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The volume of factoring services in Asia, excluding South Korea, grew 147% between 1995 and 2000 according to factors Chain International. The countries which posted the highest growth were Taiwan, China and Hong Kong> the highest ration of international to domestic factoring was reported by Taiwan (42.5%) and Hong Long (33.3%).
Source: The Business Times, Singapore
12/07/2001
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It seems that the stalling of the US economy has impacted the activity of factors in the USA and Canada in the first half of 2001. There has been a relative dearth of industry activity being reported and although some potential acquisitions are rumoured, there has been nothing more substantial than rumour for some time. Other unsubstantiated reports state that both CIT and GMAC are not currently interested in buying any other companies and are busy spending time digesting last year’s acquisitions.
11/07/2001
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The number of businesses going bust increased by more than 15% in the second quarter of this year (compared with the first quarter). However, the half-yearly toll has not yet exceeded last year’s figures for the same period according to the latest figures released last week by Dun & Bradstreet, the business information company. More small businesses appear to be failing while large company liquidations are continuing to decline.
10/07/2001
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GE Capital Commercial Finance has announced the launch of a Corporate Finance Division and a new Scottish office, resulting in changes of responsibility for key personnel.
Ian Jamieson has been promoted to Managing Director of the new Corporate Finance Division. This division has been segmented from the core commercial finance business and will focus on funding larger transactions, typically where the funding value is in excess of Ј12.5 million.
10/07/2001
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Metropolitan Factors Ltd, the West Sussex based factoring company, have enjoyed good health, financially speaking, in the year ended 31 December 2000. Turnover rose by 28.13% from the 1999 figure of Ј1,536,453 to Ј1,963,601. Profit before tax rose by an impressive 330% to Ј483,775 which compares with the 1999 figure of Ј112,514. The size of the workforce increased by 25% during 2000, the first increase in the average number of employees recorded since 1996. The size of Metropolitan’s client base also increased by roughly 25% from 80 to over 100.
09/07/2001
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At the Twenty-Seventh Party Congress in 1986, perestroika, Mikhail Gorbachev's program of economic, political, and social restructuring, became the unintended catalyst for dismantling what had taken nearly three-quarters of a century to erect: the Marxist-Leninist-Stalinist totalitarian state. Now this has all changed and perestroika has hit the asset-based finance industry in the guise of the inaugural East European Factoring Association (EEFA) meeting.
09/07/2001
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Alex Lawrie Factors, the provider of factoring and invoice discounting, is building on its success by launching a national team of regionally based advisor specialists.
Much of Alex Lawrie’s business is already introduced from the external marketplace which underlines the relationship it has built with regional corporate financiers, accountants, brokers, business advisors and general finance consultants.
06/07/2001
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The companies of the Bibby Group of Factors have launched a free guide to help budding entrepreneurs start-up in business. The Essential Guide to Going it Alone in Business” has been designed to provide those considering self-employment with advice on how to plan, research and launch a new venture.
The guide provides an overview of the challenges and benefits that potential entrepreneurs face and includes tips and advice on:
06/07/2001
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The annual accounts for the year ended 31 December 2000 show that the factoring company Arbuthnot Commercial Finance Ltd have enjoyed a successful year. Turnover rose by 19.11% from the 1999 figure of Ј1,105,008 to Ј1,316,130. Profit before tax rose by 10.69% to Ј223,984 which compares with the 1999 figure of Ј202,351.
The company has recorded steady growth since it was established in 1994. Although the rate of growth and profit margins are falling slightly, this behaviour is typical of the pattern of development of a relatively young and successful factoring company.
04/07/2001
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The UK factoring and invoice discounting company Lloyds TSB Commercial Finance Ltd, has announced a new service, SolutionsPlus, which provides its invoice discounting clients with an impressive array of business tools and support services.
The new online service provides clients with 24-hour access to their account details, with credit opinions on new and existing customers and an advice centre.
04/07/2001
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Market Performance and Supply
Factoring remains a relatively small provider of working capital, with bank overdraft facilities remaining the primary source of financial support for commercial enterprises. Factoring represents about 1% of total bank lending.
03/07/2001
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The first Receivables Finance International conference kicked off when a large section of the international factoring community descended on the Dutch capital early last month. Organised by BCR Publishing, the conference was designed to promote in-depth discussion on issues currently facing the factoring industry from an independent point of view and to bring together top level industry players from across the globe in a relaxed environment.
28/06/2001
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A recent court decision is set to shake up the way the banking profession and insolvency practitioners manage their appointments as administrative receivers, law firm Hammond Suddards Edge has warned. But it could give the factoring industry a major boost.
25/06/2001
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Euro Sales Finance have today made the following announcement:
“Further to its strategic review, the Board of ESF has entered into a series of
discussions with interested parties regarding the sale of the company and has
received a number of indicative offers in excess of reported net book value at
31 March 2001. The board is actively pursuing these discussions.
22/06/2001
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Market Performance and Supply
Factors generally serve companies that range in size from a turnover of US$1 million to US$500 million and more. While factoring was once predominantly a tool of the apparel and textile industries, it is now embraced by a wider variety of industries that sell into retail distribution channels including housewares, toys and consumer electronics.
Summary of mergers/acquisitions during 1999 and 2000
20/06/2001
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