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BIIA News

CMI May 2010: Service Sector Under Stress

There has been a great deal of concern in the financial sector as the world reacts to the mounting threats from the “Greek disease.”  While it has been acknowledged that the crisis is disrupting the markets in Europe as well as the rest of the world, there has been relatively little impact on the rest of the global economy to ... Read More »

ERNST & YOUNG FACES UK INQUIRY OVER AUDIT OF LEHMAN

A British investigation has been launched into whether Ernst & Young properly audited Lehman Brothers’ accounts in the months leading up to the US investment bank’s collapse.   The Accountancy and Actuarial Disciplinary Board, which regulates the profession in Britain, has launched a probe into E&Y’s accounting treatment of controversial transactions known as “Repo 105s” and “Repo 108s”, which Lehman regularly ... Read More »

CREDIT CRUNCH LIKELY TO RETURN SOON

Now that the banks have regained their senses and have returned to the days of cool calculation regarding how they disperse their money, we can all heave a sigh of relief – safe in the confidence that all is well in the world of the financial community. Well, maybe not. At least not for those companies that may have encountered ... Read More »

BUSINESS PROFESSIONALS EXPECT MORE FINANCIAL STATEMENT FRAUD TO BE UNCOVERED IN 2010, 2011

More than half of approximately 2,100 business professionals (56%) surveyed during a Deloitte webcast about reducing fraud risks think more financial statement fraud will be uncovered this year and in 2011, as compared to the last three years. Almost half of those surveyed, 46%, point to the recession as the reason more financial statement fraud will be uncovered.  Moreover, it’s ... Read More »

CHINA CALLS FOR MORE POWERFUL ASIAN MEDIA

A senior Chinese official has said that the Asian media should increase their influence to match the growing economic strength of the region.  Li Changchun, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks during a meeting with representatives of Asia News Network (ANN), an alliance of 21 ... Read More »

GLOBAL ADDRESS DATA ASSOCIATION FORMED

Based on the maxim ‘everything starts with an address’, Charles Prescott, publisher of The Prescott Report initiated the formation of the Global Address Data Association.  He assembled a steering committee and developed a mission statement and a set of first priorities.   The current steering committee consists of Sheila Donovan, Global DM Solutions (US); Emma Gooderham, Allies Computing (UK); Merry Law, ... Read More »

TRENDS IN CREDIT MANAGEMENT

The days are largely over for a credit professional who merely sets credit lines and collects payments. By providing value-added consultative services, a credit professional can improve the strength of their customers, reduce risk in their portfolios and likely increase sales as the allegiance of customers is given to the company that brings them the best overall value.  Key direction ... Read More »

RISK CLIMATE USA: BUSINESS BANKRUPTCIES INCREASED BY 40% IN 2009

Business Bankruptcy Filings Increased by 40% in 2009 according to statistics released by the American Bankruptcy Institute.   Business bankruptcies increased to 60,837 filings in 2009 which represents a 40% increase from the 43,533 filings during the 12-month period ending Dec. 31, 2008. The 12-month business filing total for 2009 was the highest since the 62,304 filings that were recorded for ... Read More »

REFLECTIONS ON THE BIIA SURVEY OF CREDIT MANAGERS

COMMENTS FROM A CREDIT SCORING EXPERT:  David Kresge, Emerson Global Consulting, LLC, reflects on the recent BIIA survey “Trends in Credit Risk Management and Implications on Credit Information” and found the results quite intriguing.  Kresge thought that the response to question 6 was particularly revealing.  From the responses of the credit managers contacted in the survey, it seems clear that ... Read More »

INDIA: FINANCIAL LITERACY KEY TO FINANCIAL INCLUSION

Financial literacy is a prerequisite for effective financial inclusion, which will ensure that financial services “reach the unreached and under-reached sections of the society,” India’s Finance Minister Pranab Mukherjee stated recently.  Delivering the inaugural address at an international workshop on ‘Delivering financial literacy: challenges, strategies and instruments,’ organized jointly by the Reserve Bank of India and the Organization for Economic ... Read More »