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Ann Horan, the first woman to become MD of a Bank of Ireland business unit, has now also become the first woman to Chair the Factors & Discounters Association (FDA), the trade association that represents the interests of factors, discounters and asset-based lenders in the UK and Ireland.
15/05/2003
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Fifty-six per cent of UK financial directors believe that their organisation’s sales team is willing to accept too many orders from higher credit risk customers to hit steep sales targets, according to a new report by GERLING NCM to be launched at the Credit Show in London on 12 and 13 May 2003.
15/05/2003
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CIT Small Business Lending, a subsidiary of CIT Group Inc., announced another major addition to the organisation. John Little was named as Regional Account Manager for North Carolina.
15/05/2003
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Executive Summary
Included in this Notice is a summary of the Commonwealth counter terrorism laws as they affect members together with suggestions for compliance. The laws create various offences to prevent the use by known terrorists of the legitimate financial system. The primary offence is that of financing terrorism (an offence punishable with life imprisonment for recklessly providing or collecting funds to facilitate terrorist activities).
15/05/2003
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New entrepreneurs can now qualify for loans of up to 500,000 baht within just seven days under a fast-track programme offered by the state-owned SME Development Bank.
Samran Bhuanantanondh, president of the SME Development Bank, said the bank was allocating an initial budget of three billion baht for the lending programme.
New or existing small business owners can apply to borrow funds under the programme ranging from 50,000 to 500,000 baht.
15/05/2003
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Molecular Imaging Corporation, formerly known as Mobile PET Systems, Inc., announced that it has secured a US$3.2 million asset-based finance facility provided by Meridian Commercial Healthcare Finance, LLC. The company intends to use available funds under the facility for potential Positron Emission Tomography (PET) imaging centre acquisitions and for additional working capital.
15/05/2003
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The Bank of Cyprus Group's activities include finance, factoring, investment banking, brokerage and venture capital. The Group is the leading Cypriot banking and financial services group.
15/05/2003
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The World Competitiveness Yearbook (WCY) is a comprehensive annual report on the competitiveness of nations compiled by the Swiss-based International Institute for Management Development (IMD), which ranks and analyses how a nation’s environment sustains the competitiveness of enterprises. The report has been published annually since 1989.
14/05/2003
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UK businesses continued to show an increase in the number of negative warnings during the first quarter of 2003, as the total figure grew from 1,292 in the last quarter of 2002 to 1,491 in Q1, an increase of 13.5 per cent. Total warnings for the first quarter of 2003 are at their highest for three years, according to figures from KPMG Restructuring.
14/05/2003
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The Small Industry Credit Guarantee Corporation (SICGC), in conjunction with the Small and Medium Enterprise Development Bank of Thailand (SME Bank), plan to offer credit facilities of up to 4.5 billion baht to SARS-affected tourism businesses within this month. Each small tourism-related business facing liquidity problems as a result of the virus outbreak and the war in Iraq will be eligible to draw up to five million baht.
14/05/2003
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German insurer Gerling-Konzern Allgemeine Versicherungs AG this week stepped up efforts to sell its unprofitable reinsurance unit, Gerling Re.
Gerling sent a new valuation of the unit's business to the German financial services authority, BAFin, Gerling spokesman Christoph Groffy said.
The new valuation of Gerling Re's assets and liabilities is boosting hopes that the authority may eventually approve the sale of the unit, the spokesman said.
BAFin has blocked the sale of Gerling Re to investor Achim Kann since February.
14/05/2003
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John Tulin, President of Swank, Inc. reported the net sales and operating results for the company's first quarter.
Net sales for the quarter ended 31 March 2003 decreased 12.9% compared to the prior year. Despite the decrease in net sales, the operating loss for the quarter was slightly lower than the prior year due to an increase in gross margin and reductions in selling and administrative expenses.
13/05/2003
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Stephany Griffith-Jones is a professor at the Institute of Development Studies, Sussex University
The Basel committee of banking regulators has proposed a new capital accord with the aim of more accurately aligning regulatory capital with the risks that international banks face. But the agreement could have precisely the opposite effect when it comes to developing countries.
13/05/2003
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The Syrian Government has agreed to provide the European Investment Bank (EIB) with a guarantee for the loans the EIB will extend to Syria's small- and medium-sized enterprises (SMEs).
The financing is expected to take place through the Commercial Bank of Syria, the largest commercial bank in the country, and the Industrial Bank, whose role is to finance industrial projects.
13/05/2003
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A business promotion delegation of the Islamic Development Bank (IDB) has agreed to finance projects in Bangladesh's high potential but cash-strapped small- and medium-sized enterprises (SMEs) sector.
The IDB delegation, on a five-day visit to find suitable projects to fund, told local business leaders that the Bank was ready to fund any potential sectors, including power and textiles, to achieve mutual benefits.
13/05/2003
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