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The banking sector needs to embrace international safety systems within the next five years to ensure steady development of Vietnam's financial system, Prime Minister Phan Van Khai has said.
Speaking at a conference of the State-owned Vietcombank, he said that commercial banks should offer more services, save on social costs, reduce the use of cash and enable the Government to manage funds more efficiently.
20/02/2003
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The policy-making body of the Bangko Sentral ng Pilipinas is waiving the reporting requirements for banks making certain un-restructured loans to small- and medium-size enterprises (SMEs) to further spur lending in the country.
19/02/2003
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Small businesses were today urged to prepare for EU enlargement and take advantage of the biggest single market in the world by making the most of Government support networks like Business Link and Trade Partners UK.
Addressing a conference in Brussels, DTI Minister Nigel Griffiths said enlargement presented entrepreneurs with a massive opportunity to break into new markets.
The entry of ten new member states will create the largest single market in the world - bigger than the US and Japan combined – with 450 million consumers.
19/02/2003
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First Quantum Minerals Ltd said a final feasibility study for its US$163.4m Kansanshi copper-gold mine in Zambia sees copper cathode output at 60,000 tonnes a year for the first three years.
The company, which has three other copper projects in Zambia, intends to finance the project with a US$120m loan, half of it an export credit facility through the Export Credit Insurance Corp. of South Africa and the rest as commercial debt.
19/02/2003
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A Denver transportation company was forced into Chapter 7 bankruptcy liquidation on 14 February according to US Bankruptcy Court filings.
Allied Carriers Exchange Inc., the factoring company that bought freight bills from freight carriers, owes four creditors a little more than US$3m. Allied's biggest creditor Grunwald, loaned the company US$2.8 m.
19/02/2003
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Shanghai is planning to create a third city commercial bank by merging more than 230 rural credit cooperatives according to government officials. The third bank, tentatively called Shanghai Cooperation Bank, will focus on Shanghai's rural households and enterprises, whose total deposits reached 25.3bn yuan (US$3.06bn) as at the end of 2002.
Jin Ling, an official of Shanghai Rural Credit Cooperatives Union, said it has submitted its application to the People's Bank of China (PBOC) and the State Council late last year. The Shanghai agency is the project proponent.
19/02/2003
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Hansa Capital Group's net profit totalled 43.8m euros and financial investments reached 1,172m euros in 2002.
Hansapank said the group sustained its leading position in factoring, leasing and consumer finance markets of all Baltic countries with a factoring portfolio of 147.4m euros, a leasing portfolio of 943.8m euros and a loan portfolio of 29.2m euros at the end of the year. Assignments formed 4.6m and small-scale financing, 47.2m euros.
The group's total assets increased by 368m euros or 31.2 per cent to 1.55bn euros during 2002.
19/02/2003
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The government should pave the way for opening of large fund-based private banks, specifically dedicated to small and medium enterprises (SMEs), to effectively increase the flow of credit to SMEs, the Federation of Indian Micro Small & Medium Enterprises (FISME) has suggested.
In a pre-budget memorandum to the finance minister, it said that such banks could be encouraged by incentives in income tax and liberal conditions in statutory liquidity ratio, cash reserve ratio, non-performing assets classification and capital adequacy ratio.
18/02/2003
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Business expectations in Germany deteriorated to levels last seen 10 years ago, when Europe's largest economy suffered from a severe recession, the German Industry and Trade Association (DIHK) said Business sentiment has reached new lows and there is no hope that things will get better soon, DIHK, said, citing a biannual survey of more than 25,000 German companies regarding the economic outlook.
18/02/2003
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Majority shareholder Rolf Gerling and substantial shareholder Deutsche Bank are planning to sell their shares in the Gerling group.
However, Deutsche Bank is said to be interested in acquiring Gerling NCM, the Gerling group's credit insurance subsidiary.
18/02/2003
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The Asian Development Bank (ADB) agreed to extend US$85m in export credits to Indonesian small- and medium-size enterprises (SMEs) on 17 December last year. The credits will be distributed among the SMEs through six banks, namely BNI'46, BRI, Bukopin, Danamon, Mandiri, and Bank Niaga.
The long-term project would cost US$113m of which 25 per cent would originate from participating banks and exporters applying for the credits.
17/02/2003
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Juan Costa, the Spanish trade secretary, announced a plan to develop Spanish commerce and investment in the ten countries that are candidates to join the EU in 2004, and Romania and Bulgaria, which are candidates to join in 2007.
Mr Costa said that the government would open a capital investment line of 110m euros for projects in which the state is a shareholder of the company, plus an annual subsidy of 5m euros for SMEs.
17/02/2003
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The government has been asked by the Davao City Chamber of Commerce to increase available funds to the two existing programmes that provide lending windows for small- and medium-scale enterprises (SMEs) rather than create a new program that involves requirements such as collateral.
Romeo Serra, president the Chamber of Commerce and Industry and also the chairman of the Davao SME Council, asked Finance Secretary, Jose Isidro Camacho, to convince the government to pour in more capital to the Small Business Guarantee Fund (SBGF) and the Quedancorp.
14/02/2003
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BCR announced today that Factoring in the UK: Eighth edition is now downloadable on factorscan.com. The publication, which includes detailed figures on market activity, five years’ analysis of financial data and an introduction to the concepts, practices and the laws involved factoring, is recognised as the most authoritative and comprehensive report into the UK factoring industry.
Go to UK in depth to see all sections from the book.
14/02/2003
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Unilizings leasing and factoring company, owned by Latvian Unibanka, last year earned a profit of 2.53m lats (EUR 4.03m), up 8.3 per cent from 2001, said Unilizings director, Janis Buks.
He said the company was pleased with last year's profit, which met the target figure under the budget. In 2001 the company posted a profit of 2.335 million lats.
Unilizings leasing and factoring portfolio grew 25.5m lats or 38 per cent in 2002 to 92.4m lats at the end of the year.
14/02/2003
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