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BIIA HEADLINE NEWS
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BIIA IS AN ASSOCIATION FOR BUSINESS INFORMATION COMPANIES AND PROFESSIONALS WITH EMPHASIS ON ASIA
ADDITIONAL INDUSTRY NEWS ITEMS ARE AVAILABLE ON: http://www.biia.com/industry_news.php and on: http://www.biia.com/cci_industry_news.php
THE JULY I 2010 ISSUE OF THE BIIA NEWSLETTER IS POSTED ON: http://www.biia.com/memberNewsPW.php
TO VIEW A SAMPLE COPY OF THE BIIA NEWSLETTER CLICK ON THE LINK: http://www.biia.com/library.php#321
To participate in important industry advocacy matters, industry professionals and their companies should join BIIA as a full member:
http://www.biia.com/library.php#199
BIIA INFORMS USERS OF CREDIT INFORMATION: http://www.biia.com/cci_industry_news.php
EXPERIAN GROWTH UP BY 7% IN FIRST QUARTER
Experian issues an Interim Management Statement that includes an update on trading for the first three months to 30 June 2010. In the three months to 30 June 2010, total revenue from continuing activities at Experian increased by 7% at constant exchange rates. Group organic revenue growth was 6% year-on-year. By principal activity, organic revenue increased 11% at Interactive, 9% at Marketing Services and 4% at Credit Services. Organic revenue declined 3% at Decision Analytics.
Don Roberts, CEO of Experian commented on Q1 results: "Experian delivered good growth during the first quarter, with improved performance across all our geographies. At constant exchange rates, total revenue growth was 7%, with organic revenue growth of 6%. Experian is benefiting from strong execution across the globe, even though recovery in the US and the UK financial markets remains very gradual. For the first half, we are targeting mid single-digit organic revenue and EBIT growth (from continuing activities at constant currency)."
Source: Experian Press Release
EXPERIAN UNVEILS BUSINESSIQ(SM), A NEW WEB-BASED PLATFORM
Advanced new system streamlines workflow and provides one-stop access to experian's robust suite of business credit services and arms credit professionals with the industry's best credit practices and top analytical intelligence
Source: Experian Press Release. To read the full story click on the link: http://www.biia.com/cci_industry_news.php
DAGONG GLOBAL CREDIT RATING CO., RELEASED ITS SOVEREIGN CREDIT RISK REPORTS OF 2010
The new Dagong ratings say China is a better risk than the U.S., UK, Germany, France and other Western countries.
Little is known about Dagong's ratings methodology and the historical data and future assumption applied. Dagong maintains that Western credit rating agencies have a Western bias (ideology) and it boldly implies in its release that its ratings are fair and are not affected by ideology in a country. It appears we now have a great East / West divide in risk assessment.
A greater choice in ratings is indeed welcomed, especially when they differ significantly. That would put the onus on the investor to perform better risk management and thus would place less reliance on credit rating agencies, whether of Western or Eastern origins.
Source: Dagong Global Credit Rating Co.
EQUIFAX LAUNCHES SMALL BUSINESS PROGRAM
Equifax Inc. (NYSE: EFX) announced the launch of its Small Business initiative with services to help businesses understand, monitor and strengthen their own credit performance as well as the credit health of the companies they're doing business with.
The reports, available via credit card individually or in discounted multi-packs of five, help customers evaluate a potential partner or supplier as well as gain valuable insight into their own business credit score. Unlike others in the industry, Equifax has an exclusive partnership with the Small Business Financial Exchange (SBFE), an organization made up of more than 400 small business financial institutions with a database on more than 24 million companies. This exclusive relationship allows Equifax to combine this unique information with its own distinctive data to offer the most comprehensive, relevant and predictive industry information in the United States.
Source: Equifax Press Release - To read the full release click on the link: http://www.biia.com/press.php
UK REGULATORS ACT ON IRRESPONSIBLE LENDING
The Financial Services Authority (FSA) has today outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them.
Reflecting the FSA's enhanced consumer protection strategy and intensive day-to-day supervision, the proposed changes aim to ensure all lenders get back to the basics of responsible lending and that problems are prevented before they can develop or get out of control.
In identifying the culprits of the subprime crisis a lot of blame was piled upon the rating agencies, but relatively little was said about irresponsible lending, outright fraud, misrepresentation and the failure of regulators to act.
The proposals of the FSA reflect the age old maxim that information and credit are intertwined, one does not go without the other. For bankers and consumers it will be a return to common sense. To read the full story click on the link: http://www.biia.com/cci_industry_news.php
GOOGLE: CHINESE GOVERNMENT HAS RENEWED ITS OPERATING LICENSE
Google said that the renewal of its Internet Content Provider license would allow continuance of providing web search and local products to our users in China.
Source: Google
INFOGROUP: CCMP CLOSES ACQUISITION. CLARE HART TAKES OVER AS CEO; NEW BOARD APPOINTED
INFOGROUP has closed on its acquisition by affiliates of CCMP Capital Advisors, LLC and announced its new executive leadership team and Board of Directors.
Clare Hart has been named Infogroup’s President and Chief Executive Officer. Ms. Hart is considered an innovator and leader in the world of interactive data and business information services. She most recently served as President of the Dow Enterprise Media Group, which generated over $700 million in annual sales and comprised Dow Jones Indexes, Dow Jones Newswires, Factiva, Dow Jones Licensing and Financial Information Services units. Prior to that appointment she was a founding member and ultimately President and Chief Executive Officer of Factiva, when it was a joint venture of Dow Jones and Reuters.
A significant shift in strategy in renewed pursuit of growth can be expected which may cause some further upheaval in the competitive landscape in the targeted sales, marketing and research solutions business.
