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The Export Finance and Insurance Corporation (EFIC) provided more than $576 million in extra finance for exporters in the 2008/09 financial year, an increase of 56 percent, according to EFIC’s 2008-2009 Annual Report, tabled in Parliament yesterday. The government credit agency supported more than $1.3 billion in exports and offshore investment over its 26 facilities, [...]
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It’s a tried and tested method of getting paid, but what exactly is a letter of credit, and what does it entail for an exporter? Once consdiered too paperwork-heavy, this payment method has seen a revival in this more risk adverse global economy.
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The Export Finance and Insurance Corporation (EFIC) will host a free breakfast seminar on finding finance, as part of the NSW Government’s Small Business September program. Export finance is often difficult to obtain through the usual channels, so ‘Overcoming financial barriers to export success’ will address exporters’ financial needs when competing globally, including funding export [...]
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The International Monetary Fund (IMF) has agreed to release a second lot of loan funding to Iceland in its Stand-By Arrangement with the global recession victim. The second installment follows the US$827 million the IMF lent to Iceland in November last year, after the collapse of the country’s financial sector. The government has since taken [...]
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Payment behaviour in China has deteriorated as a result of the global economic downturn, according to a report released by international credit agency Coface yesterday. According to the survey results, more than 90 percent of respondents revealed problems with overdue payments, and 25 percent of respondents reported that their clients suffer from tight liquidity, a [...]
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A fall in exports and a decline in business investment will see the Australian economy contract by 0.9 percent in 2009, according to the latest Global Economic and Risk Outlook report by credit reporting firm Dun and Bradstreet (D&B). Lower demand for our exports, leading to a decrease in our terms of trade, and tight [...]
...read moreMost of China’s growth this year will be as a result of the Chinese government’s stimulus package, according to the latest data from the World Bank. ‘Government-influenced expenditure’ will account for six percent of China’s forecasted 7.2 percent growth, which has raised fears that China’s growth is unsustainable, although the government still has enough money [...]
...read moreThe British economy will recover in 2010 but growth will be slow, according to a forecast made by the Confederation of British Industry (CBI). The group predicted that gross domestic product would remain low for the rest of the year, but this would indicate stability. “The UK economy is stabilising, with the worst of the [...]
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The latest report by credit agency Dun and Bradstreet reveals a 20 percent rise in the number of business-to-business debts passed on to collection agencies. The substantial increase comes in addition to research suggesting that almost 150,000 businesses are more likely to pay their accounts late, as business-to-business payment days double the standard term. “There [...]
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Rating agency Standard & Poor’s has lowered the United Kingdom’s credit outlook from ‘stable’ to ‘negative’ as UK borrowing hit record levels. According to the agency, debt, uncertainty, “deteriorating public finances” and an imminent election contributed to the downgrade, the first in negative territory since S&P ratings began in the 1980s. “The rating could be [...]
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