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October 18, 2012
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Daily news for the equipment finance sector

  Industry News 
  • U.S. manufacturing posts feeble gain for September
    A struggling global economy dampened U.S. manufacturing output in September, with the Federal Reserve reporting only a 0.2% increase. The gain failed to balance out a sharp decline in August. Inflation, however, remained tame, perhaps opening the way for further measures by the Fed. Fox Business/Reuters (10/16) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • China's growth rate eased to 7.4% in Q3
    Growth of China's gross domestic product slowed to 7.4% in the third quarter, down from 7.6% in Q2 and 8.1% in Q1, the National Bureau of Statistics said. The data mark the seventh consecutive month of slowing growth. September retail sales and industrial production suggest GDP might accelerate this quarter. (China) (10/18) LinkedInFacebookTwitterEmail this Story
  • Germany scales back growth outlook for 2013
    The German government reduced its economic-growth forecast for next year from 1.6% to 1%, reflecting consequences of the eurozone debt crisis. Economy Minister Philipp Roesler said economic problems of major trading partners could hurt German exports. (France) (10/17) LinkedInFacebookTwitterEmail this Story
  • Study: Eurozone exit by southern states would spur global recession
    Global gross domestic product would plunge by $22.3 trillion, sending the world into recession, if Greece, Spain, Portugal and Italy were to withdraw from the eurozone, according to a study by a German think tank. Greece's departure would have little impact on the rest of the world, but a chain reaction leading to the others' withdrawal would have devastating consequences, economic researcher Prognos said. Spiegel Online (Germany) (10/17), Reuters (10/17) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • Proposed SEC rules could boost cost of swaps collateral
    Swaps traders could face increased collateral and capital costs under rules proposed by the Securities and Exchange Commission. The SEC voted unanimously to invite public comment on collateral rules for swaps settled over the counter, rather than through a third-party clearinghouse. Capital requirements would increase for some classes of swaps. Bloomberg (10/18) LinkedInFacebookTwitterEmail this Story
  • U.K. financial bill will include FSA's Libor recommendations
    Reform for calculation of the London Interbank Offered Rate published by the U.K. Financial Services Authority will be incorporated in a financial bill being formulated, the Treasury said. "The government's changes to legislation will ensure that those that attempt to manipulate Libor face the full force of the law," Financial Secretary Greg Clark said. "But this is just one part of the process; the banks and the British Bankers' Association will have to play their part." Reuters (10/17), Bloomberg (10/17) LinkedInFacebookTwitterEmail this Story
  • FX rule exemptions fail to comfort corporate treasurers
    Corporate treasurers are expressing confusion and concern about regulations governing currency hedging, even though not all rules will apply to them, speakers indicated at the FX Week Asia conference. Treasurers are concerned about increased costs for banks because of clearing, reporting and collateralization requirements. "If, as seems likely, they are going to be facing increased costs, we know what they're going to do -- they're going to pass on those increased costs to their customers," said Damian Glendinning, group treasurer at Lenovo. (subscription required) (10/17) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  ELFA News 
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Now and then it's good to pause in our pursuit of happiness and just be happy."
--Guillaume Apollinaire,
French writer, poet and critic

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