Source: Company press release: To read the full story click on the link: http://www.biia.com/industry_news.php
BUSINESS INFORMATION: ASSESSING ACCURACY AND COMPLETENESS of MARKETING DATABASES
A new study assesses the accuracy and completeness of the data available from leading U.S. compilers of business data, including D&B, InfoGroup, NetProspex, Jigsaw and Demandbase.
To read the study click on the link: http://www.biia.com/industry_news.php
NIELSEN REAPPOINTED SUPPLIER OF TELEVISION AUDIENCE MEASUREMENT FOR NEW ZEALAND
The contract starts July 1st. The new service will by 2011, include live viewing, an option for time-shifted from DVRs, and an expanded sample from 500 to 600 homes. It will also gear up for the country's switchover to digital TV in 2012.
To read more click on the link: http://www.biia.com/industry_news.php
GOOGLE IS BENDING TO CHINA'S RULE
China government has threatened Google to shut down its China operations at the end of this month. It also wants Google to stop its practice of automatically redirecting users in mainland China to its Hong Kong site, which was an arrangement that has allowed Google to avoid self-censoring its search engine in order to meet China's strict internet regulations. It is common knowledge that the March solution was an attempt at finding a loophole in China's internet censorship regime.
The company is now launching a final attempt to find a compromise. Instead of automatically redirecting users in China to its Hong Kong site, it has created a landing page on Google.cn that offers visitors an optional link to the Hong Kong site. Google said it had resubmitted its ICP licence renewal application based on this approach.
If Google's proposal is turned down, it could shut down Google.cn, in effect cutting off the bulk of mainland Chinese users from the US search engine.
Source: Google and Financial Times
IF THE CREDIT CRUNCH HAD A NEGATIVE IMPACT ON CLIENTS, WHAT ABOUT SUPPLIERS?
When the credit freeze started to impact supply chains, credit management switched into liquidity management, concentrated on cash flow and workout. A trend that is expected to last at least for 18 to 24 months according to a BIIA survey of credit managers and underwriters. However if customers feel the pain of the credit crunch, so do suppliers.
This one reason as to why companies today are focusing more and more on the financial status of suppliers. Supplier relations rest usually with purchasing, however this is hardly a place for financial expertise, hence companies are now calling upon the financial and analytical expertise that resides in credit departments to be used in the effort to help ensure the continuity of critical supply chains.
BIIA has posted a discussion paper provided by SPEND MATTERS on http://www.biia.com/library.php#323, which discusses the evolving need to blend financial information, risk assessment expertise, feedback on supplier performance, workflow and decision tools.
KROLL SOLD TO ALTEGRITY FOR US$ 1.13 BN IN CASH
Buy high, sell low: Marsh & McLennan finally found a buyer for its corporate investigation arm KROLL. It was seeking US$1.3bn but had to settle finally for US$1.13bn. It paid Julius Kroll, the founder of the company US$1.9bn in 2004.
Kroll was said to be a poor fit for Marsh & McLennan. However Ben Allen, Kroll's chief executive, said he expected growing demand for Kroll's services as hiring picked up and businesses put greater importance on doing due diligence.
Source: Press Coverage
CRIF OPENS USA HEADQUARTERS IN ATLANTA; EXPANDS CUSTOMER RELATIONSHIP IN MOROCCO
As part of its continued expansion, CRIF, a leader in credit services, announced today the opening of its North American headquarters office in Atlanta, Georgia. The office will serve as the operational hub for the CRIF Lending Solutions family of companies that includes Teres, Magnum, FLS Services, APPRO CRIF and Aimbridge. The companies will each maintain their respective regional offices.
CRIF also announced that SALAFIN, the financial services company of the BMCE Bank Group based in Casablanca, chose CRIF Decision Solutions as partner for the optimization of its risk assessment and management performance.
Source: CRIF Press Releases http://www.biia.com/cci_industry_news.php
CRIF is a member of BIIA
GOOGLE ADMITS WiFi PRIVACY BLUNDER; WILL TURN OVER DATA TO REGULATORS
Google said it would hand over to European regulators all data intercepted from private WiFi internet connection, which its Street View service crews collected. Google's CEO Schmidt said in an interview with the Financial Times: "We screwed up. Let's be very clear about that."
Google will conduct an internal review into privacy practices, but stated it would not change its company culture allowing its engineers to create new products and to pursue its mission to index all of the world’s information. Perhaps the next privacy accident is waiting to happen.
Source: Financial Times
EQUIFAX SELLS DIRECT MARKETING DIVISION
Equifax Inc. (NYSE: EFX) announced it has entered into a definitive agreement to sell substantially all of the assets of its Direct Marketing Services division to Alliance Data Systems (NYSE: ADS) for $117 million.
Equifax's Direct Marketing Services division is a leading supplier of proprietary data-driven, integrated marketing solutions operating through three units: Equifax Direct Marketing Solutions LLC and Equifax Marketing Solutions, LLC (together "DMS") and Equifax Database Services, Inc. ("DBS"). DMS provides U.S. consumer demographic information and DBS provides database implementation and hosting services. Combined 2009 revenues of the direct marketing units were US$84 million, down 10% from prior year.
Source: Equifax Press Release
IS BUSINESS INFORMATION AT THE THRESHOLD OF A TURN-AROUND OR WILL THE STATUS QUO LINGER ON?
The general consensus from CEO comments on Q1 results is that the credit crunch is still with us, but the situation is stabilizing.
Will we see upward trends going forward? Credit managers indicated in a recent BIIA survey that liquidity management is still the name of the game and this situation is expected to last for 18 months. That means lack of growth in credit transactions and more emphasis on monitoring, portfolio management and workout. Those companies which have diversified into other service sectors or are less dependent on the financial services sector are likely to do better.
