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CIT Commercial Services, the largest provider of factoring services in the US, today announced a strategic alliance with EcomTextile, Inc.of Fullerton, California. EcomTextile provide electronic procurement and supply-chain services for the textile, apparel, machinery and sewn products industries. Under the agreement, CIT will be a resource to provide factoring and financing services to EcomTextile.com users
23/08/2000
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22-Aug-2000: EBRD Launches Second Credit Line for SMEs
The European Bank for Reconstruction and Development will be launching a second credit line for small and medium enterprises worth US $88mn following the signing of agreements with the government and the National Bank of Ukraine.
Source: Eastern Economist Daily
22/08/2000
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Aceva Technologies today announced the launch of their first managed eFinance platform and aims to service online businesses. The new platform enables online businesses to integrate trade credit, accounts receivable and payable, and real-time settlement and reporting into a single managed solution.
21/08/2000
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The Turkish Factoring Association has released its half-yearly figures for 2000. They are as follows:
Domestic US$bn1.92 International US$m377 Total US$bn2.30 For 1999, the overall total volume was US$m5,266.
21/08/2000
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The troubled international financial services company Finova Group which last week announced that they would be selling their factoring business to GMAC Commercial Credit, revealed their disappointment yesterday that Moody’s Investors Service had downgraded the company’s long and short term debt ratings.
18/08/2000
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RDM have recently opened an office in Scotland to reflect the different needs of businesses there. Graeme Cullen, whose most recent experience is with Reedham Factors, is the new Regional Manager. They also opened an office in Manchester in June, which is headed up by Paul Aspray, who joines them from Credit Lyonnais. RDM have also increased their commission terms for introducers:
BCR Publishing
17/08/2000
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Labour MPs Austin Mitchell and Jim Cousins have savaged the government's "toothless" insolvency reforms and called for a public protest campaign against the profession. The MPs make their incendiary plea in a new paper entitled 'Insolvency Abuse', co-written with university professors Prem Sikka, Christine Cooper and Patricia Arnold.
17/08/2000
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NMB-Heller Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 3.9% to Ј30,389,000 from the 1998 figure of Ј31,615,000. Pre taxation profits have fallen by 8.3% to Ј5,503,000 from the 1998 figure of Ј6,002,000.
BCR Publishing
17/08/2000
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Lloyds TSB Commercial Finance Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 3.5% to Ј27,780,536 from the 1998 figure of Ј28,773,676. Pre taxation profits have risen by 10.2% to Ј8,625,090 from the 1998 figure of Ј7,824,877.
BCR Publishing
17/08/2000
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Close Invoice Finance Limited today released their annual accounts for the year ended July 31 1999. Turnover has risen by 5.4% to Ј15,645,569 from the 1998 figure of Ј14,850,069. Pre taxation profits have risen by 22.2% to Ј5,057,699 from the 1998 figure of Ј4,140,344.
BCR Publishing
17/08/2000
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HSBC Invoice Finance UK Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 4.4% to Ј103,579,000 from the 1998 figure of Ј108,331,000. Pre taxation profits have risen by 20.4% to Ј27,408,000 from the 1998 figure of Ј22,757,000.
BCR Publishing
17/08/2000
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Alex Lawrie Factors Limited today released their annual accounts for the year ended December 31 1999. Turnover has fallen by 8.8% to Ј71,360,000 from the 1998 figure of Ј78,241,000. Pre taxation profits have risen by 16.9% to Ј22,968,000 from the 1998 figure of Ј19,634,000.
As a result of the merger with Lloyds TSB, this will be the last set of accounts which will be issued in the name Alex Lawrie Factors limited.
BCR Publishing
17/08/2000
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The Bibby Group of factors today released their annual accounts for the year ended December 31 1999. Turnover has risen by 31.9% to Ј25,371,000 from the 1998 figure of Ј19,224,000. Pre taxation profits have risen by 33.8% to Ј8,670,000 from the 1998 figure of Ј6,475,000.
BCR Publishing
17/08/2000
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Although figures have not yet been released, expectations regarding the results for the second quarter of 2000 are pessimistic. With growth during the first quarter of only 0.9%, many are speculating that the figure for the second quarter will not even reach 2%.
According to the August consensus forecast of the Barcelona-based consultancy, LatinFocus, the econonomy is to grow by only 2.3% this year.
Source: Financial Times
17/08/2000
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Details of a new scheme for promptly resolving legal disputes between bankers and defaulting debtors were announced yesterday by Thailand’s Finance Minister, Tarrin Nimmanahaeminda.
There is a backlog of court cases relating to bad debts totalling an estimated figure of between Bt800bn and Bt1,000. These cases could potentially cause “a frightening overload” of the judicial system according to Mr Tarrin.
17/08/2000
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