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Muscat Finance Co Ltd, which is operating in three main areas such as retail financing, equipment leasing and factoring and working capital, has posted a higher gross profit of RO1.8 million in 2002 compared with RO1.6 million in 2001.
In fact, the company has come a long way in the last 15 years and, at present, offers a wide range of non-banking financial products and services that include leasing, factoring, hire purchase, home plan and working capital.
22/04/2003
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DrugMax, Inc. has announced that the company has secured a three-year, US$40m credit facility with Congress Financial Corp., a subsidiary of Wachovia Bank, NA. The new credit facility replaces the US$23m asset-based line of credit the Company had with LaSalle Business Credit, Inc.
22/04/2003
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Of the Rs 95 crore credit that the Credit Guarantee Fund Trust For Small Industries (CGTSI) has disbursed, Karnataka leads with an intake of Rs 17 crore.
The 623 SSIs that have availed of this facility are operating in the areas of food processing, paper manufacturing, IT and chemicals. And out of the 18 districts where these are located, Bangalore tops the list followed by Mysore and Dharwar.
22/04/2003
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The company registered good financial performance in the nine-month period ending December 2002. The funds deployed during this period grew 30.2 per cent to Rs 181 crore against Rs 139 crore in the corresponding previous period. The total income earned grew 16.3 per cent to Rs 22.03 crore and the net profit 15.5 per cent to Rs 7.24 crore.
22/04/2003
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GE Commercial Finance has announced the promotion of Martin Risman as the new sales and marketing leader based in the UK head office in Tunbridge Wells, Kent. Martin has substantial experience and expertise in the commercial finance sector, having joined GE in 2000 as regional director for London and previously being senior sales manager for Bank of Scotland Cashflow Finance.
17/04/2003
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The latest business confidence survey from the Irish Small and Medium Enterprises organisation, ISME, was published this morning.
The results are not encouraging. The survey finds that 28% of manufacturing employers expecting to employ fewer people over the next 12 months.
Of the companies surveyed, 44% say their order books are below normal for this time of year while 37% say exports have fallen in value, a doubling of the figure reported this time last year.
17/04/2003
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Margrith Lьtschg-Emmenegger, formerly MD and global head of forfaiting at WestLB in London has decided to call it a day after 12 years at the bank. She has taken up a position at FIMBank in Malta as Executive Vice-President with a mandate to "try to grow the bank internationally - maintain and develop further the already excellent reputation established", she says. FIMBank has traditionally concentrated on the Middle East and African trade business - something that she aims to open up and expand globally.
17/04/2003
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Lloyds TSB has released its director’s report and financial statement for year ended 31 December 2002. The report shows the company made a 3.7% increase in profit before tax.
Profit before tax totalled Ј45.88 million for year ended 31 December 2002 compared with Ј44.24 million for year ended 31 December 2001.
16/04/2003
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The Asia Development Bank (ADB) has approved a US$15m equity participation in a new private equity fund that provides capital for small- and medium-size enterprises (SMEs) in the member countries of the Association of Southeast Asian Nations (ASEAN), and the People's Republic of China (PRC).
This is the first ADB-assisted investment fund. Besides ADB, the fund's initial core limited partners include the State Secretariat of Economic Affairs of Switzerland, which will also invest up to US$15m, and the United Overseas Bank Group of Singapore, which will invest up to US$10m.
16/04/2003
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Deutsche Bank, the German bank, has called a halt to the takeover of Gerling NCM by Swiss Re. The only possible solution would be to involve a neutral investor in the deal. Gerling NCM achieved turnover of Ђ1.35bn in 2002 in its credit insurance business.
The problem with the current negotiations is the value of Gerling NCM. The financial sector believes it is worth Ђ500m-Ђ600m, but this is far less than the sum agreed by Deutsche Bank, Swiss Re and Gerling NCM a couple of years ago, when they said it had a value of approximately Ђ1bn.
Source: Financial Times
16/04/2003
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