Credit Rating services seem to be on the verge of a turnaround, however the effects of the ratings debacle, pending lawsuits and tighter regulations will linger on depressing shareholder value.
The full story is covered in the May II 2010 issue of the BIIA Newsletter: http://www.biia.com/memberNewsPW.php
AUSTRALIA RISK CLIMATE: BUSINESS CREDIT INQUIRIES FALL AFTER INITIAL RISE IN Q1
According to a study released by Veda Advantage, business credit inquires in January to March quarter 2010 saw the first consecutive monthly increases year-on-year since 2007, with January up by 5%, February up by 13%, and March up by 2% year-on-year. However, inquiries fell in April with a drop of 4.4% compared to April 2009 and a 1.9% decline compared to the previous month of March 2010.
To read the full report click on the link: http://www.biia.com/cci_industry_news.php
CHINA RISK CLIMATE: NO IMPROVEMENT IN PAYMENT BEHAVIOUR
A Survey by COFACE reveals companies in China see no improvement in payment behavior despite stimulus package and return to strong growth
To read the survey click on the link: http://www.biia.com/cci_industry_news.php
MOODY'S SERVED WITH A WELLS NOTICE BY SEC
To read the full story click on the link: http://www.biia.com/cci_industry_news.php
AUSTRALIAN RISK CLIMATE: 80,000 AUSTRALIAN FIRMS DOWNGRADED
Close to 80,000 Australian firms had their risk profile downgraded in the first three months of 2010 and are now more likely to experience financial distress over the coming year despite the strength of the economic recovery.
Source: D&B Australia to read the full story click on the link: http://www.biia.com/cci_industry_news.php
D&B AND TRANSUNION JOIN FORCES ON SMALL BUSINESS CREDIT RISK
D&B has joined forces with TransUnion to integrate consumer and business credit information to improve the predictiveness on small and micro business credit risk. Data and score enhancements, which utilize D&B's proprietary DUNSRight(R) Quality Process giving customers unmatched business information, are being previewed at D&B's booth #422 at the annual National Association of Credit Managers Credit Congress in Las Vegas today through May 18.
"With D&B's high-quality global database of over 150 million business records and TransUnion's 500 million global consumer credit histories, we will provide powerful analytic tools to boost our customers' ability to assess credit-worthiness. This demonstrates our commitment to innovation, providing customer value and helping our customers decide with confidence," said Byron Vielehr, president, D&B Global Risk and Analytics.
Source: D&B Press Release - to read the full release click on the link: http://www.biia.com/cci_industry_news.php
GOOGLE ACCIDENTALLY GATHERED WIFI DATA
German data protection authorities asked Google to audit the WiFi data that Google's Street View cars collect for use in location-based products like Google Maps for mobile, which enables people to find local restaurants or get directions. After an audit Google had to admit that it harvested data from wireless networks not secured by passwords.
Google stated: "It's now clear that we have been mistakenly collecting samples of payload data from open (i.e. non-password-protected) WiFi networks, even though we never used that data in any Google products."
Google blamed a programming error and apologized, grounding the vehicles temporarily and announcing that it would stop collecting all WiFi data.
It is quite easy to blame a simple mistake on programming. Programmers generally do not program functions unless asked to do so. In any event intent or not, it has always been Google’s way to test the tolerance level of the data protection authorities.
GOOGLE is now under investigation in Germany, UK and the USA for potential privacy law infringements
Source: Press Reports and Google
SINOTRUST AUTOMOTIVE MARKETING SOLUTIONS LAUNCHES NEW BUSINESS DECISION SOLUTION VERTICAL
Beijing: Sinotrust, China's largest automotive marketing solutions provider has created a new department - Business Decision Solution (BDS). The new department now has three functional teams, Business Intelligence & Data Mining Team, Data Management Team and Database Marketing Team to support clients with new databased decision solutions.
Source: SINOTRUST (a BIIA member).
To read the full story click on the link: http://www.biia.com/industry_news.php
SINOTRUST: CHINA AUTOMOTIVE CLIMATE INDEX HITTING RECORD HIGHS
Beijing, April 22, 2010 - China Economic Monitoring Center of China National Bureau of Statistics and Sinotrust International Information & Consulting (Beijing) jointly release the "2010 Q1 China Automotive Industry Climate Index." According to the release the China Automotive Climate index is hitting record highs, but issues a cautious forecast of future trends
To learn more about this index click on the link: http://www.biia.com/cci_industry_news.php
SINOTRUST IS A MEMBER OF BIIA
RATING AGENCIES: SPRING IS IN THE AIR AS CREDIT RATING AGENCIES REVENUES RETURN TO GROWTH
McGraw-Hill Financial Services (S&P): Revenue for this segment increased by 9.3% to $667.0 million in the first quarter compared to the same period last year. Operating profit grew by 12.3% to $260.0 million. Foreign exchange rates benefited revenue growth by $11.7 million and had minimal impact on operating profits. S&P's international revenue grew by 18.4% to $210.7 million in the first quarter and accounted for 46.7% of Standard & Poor's Credit Market Services' revenue in the period compared to 45.5% for the first quarter of 2009.
For Moody's Corporation overall, global revenue of $476.6 million increased 17% from the first quarter of 2009. Excluding the favorable impact of foreign currency translation, revenue increased 14 percent. U.S. revenue of $254.6 million for the first quarter of 2010 increased 22% from the first quarter of 2009. Moody's international revenue was U.S. of $222.0 million and grew by 11% from the prior-year period. Revenue generated outside the U.S. represented 47% of Moody's total revenue for the quarter, down from 49% in the year-ago period.
