http://www.factoringforce.com/blog The latest and greatest news, information and resources about receivables factoring Fri, 13 Nov 2009 17:41:05 +0000 http://backend.userland.com/rss092 en At the recent annual meeting of the International Factors Group (IFG), the Polish company Pekao Faktoring was named as the #1 factoring company in the region. The IFG meeting was held in St. Petersburg (Russia, that is) in October. Of course, the company was thrilled with their recognition and the president,  ... http://www.factoringforce.com/blog/2009/factoring-receivables/ifg-ranks-pekao-faktoring-1-in-region/ We hear a lot these days about companies that are too big to fail. Appears that CIT is not too big to fail but is too big to go into bankruptcy without causing a lot of chaos for its factoring clients. (Image courtesy of European Pressphoto Agency) According to an article ... http://www.factoringforce.com/blog/2009/invoice-factoring/cit-cash-flow-jeapordized-by-pending-banruptcy-impact-on-factoring-clients-uncertain/ Heavyweight investor Carl Icahn has offered to provide a loan of up to $6 billion to ailing receivables factoring giant CIT. Icahn is a bondholder of CIT and is not in favor of the restructuring plan proposed by CIT and is countering the proposals of the lender with a restructuring ... http://www.factoringforce.com/blog/2009/invoice-factoring/factoring-behemoth-cit-receives-bailout-from-icahn/ In a press release issued today, Homex, one of Mexico's leading home builders, announced their satisfaction with FOVISSSTE, a Mexican mortgage company, for implementing a factoring program with Mexico's National Development Bank. The CFO of Homex stated that the factoring initiative "will help us realize important efficiencies in our collection process." Now ... http://www.factoringforce.com/blog/2009/factoring-receivables/factoring-receivables-south-of-the-border/ It continues to fascinate me that receivables factoring has such a prominent and public profile in Asian and European countries. While it seems to me that most of what you read about receivables factoring in the U.S. is purely self-promotioanl by factoring companies, the financial news from overseas regularly mentions ... http://www.factoringforce.com/blog/2009/invoice-factoring/chinese-arent-shy-about-importance-of-receivables-factoring-for-e-city-project/ Sounds like growing pains to me. As I scan the financial news I come across more and more announcements that some major financial institutions are expanding their services to include receivables factoring. This morning I read that Punjab National Bank (PNB) is adding investment services and invoice factoring to its menu ... http://www.factoringforce.com/blog/2009/factoring-receivables/receivable-factoring-continues-growth-scheme-to-defraud-factoring-companies-uncovered/ As if things weren't murky enough on Wall Street right now the relationship between Morgan Stanley and CIT has just made things even murkier for factoring clients of CIT. ("Murky" is a great word isn't it. "Murkier" is even better.) Apparently, Morgan Stanley is advising CIT in its restructuring and one ... http://www.factoringforce.com/blog/2009/factoring-vs-loans/factoring-clients-see-conflict-in-morgan-stanleys-dealings-with-cit/ I try and keep track of what's going on in the receivables factoring industry by subscribing to things like Google Alerts and by plain old web surfing. Unfortunately, what I run into most frequently are self-promotional articles and blog posts all of which are essentially "An Introduction to Invoice Factoring." ... http://www.factoringforce.com/blog/2009/uncategorized/what-business-receivables-factoring-is-not/ Whenever I have the urge to plunge into the murky world of finance and reveal to myself how very much I don't understand, I track down an article or press release from the UK. Oh, those British! They really know how to turn a phrase. As I was reviewing the intriguingly ... http://www.factoringforce.com/blog/2009/factoring-industry/survey-presented-in-brit-speak-shows-invoice-factoring-gaining-favour/ First of all, who the hell is CIT Group and why are we paying so much attention to them? This is one of the beautiful side-benefits of the current economic woes - we are finding out who controls the money and credit in this country. Who would have ever expected ... http://www.factoringforce.com/blog/2009/invoice-factoring/cit-group-finance-companys-troubles-put-receivables-factoring-in-the-spotlight/