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Steve Websdale has been appointed to the position of Chief Executive of the Factors and Discounters Association, the industry association for factors and discounters operating within the UK. Mr Websdale was formerly managing director of Capital Bank Cashflow Finance (now called "Cashflow Finance") and has worked within the industry since 1979.
Mr. Websdale became Chief Executive of the FDA on Monday 30 April 2001.
04/05/2001
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Mikhail Treyvish, managing director of the factoring department of the Moscow-based NIKoil Investment Banking Group, has announced plans to host a conference on factoring in eastern Europe and the states of the former Soviet Union.
The conference will take place in Moscow (“Le Royal Meridien National” hotel is currently mooted as the venue) between Wednesday 27 and Friday 29 June 2001 with a rich cultural programme planned for the weekend. The theme of the conference is “Factoring in Eastern Europe and CIS countries”.
04/05/2001
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Ernst and Young figures show that UK is Europe's favourite place to
invest.
Trade and Industry Secretary Stephen Byers today hailed new inward
investment figures released by accountants Ernst and Young as a
"ringing endorsement" for the UK.
The figures show that the UK is the favourite place for inward
investment among European countries. The company's Investment
Monitor Report covering the year 2000 shows that:
04/05/2001
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Capital Bank Cashflow Finance Limited have released their annual accounts for the year ended 28 February 2001. Turnover has fallen by 9.66% to Ј15.926million from the 2000 figure of Ј17.628million. A pre-taxation loss of Ј473,000 was recorded. This compares with the pre-taxation profit of Ј1.235 million recorded in 2000.
In spite of these less favourable results, the company’s liquidity ratio improved from 1.043 in 2000 to 1.05 and the average remuneration for employees also showed an increase on last year.
02/05/2001
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The Czech state-run factoring bank, Konsolidacni Banka, has announced a first quarter loss of 933million koruna which compares with a loss of 3.5bn for the same period in 2000. The bank reiterated statements that its loss for this year as a whole could grow to as much as 60bn koruna after tens of billions of koruna in bad assets from the failed IPB bank are transferred to its books later this year.
Source: NewsEdge
02/05/2001
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Danske Bank sold its subsidiaries BG Factoring A/S and BG Garanti Forsikringsselskab A/S to the Dutch-owned NCM group effective from 1 April 2001. BG Factoring is the fifth largest player in the Danish factoring market, with a market share of 7% and a total factored volume of DKK2bn in 2000.
30/04/2001
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In light of the problems that the haulage industry has been facing, the accountants Grant Thornton, renowned for their expertise in corporate recovery issues, have organised a morning seminar to address some of these issues. Attendance is by invitation only.
Schedule:
9:30am: tea and coffee will be served
10am – 1pm: Seminar
1 pm: Buffet lunch
The speakers will be:
27/04/2001
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Asta Funding, the financial services company which specialises in factoring and the purchase, liquidation and management of performing and non-performing consumer receivables, today reported results for its second quarter ended 31 March 2001.
Net income for the three months ended 31 March 2001 rose by 62% to $2,211,000 from Ј1,363,000 in the three month period ended 31 March 2000. Revenues for the six months ended 31 March 2001 were $10,250,000, an increase of 21% over revenues of $8,457,000 for the prior year period.
Source: PR Newswire
26/04/2001
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Coverclick.com, the web-based credit insurer backed by Royal & Sun Alliance, has added another first to its product range. Following the introduction of “Insolvency Cover”, launched late last year, the new product, named “Late Payment”, guarantees payment of an invoice within 90 days, irrespective of whether the debtor is insolvent.
Designed specifically to assist small and medium sized businesses, the cover can be purchased over the web and protection is immediate. Online credit reports are now also available.
Source: Credit Management
25/04/2001
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Small businesses are being hindered by excessive loan and current account payments due to banks running a “complex monopoly”, according to the Competition Commission. The provisional findings suggest that banks make monopoly profits, without explicit cartel agreements, and are inefficient as a result of low competition in the sector.
Five banks- HSBC
25/04/2001
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Hansabank, owner of the largest factors in the Baltic states, Hansa Leasing, yesterday strengthened their pan-Baltic network by signing a deal to buy Lithuania’s second largest bank, Lietuvos Taupomasis Bankas (LTB). LTB owns the Lithuanian factors LTB Lizingas.
The Lithuanian state property fund agreed to allow Hansabank to purchase 90.7% of LTB after guaranteeing that the sale would not create a Swedish monopoly in the area, as Hansabank’s majority shareholders are Swedbank.
24/04/2001
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Factoring group Independent Growth Finance Plc, the holding company for GLE Invoice Finance, said on Monday it was scrapping its planned initial public offering because of poor stock market conditions.
The company had intended to raise about seven million pounds in a placing on London's junior Alternative Investment Market (AIM) that would have valued it at Ј15 - 20 million ($22-29 million). But tumbling markets undermined its plans and it said it would now look for more private investment.
23/04/2001
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On 9 April 2001, Euro Sales Finance (ESF) announced that it was examining with its lead banks ways in which its funding position could be improved. ESF had been growing its business at a fast rate, which has proved unsustainable given the limits of its overall banking facilities and as a consequence the company temporarily exceeded its borrowing limits. ESF has announced that it has the support of its banks on the basis that growth in its receivables book will be controlled.
20/04/2001
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The Better Payment Practice Group is urging UK businesses to take part in the consultation process on implementing a European Commission directive on combating late payment. The consultation document can be seen on its website (www.payontime.co.uk) and businesses have until 27 April 2001 to participate. The directive’s chief features include an automatic right to interest on a payment after 30 days, unless a date is specified in a contract; and a right for the creditor to claim reasonable compensation from the debtor for all relevant recovery costs.
19/04/2001
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Sterling Bancorp today announced record figures for the three months ended 31 March 2001. Net income for their factoring operation had risen by 28.5% to $1,401,000 from Ј1,090,000 in the corresponding period of 2000.
This increase is disproportionately high in terms of the overall figures for the company which recorded non-interest income of $5.3 million for the quarter, which represented an increase of 17% compared to the corresponding quarter of the previous year. This increase was due primarily to increases in income from mortgage banking, deposit services, and factoring.
19/04/2001
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