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The UK's Export Credits Guarantee Department (ECGD) has renewed its commitment to keep sustainable development at the heart of its work in supporting UK exporters and investors trading in world markets.
Speaking at the Organisation for Economic Cooperation and Development (OECD) Forum 2003, ECGD's Chief Executive Vivian Brown urged other Export Credit Agencies (ECAs) to follow his Department in promoting sustainable development across the globe.
29/04/2003
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Zurich North America announced that Alfred Low has joined Zurich Emerging Markets Solutions (ZEMS) unit as marketing manager. Low will be located in Singapore, where he will provide underwriting and marketing support for political risk and credit insurance solutions in the South Asian region.
29/04/2003
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Chilean financial services group Grupo Security comprising a bank, a factoring unit, a stock brokerage, and a mutual fund announced first quarter profits up 152% to 2.55bn pesos due to restructuring, Silva said.
Grupo Security aims to boost its profits 45% to 10.6bn pesos (US$15m) this year, compared to 2002, according to group chairman Francisco Silva. Mr Silva also predicted that its insurance unit, Seguro Security, would contribute 20%, or 2bn pesos (US$2.8m), of its profits this year.
29/04/2003
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The Overseas Private Investment Corporation (OPIC) and the African Trade Insurance Agency (ATI), a World Bank and pan-African state-supported Export Credit Agency established to promote trade and investment in Africa, have concluded a memorandum of understanding (MOU) intended to facilitate increased levels of private investment in Africa.
29/04/2003
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The Asian Development Bank (ADB) proposes assistance for restructuring and ultimate privatisation of SME Bank for it to play an important and efficient role in serving small- and medium-size enterprises (SMEs), said M Ali Shah, Country Director ADB Pakistan.
29/04/2003
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Aston Rothbury Factors Limited’s latest financial statement, for the year ended 31 March 2002, attributed the company’s decrease in profit to a provision made against debts arising within the credit hire sector, which one of Aston Rothbury’s clients operates within. The company reported a decrease in profit before tax to Ј64,351 for the 12 months ended 31 March 2002 compared with Ј218,300 for the 15 months ended 31 March 2001.
29/04/2003
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Invoice financing provided to small- and medium-size enterprises (SMEs) rose towards the end of 2002, although the use of leasing by SMEs declined in the same period, according to the Bank of England's annual report Finance for Small Firms.
By December 2002, total advances by members of the Factors and Discounters Association (FDA) to SMEs were Ј4.5bn, a rise of 17 per cent over a year.
The growth in advances to firms with an annual turnover of less than Ј0.5m was particularly marked in final quarter of 2002.
29/04/2003
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Moody's today assigned its Aa3 insurance financial strength ratings to the main operating entities of the Coface Group (Coface SA, Allgemeine Kredit Coface AG, Viscontea Coface SpA and Oesterreichische Kreditversicherung Coface AG ). The rating outlook for the new ratings is stable.
29/04/2003
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John Verrill, the president of the Association of Business Recovery Professionals(R3), the body representing insolvency practitioners and company doctors, slammed the banks for delaying payments of up to Ј200 million to creditors of insolvent companies.
28/04/2003
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The state-owned Development Bank of the Philippines (DBP) has set aside an initial P5 billion for its factoring facility as part of its strategic support for the small- and medium-size enterprise (SME) sector.
"We are aggressively marketing this facility because DBP believes that factoring can be a powerful tool for SMEs, which are the backbone of our economy," said DBP president and chief executive officer Simon Paterno.
28/04/2003
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Bankruptcy filings in Norway soared 41.3% during the first three months of 2003, compared to the same period last year. In Sweden, bankruptcy filings were up 12%, while in Denmark they rose a relatively modest 5%.
The numbers, reported by credit rating agency CreditInform, reflect an earlier economic slide in both Sweden and Denmark. While tough times first took hold in Norway last year, Sweden and Denmark already were dealing with a sharp economic downturn.
28/04/2003
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In a survey of 164 companies by Factors Chain International (FCI), Hansa Capital climbed nine places to number 43 in the list ranking the world's factoring companies based on the turnover from 2002 as compared with the previous survey.
Hansa Capital increased its market share in terms of turnover by 2.9 per cent to 51.4 per cent in one year. Its market share by factoring portfolio is 58 per cent. The survey by FCI listed 164 companies.
28/04/2003
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An insolvency practitioner has lost his licence to practice after being convicted of conspiracy to defraud creditors.
Sudhir Rishi, also known as George Rishi, who practised in Finchley, London was convicted of fraud on 31 March at Blackfriars Crown Court and had his licence removed the following day by the Insolvency Practitioners Association. The IPA is awaiting the certificate of conviction as sentencing was deferred by the judge, giving Rishi the opportunity to appeal.
25/04/2003
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John Verrill, head of corporate recovery and partner at leading law firm Lawrence Graham, was today appointed president of R3, the Association of Business Recovery Professionals. Verrill wasted no time in announcing his plans to shake up the insolvency profession.
25/04/2003
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The Small Enterprise Development Corporation (Sedco) has, since 2002, distributed loans amounting to $949 million to over 1,557 borrowers under the Small-to-Medium Enterprise (SME) fund, a company official said.
25/04/2003
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