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- AIG to sell 80.1% stake in ILFC for $4.23B
American International Group plans to sell 80.1% of ILFC to a Chinese consortium for $4.23 billion. The Chinese consortium consists of New China Trust, China Aviation Industrial Fund and P3 Investments. The deal will also allow the consortium an option to buy another 9.9%. "It's the biggest deal we have in the aircraft leasing world and it's very ambitious," said Paul Sheridan, head of Asia at Ascend Advisor. Reuters
(12/10)     
- Second converged leasing draft expected in Q1 2013
The second converged exposure draft on the converged leasing project will be released in the first quarter of 2013, says Leslie Seidman, chair of the Financial Accounting Standards Board. "We are substantially converged on the leasing proposal from top to bottom," Seidman says. The second draft will require that all leases go on the balance sheet of the lessees, unless they are under one year. Accounting Today
(12/1)
- GE's Industrial Internet focus brings it to Silicon Valley
General Electric is stepping up its outreach with Silicon Valley as it focuses more on software-driven productivity. This was the theme of a half-day event organized in San Francisco dubbed "Industrial Internet." CEO Jeffrey Immelt said GE wants to tap into local expertise by hiring engineers to work on key problems and by partnering with startups. ZDNet
(12/10)
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| Government & Regulatory | | |
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- U.K., U.S. offer joint plan for "too big to fail" banks
For the first time, U.S. and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail." The U.S. Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model)
(12/10), Financial Times (tiered subscription model)
(12/10)
- Fed can be expected to continue improvising as "twist" ends
The Federal Reserve's so-called Operation Twist is about to end, but more innovative moves can be expected in a bid to shield the economy from the aftereffects of the "fiscal cliff" or any solution that avoids the mandated spending cuts and tax increases but imposes others. Above all, however, "the bond market is counting on the Fed -- and can keep counting on it -- to hold short-term interest rates near zero for some time to come," said Kathy A. Jones, fixed-income strategist for the Schwab Center for Financial Research. The New York Times (tiered subscription model)
(12/8)
- Greece reportedly may give debt buyback another go
Greece may renew its debt buyback program Monday, government sources say. The initial offer to buy back about €30 billion expired Friday, and an official said offers received from holders came to about that total. "I believe that by Monday or Tuesday, I will be able to say with great certainty that things went very well," Prime Minister Antonis Samaras said. CNBC/Reuters
(12/9)
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