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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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UK manufacturing output staged a surprise gain in January on the back of a better performance by the computer industry, official figures have revealed
The Office of National Statistics (ONS) said factory production increased 0.3% over the month, after a 0.3% drop in December.
The data will boost companies in the industry which have suffered a string of knock-backs in recent years. Weak economic conditions in Europe and the relative strength of the pound have made trading particularly difficult.
14/03/2003
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UPS Capital, the financial services arm of UPS, has launched four products to help Canadian companies speed the movement of their COD (Collect On Delivery) payments from US customers, as well as minimise the risks associated with extending credit and shipping cargo.
14/03/2003
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With advances to the corporate sector slowing down, and in some cases even turning negative, small- and medium-size enterprises (SMEs) are emerging as the new darlings on Banking Street. Private and foreign banks are rushing to offer services ranging from “match making” to online payments to get a share of this segment.
13/03/2003
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Standard & Poor's Ratings Services said yesterday that it is maintaining a stable outlook on most Korean banks, as it expects that banks will be able to sustain their financial standings over the medium to long term, despite expected-levels of deterioration in performance this year.
The recovery from 1997-98 crisis has now largely run its course as other risk factors continue to increase in such areas as the high-levels of consumer indebtedness and highly-leveraged small- and medium-size enterprises (SMEs)
13/03/2003
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The number of business failures is poised to reach 70,000 over the next three years as a downturn in consumer confidence and a sluggish UK GDP start to take their toll.
According to BDO Stoy Hayward's Industry Watch report, a total of 19,928 businesses failed in 2002, a rise of 6per cent from 2001 levels. And more trouble is in sight, with annual business failures predicted to rise above the 20,000 mark in the coming two years, growing to almost 25,000 by 2005, a return to levels not seen since 1993.
13/03/2003
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Broadcastle plc, the specialist bank and finance company, announced its audited results for the year ended 31 December 2002.
Profit before tax and goodwill amortisation was up 39 per cent to Ј2.97m from the 2001 figure of Ј2.13m and record sales were achieved with a 46 per cent jump to Ј41.3m.
13/03/2003
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Gerling, the cash-strapped German insurer, said yesterday it was seeking regulatory approval to inject Ђ200m (US$220m) in emergency funds into its ailing reinsurance unit. The funds would be transferred from the group's equalisation reserves, an emergency cash pile to cover exceptional losses, to reinsurance arm Gerling Global Re, officials said.
Gerling, under pressure from Deutsche Bank, wants to find a buyer for its reinsurance operations to ensure the survival of its core industrial and credit insurance businesses.
12/03/2003
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Three members of Latvia's Leasing Provider Association, Hanza Lizings, Unilizings and Nordea Finance Latvija have reported a factoring and leasing portfolio rise of 31 per cent last year to 278.4m lats (Ђ437m), with another 30 per cent growth expected for 2003.
The association’s aim is to popularise leasing and factoring services in Latvia and to harmonise the legal and legislative issues related to leasing and factoring services. Members include Latvia’s top three leasing and factoring companies.
12/03/2003
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Malaysian exporters are now able to sell to Russian buyers on credit terms, said Bank Industri and Teknologi Malaysia Bhd.
In a statement it said that an agreement was signed between Malaysia Export Credit Insurance Bhd (MECIB) and Ingosstrakh Joint Stock Insurance Company (Ingosstrakh) of the Russian Federation.
Following the agreement, it said, the trade arrangements were reciprocal in nature with each party supporting trade between the two countries by providing Export Credit Insurance and Guaranteed facilities to exporters and banks.
11/03/2003
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Go to Corporate Restructuring practitioner gives fraud prevention advice.
11/03/2003
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