Notwithstanding the good news stock prices of both companies continue to languish. On top of it according to a congressional investigation Moody's and Standard & Poor's were unduly influenced by investment bankers who paid their fees and willfully ignored signs of fraud in the lending industry in the lead-up to the financial crisis.
Source: Company Earnings Releases and Congressional Reports
S&P LAUNCHES FIRST COMMODITY INDEX COMPRISED SOLELY OF FUTURES CONTRACTS TRADED ON INTERNATIONAL EXCHANGES
THE S&P WCI REFLECTS S&P INDICES' COMMITMENT TO EXTENDING ITS REACH BEYOND U.S. EQUITY INDICES
Source: S&P Press Release
MADISON DEARBORN PARTNERS, LLC TO BECOME MAJORITY SHAREHOLDER IN TRANSUNION CORP. IN PARTNERSHIP WITH THE PRITZKER FAMILY
TransUnion, a global leader in credit and information management, announced today that the Pritzker family business interests have reached an agreement with Chicago-based Madison Dearborn Partners, LLC. Under the terms of the agreement, Madison Dearborn Partners will acquire a 51 percent equity stake in TransUnion. The Pritzker family business interests will retain approximately 49 percent ownership of the Company.
Terms of the agreement were not disclosed. Closing of the transaction is subject to satisfaction of customary conditions to closing and regulatory approvals.
Source: TransUnion Press Release
CHINESE AUTHORITIES CONFISCATE 8.5 MILLION ILLEGAL PUBLICATIONS IN FIRST QUARTER
According to Xinhua the National Anti-Pornography and Anti-Illegal Publications Office said in a statement that it has confiscated more than 8.5 million illegal publications in the first quarter of 2010.
Of the 8.516 million seized illegal publications, 7.876 million were pirated publications, 184,000 were pornographic, and 249,000 were illegal newspapers and periodicals, according to the statement.
Authorities also busted five sets of facilities that were used for the production of illegal audio and video disks, the statement said.
Source: Xinhua
CREDIT INSURANCE STILL CHALLENGED BY CREDIT CRISIS
Cost of capital and tightened risk environment will continue to challenge the industry. In view of customer criticism during the credit crisis, the industry promises increased information sharing and transparency the International Credit Insurance and Surety Association (ICISA) said in a press release.
To read the press release click on the link: http://www.biia.com/cci_industry_news.php
EXPERIAN RESULTS STILL IMPACTED BY POOR CREDIT CLIMATE IN UK
Experian blamed a lack of available credit and consolidation in the financial services sector for a 7 per cent fall in organic revenue at its main credit services operations in the UK and Ireland.
CEO Don Roberts stated: "I am pleased to announce that organic revenue growth at Experian showed some improvement in the second half. At constant exchange rates, total revenue growth for the half was 3%, with organic revenue growth of 2% (Q3 +1%, Q4 +3%).
Latin America performed strongly, and we are pleased that our North America region returned to growth in the period. For the full year to 31 March 2010, we expect to deliver good profit and cash outcomes."
Shares in Experian fell 18.5p to 616.5p after the announcement.
Source: FT and company press release
USA RISK CLIMATE: BANKRUPTCIES UP BY 40%
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 the 1993 calendar year.
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Source: Bernard Sands LLC http://smythsolutions.com/index.asp
AUSTRALIAN RISK CLIMATE: B2B DETERIORATING TRADE PAYMENTS COULD DE-RAIL ECONOMIC RECOVERY
To read the full story click on the link: http://www.biia.com/cci_industry_news.php
CIBIL (INDIA) STARTS MICROFINANCE CREDIT BUREAU
INDIA'S FIRST CREDIT BUREAU IS UNDERTAKING A MAJOR EXPANSION IN PARTNERSHIP WITH 31 LEADING MICROFINANCE INSTITUTIONS
Source: CRIBIL Press Release To read the full story click on the link: http://www.biia.com/cci_industry_news.php
NIELSEN READIED FOR IPO
Nielsen, one of the largest TV and consumer measurement companies, will begin auditioning bankers next month for one of the largest US initial public offerings in recent years. Value expected is in the range of 11 to 13 times earnings or US$17 to US$21bn.
Floatation is seen as a test of investors' appetite for risk, because IMS was taken private last year at only nine times Ebidta.
Source: Financial Times
SINGAPORE RISK CLIMATE: NEW CREDIT SCORE AIDS SME FINANCE
Credit Bureau Singapore (CBS) officially launched a 'blended' credit score aimed at SMEs last week. First announced in December last year, the new score is a collaboration with FICO, an American provider of analytics and decision management solutions. The Small Business Administration in the US uses a similar tool in collaboration with the same vendors.
Source: CBS Singapore
To read the full story click on the link: http://www.biia.com/cci_industry_news.php
ASCEND LAUNCHES INDUSTRY-STANDARD AIRCRAFT RATINGS
Ascend, the principal provider of data, analytics and advice to investors who finance aircraft today launch the first industry-standard Aircraft Ratings, enabling increased scrutiny in calculating risk associated with aircraft financing.
To read the full story click on the link: http://www.biia.com/industry_news.php
ICELAND'S CURSE NUMBER TWO: 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 exhibit industry is already hard hit as the Hannover Messe and Bauma opened this week in Germany. The London Book Fair is half empty and even a shipbuilding exhibition in Japan is devastated, because most of the exhibitors are European and couldn't get there.
The most urgent problem is to repatriate over a quarter million tourists who cannot return home from their Easter vacations, because aviation is grounded. While individual countries such as Germany have ramped up domestic rail capacity, Europe's fragmented rail transport system is unable to lift capacities short term across borders, especially across the English Channel.
