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October 26, 2012
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Daily news for the equipment finance sector

  Industry News 
  • Local television highlights ELFA annual convention volunteerism
    Attendees of the ELFA 51st Annual Convention completed two community-service projects. Fifty attendees worked with Habitat for Humanity of the Coachella Valley to revitalize a property in Indio, Calif. Seventy ELFA members worked for Build-A-Bike with volunteers from the Boys & Girls Clubs of Coachella Valley to build and customize bicycles for 8- to 12-year-olds. Each child received a bicycle and a helmet. ELFA donated $12,500 to Habitat for Humanity and $12,500 to the Boys & Girls Clubs of Coachella Valley. Watch the KMIR-TV story about the projects. LinkedInFacebookTwitterEmail this Story
  • U.K. company aims for $202M in loans for offshore wind venture
    Associated British Ports, which is developing the Port of Hull in the U.K. as a hub for offshore wind development, is in talks with the European Investment Bank for two loans worth $202 million. Some of the funds would go toward transforming part of the area into "a site for an offshore wind turbine manufacturing facility with riverside berth and storage areas for turbine components," the company said. RechargeNews.com (tiered subscription model) (10/25) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • China replaces U.S. as top destination for foreign investment
    During the first six months of 2012, China overtook the U.S. as the world's biggest recipient of foreign direct investment, according to the U.N. Conference on Trade and Development. About $59 billion flowed into China, down 3% compared with the first half of last year, while the U.S. received $57.4 billion, 39.2% less than in the first six months of 2011. China Daily (Beijing) (10/26) LinkedInFacebookTwitterEmail this Story
  • Japan adds $9.4B to stimulus program
    Worried about falling consumer prices, Japan announced a $9.4 billion economic stimulus. Economy Minister Seiji Maehara said the effort will boost gross domestic product by 0.1 percentage point. Bloomberg (10/26) LinkedInFacebookTwitterEmail this Story
  • U.K. emerged from double-dip recession in Q3
    The U.K. Office for National Statistics said the economy expanded 1% in the third quarter compared with Q2, ending a double-dip recession. "We still have a long way to go and there are still difficulties ahead, but I think these figures do show that we are on the right track, we have got the right approach," Prime Minister David Cameron said. The Telegraph (London) (10/25) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • Libor-related subpoenas reportedly go to 9 more banks
    New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen have subpoenaed nine of the largest banks in the world as part of an inquiry into possible manipulation of the London Interbank Offered Rate, a source said. The banks reportedly include Credit Suisse, Lloyds Banking Group, Bank of Tokyo-Mitsubishi UFJ, Bank of America and Rabobank Groep. Seven other banks previously received subpoenas. Financial Times (tiered subscription model) (10/26), The Wall Street Journal (10/25) LinkedInFacebookTwitterEmail this Story
  • FSB will soon issue rules on handling failure of big banks
    Proposals from the Financial Stability Board on how to handle the failure of too-big-to-fail institutions will be released in the next few weeks, says Bank of England Deputy Governor Paul Tucker. "It's about giving the authorities the tools, the powers, to effect a restructuring of the capital and the liabilities of a bank that isn't toxic all the way through," he said. Bloomberg Businessweek (10/25) LinkedInFacebookTwitterEmail this Story
  • Japanese banks expect to reduce business amid U.S. derivatives rules
    Japanese banks apparently will not refuse to register with U.S. regulators in response to rules governing derivatives, but a pullback in trading with U.S. counterparts seems likely, Kana Inagaki and Kosaku Narioka write. "We'll lean towards avoiding transactions with our U.S. partners, at least in the initial phase," said the unidentified head of derivatives trade at a major Japanese bank. The Wall Street Journal (10/25) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  ELFA News 
  • Be your best from your desk: 50% discount on ELFA Academy online courses!
    Learning has never been easier or more affordable! Sign up for Fundamentals of Equipment Leasing and Finance, Financial Statement Analysis OR Should You Do the Deal: Case Studies in Equipment Leasing and Finance and receive half-off registration!

    Visit the ELFA Academy. To receive the discount on the Fundamentals course, enter discount code ELFAPROMO11. To receive the discount on the Financial Statement Analysis or the Should You Do the Deal course, enter discount code ELFACREDIT.

    For questions, contact Alexa Carnibella at acarnibella@elfaonline.org or (202) 238-3416. LinkedInFacebookTwitterEmail this Story
  • Coming soon: Recordings of annual convention sessions
    Once again, ELFA will audiotape concurrent breakout sessions from the annual convention and synchronize them with handouts at the Conference Resource Center. As a special thank you, ELFA will provide attendees with free, unlimited access to convention content at the Conference Resource Center. Non-attendees may purchase access to the entire package. Watch your e-mail for more information soon. For questions, contact Alexa Carnibella at acarnibella@elfaonline.org or (202) 238-3416. LinkedInFacebookTwitterEmail this Story
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