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The government has initiated a project aimed at helping small- and medium-sized enterprises (SMEs) by revoking income tax on released bank reserves.
An essential (sine qua non) condition for the annulment of income tax on the reserves would be that the banks use the released bad loan reserves to create guarantee funds in order for the state to obtain loan guarantees for the projects co-financed by the European Union (EU).
04/07/2003
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Melody Stallings was promoted to vice president and business development manager for Wells Fargo Business Credit's national factoring division.
"Melody has been a terrific part of Wells Fargo's Business Credit team for seven years, so we are delighted to announce her promotion. Our factoring division covers all 50 states, so Melody's experience and teamwork will make an impact for Wells Fargo across the country," said Dave Ciccolo, senior vice president of Business Credit's factoring group.
04/07/2003
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Wu Dingfu, chairman of China Insurance Regulatory Commission has expressed his expectations that China Export & Credit Insurance Corporation (SinoSure) will play a greater role in boosting China's exports, and adapt to new situations to create a better performance. Mr. Wu hopes that SinoSure will become a giant in China's insurance sector.
04/07/2003
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Troy Parker, and Kristine Parker, were indicted by a federal grand jury in Cleveland on charges of conspiracy, mail fraud and wire fraud. They are accused of defrauding factoring businesses and individuals in connection with the sale of accounts receivables of cleaning businesses they owned.
04/07/2003
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The Euro Info Centre (EIC) has launched a new website, http://eic.metco.net which is mainly targeted towards the Maltese business community. The primary aim of the website is to provide information relating to various EU policies and programmes of interest to Malta’s SMEs. It also gives details of the numerous services the EIC offers local companies.
03/07/2003
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The Royal Bank of Scotland Commercial Services (RBS Commercial Services), the invoice finance arm of The Royal Bank of Scotland, has announced the creation of a north region, headed by Alec Rankin.
The new region has been established by bringing together the north west and north east regions. Ross McFarlane, UK managing director for RBS Commercial Services explains: “The regions had many synergies so it made sense to put them under one area making it a more natural fit both within the business and with our business partners, and the wider business community.”
03/07/2003
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Alliance & Leicester Commercial Bank today opened its new business centre, in Leicester City Centre.The Midlands business centre, based at Permanent House, Horsefair Street, offers a full banking service and will provide a greater level of support for the bank's existing and new business customers through a full relationship service to meet their more sophisticated financial needs.
03/07/2003
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A new Ј14 million service to help London's small businesses locate finance has been launched. Under the scheme, businesses can apply for financial advice from private sector financial consultants and accountancy firms at a heavily subsidised price.
The initiative is designed to revitalise London's run-down areas and will be available to start-ups and established firms in 95 of the city's least-developed wards.
03/07/2003
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Coface, the world leader in export credit insurance and company information, has released its latest country ratings indicating the following trends:
Incipient improvement across the Atlantic: American companies (rated A2) positive watchlisted
Delayed recovery in Euro zone: French companies downgraded to A2, while German, Italian and Portuguese companies (already rated A2) and Dutch companies (still rated A1) have been negative watchlisted.
03/07/2003
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Bibby Financial Services, the largest independent factoring organisation in the UK whose client turnover has grown from Ј200 million to Ј1.3 billion in just six years has announced the appointments of directors to its Yorkshire, Asset Finance and Sussex businesses.
03/07/2003
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Speaking on the sidelines of a conference on Iraqi reconstruction, Peter Saba, chief operating officer of the US Export-Import Bank, said he believed a decision would be taken very soon on a Trade Bank.
The bank, which he anticipated would be a ''stand alone'' autonomous body, would issue short-term letters of credit to boost business.
''The Trade Bank is a short-term, high priority programme. The (UN's) oil for food programme phases out in six months and this (the Trade Bank) would fit in with that,'' he said.
02/07/2003
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The Institute for Factors and Discounters of Australia and New Zealand (IFD) today issued the following notice to members:
“Charter of the United Nations (Terrorism and Sanctions Legislation) Amendment Regulations will commence 2 July and further consolidate the listing process for proscribing terrorists, with consequent compliance benefits for members.”
02/07/2003
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The presence of three cabinet ministers at a recent World Bank seminar on non-bank financial institutions was intended to underline the government's desire to develop Turkey's stunted financial services sector.
A World Bank report presented to the ministers noted that banks held 85 per cent of financial system assets. The rump was accounted for by other financial institutions, such as factoring, leasing and insurance companies, private pension and mutual funds, and venture capital firms.
02/07/2003
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Bank Muamalat Malaysia Bhd will introduce new financial tools catering to small- and medium-scale enterprises (SMEs).
President and chief executive, Fazlur Rahman Ebrahim, said that financing for SMEs account for 26.5 per cent of the bank's total loans of RM2.4 billion. "The industry benchmark for SME financing is normally at 20 per cent," he added.
Bank Muamalat expects to double its revenue from insurance sales to RM2 million by the year-end as a result of its tie-up with Takaful Nasional Sdn Bhd.
02/07/2003
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Oriental Bank of Commerce (OBC) has reduced its interest rates and margins on advances to small-scale industries (SSI) sector. The new rates will be effective from 1 July.
02/07/2003
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