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December 10, 2012
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Daily news for the equipment finance sector

  Industry News 
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  Government & Regulatory 
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Attract new talent and increase awareness of our industry with ELFA's guest lecture program
    What is the Guest Lecture Program?
    • A 30-minute presentation developed by industry experts.
    • Customizable, allowing you to share your personal experience.
    • Available for use at colleges, universities and financing/banking institutions.
    • Designed to provide the basics and demonstrate why equipment leasing and finance is a viable option in the financing/banking industry.

    Download your copy of the Guest Lecture Program presentation. Questions? Please contact: Alexa Carnibella, Manager of Professional Development and Online Learning, at acarnibella@elfaonline.org or 202-238-3416. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Alas for those that never sing, But die with all their music in them."
--Oliver Wendell Holmes Sr.,
American physician, writer and poet


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