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The Lisbon-based Banco Espirito Santo, the principal subsidiary of the Espirito Santo Financial Group S.A., today announced its 2001 First Half results. BES recorded a very positive performance in top line figures, with 19.4% growth of net interest income and 18.3% growth of fees and commissions . Net profits were recorded at 106 million
Whilst the bank recorded a deceleration in loans to individuals, this was in part offset by greater demand for corporate credit. In this respect, the bank has highlighted the specialized credit granted: by BESLEASING, with earnings up by 115% in
14/08/2001
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Faster access to invoice finance is being offered electronically by Royal Bank of Scotland’s commercial services arm. Through the KeyCash scheme, companies wanting to speed up their cashflow can make an arrangement over the telephone, allowing initial access to finance within 48 hours; they initially obtain 90% of an outstanding invoice payment, with full sales ledger management.
Keycash also offers credit protection, collection of outstanding invoices and a service for exporters.
Source: Financial Times
14/08/2001
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Manufacturing has suffered its worst quarter since 1991, official figures showed, confirming that the industry has gone into recession. Although output rose slightly in June, it fell by 2% over the quarter, making two successive quarters of falling output.
Government statisticians estimate that the trend in manufacturing is a fall of 5% per year – the worst figure since 1991. The fall in production from its peak at the end of 2000 has been the steepest since the recession of the early 1980s.
09/08/2001
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The board of the stricken factoring company, Euro Sales Finance plc, has today issued draft accounts for the year ended 30 June 2001. These show that pre-exceptional pre-tax profit for the year of Ј7.9 million has been reduced to a pre-tax loss of Ј10.9 million as a result of exceptional costs relating to (i) the funding issues previously announced and (ii) significant additional provisions in respect of the Munich and Reading SBUs' lending books following a comprehensive review by new management in the fourth quarter.
09/08/2001
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It is thought that GE Capital’s acquisition last week of Heller Financial for $5.3bn, whilst significant in the broader context of the finance industry of north America and Europe, is not likely to send major shock waves through the factoring markets of Europe. The North American factoring market is also unlikely to be impacted, as Heller’s US factoring operation was sold last year to CIT Commercial Services.
08/08/2001
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Many companies in the UK are delaying payment of their invoices as a means of bolstering their cash flow as their profits are hit by the strong pound and deteriorating economic conditions. According to the latest research carried out by Experian, the information solutions company, the average payment period across all industries has risen by 0.71 days - to 60.34 days from 59.63 days - since November 2000, when the last survey was carried out.
07/08/2001
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Asta Funding, the financial services company which specialises in factoring and the purchase, liquidation and management of performing and non-performing consumer receivables, today reported results for its third quarter ended 30 June 2001.
Net income for the three months ended 30 June 2001, rose 49% to $2,435,000 from $1,571,000 as compared to the period ended 30 June 2000. Revenues for the three months ended 30 June 2001, were $6,720,000, an increase of 75% over revenues of $3,834,000 for the prior year period.
Source: PR Newswire
07/08/2001
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Statistics showing insolvencies in the second quarter 2001 are
published today by the Department of Trade and Industry.
Company Insolvencies
There were 3,789 company insolvencies in England and Wales in the
second quarter of 2001 on a seasonally adjusted basis. This was an
increase of 2.6% on the previous quarter and an increase of 9.3% on
the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended
Q2 2001, the same as the previous quarter and the corresponding
quarter in 2000.
Individual Insolvencies
07/08/2001
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The credit insurer and provider of other diverse financial and management services, Euler group, has recorded a rise of 15% in their consolidated first half turnover for 2001 to 647.7m. The strongest growth was recorded by the Euler-Allianz group's new London-based subsidiary for transnational business, Euler & Hermes International, which lifted its revenues from 3.4m at the end of June last year to 30.4m at the same date this year. On its home French market, the group's performance was relatively flat, with a 0.7% increase in turnover to 177m.
07/08/2001
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The Ministry of Finance announced on 1 August a set of draft rules governing the management of mutual trust funds, paving the way for local investment and trust companies to organize mutual trust funds for equity investments. Under the proposed rules, investment and trust firms will be allowed to form mutual trust funds for making investments in stocks, government bonds, bank debentures, corporate bonds, convertible bonds, commercial papers, gold, foreign exchange, futures and other derivative products.
07/08/2001
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The leading French factoring specialist, Factofrance Heller, has become part of GE Capital, the financial arm of General Electric, following this company's acquisition of the French financial services group Heller Financial. More specifically, this operation is expected to unite the factoring specialist with France's seventh-largest player in this sector, GE Capital Finance.
07/08/2001
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A fourth person was charged yesterday by the Serious Fraud Office in connection with the collapse of Versailles, the trade finance group. John Black will appear at Bow Street magistrates court on Friday 3 August 2001, along with Carl Cushnie, Frederick Clough and Lorraine Jones. Black is charged with assisting Clough in fraudulent activity (see also news 31 July 2001).
Source: Serious Fraud Office
03/08/2001
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Following their surrender today at Charing Cross Police Station, Carl Cushnie, the former Chairman and Chief Executive of Versailles, and Frederick Clough the former Finance Director, were charged today with fraudulent trading contrary to Section 458 of the Companies Act 1985. Lorraine Jones, Clough’s personal assistant, was charged with aiding and abetting fraudulent trading.
The Defendants have been released on unconditional bail until Friday, 3 August 2001 when they will appear at Bow Street Magistrates Court.
01/08/2001
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The annual accounts for the factoring company City Invoice Finance Ltd for the year ended 31 December 2000 record that a pre-taxation profit of Ј300,889 has been achieved This compares with pre-taxation losses of Ј802,362 and Ј110,966 in 1999 and 1998 respectively. The accounts also show that turnover has risen by 240% to Ј2,692,029 from the 1999 figure of Ј790,523.
27/07/2001
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The Toronto-based Accord Financial Corp (which through its subsidiaries in Canada and the United States, provides asset-based financial services to businesses, including lending, factoring, credit investigation and guarantees) has announced results for the three months and six months ended June 30, 2001 as follows:
26/07/2001
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