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FACTORING IN THE UK – TENTH EDITION (2005)
INDUSTRY PERFORMANCE AND SUPPLY
In the UK, the factoring industry continues to grow and to be increasingly competitive. However, as the market matures, some factors are now finding the environment far more challenging. The market has also become polarised with invoice discounting now growing at a much faster rate than full factoring, which has almost stagnated.
PRIMARY RESULTS
10/02/2003
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Thousands of small businesses will find it easier to obtain bank loans thanks to changes announced in the Pre-Budget Report.
From April, a whole raft of sectors – including retailers, caterers and motor mechanics – will be eligible for the Small Firm Loan Guarantee Scheme, whereby the Government underwrites most of the loan, thereby encouraging banks to lend.
10/02/2003
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Employment within the UK’ small- and medium-sized enterprises (SMEs) is up for the first time since 2001, according to a quarterly survey of 800 SMEs operating in the manufacturing, construction and service sectors.
Both the service and construction sectors reported a rise in staffing levels in Q4, although manufacturing continued to make staff cuts.
10/02/2003
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Last week, official figures showed Britain's manufacturing industry had recorded its worst fall in output in more than 10 years, heightening fears over the health of the UK economy.
The depressed state of the sector is thought to have been a major factor in the Bank of England's decision to cut interest rates to 3.75% last week.
10/02/2003
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Small- and medium-enterprises (SMEs) could generate 50% of the country's gross domestic product by 2006, up from 42%, if a Cabinet meeting tomorrow approves the first master plan for their development. SMEs Trade Promotion will help SMEs gain market access at home and abroad.
The plan was drafted by the SMEs Promotion Office and state agency and private sector leaders. Office director Vivat Vinicchayakul said the Interior Ministry would oversee shops serving the One Tambon, One Product rural development programme.
10/02/2003
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The Standard Chartered Bank (StanChart) will this year put special emphasis on providing finance to small and medium scale enterprises (SMEs). This follows criticism of the bank in the past for not doing enough in providing loans and other financial services to the small business sector.
The bank's Chief Executive Officer, Stanley Tsikirayi, said last week at a function for media personnel in Dar es Salaam that the bank has taken a strategic decision to support the sector.
10/02/2003
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There were 4,323 company insolvencies in England and Wales in the fourth quarter of 2002 on a seasonally adjusted basis. This was an increase of 11.1 per cent on the previous quarter and an increase of 14.9 per cent on the same period a year ago.
1.1 per cent of active companies became insolvent in the twelve months ended Q4 2002, the same as the previous quarter and the corresponding quarter in 2001.
07/02/2003
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The European Central Bank (ECB) kept its powder dry yesterday, holding interest rates steady at 2.75 per cent, but made clear it might have to use its ammunition soon as risks to eurozone growth mount.
Wim Duisenberg, ECB president, signalled to the markets that the bank had edged close to easing monetary policy, insisting the "pros and cons" of a rate cut had been discussed by the governing council.
07/02/2003
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The Bank of England yesterday surprised the markets by cutting its primary interest rate by a quarter of a percentage point to 3.75 per cent, the lowest rate since 1955 and the first change for 15 months.
The Bank said "prospects for demand, both globally and domestically, are somewhat weaker than anticipated". The cut was not matched at the European Central Bank, which held its basic rate at 2.75 per cent.
07/02/2003
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Kaulkin Ginsberg today announced that with 55 deals completed in 2002, the year was the second busiest ever in Accounts Receivables Management (ARM) deal making activity. Kaulkin Ginsberg, a provider of advisory services to the ARM industry, is the only organisation to track the details of deal activity in the market every year since 1991
Kaulkin Ginsberg noted that deal activity in 2002 was nearly as high as during the 1998/99 period of consolidation. Deal volume in the second half of 2002 as compared to the second half of 2001 is up by almost two and a half times.
06/02/2003
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The Chamber of Commerce (PHDCCI), in its pre-Budget memorandum, has urged the Government to review the Securitisation Act, provide longer duration to borrowers for debt repayment and also offer a flexible corporate debt-restructuring scheme.
Addressing a press conference in the Capital on Wednesday, Mr P.K. Jain, President of the Chamber, said, "we, as a Chamber, are not with defaulters, but the Securitisation Act should not be harsh for unwilful defaulters."
06/02/2003
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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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