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The International Finance Corporation, (IFC), and ABN Amro signed an agreement to provide Pakistan with a US$80 million trade financing facility
The three-year revolving facility will give Pakistani businesses better access to letters of credit confirmations by guaranteeing credits originated by selected commercial banks.
The facility will initially include five banks in Pakistan, ABN Amro Pakistan, Askari Bank, Metropolitan Bank, Soneri Bank and Union Bank.
11/02/2003
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The Enterprise Act received Royal Assent on 7 November 2002. At that time the Secretary of State for Trade and Industry, Patricia Hewitt, said "The Enterprise Act is good news for business, consumers and the economy. It will give those entrepreneurs who have failed honestly a second chance and help ensure that companies in difficulty do not go under unnecessarily. These measures will help promote an enterprise culture and drive up productivity. We will continue to work closely with stakeholders to ensure that the measures are implemented as effectively as possible."
11/02/2003
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The Lord Chancellor's Department today published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the fourth quarter of 2002.
In the fourth quarter of 2002 the following number of petitions were issued:
3,257 company winding up petitions - an increase of over 21% on the petitions in the same quarter of 2001.
4,601 creditors' petitions - an increase of 32% on the petitions in the same quarter of 2001.
11/02/2003
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It has recently become apparent that insolvency practitioners and their advisers should be particularly vigilant when dealing with Customs & Excise on behalf of companies in administration. This will become increasingly important once the provisions of the Enterprise Act 2002 removing debts due to Customs & Excise from the categories of preferred creditors come into force.
11/02/2003
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Coface, the French credit insurance specialist, has reduced its exposure to Brazil by 15% to US$1.08bn, daily Valor Economico reported.
In Brazil, the company insures export credit through a joint venture with local insurers Bradesco Seguros, Sul America, Minas Brasil, Unibanco AIG and federal banks Banco do Brasil and BNDES.
"In 2003 we expect to get back to the level of exposure we had in 2001, but we depend on international reinsurers," Coface Brazil CEO Daniel Boulet was quoted as saying.
11/02/2003
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Venezuelan public and private sector banks will have to restructure the debts of small- and medium-sized enterprises (SMEs) that have been severely affected by the country's economic problems, business association Fedeindustria chairman Miguel Perez told local daily El Nacional.
A recent Fedeindustria study found that 25,000 SMEs could close their doors this year, leading to job losses of 200,000.
11/02/2003
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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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