|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
|
Chile's free trade agreement (FTA) with the European Union (EU) and the imminent agreement with the US could lure international banks to the local market to tap specific niches, according to Scotiabank Sudamericano's deputy CEO Joaquin Lagos.
International banks will be able to take advantage of the FTAs in projects related to corporate banking and the middle market, Lagos said, adding, factoring and leasing are two niches where international players could compete by bringing new technology and know-how.
09/06/2003
|
|
Kookmin Bank, Korea's largest lender, lowered this year's target growth rates for corporate loans to less than 5 per cent, from earlier predictions of 11.2 per cent
.
The bank's overdue charge on loans to small- and mid-sized enterprises (SME) jumped by 0.26 percentage points to 4 per cent in May.
Total domestic currency denominated loans fell to 821.5 billion won in April and 736.4 billion in May, after topping 1.66 trillion won in March.
Other banks, including the nation's second largest Woori Bank, have slashed their lending amounts.
09/06/2003
|
|
Alliance Factoring last year bought Telstra's $300 million debt book, 800,000 accounts that date back as far as six years. Now tens of thousands of Telstra customers have been unwittingly put on a credit blacklist over unpaid phone bills. Some irate Telstra customers are now suing for compensation over the credit squeeze.
09/06/2003
|
|
Banking business as defined by the Banking and Financial Institutions Act 1989 (Bafia) includes the business of receiving deposits, paying and collecting cheques drawn or paid in by customers, lending of money, leasing business, factoring business as well as the purchase of bills of exchange and other trade documents.
Bafia does not differentiate between core and non-core functions. Section 4 of the Bafia states that any person or institution to commence banking business must have a valid licence granted under the Act.
09/06/2003
|
|
The management of Securicor Information Systems have completed a Ј20.5m management buy-out from Securicor plc using funding provided by NMB-Heller and Kleinwort Capital. The company, renamed Vivista, operates in one of the most dynamic parts of the IT services sector.
In structuring the deal NMB-Heller has provided a Ј9.25m senior debt funding package, including a Ј3.5m mezzanine loan. This structure accommodates the highly contractual nature of Vivista’s business.
09/06/2003
|
|
Small- and medium-sized enterprises (SMEs) in the South East of England have a new source of risk capital now that the eagerly anticipated South East Growth Fund (SEGF) has become fully operational. The fund has already received a significant number of enquiries and has made investments in 11 companies and has a further 6 where a commitment has been agreed in principle.
Investors in the Fund include NMB-Heller, Barclays, Berkshire Pension Fund, Royal Bank of Scotland, European Investment Fund, the DTI and WM Enterprise.
09/06/2003
|
|