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Following the decision today to keep interest rates on hold the CBI is calling on the Bank of England to cut interest rates in May.
CBI Chief Economic Adviser, Ian McCafferty, said: "The timing of this decision was clearly difficult. It's too early to assess the full implications of the Budget and much remains to be resolved in the Middle East. But the case for a rate cut is becoming increasingly compelling.
11/04/2003
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Fingerhut Direct announced today that it has negotiated a $100 million senior secured line of credit comprised of a revolving line of credit secured by inventory and a bridge loan for consumer instalment receivables. CIT Business Credit's Retail Finance Group acted as lead arranger and administrative agent. CIT Business Credit is a unit of CIT Group Inc.
11/04/2003
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This month's survey revealed renewed weakness within the consumer service sector, with rapidly falling volumes of business and profitability, and a sharp deterioration in confidence. By contrast, though optimism also fell for firms in the business & professional sector, there are signs of an improving business outlook here, with business volumes picking up and expected demand constraints softening.
Consumer Services
10/04/2003
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The Department of Trade and Industry's Small Business Service (SBS) has announced a consultation into developing a US-style Small Business Investment Company scheme to boost the funding opportunities for small, high growth companies.
Building on the Regional Venture Capital Funds, the consultation will look at the ways in which the "equity gap" that faces many start-ups and early stage businesses can be bridged and how entrepreneurial investors might be encouraged to invest in fast-growing SMEs.
10/04/2003
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Gems and jewellery exports from India are set to get credit insurance in the current financial year.
Global Trade Finance, a joint venture between the Germany-based WestLB of Washington, the Export & Import Bank of India and the International Finance Corporation, is currently working on a product that will offer export factoring services to plain gold and studded jewellery exporters.
10/04/2003
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Global Trade Finance Pvt Ltd (GTF), receivables management and export-financing company promoted by Exim Bank of India, WestLB of Germany and International Finance Corporation of Washington, today said it would explore opportunities in the Rs 7,000-crore domestic factoring business.
10/04/2003
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The protracted economic downturn and uncertainty over war in Iraq took a toll on lenders' attitudes last quarter, with most predicting the economy would perform at only a D+ level over the coming 6 months.
09/04/2003
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Chile's central bank has authorised credit unions to request loans from foreign and local financial institutions as part of a larger reform-package introduced to boost the capacity of credit unions to provide financial services to members, according to a statement from the monetary authority.
09/04/2003
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Recent European legislation means that non-UK incorporated companies can be put into administration in the UK if they fulfil certain criteria. Impending changes to UK law will also make administration quicker and cheaper. Together these make UK administration increasingly attractive as a tool in cross-border restructurings involving European operations. This briefing outlines the UK and European changes and considers their impact.
08/04/2003
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A spokesperson from Singer & Friedlander Factors Limited today told BCR that the company is to close in the next couple of months.
Singer & Friedlander Factors Limited also released its figures for the year ended 31 December 2002 at the end of last week. The company reported a 52 per cent decrease in turnover from Ј2.47 million for year ended 31 December 2001 to Ј1.189 million for 2002.
08/04/2003
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The Export Credits Guarantee Department (ECGD) will be lifting a burden on industry while maintaining its rigorous screening of projects for environmental and social impacts under new procedures starting on Monday 14 April.
08/04/2003
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Hungarian financial enterprises other than banks posted a significant improvement in profitability last year, while the quality of their portfolios did not decline significantly, according to the State Supervision of Financial Institutions (PSZAF). On average, non-bank financial firms posted pre-tax income growth of over 30 per cent in 2002, figures in PSZAF's quarterly report on the financial sector indicate.
08/04/2003
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HSBC Invoice Finance UK Ltd have released their year ended 2002 results showing that the company has made a 13.2 per cent increase in profit. Total profit before tax for year ended 2001 was Ј46.93 million compared with Ј53.14 million for year ended 2002.
Although there was an increase in profit before tax, after tax profit was down by 48 per cent from Ј32.85 million to Ј16.97 million. The financial statement in its notes said:
07/04/2003
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Goods worth Rs 180 crore shipped from India under the ‘Food for Oil’ programme are blocked at various entry points into Iraq. Despite imminent hostilities, exporters continued to send goods up to mid-March, with the last ship setting sail on March 17, just a couple of days before hostilities commenced.
07/04/2003
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ICICI Bank, with five other financial intermediaries, has set up a Rs 800 crore India Advantage Fund for the equity component of small- and medium-sized enterprises (SMEs).
The bank has invested Rs 200 crore in the fund. The other partners include the Life Insurance Corporation of India, Punjab National Bank and Oriental Bank of Commerce.
H N Sinor, joint managing director of ICICI Bank, said the fund had closed with a corpus of Rs 800 crore. Although SMEs obtained debt funding from banks and financial institutions, they often lacked the capital to support their ventures.
07/04/2003
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