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Finance Credit Limited has released its year ended 31 December 2001 report and financial statement. The report shows that the company made a loss of over one million pounds. This is a drastic fall from the profit of Ј488,770 made for the year ended December 2000.
20/03/2003
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All credit insurance cover by Export Credit Guarantee Corporation of India Ltd. (ECGC) on exports to Iraq is likely to come to an immediate stop, after the United Nations suspended its `food-for-oil’ programme ahead of the commencement of hostilities in the Gulf.
ECGC will be taking stock of the current situation and reviewing its approvals for exports to countries neighbouring Iraq, too. It will, however, have to wait for information on shipments on the high seas that may be diverted or brought back.
20/03/2003
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Commerce Asset-Holding Bhd recorded a higher pre-tax profit of RM747.6m for the year ended Dec 31, 2002, compared with RM515.6m in 2001. This was achieved on the back of higher revenue of RM2.83bn for 2002 compared with RM2.75bn previously.
Announcing audited results Wednesday, CAHB director Dr Rozali Mohamed Ali, who is also managing director and chief executive officer of Bumiputra Commerce Bank (BCB), said the BCB Group and CIMB Bhd Group continued to be the largest contributors to CAHB's pre-tax profit for the year under review.
20/03/2003
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HVB Bank Hungary will offer subsidised loans to local small- and medium-sized enterprises (SMEs) under an agreement signed with the European Investment Bank (EIB) on Monday.
The agreement modifies a Ђ80m EIB Global Loan Agreement with HVB signed in December 2001, and allows up to Ђ20m of this facility to be used in SME financing deals.
19/03/2003
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A recent survey by Greenwich Associates, a Connecticut institutional financial services consulting and research firm, indicates 18.8 per cent of small businesses surveyed expect the economy to deteriorate over the next six months, while 47.4 per cent expect no change.
19/03/2003
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French financial services company AGF Group said 2002 net income fell 63 per cent on write-downs of nearly Ђ1 bn against its equity portfolio, which was affected by deteriorating financial markets.
Premium income from the credit insurance segment, which includes subsidiaries Euler and Hermes, rose 24.3 per cent to Ђ1.41 bn. On a comparable basis, premium income would have fallen by 0.4 per cent since Hermes was consolidated into the financial statements in July 2002.
19/03/2003
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Uncertainty abounds in the global economy, as equity markets disappoint, trade disputes proliferate and fears of war overwhelm. What kind of business can thrive in such a stew? Trade-credit insurance, says a veteran practitioner.
Peter Aitken, a vice president with Chubb Corp. and co-manager of Chubb's Trade Credit Insurance Group, said Chubb's recent expansion of its trade-credit business into Canada is a response to increasing demand for cover "It's our first expansion beyond our US base," he said. "And we are rolling out the product in the European market, as well."
19/03/2003
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Canara Bank has launched a new scheme for small-scale industries (SSIs) banking with it.
The bank will sanction a stand-by credit of up to Rs 5 lakh to SSIs at the time of a regular sanction of working capital.
However, the bank did not detail the rate of interest it would charge on such loans.
The stand-by credit limit sanctioned would be in the form of a term loan with a repayment period up to six years and the businesses can avail themselves of the limit within one year of its sanctioning.
18/03/2003
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Go to United Kingdom: Insolvency Act 2000 – A Further Erosion of Creditors’ Rights?
17/03/2003
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The spiralling number of local businessmen going bankrupt has caused the Brunei Malay Entrepreneurs to ask the government for a monitoring body to check this serious trend.
"There must be a reason why so many of us are facing problems before the courts and the matter should be analysed and a solution found quickly," a spokesman said. The Brunei Malay Entrepreneurs brought up this issue when they held a discussion with the Finance Ministry yesterday. The meeting focused on the difficult money problems the local businessmen faced.
17/03/2003
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Many small- and medium-sized enterprises (SMEs) fail to secure loan applications for supporting their information and communications technology (ICT) initiatives simply because of lack of proper credit evaluation.
Alliance Bank's commercial banking group senior general manager, Yap Khong, says
"There are times when SMEs approach the bank for ad hoc banking facilities without proper business plans as they normally adopt short-term business strategies."
17/03/2003
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Compass Bank said that this year it will intensify its programme of loans for Mexican small- and medium-sized companies (SMEs) despite international economic instability.
In a press conference, vice president of the International Department, Michael Dwiggins said that the loans granted to Mexican firms would be carried out with the support of the U.S. Eximbank. "With the help of Eximbank we will offer medium-term financing for Mexican companies that import U.S. equipment or machinery," said Dwiggins.
17/03/2003
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Fitch Ratings, the international rating agency, has affirmed the "AA" Insurer Financial Strength rating (IFS) on Coface S.A. Separate "AA" IFS ratings have also been affirmed on the German, Italian and Austrian subsidiaries of Coface.
17/03/2003
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The Export Credit Guarantee Corporation Of India expects service exports to account for at least 15 to 20 per cent of its total business in the next two years. Service exports at present contribute less than 5 per cent of ECGC's business.
17/03/2003
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France's main banking regulator approved a Ђ19.5bn (US$21.2 bn) merger between Credit Agricole and Credit Lyonnais on condition the banks sell branches and halt expansion in certain parts of France.
In a statement, the regulator, known as CECEI (Comite des Etablissements de Credit et des Entreprises d'Investissement), said the conditions included selling off 85 branches in some areas where it thinks free competition could be at risk.
14/03/2003
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