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Valtech, the French global group of Advanced Technology Solution Centres, has transformed its main line of credit in France into a factoring agreement resulting in the level of financial debt reducing by Ђ1.1 million over the past 3 months. This will give us a much higher borrowing potential, but the transition has been longer than expected allowing customers to delay payments. Valtech is therefore yet to maximise the cash flow benefits of this factoring agreement.
16/05/2003
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Wee See Long, formerly country manager with CIT/Newcourt, Singapore, has joined GE Commercial Finance as director of business development, Asia and head of sales, Singapore.
On taking up his new post on 12 May 2003,Mr Wee said: “After the fruitful and satisfying years in CIT/Newcourt Singapore, I have decided to move on and pursue other interests and new challenges.”
Visit the GE Commercial Finance website at www.gecommercialfinance.com
Surce:BCR
16/05/2003
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BCR has today added the specialist article on international regulations regarding money laundering and their effect on import and export factors in international factoring, to the factorscan.com website. The article will also be published in the World Factoring Yearbook 2003, due out next month.
Click on International regulations regarding money laundering and their effect on import and export factors in international factoring to take you through to the article.
15/05/2003
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As the date for the Chancellor’s announcement on the results of the five economic tests for the euro looms on 9 June, the latest research from Bibby Trade Finance has found that UK firms involved in trading overseas are becoming increasingly confident in the euro. The findings show that 58 per cent of firms believe that the UK should definitely join the euro, a 10 per cent increase on this time last year. Of these, 22 per cent feel that Britain should join immediately, with 36 per cent preferring to see entry in a few years.
15/05/2003
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Figures released today by Ernst & Young and VentureOne reveal a traumatic start to the year for the UK and European Venture Capital industry, as investment in the quarter across Europe fell from Ђ1045m in Q4 2002 to Ђ639m in Q1 2003.
15/05/2003
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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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