone counselling and a self-help pack of comprehensive guidance on dealing with business debts.
The Debtline telephone number is 0800 197 6026, and calls can be made between the hours of 10am to 4pm, Monday to Friday.
21/07/2000
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The Spanish factoring sector posted a turnover of Pta2,288bn in 1999, up 42.16% on 1998 figures of Pta1,600bn, thanks to Spain's economic stability. Of this figure Pta2,181 was in domestic factoring.
El Pais - Spain, May 28, 2000
20/07/2000
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Finova Group Inc. retained Credit Suisse First Boston to review strategic alternatives, including a possible sale, due to short-term financial woes. Finova is an independent commercial finance company that lends money to middle-market companies with funding requirements ranging from $2 milion to $50 million. The company is looking for ways to increase its credit rating and it is believed that they are looking for buyers or strategic partners to that end. One analyst pointed o Wells Fargo as a possible buyer. Wells Fargo has not commented.
20/07/2000
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