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Lithuanian insurance companies will have to increase their authorised capital to at least Ђ1 million by July 2005 and to set up required minimum guarantee funds by April 2007, under new amendments to the country's Law on Insurance.
The minimum guarantee fund requirement will be Ђ2 million for a non-life insurance company, Ђ3 million for a company providing credit and guarantee insurance and Ђ3 million for a life insurance company.
12/06/2003
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Bharat Overseas Bank Ltd has lowered interest rates on credit to agriculture and small-scale sectors (SSIs).
"The revised interest rates to agriculture and SSI sector will be at Prime Lending Rate (PLR) minus one per cent for loans up to Rs 25,000 and at PLR for loans between Rs 25,000 and Rs 2 lakh," says a press release from the bank.
However, for agricultural loans above Rs 2 lakh, interest rates will be at PLR plus two per cent.
For SSIs, the rates will vary between PLR and PLR plus two per cent, depending upon the bank's view of the risk.
12/06/2003
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Yamaya is one of countless small- and medium-sized enterprises (SMEs) in Japan feeling the effects of a widening credit crunch.
Critics say Japan's large banks, under pressure to tackle their bad loans, are asking borrowers to return their loans, pay more interest or provide more collateral. In Japan's weak economic climate, none of these options are easy to accept for many SMEs.
12/06/2003
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Deloitte & Touche (D&T) was yesterday found to be negligent when it audited the Singapore operations of Barings Bank, where trader Nick Leeson racked up Ј791m in unauthorised trading losses.
But in what was a marginal victory for the liquidator of the merchant bank that collapsed in 1995 under the weight of Mr Leeson's losses, a High Court judge said Barings management - both in Singapore and London - had also been guilty of "a high level of fault". In particular, it continued to fund the trader "without any serious attempt" to investigate why the money was needed.
12/06/2003
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The Bank of Japan (BoJ) is to kick-start the development of an asset-backed securities market for small businesses to give them capital-raising alternatives to Japanese banks, whose bad-debt portfolios make them reluctant to offer new loans.
The central bank will spur the market's development by exposing its own capital to private sector credits, some of which will be rated below investment grade. At the end of July it will begin a three-year scheme of investing Y1,000bn ($8.5bn, Ђ7.3bn, Ј5.2bn) in securities linked to receivables of small- and medium-sized companies (SMEs).
12/06/2003
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Serbian Assistant Minister of Economy and Privatisation, Blagoje Paunovic, said as part of the Strategy for the Development of Small and Medium-Sized Enterprises (SMEs) campaign that SME development is the driving force behind economic growth aimed at creating a strong private sector.
At a meeting with representatives of SMEs, Paunovic said that the Guarantee Fund will soon begin providing guarantees to banks for extending loans to SMEs and announced changes to the Law on Public Procurements that will benefit local SMEs.
11/06/2003
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According to the results of the latest Phoenix Management "Lending Climate in America" quarterly survey, three-quarters of commercial lenders expect a dramatic improvement in the economy in the next six to 18 months, but they are evenly split on whether the recovery will occur this year or next.
11/06/2003
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Euro Sales Finance (Euro Sales), a provider of bespoke invoice finance, announced today that it has appointed James Hester as associate director for the South West and South Wales region.
Euro Sales is part of the Royal Bank of Scotland Group and James will work alongside Steve Merchant, director of their Midlands, South West and Wales operations.
11/06/2003
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Redwood Master Fund Ltd (and 5 others) v. TD Bank Europe (and 2 others)
In a recent case brought before the English courts Redwood Master Fund Ltd (RMF) and others, being a tiny minority in the syndicate, alleged that the decision of the majority of the syndicate lenders to waive the borrower’s default was unfair to the minority lenders.
In this case the facility agent, TD Bank Europe Ltd (TD), was authorised to represent the majority of lenders in the syndicate.
11/06/2003
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Speaking at a workshop on 'New Export-Import Policy', the director-general of Foreign Trade, Mr Labanyendu Mansingh, said the list of 10 industrial clusters identified for development, as promised in the new Exim Policy for 2002-07, would be ready in two to three months.
Highlighting the potential of export clusters in increasing the overall competitiveness of selected industrial locations, he said the 10 clusters with a very high growth potential would be supported to address the technology and productivity inadequacies by effecting a convergence of various funds.
11/06/2003
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Colombia's banking system issued loans totalling 451bn pesos (US$161m) to small- and medium-sized enterprises (SMEs) this year to May, up 49% from the 302bn pesos issued during the same five-month period last year.
The lending, backed by the government's loan guarantee agency Fondo Nacional de Garantias (FNG), benefited 26,014 local businesses at an average of 15.8mn pesos per loan.
In May alone, the system issued 100bn pesos to 7,523 SMEs compared to 84bn pesos in May 2002.
11/06/2003
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In 2002, a total of 19,928 businesses failed in Great Britain, the highest number of business failures recorded since 1994 and up 6% on 2001.
“Sluggish UK gross domestic product (GDP) growth, weak domestic and international demand, and tumbling company share prices have fed their way through to reduced company profits and cash flow expectations,” according to the second issue of BDO Stoy Hayward’s Industry Watch.
10/06/2003
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The federal Government's export agency, Austrade, plans to double the number of exporters within three years, mainly through small businesses run by women.
Only four per cent of Australian businesses export. In 2000-01 there were 25,000 exporters, but Austrade predicts that by 2006-2007 the number will be 50,000.
"Austrade research has found most of the growth in the exporter community will come from small- and medium-sized enterprises (SMEs) in emerging industries," said Julia Selby, a senior executive with Austrade.
10/06/2003
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Simon Freakley, president of Kroll's Corporate Advisory and Restructuring Group, has been elected to the board of directors of Kroll Inc.
Jules B. Kroll, executive chairman of the board, commenting upon Simon Freakley's appointment to the board said: "Simon has been a key driver of our Corporate Advisory and Restructuring Group since joining Kroll and will continue to do so as we grow the Kroll business. As the first non-American board member, Simon will bring a valuable international perspective to the board."
09/06/2003
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The Credit Guarantee Fund Trust for Small Industries (CGTSI), set up by the Government of India and the Small Industries Development Bank of India (SIDBI), has called for innovative financing tools to pep up inflows of finance into the small-scale industries sector (SSIs), which contribute 40 per cent to the manufacturing sector output.
09/06/2003
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