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January 31, 2013

Daily news for the equipment finance sector

Industry News

GE Ventures streamlines startup investment
General Electric has centralized startup-investment units for health, energy, software and advanced manufacturing into a single division. GE Ventures is in Silicon Valley, where GE has a software center. Fox Business/Dow Jones Newswires (1/30)

Boeing says top priority is fixing 787's battery problem
Boeing says its main focus is to repair a battery problem that has plagued the 787. The company expects to deliver at least 60 Dreamliners this year, even though delivery has been suspended. The Washington Post/The Associated Press (1/30)

Renewables companies want right to become MLPs or REITs
The renewable-energy industry is seeking approval to organize companies as master limited partnerships, a form of business used by many oil and gas firms, and real estate investment trusts, a special type of company used in the real estate business. Both structures reduce a company's tax burden. The Internal Revenue Service is considering one renewables company's request to organize as a REIT. The New York Times (tiered subscription model)/DealBook blog (1/30)

Market Trends

China will remain major manufacturer despite change, expert says
Labor and other business costs are rising significantly in China, but that doesn't mean the nation will lose its position as a dominant manufacturer, says Shaun Rein, founder and managing director of China Market Research Group and author of "The End of Cheap China." China aims to boost worker productivity as wages increase, he says. "What you will see more of is factory relocation within China to take advantage of lower land and wage costs," Rein said. OpenMarkets.com (1/22)

Japan's industrial output increased 2.5% in December
Japan's factory output in December posted its biggest gain in 1½ years, according to the Ministry of Economy, Trade and Industry. The ministry announced a more optimistic outlook for the industrial sector for the first time since January 2012. Reuters (1/31), JapanToday.com/Agence France-Presse (1/31)

Euro hits 14-month high against U.S. dollar
The euro slipped slightly this morning after reaching a 14-month high against the U.S. dollar and a 2½-year high against Japan's yen. The eurozone currency touched $1.3588 on Wednesday, its highest value since November 2011. Reuters (1/31)

Government & Regulatory

TARP proceeds fall short as Treasury winds down program
The Treasury Department reported that it will receive $191.3 million in sales from the preferred stock of 11 banks that received financial aid through the Troubled Asset Relief Program. The U.S. originally invested $285.3 million. The Wall Street Journal (1/30)

Fed urges banks to have CEO oversee internal auditors
The Federal Reserve published guidance that asks the largest banks to have internal auditors report to the CEO. In general, there has been a trend to move the audit function out of the chief financial officer's purview. The central bank says "the objectivity of internal audit is served best" when auditors report to the CEO. The Wall Street Journal/CFO Journal (1/30)

Whistle-blower program is criticized by former Rep. Oxley
Former Rep. Michael Oxley, R-Ohio, voiced concerns about the Dodd-Frank Act's whistle-blower provision, arguing that it encourages some to pursue a "lottery" type payout. Oxley said that a similar measure in the Sarbanes-Oxley Act of 2002, which he helped write, was better. The Wall Street Journal/Corruption Currents blog (1/30)

ELFA Member News

TD Equipment Finance adds director of credit management
TD Bank has named Kenneth Sullivan as senior vice president and director of credit management at TD Equipment Finance. In this newly created position, Sullivan will manage credit underwriting and administration. Read more.

ELFA News

Want a competitive edge? Download the Foundation's study on predictive analytics!
The Equipment Leasing & Finance Foundation is proud to announce the release of Predictive Analytics: Increasing Profitability, Managing Risk and Enhancing Customer Satisfaction. Authored by a consortium of researchers from The Alta Group, Ivory Consulting, PayNet and others, this study explores what predictive analytics means to the equipment-finance industry in terms of impact on profitability, business processes and decision making; how it can be effectively implemented from a business-process and technology perspective; and what benefits can be expected. The report is available in the Foundation's online library. Download your copy!

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