It took five days until European transport ministers finally got their act together to deal with the situation. Of little comfort to people who are stuck at airports and railway stations. Private enterprise such as car rental, hotels and bus companies are booming, but business is stalled because thousands of professionals have been unable to return to their workplace.
Demands for compensation for losses from airlines and other affected industries are looming, because on Monday EU officials acknowledged flaws in the computer models that led them to ground thousands of flights after a volcanic eruption in Iceland. What next?
Source: BIIA editor currently stuck in Paris unable to return home soon
SEC FINALLY TAKES OFF THE GLOVES: ACCUSES GOLDMAN OF FRAUD
The Securities and Exchange commission SEC alleges that just before the subprime bubble burst in 2007, Goldman worked with a hedge fund manager to market certain subprime mortgage-related securities. Goldman did not tell the purchasers that they were buying an interest in loans hand-picked by the hedge fund, who took a very bearish view of the subprime market. Or that he had chosen them for their high likelihood of default.
The buyers were also not informed that the hedge fund manager's purpose in structuring the deal was to take a short position against the investments they were making. This trade ultimately netted him roughly $1bn in profits, while the buyers lost their investment.
Implications: If the allegations are correct, the SEC should throw the book at Goldman and its executives. Of course, the bank rejects the complaint, but in any case it will leave a sour taste for investors.
Source: Financial Times
CLARE HART SLATED TO BECOME CEO OF INFOGROUP
Ex Wall Street Journal executive Clare Hart is slated to become the new CEO of Infogroup. Her appointment at Infogroup, however, is contingent on shareholders and regulators approving the sale to CCMP.
The deal has the backing of the Infogroup board and co-founder Vin Gupta, owner of 36% of the company's shares. Nevertheless two shareholders, with a combined stake of 8%, objected to the sale criticising the valuation of the business and the timing of the proposed deal.
Source: http://www.research-live.com
THOMSON REUTERS TO OVERHAUL MARKETS DIVISION
In response to significant market changes Thomson Reuters is said to launch a series of products which bring together products from the former Reuters and Thomson Financial platforms into two simplified platforms. One aimed at large banks and the second aimed at individual users.
Source: Financial Times http://www.biia.com/industry_news.php
CONFERENCE ON CHINA/HONG KONG CROSS-BORDER CREDIT REPORTING BUSINESS AND COOPERATION HELD IN HONG KONG
In order to drive business exchanges and cooperation between China and Hong Kong, the Credit Reference Center (CRC) of the People's Bank of China (PBC), Dun & Bradstreet Hong Kong and TransUnion in Hong Kong jointly held the "Sharing Best Practices and Enhancing Cooperation of Credit Reporting Services in Mainland China and Hong Kong" seminar in Hong Kong on March 25-26, 2010.
The vice governor of PBC, Zhu Min, deputy chief executive of the Hong Kong Monetary Authority, Arthur Yuen, and the director-general of PBC Credit Information System Bureau, Shao Fujun, were speakers at the seminar.
For the full press release go to: http://www.biia.com/press.php
CRIF S.P.A AQUIRES APPRO SUITE OF LOAN ORIGINATION SOFTWARE FROM EQUIFAX
Equifax Inc. (NYSE: EFX) today announced it has entered into a definitive agreement to sell its Equifax Enabling Technologies LLC unit, consisting primarily of the APPRO suite of loan origination software ("APPRO"), to CRIF Corporation, an affiliate of CRIF S.p.A., an Italian credit reporting firm.
The sales price is $72.4 million, subject to adjustment. The transaction is expected to close in April, upon satisfaction of customary closing conditions. Equifax intends to use the net proceeds from the transaction for general corporate purposes. The divestiture is not expected to have a material impact on adjusted EPS for full-year 2010.
CRIF and EQUIFAX are members of BIIA
To read the full story click on the link: http://www.biia.com/industry_news.php
VEDA ADVANTAGE STUDY REVEALS LEVEL OF DEBT STRESS IS ON THE RISE
Veda Advantage's bi-annual Australian Debt Study reveals the level of debt stress is on the rise, back to September 2008 levels, with one in five (19%) Australians with debt finding it difficult to make repayments, or unsure how they will make their next repayment.
The study, conducted by Galaxy research, found four in five (82%) Australians worry about the ability to repay debt over the next 12 months - up from 76% of Australians in September 2009.
Source: Veda Advantage Press Release. To read the full story click on the link: http://www.biia.com/cci_industry_news.php
BIIA ELECTS NEW BOARD MEMBERS
In line with the continued growth in membership, BIIA's Board of Directors appointed four new board members at the March 22md 2010 board meeting. Joining the present board are:
Mark Cochrane, BSG, Hong Kong; Dr. Chris Kuehl, Armada Corporate Intelligence, USA; L.M. Salamina, Asociacion Panamena de Credito, Panama; Brook Zhang; Sinotrust; Peoples Republic of China.
BIIA Chairman David Worlock commented on the appointments: "We extend a warm welcome to our new board members and appreciate their willingness to make their expertise available, not only for the benefit of our members, but also for the business information industry as a whole."
To read the full press release click on the link: http://www.biia.com/press.php
EQUIFAX WINS RBI LICENSE TO OPERATE CREDIT BUREAU IN INDIA
The Reserve Bank of India awarded a license for Equifax Credit Information Services Private Ltd.
Equifax's partners in the joint venture are Bank of Baroda; Bank of India; Kotak Mahindra Prime Ltd.; Religare Finvest Ltd.; Sundaram Finance Ltd.; and Union Bank of India.
