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October 9, 2012
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Daily news for the equipment finance sector

  Industry News 
  • What to know about the latest lease-accounting proposal
    A fresh draft of proposed changes to the lease-accounting standard is expected by year-end. Unless there is major protest, the proposal will become the global standard as soon as late 2013. However, many in the leasing community are not happy about it. "The changes will make leases look more expensive than under today's [generally accepted accounting principles]," said Bill Bosco, a member of the ELFA Financial Accounting Committee. ELFAOnline.org/Equipment Leasing & Finance (10/2012) LinkedInFacebookTwitterEmail this Story
  • Source: Terra Firma, China Development Bank plan renewables fund
    Private-equity firm Terra Firma will join forces with China Development Bank to launch a fund worth as much as $5 billion for renewable-energy initiatives, a source said. The collaborators reportedly will begin raising $3 billion to $5 billion in coming months. Reuters (10/8) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • IMF sounds an alarm over the global economy
    The International Monetary Fund cut its projection for global economic growth this year to 3.3%, the lowest since 2009. The IMF said the chance of an even sharper decline, with growth falling as low as 2%, is "alarmingly high." The U.S. could slip back into recession if leaders fail to prevent a "fiscal cliff" of tax hikes and spending cuts from taking effect at year-end, the IMF said. Bloomberg (10/9), Google/Agence France-Presse (10/8), BBC (10/9) LinkedInFacebookTwitterEmail this Story
  • Global default rate on high-yield debt rises, Moody's says
    Moody's Investors Service said the global default rate on speculative-grade debt increased to 3% in September. Though the rate climbed only 0.1 percentage point, it reached its highest level in nearly two years. Still, the rate was less than the historical average of 4.8%, based on data dating to 1983. Bloomberg Businessweek (10/8) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • SEC's Berman raises concerns about "kill switch" model
    Regulators, market participants and other experts are debating the idea of implementing a "kill switch" in an effort to contain technical glitches and other issues. However, the Securities and Exchange Commission is leery of implementing a blanket rule. "This is not going to address the little blips that come up," said Gregg Berman of the SEC. "We are all realizing that the one-size-fits-all rule was questionable." International Financial Law Review online (10/8) LinkedInFacebookTwitterEmail this Story
  • Basel III's January deadline likely will be missed by some
    Banks in the U.S. and EU are lagging in drafting regulations required by Basel III, reports Stefan Ingves, chairman of the Basel Committee on Banking Supervision. While China, Japan and Singapore have already completed their rules, it is "clear that not all jurisdictions will be ready in time" for the January deadline, Ingves says. Bloomberg (10/8) LinkedInFacebookTwitterEmail this Story
  • Smaller core group of banks is setting Libor
    A smaller group of banks, including Bank of America, Lloyds Banking Group and Citigroup, is setting the London Interbank Offered Rate after the benchmark was manipulated. "You have a core group setting the rate, and that's a major concern," said Bret Barker of TCW Group. "It's going to be very tough to fix that and very tough to replace Libor." Bloomberg (10/8) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • Orders for heavy-duty vehicles continue to be tepid
    Preliminary net orders for heavy-duty Class 8 commercial vehicles were lackluster last month in North America, according to ACT Research. The final tally is expected to be 15,600 units for heavy-duty Class 8 trucks and 14,000 for medium-duty vehicles in classes 5 to 7. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Oct. 9: Deadline to be included on ELFA annual convention roster
    One of the most important documents distributed at the ELFA 51st Annual Convention, scheduled Oct. 21 to 23 at the JW Marriott Desert Springs in Palm Desert, Calif., will be the attendee roster. If your name does not appear on the roster, convention goers will have a harder time finding you and meeting with you.

    The deadline to have your name included is midnight Eastern on Oct. 9. Online and mail-in registration must be received no later than this time.

    Registration will still be accepted on-site, and the online attendee listing will be updated to include those who register after Oct. 9. However, we strongly encourage you to register early enough to make sure your name appears on the attendee roster. Register for the convention. LinkedInFacebookTwitterEmail this Story
  • Attention, annual convention attendees: Upload your photo to the attendee list
    New this year! Photos have been added to the full list of attendees for the ELFA 51st Annual Convention. You can add a photo to your ELFA profile easily. Log in to the ELFA website with your username and password, then click on "Account Tools." Upload a photo by clicking on "Add/Edit Photo." LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
If it's very painful for you to criticize your friends -- you're safe in doing it. But if you take the slightest pleasure in it, that's the time to hold your tongue."
--Alice Duer Miller,
American writer and poet


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