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March 6, 2013
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Daily news for the equipment finance sector

  Industry News 
  • HSBC plans to sell portfolio, reducing U.S. business
    Extending consolidation under CEO Stuart Gulliver, HSBC Holdings is paring its U.S. operation by selling a portfolio of consumer loans for $3.2 billion. The move will "accelerate the run-off of the legacy consumer mortgage and lending business and [is] a continuation of HSBC's strategy to reposition its U.S. operations," HSBC Finance CEO Patrick Burke said. The sale, scheduled for the second quarter, is being made to Springleaf Finance and Newcastle Investment. Bloomberg (3/5) LinkedInFacebookTwitterEmail this Story
  • Freight railroads continue record-high investment
    Freight railroads are expected to invest $24.5 billion this year to enhance infrastructure, and that will benefit the economy and the transportation sector, Association of American Railroads President and CEO Edward Hamberger said. "The freight-rail industry is unique among American freight transportation because the network is primarily privately funded and does not rely on taxpayer dollars," Hamberger said to the House Transportation and Infrastructure Railroads, Pipelines and Hazardous Materials Subcommittee. RailwayAge.com (3/5) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • Obama seeks budget-deal support from Republicans
    Putting talks with GOP leaders on the back burner for a while, President Barack Obama is reaching out to rank-and-file Senate Republicans to build support for a budget deal with higher taxes to pay down U.S. debt. Obama told senators that he is willing to make changes in health care and retirement programs to get a budget compromise that includes higher taxes. The Washington Post (3/5), Bloomberg (3/6) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • More banks stop participation in setting benchmark rates
    Citigroup reportedly has reined in its role in setting benchmark rates in Malaysia, while JPMorgan Chase and UBS are pulling out of a panel that determines Australia's benchmark swaps rate. "The reason why they're pulling out is they're concerned about regulations and about legal liabilities," said Sandy Mehta, CEO of Value Investment Principals. "If you have a smaller number of players, you'll end up in the same spot where you'll have the risk of inefficient rates over the risk of manipulation." Bloomberg (3/5) LinkedInFacebookTwitterEmail this Story
  • Banks seek dismissal of Libor lawsuits
    JPMorgan Chase, Bank of America and other banks are being sued by local governments, community banks and customers regarding possible manipulation of the London Interbank Offered Rate. The defendants have asked U.S. District Judge Naomi Reice Buchwald to dismiss the cases, arguing there is no evidence they broke the law. Reuters (3/5), Bloomberg (3/5), The Wall Street Journal (3/5) LinkedInFacebookTwitterEmail this Story
  • Regulation is expected to hit investment-banking revenue
    At JPMorgan Chase's annual investor day, a data point indicated how market-structure rules might affect revenue at investment banks. Analysts say rules governing clearing, collateral, post-trade transparency and trading on swaps-execution facilities could reduce JPMorgan's revenue as much as $2 billion annually. Analysts also have looked at how rules might affect revenue at Royal Bank of Scotland and Barclays. Financial News Online (U.K.) (free content) (3/5) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • CIT exec sees opportunity and concerns in energy sector
    Mergers and acquisitions in the energy market should be active this year, says Mike Lorusso, group head of energy at CIT Group. The sector might expand as shale, oil and gas resources increase, Lorusso says. Concerns include environmental regulations, especially recent rulings from the Environmental Protection Agency. Read more. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Register for the ELFA/IMN Investors' Conference
    On March 21, ELFA and the Information Management Network will host the 12th annual Investors' Conference on Equipment Finance in New York City. Last year's program was a resounding success, with the support of 14 corporate sponsors and more than 300 delegates. Nearly half of these delegates represented investors and equipment-finance companies that came to network and learn about industry trends and developments.

    This one-day conference attracts decision-makers at the highest levels. The conference program will highlight many professional speakers, allowing for timely and thorough coverage of topics of interest to the industry. Register to ensure your place at the forefront of developments and investment opportunities in the equipment-finance industry. LinkedInFacebookTwitterEmail this Story
  • Is something missing from your personal or company profile?
    The ELFA Member Directory is the place to showcase your expertise and make a first impression for others looking to do business. Make sure your profile shows a complete picture of who you are.

    Individual profile
    In addition to your contact information and job function, don't forget to include your:
    • Photo: Upload a head shot to put a face with your name.
    • E-mail: Don't lose out on e-mails from business contacts and ELFA.
    • Cellphone: Stay in touch when you're on the go.
    • LinkedIn URL: Invite colleagues to connect. For help, visit bit.ly/ViqsAc.

    Company profile
    Make sure others searching the ELFA website and the Equipment Finance Advantage website can easily connect with your business. Note: Only the key contact at your company may update your company profile. Companies are invited to add: Questions? Contact membership@elfaonline.org.

    Four easy steps to update your profile
    1. Visit the ELFA website.
    2. Click on "User Login" in the top-right corner.
    3. Click on "Account Tools" in the top-right corner of Page 4.
    4. Click on "Update Profile Information."
    LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Every time you spend money, you're casting a vote for the kind of world you want."
--Anna Lappé,
American writer, speaker and activist


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