BIIA congratulates Equifax for this latest important development. Equifax is a member of BIIA
Source: Equifax
HONG KONG: IDENTITY THEFTS ON THE RISE, TransUnion WARNS
Lawrence Tsong, managing director of TransUnion Hong Kong said the number of identity theft cases had risen sharply in recent months. The announcement came at the unveiling of the company's new customer centre, which features additional staff and resources to further assist consumers in managing their credit health and addressing issues pertaining to fraud and identity theft.
For further details go to: http://www.biia.com/cci_industry_news.php
BIIA SALUTES AN INDUSTRY LEADER
Harold W. McGraw, Jr., who began his career as a book company sales representative in the firm founded by his grandfather, James H. McGraw, and went on to lead McGraw-Hill's rapid growth as a diversified global company through the dawn of the Digital Age, died peacefully at his home at the age of 92.
Mr. McGraw continually reminded his managers that McGraw-Hill's mission was to educate and inform. "I like to feel that we have been, and still are, would-be educators at heart," he often said.
These values led to record-setting results in his eight years as CEO with the company. Under Mr. McGraw, the company's revenue more than doubled and earnings per share more than tripled. This performance set the stage for future innovations that have changed the way the world does business and educates its people. The same values guided Mr. McGraw's steadfast commitment to philanthropy. Over the years, he helped significantly improve the lives of the less fortunate through his leadership and generous personal support of numerous education and literacy programs.
BIIA expresses its deepest sympathy to the McGraw family
GOOGLE DID NOT ASK SHAREHOLDERS
When Google said it could no longer censor its search results in China and might exit that country, Google's shares have fallen 6% to 557 or knocked off US$11.6 billion in market capitalization. During the same period Baidu's share have soared 58% to US$ 608 and increased its market capitalization by US$ 5.5 billion.
It will be interesting to know what the shareholders feel about Google's policy. The rest of the content industry may be unhappy about this spat since it has been playing according to local rules. It may be that their efforts are now in peril thanks to Google.
Based on the latest comments in the local press, the Chinese see the Google exit as an extension of US foreign policy. Let us hope this will not be the case.
GOOGLE ENDS 4 YEARS OF CENSORING THE WEB FOR CHINA
SAN FRANCISCO – Google Inc. stopped censoring the Internet for China by shifting its search engine off the mainland Monday but said it will maintain other operations in the country. The maneuver attempts to balance Google's disdain for China's Internet rules with the company's desire to profit from an explosively growing market.
Visitors to Google's old service for China, Google.cn, are now being redirected to the Chinese-language service based in Hong Kong, where Google does not censor the search results. The Hong Kong page heralded the shift Monday with this announcement: "Welcome to Google Search in China's new home." The site also began displaying search results in the simplified Chinese characters that are used in mainland China.
Source: Yahoo News
TRADE INFORMATION A RELIABLE INDICATOR OF PAYMENT MORALE
Australian firms face the prospects of renewed cash flow pressures in the months ahead according to the latest business-to-business trade payments data received by Dun & Bradstreet Australia. The findings reveal that the deterioration of payment days (21 days) in the December 2009 quarter has taken terms to 53.9 days and largely reversed the gains made in the September quarter 2009.
A further deterioration of the size recorded in the December 2009 quarter could put payment days back near the levels back experienced during the global financial crisis.
Source: Dun & Bradstreet Australia
INFORMATION EXECUTIVE ALESIO ELECTED TO THE BOARD OF DIRECTORS OF GENWORTH FINANCIAL INC.
RICHMOND, Va., March 17 /PRNewswire-FirstCall/ — Genworth Financial, Inc. (NYSE: GNW) announces that it has elected Steven W. Alesio as a new independent director. Alesio, 55, has been chairman of the board of the Dun & Bradstreet Corporation since May 2005, having served as its chief executive officer from January 2005 to December 2009.
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers.
Company Press Release
ALIBABA'S 2009 REVENUES JUMP 29%, NET INCOME DOWN 12%
Alibaba.com just released its 2009 financial results with a revenue increase of an impressive US$567.5 million, a 29% increase over last year's US$440 million. Net income fell significantly dropping from US$169 million to US$148 million - down more than 12%.
Alibaba also added 9.6 million registered users in 2009 - a year-on-year increase of 25%. The company now has 47.7 million registered users. 11.5 million on its International Marketplace and 36.2 million on its China Marketplace. The International Marketplace, which generates most of the revenues, saw registered users grow by 46% last year.
Source: Alibaba Press Release
D&B INDIA APPOINTS KAUSHAL SAMPAT PRESIDENT AND CEO
Dun & Bradstreet India, the leading provider of business information, knowledge and insight, today, announced that Dr. Manoj Vaish will be stepping down as President & CEO of the company, effective March 31, 2010.
Dr. Vaish will be succeeded by Kaushal Sampat, who is currently D&B India’s Chief Operating Officer. This planned succession will take place with Kaushal assuming President & CEO responsibilities, effective April 1, 2010.
To read the press release click on the link: http://www.biia.com/press.php
GLOBAL SOURCES REVENUES DROPPED 15% IN 2009
NASDAQ-listed Global Sources just released full-year results. The company posted a more than 15% drop in revenues in 2009. Total revenues dropped from US$206.9 million in 2008 to US$174.5 million in 2009. GAAP net income also took a hit, falling from US$26.4 million to US$16.1 million - a drop of more than 39%.
Online revenues dropped from US$94.5 million to US$85.4 million, a decrease of 9.6%. Print revenues continued their steady decline, falling from US$47.6 million in 2008 to US$30 million last year. That is a 37% decrease. Exhibitions held relatively firm (US$58.2 million vs. US$55.1 million).
