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Alliance Entertainment Corp. today announced that it has extended the term of its Revolving Credit Facility with GE Commercial Finance to 19 August 2006. Under the terms of the agreement a maximum amount of $135 m will be made available to Alliance Entertainment under its asset-based lending facility.
Charles Chiodo, Senior Vice President of GE Commercial Finance, said: "Alliance Entertainment is a valued customer of ours. We are pleased to be able to extend this relationship and support the company's growth plans."
06/02/2003
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Banco Espirito Santo Overseas Ld has published results showing consolidated net profit reaching Euro 222.1m, which corresponds to an increase of 12.3%.
Due to a capital increase and reinforcement of provisions carried out in Q1 2002, return on equity (ROE) decreased to 13.1% in the period. Earnings per share (EPS) declined from Euro 0.99 to Euro 0.74. There is to be a proposed distribution of Euro 0.287 per share (Euro 0.376 in 2002) to the general shareholders meeting.
06/02/2003
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Local banks, under pressure to scale back consumer lending to households and individuals, are scrambling to find alternative ways of managing their rising assets by expanding loan services to small and medium-sized enterprises (SMEs), industry sources said yesterday.
The banks are “having some difficulty in managing their assets," said an analyst at Hyundai Securities. "The SME loan segment is less lucrative compared to household loan sector, but it is deemed to be attractive to banks."
05/02/2003
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Disputes over late business payments are popularly depicted as a David and Goliath struggle between a small supplier and a stronger, infinitely wealthier procurer, whose parsimonious behaviour threatens the very existence of the former. But the consequences of unpaid invoices can be highly debilitating - even catastrophic - for companies of any size, particularly in sectors such as construction, where there is a heavy reliance on a healthy cash flow.
05/02/2003
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In a bid to add debt purchasing and surveillance to its local service portfolio, Dutch debt collecting giant Intrum Justitia B.V. last week launched its second Hungarian subsidiary, Intrum Justitia Rt.
Executives at Intrum and at one of its competitors said they expect debt purchasing activity in Hungary to increase. They added that recent legal changes, increasing to Ft 50 million (Ђ202,000) the equity needed to establish a debt purchaser, are likely to squeeze out some existing market players.
05/02/2003
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The purchase of First National's consumer credit operation fits with the global strategy of one of the world's largest conglomerates.
In the US, General Electric's financial services division - once called GE Capital but now split into four units - wants to expand from its traditional strength in store cards into other areas of lending.
05/02/2003
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Bankers and lawyers are advising investors to pull out of the retail, automotive, insurance, household and textiles and telecom sectors in the next three months, according to Grant Thornton's quarterly Recovery and Reorganisation Barometer of key business intermediaries. Pointing to health, aerospace and defence, pharmaceutical and oil and gas industries as the best sectors for investment, bankers and lawyers also highlighted a possible war against Iraq as a major danger for a wide range of sectors, particularly oil and gas, the leisure and the insurance industries.
04/02/2003
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Measurement Specialties (Amex: MSS) announced today that on Friday, 31 January 2003, the Company has entered into a three-year US$15 m revolving credit facility with Fleet Capital Corporation ("FCC").
Upon closing, US$7.3 m was drawn against the FCC facility and used to reduce amounts under the US$9.3 m bridging loan previously obtained from Castletop Capital, LP ("Castletop") to US$2 m, and the term of the Castletop loan was extended to 31 January 2005.
04/02/2003
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Business services group Numerica Group plc today announced that, following an audit by the International Standards Organisation(ISO), its ISO 9001 accredited London, Bristol, Croydon, Manchester and Worthing offices have been awarded the new ISO 9001: 2000 Quality Assurance accreditation.
04/02/2003
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Manufacturing economy contracts more sharply in January as new business falls and capacity is cut.
For the first time since the beginning of last year, the CIPS/Reuters Purchasing Manager’s Index (PMI) – a composite indicator designed to provide an overall view of conditions in the manufacturing economy – recorded two consecutive months of manufacturing contraction. Moreover, January 2003’s seasonally adjusted PMI fell from a downwardly revised level of 49.3 in December, to post 48.6 in January – its lowest level for 12 months.
04/02/2003
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Company directors in financial services companies are attaching growing importance to the value of intellectual property, even though current accounting standards do not normally allow them to account for the value of intellectual property and other intangible assets, according to research by Marks & Clerk, a firm of patent and trade mark attorneys.
04/02/2003
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Recent changes to the Companies Act could reduce the chances of creditors getting paid when debtors go into liquidation, Credit Guarantee warned.
04/02/2003
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In order to combat delays in payment in commercial transactions, the Belgian legislator has transposed the EU Directive of 29 June 2000 on combating late payment in commercial transactions in its Act of 2 August 2002 on combating late payment (hereinafter the "Act"). The Act applies to all payments as remuneration for the delivery of goods or the rendering of services. These transactions must be between enterprises or between an enterprise and a contracting public authority. The Act does not apply to transactions between or with consumers.
04/02/2003
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Fitch Ratings, the international rating agency, has today affirmed the 'AA' Insurer Financial Strength rating (IFS) of Coface S.A., the head entity of the Coface Group. Separate 'AA' IFS ratings have also been affirmed on the German, Italian and Austrian subsidiaries of Coface, respectively Allgemeine Kreditversicherung Coface AG, Viscontea Coface Compania di Assicurazioni e Riassicurazioni spa and Osterreichische Kreditversicherung Coface AG.
03/02/2003
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The UK recorded a dramatic fall in business failures in January following the introduction of the new Voluntary Arrangement moratorium procedures which came into force on 1 January 2003, according to the latest insolvency figures released by Experian, the global business solutions company.
03/02/2003
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