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The Hungarian banking sector's combined pre-tax profit rose 40.4% in the first quarter of this year to HUF 58.7 billion, according to the quarterly report on financial sectors of the State Supervision of Financial Institutions (PSZAF). The sector's profitability shows no signs of the overall slowing of the Hungarian economy, PSZAF official Gyorgy Szepesi said.
27/06/2003
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Zurich Emerging Markets Solutions (ZEMS), the Washington, DC-based political and credit risk insurance unit of Zurich North America, has been voted "Best Private Insurer" by the readers of Trade Finance magazine for the second year in a row. A leading underwriter of political risk and medium-term credit insurance, ZEMS develops comprehensive coverage for global customers investing and trading in emerging markets around the world.
27/06/2003
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Premiums for export credit insurance are poised to rise 10 to 15 per cent this year, following a similar rise last year, says John Rumpler, group general manager, credit, surety and political risks, with QBE Insurance (ASX:QBE) in Australia. Rumpler says rates could well continue to rise but more modestly next year.
27/06/2003
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The P10 billion (US$188 million) financial credit assistance made available by the government for small- to medium-size enterprises (SMEs) expires on June 30, but only 20 registrants from the Davao region have applied so far.
SMEs will only pay nine per cent interest if they apply on or before the deadline.
After June 30, applicants will have to pay a higher interest rate, according to Department of Trade and Industry (DTI) city director Paolulo Pasawa
27/06/2003
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BCR has today added the latest analyses of the Irish, Italian, Dutch, Norwegian, Polish, Portuguese, Mexican, Omani and New Zealand factoring markets, from the soon to be published World Factoring Yearbook 2003, to its factorscan.com website. The articles are located under each country’s Industry Environment and Analysis 01/02 pages.
26/06/2003
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BCR have today added two exclusive specialists articles to the factorscan.com website. One is on pan-European factoring, by Helen Cassidy of Enterprise Finance Europe, and the other is on Brazilian Exports, by Sergio Silveira Melo of SM International. The articles are under the Articles section of the site.
The articles are also available in BCR’s World Factoring Yearbook 2003, due out later this month.
26/06/2003
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More Scottish businesses enjoyed rising turnover in the three months to May than at any time since 1998, according to a closely watched survey.
In a poll of more than 2,000 Scottish companies by LloydsTSB Scotland, 47 per cent said they experienced rising turnover between March and May. Just 20 per cent suffered a decline, giving a net positive balance of 27 per cent.
Lloyds had not recorded such a buoyant result since the second quarter, five years ago. Earlier this year the barometer stood at just 13 per cent.
26/06/2003
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A third Omani company was listed on the Bahrain Stock Exchange (BSE) yesterday, prompting talk of the formation of a Gulf monetary union.
United Finance Company (UFC) is a specialist loan company, which is already listed on the Muscat Securities Market. It is the first Omani finance company to be listed in Bahrain. It was listed on the BSE with a share value of $5 per share.
This followed the signing of an agreement between UFC chairman Jamal Said Rajab Al Ojaili and Bahrain Monetary Agency (BMA) deputy governor Khalid Al Bassam.
26/06/2003
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The Federal Reserve last night signalled that it would not risk Japanese-style deflation gripping the world's biggest economy when it cut interest rates in the United States to their lowest level in 45 years.
America's central bank warned that deflation posed a bigger threat to the health of the US economy than inflation as it justified the quarter-point reduction in interest rates to just 1%, a level not seen since 1958.
26/06/2003
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GMAC Commercial Finance plc and Bank Leumi (UK) plc have signed a mutual agreement that will enable the two organisations to offer financial solutions that unite the long established trade finance expertise of Bank Leumi with the significant market presence and expertise in the invoice and asset based finance sector of GMAC Commercial Finance (GMAC CF).
This initiative will provide new and existing customers, particularly importers and growing businesses, with improved cash flow and enhanced trade finance support.
26/06/2003
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French manufacturers' confidence this month unexpectedly dropped to the lowest level since November 2001, increasing the chances that Europe's third-largest economy failed to grow in the second quarter.
An index based on a government survey of about 2,000 companies dropped to a reading of 90 from a revised 92 in May, national statistics office Insee said in Paris. Economists had expected an increase in the index to 94.
26/06/2003
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Since 1992, the number of companies turning to invoice finance has more than trebled. More and more companies are discovering the advantages of finance that turns unpaid invoices into immediate usable working capital. According to the British Chamber of Commerce, companies using invoice finance are a third more likely to have reported 20 per cent growth or more over a 12-month period.
26/06/2003
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Sources from the Bank of China (BOC) said that, according to statistics published by Factors Chain International, BOC ranked seventh among 159 members, indicating that the bank had become a leading player in global export factoring business.
In the first five months of this year, BOC completed international factoring business volume of US$421 million, 7.48 times more than the corresponding period last year.
26/06/2003
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Hard to Treat Diseases Incorporated (HTTDS) announced today the targeted market for the Holistic Product T-19(R).
According to the National Nutritional Food Association (NNFA) the holistic and homeopathic market size for 2001 was $17.7 billion. "We are going to try and capture one tenth of one per cent of the market," stated Gerry Knight the Secretary and Treasurer of HTTD. This represents $17.7 million in sales the first year.
Currently, HTTD is looking into various forms of financing for this project such as factoring receivables and/or debt financing.
26/06/2003
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Germany's Gerling Group announced that the Hessen Higher Administrative Court in Kassel has dismissed an appeal by BaFin, the German financial supervisory authority, from an earlier decision by the Frankfurt Administrative Court, which rejected BaFin's efforts to block the sale of Gerling's Reinsurance Group (GKG) to businessman Achim Kann.
25/06/2003
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