Global Sources' chairman and CEO, Merle A. Hinrichs, said: "Global Sources delivered strong profitability to our shareholders for 2009 in what has been described as the most challenging economic environment of a generation.
Source: Global Sources
CRISIL ISSUED 10,000TH SME RATING CERTIFICATE
SME Ratings from India's Largest Credit Rating Agency Will Help Small- and Medium-Sized Enterprises (SMEs) Save More Than US$125 Million in Interest Costs. Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies, today presented CRISIL's 10,000th SME rating certificate to Vardhaman Technology Private Limited, a computer hardware company. The event was hosted by Ms. Roopa Kudva, managing director and chief executive officer of CRISIL Ltd.
SMEs have played a vital role in the growth of the Indian economy, contributing almost half of the country's industrial output while creating one million new jobs each year. In 2005, CRISIL began rating the creditworthiness of SMEs, and today's 10,000th SME credit rating marks a significant milestone in the company's commitment to helping empower these companies with the resources they need to advance their entrepreneurial endeavors.
Source: McGraw-Hill Companies Press Release / To read the full story go to the link: http://www.biia.com/cci_industry_news.php
THE LEHMAN COLLAPSE: HOW TO HIDE 50 BILLION?
The probe into the Lehman collapse exposed serious flaws in the triad system of good governance: bankers, auditors and regulators.
Perhaps those who want perpetrate similar shenanigans may want to hire Fuld and company as their advisors. However all kidding aside, isn't it high time to arrest the people who were directly involved: bankers, auditors and regulators, given the incredible damage that was done to the financial system, pension funds and individual investors?
There is now speculation how widely the Lehman's 'repo 105' devices were used by other banks, which is not clear at the moment. But the implications for the auditors and others will be serious.
The Sarbanes-Oxley Act was supposed to safeguard the US from another Enron-style accounting scandal. Like Basel II it is an incredible failure.
Source: Commentaries from Press Reports and Private Opinions
VEDA ADVANTAGE ACQUIRES CARD ALERT AND ITS SISTER COMPANY, EKKO GUARDIAN
Veda Advantage announced its subsidiary business Secure Sentinel has acquired the business and membership base of secure registration service provider Card Alert and its sister company, EKKO Guardian.
These strategic acquisitions follow Veda Advantage's purchase of loss assistance and retrieval specialists, Secure Sentinel, in May 2009 and will complement and expand the company's consumer identity protection services.
Veda Advantage CEO, Rory Matthews, says the acquisition of Card Alert will provide consumers with leading loss assistance and secure registration services as well as services to aid with the detection of identity theft.
To read the full story go to: http://www.biia.com/press.php
KROLL CORPORATE INVESTIGATIONS ON THE BLOCK
Marsh & McLennan Companies are finally putting Kroll up for sale for US$ 1.3bn and has attracted for a number of private equity interests in the first round of bidding.
The founder of Kroll has started a new company not long ago with the illustrious name of K2.
One wonders how the two companies will get on in the market place. It has been said that Kroll was a poor fit for Marsh and a better fit would have been a business information company, especially since credit managers are calling increasingly for investigated reports.
Source: Financial Times and BIIA
CREDIT CRUNCH: BUSINESS INFORMATION PLAYED CATCH UP
BIIA felt the pulse of credit managers concerning the usefulness of business information during the credit crunch.
Were credit information tools sufficient to manage the crisis? Some said no: Credit managers who relied largely on financial statements seem to be of the opinion that the situation deteriorated too fast for credit information to catch up. Financial statements were rendered useless by the domino effect of the credit freeze impacting supply chains.
Some said, yes: In particular monitoring and alert services were very useful. External information services were used in greater intervals and its contents analyzed more diligently than previously practiced.
Given the severity of the credit freeze and speed in which it happened exposed the current inertia in keeping credit information up to date. In this volatile environment the reliability and freshness of information is more important than ever. The real and perceived time lag has become a sensitive issue and needs to be addressed by the industry.
Source: BIIA Survey
For more details click on the link:
http://www.biia.com/cci_industry_news.php
FIRST AMERICAN CORPORATION CLOSE TO SPIN-OFF
The spin-off will create an information solutions group of US$ 2bn in revenue.
The Information Solutions Co. division of First American Corp. received initial corporate family and probability of default ratings of (P)Ba2 from Moody's Investors Services on March 4th.
Management stated that its goal is to maintain momentum despite the expected challenges in the marketplace. Key strategic themes for the Information Solutions Group in 2010 will include the successful launch of a new brand, organizational realignment and new product development.
Source: Company Earnings Release
For further information click on: http://www.biia.com/memberNewsPW.php
CREDIT MANAGERS ARE STILL IN A DEFENSIVE MODE
Trends expected to continue for at least 12 to 18 months based on a BIIA survey of credit managers
Given the severity of the credit freeze and speed in which it happened exposed the current inertia in keeping credit information up to date. In this volatile environment the reliability and freshness of information is more important than ever. The real and perceived time lag has become a sensitive issue and needs to be addressed by the industry.
For more details click on the link:
http://www.biia.com/cci_industry_news.php
BLOOMBERG ACQUIRES EAGLE EYE
Bloomberg, has acquired Fairfax, VA-based government data publishers Eagle Eye Publishers. Terms of the deal were not disclosed, but this is Bloomberg's third acquisition in the last few months, after BusinessWeek (for its consumer push) and New Energy Finance.
Founded in 1986, Eagle Eye provides critical market intelligence - databases, training, studies, reports, lists, software and business development consulting - to help vendors build strong, productive relationships with government buyers.
