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Atradius Awarded Best Risk Management Team 2010

Atradius has been awarded the designation of best risk management team by the New European Economy, highlighting our commitment to providing our customers with best in class credit management and excellent service. The New European Economy Awards was established to celebrate excellence, achievement and best practice in the international finance and commerce milieu.   Created to identify and celebrate the leading ... Read More »

Late Payments: European Parliament sets new rules

The European Parliament adopted by a very large majority (612 votes in favour, 12 against and 21 abstentions), new rules against late payments. The text approved by the Parliament confirmed, as general rule for both the public and the private sector, the 30 days limit to settle invoices for the purchase of goods and services. Some exceptions are foreseen in ... Read More »

Will the EU Directive on Timely Payment Help the SME?

BIIA has been following a discussion about the new European Commission Directive combating late payment in commercial credit transaction.  Simon Groves wrote on LinkedIn: “For SMEs selling to government owned organizations, the revised directive is good news, as it holds those organizations – often cited as Europe’s worst payers – to paying within 30 days. And for those suppliers who ... Read More »

Country Risk: European Bail Out – Who is Next?

The inevitable has happened as Ireland becomes the second nation in six months to fall apart financially to the point that it has needed the assistance of the Eurozone. There are dozens of questions swirling around Europe today and nobody seems to have reached a real consensus on what happens next or even whether there are reasons to think that ... Read More »

EUROPEAN CENTRAL BANK CRITICIZES CREDIT RATINGS AMID DEBT CRISIS

The decision by credit-rating agencies to downgrade some countries’ sovereign credit rating is unbeneficial to the current financial order, according to senior officials of the European Central Bank. Central banks of European countries are too reliant on those credit-rating agencies, which is unwise. Bank of France president Christian Noyer said credit-rating agencies always make mistakes when rating some countries’ sovereign ... Read More »

RATING AGENCIES FACE FURTHER PAIN WITH LANDMARK WALL STREET REFORM BILL

The Senate passed the landmark ‘Wall Street reform bill’ which includes important new requirements and oversight of rating agencies.  The most damaging aspect of the reform bill for rating agencies is the liability provision.  Investors could bring private rights of action against rating agencies for a knowing or reckless failure to conduct a reasonable investigation of the facts or to ... Read More »

ICELAND’S SECOND CURSE: VOLCANO EXACERBATES GLOBAL UNCERTAINTIES

First Iceland’s banks defaulted on their debt and Iceland’s population voted not to make good.  Now an Iceland volcano puts Europe’s fragile recovery at risk.  However there are wider implications as disruptions are multiple and potentially critical for airlines and tourist dependent economies in southern Europe and elsewhere.   The exhibition industry is already hard hit as the ‘Hannover Messe’ and ... Read More »

EU ISSUES GREEN PAPER ON INTERCONNECTION OF BUSINESS REGISTERS

The Commission has issued a Green Paper launching a public consultation on possible ways forward to improve access to information on businesses across the EU and more effective application of the company law directives. At the same time, the Commission has published a Progress Report on the interconnection of European business registers describing the current legal and factual situation of ... Read More »

EU INTENDS TO STOP SEARCH ENGINES FROM CREATING TRACKING DATABASES

European regulators have determined that companies such as Google, Microsoft and Yahoo violate European data protection rules by keeping data for too long and not telling users how stored search queries and clicks help target advertisements. Search engine companies would like to keep data up to twenty-four months. The EU would like to have a limit of six months.  If ... Read More »