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- Vestas is ordered to keep providing turbines to Argentine firm
A judge in Argentina ordered subsidiaries of Vestas Wind Systems to continue supplying turbines to a project by energy company Genneia. Vestas must fulfill a contract obligation, even though Genneia has not paid a $19.8 million service fee in dollars because of difficulty securing foreign currency. Genneia offered to pay in pesos and has sought permission from the Central Bank of Argentina to purchase dollars. Bloomberg Businessweek
(10/26)     
| Market Trends | | |
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- "Fiscal cliff" could be much worse than predicted, economists say
Economists at the International Monetary Fund and academic institutions say damage by the "fiscal cliff" to the U.S. economy could be far worse than the Congressional Budget Office predicted. IMF research indicates that when interest rates are low, every $1 of deficit reduction drains as much as $1.70 from the global economy. Reuters
(10/28)
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- U.S. and U.K. authorities reportedly aim for Libor settlements
Authorities in the U.S. and the U.K. want to quickly reach multinational settlements with one bank and possibly others regarding possible manipulation of the London Interbank Offered Rate and other benchmarks, sources said. Meanwhile, Guardian Care Homes is pressing a claim against Barclays, accusing the bank of manipulating Libor while selling interest-rate derivatives. The U.K. High Court might force Barclays to release e-mails pertaining to Libor. Separately, UBS and Royal Bank of Scotland have suspended some traders in Singapore as regulators investigate Libor manipulation. Financial Times (tiered subscription model)
(10/28), The Telegraph (London)
(10/27), Bloomberg Businessweek
(10/28)
- Analysis: European rule on sovereign CDS will bring surprises
Europe's rule limiting trading of credit default swaps to owners of the debt being hedged is intended to curb speculation but is unlikely to accomplish much, according to The Economist. "Investors are already looking at new ways to place bearish bets on euro-zone countries," the magazine notes. "One way is to short government bonds themselves, though in practice this is fiddly." The Economist
(10/27)
- U.S. delay of tax-compliance rules is seen as deceptive
With little change to the penalty timetable, postponed start dates for key parts of the U.S. Foreign Account Tax Compliance Act provide little relief, said Tim Clough, partner for risk and controls solutions at PricewaterhouseCoopers in Hong Kong. "My concern is that institutions will see this and take their foot off the pedal, when in reality, under the old timeline, it was going to be incredibly challenging, and under the new timeline, it is still going to be quite tough to meet the requirements given the level of change required," Clough said. Risk.net (subscription required)
(10/26)
| ELFA Member News | | |
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- Used-truck market struggled last month
The used-truck market posted weak performance for September, with Class 8 sales declining 17% compared with August, according to ACT Research. However, the retail market declined only 1%, said Steve Tam, vice president of commercial vehicles. Read more.
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