Source: Paidcontent
FIRST AMERICAN CORPORATION REVENUES FOR Q4 UP 11% - FULL YEAR REVENUES DOWN 4% FROM PRIOR YEAR
Total revenue for the fourth quarter of 2009 was $1.5 billion, an increase of 11 percent relative to the fourth quarter of 2008.
Total revenue for the full year 2009 was $6.0 billion, a 4 percent decline relative to the prior year. Net income attributable to the company was $199.7 million, or $2.09 per diluted share, compared with a prior year loss of $26.3 million, or 28 cents per diluted share.
Source: Company press release
US EXPERTS CLOSE IN ON GOOGLE HACKERS
VeriSign's iDefense security lab has published a report with technical details about the recent cyberattack that hit Google and over 30 other companies. The iDefense researchers traced the attack back to its origin and also identified the command-and-control servers that were used to manage the malware. US analysts say they identified the author of the critical programming code used in the alleged state-sponsored hacking on Google and other western companies
Source: Press Coverage
Reed Elsevier warns more pressure for 2010
Reed Elsevier's CEO Erik Engstrom warned that after a tough 2009 the company faces another year of pressure.
Engstrom was drafted in last November after previous chief executive Ian Smith resigned amid disputes with the board about strategy. However analysts expressed disappointment that Engstrom had little to say about his own future strategy for the group. Chairman A. Habgood stated that professional information revenues held up relatively well in what was he described as a difficult year. Its businesses which are dependent on customers' marketing budgets were hit especially hard.
Company profits rose 6% to Pounds Sterling 1.28 billion last year which was in line with City forecasts. Revenues were 14% higher at Pound Sterling 6.1 billion.
Source: Press coverage
LENDING CRISIS IN EUROPE MIRRORS THAT IN THE US - WHAT ARE THE IMPLICATIONS ON INFORMATION?
SMALL BUSINESSES ARE THE SOURCE OF RECOVERY, YET THEY ARE DESPERATELY IN NEED OF CASH
The engine of European job growth is creaking to a halt and just as in the US the solution lies with getting the small business back in gear. There is demand for the output and there is the opportunity to expand in many markets but without the access to capital these companies are stalled and unable to respond.
Banks will need a clear set of rules and sooner than later. The rhetoric of punishment has to be replaced with a set of instructions that recognizes that not all banks were guilty of the idiocy that permeated some parts of the financial world. It is past the point where politicians need to make statements about their outrage and high time for these same leaders to recognize that the small companies they are counting on for the recovery are desperate.
Source: Dr. Chris Kuehl, Armada Corporate Intelligence. To read the full commentary click on the link: http://www.biia.com/commercialCredit.php
BIIA Comment:
The implications on commercial credit information are that businesses are in liquidity management mode and will require information services that assist them in managing receivables and cash, rather than business information for marketing and new business development.
INFOGROUP REPORTS REVENUE DECLINE OF 13% IN 2009
During the fourth quarter of 2009, Infogroup recorded revenue of $125.8 million, compared to $141.9 million for the same period in 2008, representing a decline of $16.1 million or 11%.
Revenue for the fiscal year 2009 was $499.9 million, compared to $588.7 million for fiscal year 2008, representing a decline of $88.8 million or 15%. Excluding the effect of foreign exchange, the decline was $79.4 million or 13%.
Infogroup's operating income for the fiscal year 2009 was $20.5 million, which included $41.0 million of restructuring, non-recurring and non-cash charges, compared to operating income of $17.0 million for fiscal year 2008, which included $52.0 million of comparable charges.
Bill Fairfield, Infogroup's Chief Executive Officer commented: "While 2009 was a challenging year, we continue to see improvements in our core operations, We had sequential quarterly revenue growth for the second quarter in a row, and we continue to generate positive cash flow."
Management would not comment about the possible outcome of the assessment of strategic alternatives conducted by its board of directors. Analysts pressed for information whether the company would remain independent or not.
Source: InfoGroup Earnings Conference Call
SAP CHIEF GETS 'SAPPED'
SAP, the leading German software firm announced that Leo Apotheker, chief executive, resigned in a management shake-up on Sunday evening February 7th.
The company said Mr Apotheker would be replaced with Bill McDermott, head of field organization, and Jim Hagemann Snabe, head of product development, in a joint-CEO structure. However such a joint management structure was abondoned by SAP not too long ago.
Source: Financial Times and BusinessWeek
WHY BIIA?
BIIA IS AN ASSOCIATION FOR BUSINESS INFORMATION COMPANIES AND PROFESSIONALS WITH EMPHASIS ON ASIA
ADDITIONAL INDUSTRY NEWS ITEMS ARE AVAILABLE ON: http://www.biia.com/industry_news.php and on: http://www.biia.com/cci_industry_news.php
TO VIEW A SAMPLE COPY OF THE BIIA NEWSLETTER CLICK ON THE LINK: http://www.biia.com/library.php#321
To participate in important industry advocacy matters, industry professionals and their companies should join BIIA as a full member:
http://www.biia.com/library.php#199
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Events
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CRF: CREDIT & ACCOUNTS RECEIVABLE FORUM
AUGUST 16 - 18, 2010; CHICAGO, SHERATON HOTEL & TOWERS
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EADP CONGRESS 2010
SEPTEMBER 15 - 17, 2010; VENICE, ITALY
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FEBIS ANNUAL MEETING 2010
SEPT. 23, 2010; HOTEL QUINTA DA MARINHA RESORT, CASCAIS/PORTUGAL
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7TH WORLD CONSUMER CREDIT REPORTING CONFERENCE
SEPTEMBER 26 - 28, 2010; BERLIN, GERMANY
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ASIA TRADE AND EXPORT FINANCE CONFERENCE
OCTOBER 5 – 6, 2010; SINGAPORE; GRAND HYATT HOTEL
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