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November 30, 2012
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Daily news for the equipment finance sector

  Industry News 
  • Companies remain very conservative with cash, survey shows
    Companies are sitting on cash because of economic uncertainty, a SunGard report says, citing a survey of treasury professionals that found 37% said they had increased surplus cash during the past 12 months, and 40% kept cash levels steady. The survey also noted the increase of cash-management centralization, with 43% of respondents saying they used a specialized center for such operations. The Wall Street Journal/CFO Journal (tiered subscription model) (11/29) LinkedInFacebookTwitterEmail this Story
  • Construction sector sees labor shortfall as demand rises
    There is a dearth of construction workers in states including Florida, Texas, Iowa and Arizona, despite the industry losing 2.2 million employees between 2007 and 2011. Increasing demand for labor and a lack of workers have surprised builders, so they are coping partly by paying more overtime, said Ken Simonson, chief economist of Associated General Contractors of America. USA Today (11/28) LinkedInFacebookTwitterEmail this Story
  • GE aims to increase industrial Internet expertise
    General Electric plans to expand its presence in the industrial Internet by investing in tech startups and acquiring companies that develop software that analyzes data gathered from equipment. The company is also stepping up hires at a research center in San Ramon, Calif. Bloomberg Businessweek (11/30) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • U.S. economy grew faster in Q3 than first thought
    The U.S. economy expanded 2.7% in the third quarter, not 2%, as initially estimated, according to the Commerce Department. Most of the growth came from government spending, mainly for military items, and companies stockpiling inventory, the department says. Consumer spending and business investment in equipment and software were less than originally thought. Los Angeles Times (tiered subscription model) (11/30) LinkedInFacebookTwitterEmail this Story
  • Investors brighten on prospects for global economy
    Optimism for the world economy is growing as more investors anticipate stronger growth in China and a resolution to avoid the U.S. "fiscal cliff," according to a Bloomberg poll. The U.S. and China ranked first and second, respectively, as the best places for investment among respondents. "The global economy is improving, recovering and healing, thanks to the U.S. and the emerging markets," said Andrea Guzzi, vice president of IST Investmentstiftung fuer Personalvorsorge. "More people are becoming wealthy; less and less are poor." Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • Reps. Bachus and Hensarling request Volcker rule delay
    Reps. Spencer Bachus and Jeb Hensarling are asking regulators to postpone the Volcker rule, which prohibits proprietary trading at major banks. The leading Republicans asked to delay the effective date by two years after the final version is released. "Given the time that it will take for you to agree on one version of the Volcker Rule as well as the tremendous uncertainty that market participants face in trying to anticipate what the final rule will look like, we respectfully suggest that the Federal Reserve Board delay the Volcker Rule's effective date," Bachus and Hensarling wrote in a letter to regulators. Bloomberg Businessweek (11/29), AmericanBanker.com (subscription required) (11/29), The Wall Street Journal/Deal Journal blog (11/29) LinkedInFacebookTwitterEmail this Story
  • European Parliament panel backs ECB as bank supervisor
    Bank-oversight duties for the European Central Bank gained endorsement from the European Parliament's Economic and Monetary Affairs Committee. However, the legislation's passage by year-end depends on finance ministers agreeing on provisions of the measure when they meet next week, committee Chairwoman Sharon Bowles said. Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story
  • PBOC official criticizes U.S. over FATCA
    Liu Xiangmin, a senior official at the People's Bank of China, says the U.S. has erred in taking a unilateral approach to thwart tax evaders by way of the Foreign Account Tax Compliance Act. Liu says FATCA doesn't respect the sovereignty of other nations. "It creates unreasonable costs for foreign financial institutions and directly contravenes many countries' privacy and data-protection laws," he said. Risk.net (subscription required) (11/28), Reuters (11/28) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  ELFA News 
  • A skilled workforce is key to growth and achieving results. Build yours with the Fundamentals of Equipment Leasing and Finance online course
    How do you create a skilled workforce? Provide the fundamental training employees need to help your company succeed. ELFA's Fundamentals of Equipment Leasing and Finance online course is designed to do just that. Not only is it the ONLY course of its kind for the equipment-leasing and -finance industry, but it is also available on demand, when you or your employees need it. Plus, members get a 50% discount: $175 per license!

    The course covers everything from an introduction to the industry to an in-depth look at the transaction life cycle; an overview of tax, legal and accounting rules; and a final module about meeting customers' needs, which brings all of the information together. Chock full of frequently asked questions, interactive quizzes, case studies and a large resource section, this course is a MUST for anyone new to the industry or those wanting to brush up on what they know.

    Learn more or purchase the course. For questions, contact Alexa Carnibella at acarnibella@elfaonline.org. LinkedInFacebookTwitterEmail this Story
  • Report identifies industry IT trends
    The Business Technology Performance Index, conducted for ELFA by Capgemini's asset-finance practice, addresses the state of the industry from a technology perspective. It serves as the industry benchmark for information technology, operations direction and spending, and it represents a summary of survey responses and key findings. How is the industry focusing its operations and technology resources? According to the 2012 index, key objectives for which companies are striving include the flexibility to deliver innovative solutions, an accelerated time to market and efficiency in operational delivery. Download the full report. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
The robbed that smiles, steals something from the thief."
--William Shakespeare,
British playwright


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