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Since the economic crash of three years ago, Thailand’s banks have been enmeshed in a web of bad debts generated by the crash. However, whilst relief is not imminent, it is at least thought to be on the way.
The major banks have finished their main provisioning for non-performing loans and debt restructuring has developed substantially in recent months. The industry is still expected to lose money overall this year, but the leading banks are expected to bounce back in 2001.
16/08/2000
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The CIT Group today announced a record net income of $151.4 million for the second quarter of 2000. This represents an increase of 57.2% from the same quarter of 1999 and puts this year’s six monthly income at $295.3 million.
16/08/2000
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Although the rate of economic growth in Malaysia is one of the fastest in the south east Asian region and is predicted to accelerate next year, analysts are concerned that a lack of foreign direct investment in the country could put a brake on the trend.
From January to July of this year the rate of applications for foreign investment has risen by 24.7%, whereas the rate of approval for applications has fallen by 43.4%.
16/08/2000
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The USA’s largest provider of factoring services, CIT Commercial Services, have today announced an alliance with TradeOut, a global internet marketplace for business surpluses such as excess inventory and idle assets. CIT will provide factoring and financing services to buyers and sellers via TradeOut
Under the financing agreement, CIT will issue pre-approved lines of credit to buyers to purchase goods on the website and will also provide credit protection to sellers.
16/08/2000
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The Department of Trade and Industry has today announced its SME statistics for 1999. Their findings include the following results:
There were an estimated 3.7 million active businesses in the UK at the start of 1999. Of those 3.7 million, 2.3million were ‘size class zero’ meaning they were composed of sole traders or partners without employees. The number of size class zero businesses has fallen since the start of 1998, particularly in the agriculture, construction and wholesale/retail sectors.
15/08/2000
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Go to www.capital.com and you will find an on-line business finance marketplace in which premier financing sources compete to provide services to small and medium-sized companies.
The company behind the interactive portal, also called Capital.com, have today announced that GMAC Business credit of Southfield, MI, GMAC Commercial Credit of New York and a host of other companies have signed as providers of capital to businesses seeking finance solutions through Capital.com.
15/08/2000
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The Department of Trade and Industry have today released the corporate insolvency figures for the second quarter of 2000. The figures show that there were 3,426 company insolvencies in England and Wales in the period. This figure represents an increase of 0.9% on the previous quarter, but a decrease of 6.3% on the second quarter of 1999.
1.1% of active companies became insolvent in the 12 months which ended with the second quarter of 2000. This figure was the same in the previous quarter, and slightly lower than the corresponding quarter in 1999.
15/08/2000
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In July Japanese corporate bankruptcies rose 21% year on year to 1,617. Total debts owed by bankrupt firms tripled to 4, 260bn Yen (Ј26bn).
There is concern that the rate of bankruptcy could be boosted even further by Japan’s recent interest rate rise. One analyst, Takakazu Nakamori, the deputy director at Teikoku Data Bank, predicted that though the Bank of Japan’s decision to raise the rate of interest on Friday would not itself cause bankruptcies, it would provide banks with an excuse to act less favourably towards problematic corporations.
15/08/2000
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The Heritage Bank of Commerce have today announced that Sherry Crowley has been made Vice President and Business Development Officer of its Heritage Capital Group, the Bank’s accounts receivable financing and factoring division.
Jim Christiansen, Senior Vice President of the Heritage Bank of Commerce has said “Her extensive background in accounts receivable financing will greatly enhance the bank’s loan portfolio and help us meet our long term growth and profitability objectives.
Business Wire
15/08/2000
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DnB, Norway’s biggest bank and parent company of Norway’s largest factoring company, DnB Factoring AS, has announced a record 30% rise in pre-tax profit for the first six months of the year. The figure was given as NKr2.59bn (US$288m). DnB have promised continued low cost growth in the second half of the year.
14/08/2000
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Clearly Business, a joint e-venture between Freeserve and Barclays Bank has been launched today. The website is planned as an encyclopaedic support service for small businesses. The information on offer covers marketing, tax and legal issues, staff recruitment, market research amongst others.
The service will be available to all small businesses using Freeserve as their internet service provider as well as at branches of Barclays across the country. It is thought that through these and other sources, over 750, 000 small businesses will be exposed to the site.
14/08/2000
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On Friday, the governor of the Bank of Japan, Masaru Hayami, persuaded the bank’s policy board to raise rates from 0 to 0.25 %. Market analysts do not anticipate any further rise in the rate until next year.
The rise is the latest development in the ongoing disagreements between the Japanese government and the Bank of Japan which became independent two years ago. Some analysts suspect that whilst the change itself may have little impact on the economy, the spectacle of the bank and the government arguing with each other could well act as a deterrent to foreign investment.
14/08/2000
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The European financial group Fortis is currently in contention with the Japanese investment bank Nomura. The bone of that contention is a stake in the collapsed Investicni a Postovni Bank which, until it was shut down earlier in the year was the Czech Republic’s third largest bank. It collapsed in June after a run on deposits caused by speculation that the bank was insolvent.
Nomura are planning on exercising their option to sell their 46% stake to Fortis for Ј160 million, even though it is virtually worthless. Fortis will most likely resist the forced purchase.
14/08/2000
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As part of a large expansion programme, Chile’s Banco de A. Edwards announced yesterday that it had opened a factoring unit.
It is part of a wider scheme that involves the introduction of a variety of new products, a US$35 million investment in new technology and the opening of 15 new branches.
Reuters
11/08/2000
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The US’s largest provider of factoring services, CIT Commercial Services, has announced that it will form a strategic alliance with Cyber Merchants Exchange. The avowed mission of Cyber Merchants Exchange is to use its web-based software to create a global business-to-business e-commerce solution that streamlines the way retailers locate viable merchandise sources.
The alliance will focus upon the integration of CIT’s factoring services with C-ME.com’s global sourcing business for the retail industry.
11/08/2000
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