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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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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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