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A survey conducted by Dun & Bradstreet, the business information group, has shown that German companies on average are the fastest in Europe at paying their invoices.
12/03/2001
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Rumours have emerged that the Singer & Friedlander Group, owners of Singer & Friedlander Factors Ltd, are about to succumb to a takeover bid worth Ј750million, unless it can secure rapid success with its plan to spend Ј400million on fund manager acquisitions.
Source: Zephus
BCR Comment
08/03/2001
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The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 5.75%. The minutes of the meeting will be published at 9.30 am on Wednesday 21 March. The most recent change in interest rates was a reduction of 0.25% to 5.75% on 8 Febraury 2001.
Bank of England
08/03/2001
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Bibby Factors Bristol Ltd, part of the Bibby Group of Factors (the largest non-bank owned factoring organisation in the UK), has appointed Nick Philips as its new Sales Manager. His new role will include responsibility for the generation of new business within the Bristol area and the M4 corridor to Swindon.
This appointment sees Mr. Philips return to Bibby Factors where he worked until 1998. More recently he has been self employed, running an e-marketing consultancy for small and medium sized enterprises.
06/03/2001
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From today, Natwest’s small business customers can benefit from a clear overdraft commitment of up to 12 months with the Committed Overdraft, removing the threat posed by the “payable on demand” clause from small business overdrafts. Until now the repayable on demand clause has made it hard for small businesses to plan ahead, leading to anxiety and uncertainty.
The Committed Overdraft applies to both secured and unsecured overdrafts and at no extra cost. Natwest are to provide customers with certification confirming that they have successfully managed their committed overdraft.
06/03/2001
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Leading European banks and insurers have formed a discussion and lobbying group to support the completion of the single market in financial services.
The European Round Table of Financial Services has been founded by the chairmen and chief executives of 12 European financial institutions, but more will be invited to join.
The first chairman of the round table is Pehr Gyllenhammar, who is chairman of CGNU, the UK's largest insurance group.
02/03/2001
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Singer & Freidlander Factors Ltd today released their annual accounts for the year ended 31 December 2000. Turnover has fallen by 8.54% to Ј3,637,816 from the 1999 figure of Ј3,977,282. A pre taxation loss of Ј1,334,757 was made. This compares with the 1999 pre taxation profit of Ј369,252. Their liquidity ratio of 0.95 is the lowest that it has been since 1994, meaning that for the first time in six years their current liabilities exceed their current assets.
01/03/2001
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Distinctive Solutions Corporation, the specialist provider of software for the factoring industry, sold its 500th factoring/asset based lending software system February 26th to CFI in New York.
“We have been providing software to the commercial finance community since 1982.” said Distinctive Solutions’ president, Bert Goldberg. Mr. Goldberg attributed Distinctive Solutions’ achievement to the fact that “we stand behind every system we sell. Our customer support department is second to none in providing fast and accurate information to our customers around the world.”
01/03/2001
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GE Capital Commercial Finance has become the latest member of the Factors and Discounters Association - the trade body representing asset-based financiers in the UK and Ireland.
Launched in 1998, GE Capital Commercial Finance is already well established in asset based lending, providing invoice finance together with funding for inventory, plant & machinery, and property. The company has nine regional offices in the UK and its parent is the US-based global, diversified financial services company, GE Capital, which has assets of more than US$370 billion.
27/02/2001
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Today the Santa Monica (California) based custom software provider, Bayside Business Solutions, have launched their Enterprise Oracle Edition of FactorSoft. FactorSoft Enterprise Oracle Edition has been added to the FactorSoft Windows family of factoring and accounts receivable purchasing products.
27/02/2001
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Heller Financial, Inc., the worldwide commercial finance company, today announced that after an extensive review of strategic alternatives, it will discontinue its origination of U.S. Small Business Administration ("SBA") loans, effective immediately.
26/02/2001
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First Coastal Bank, based in El Segundo, California, has announced that it will begin to market a factoring and accounts receivable financing programme in order to attract the custom of young, entrepreneurial companies. There are few details available presently, but the service is due to be launched before the end of the first quarter of 2001.
Source: Business Wire
26/02/2001
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by Ken Walsleben
Introduction:
26/02/2001
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by D. Brent Wells
Introduction
26/02/2001
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by Pat Stiehm
26/02/2001
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