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October 29, 2012
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Daily news for the equipment finance sector

  Industry News 
  • British banks reduce corporate lending
    U.K. companies are facing a $33.7 billion shortfall in lending this year as banks pull back, according to Ernst & Young. The accountant expects business lending to increase in 2013, after reaching its lowest level since 2006. The Independent (London) (10/29) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  Market Trends 
  • "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) LinkedInFacebookTwitterEmail this Story
  • China appears on right path in near term, but future looks less bright
    China has little fiscal room to stimulate the economy this quarter due to lower revenues and higher-than-expected outlays over the first nine months of the year, suggest figures from the Ministry of Finance. But China's economy is in good shape over the next few months, says Jia Kang, director of the ministry's Research Institute for Fiscal Science, although the longer outlook is much more uncertain as the country begins to lose its labor cost advantage. Bloomberg (10/29), The Wall Street Journal/Dow Jones Newswires (10/27) LinkedInFacebookTwitterEmail this Story
  Government & Regulatory 
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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. (subscription required) (10/26) LinkedInFacebookTwitterEmail this Story
  ELFA Member News 
  • 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. LinkedInFacebookTwitterEmail this Story
  ELFA News 
  • Be your best from your desk: 50% discount on ELFA Academy online courses!
    Learning has never been easier or more affordable! Sign up for Fundamentals of Equipment Leasing and Finance, Financial Statement Analysis OR Should You Do the Deal: Case Studies in Equipment Leasing and Finance and receive half-off registration!

    Visit the ELFA Academy. To receive the discount on the Fundamentals course, enter discount code ELFAPROMO11. To receive the discount on the Financial Statement Analysis or the Should You Do the Deal course, enter discount code ELFACREDIT.

    For questions, contact Alexa Carnibella at or (202) 238-3416. LinkedInFacebookTwitterEmail this Story
  • October employer special: ELFA Career Center
    Calling all employers with positions to fill! During October only, you'll save 15% on a 30- or 60-day job posting at the ELFA Career Center. Pay only $254 for a 30-day posting -- 50% off the nonmember price! To take advantage of this special offer, visit the ELFA Career Center, create an account and post your job using promo code OctoberSpecial. You'll see results: In 2012, our job postings have received an average of 603 views per job and 15 "Apply" button clicks. LinkedInFacebookTwitterEmail this Story
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Being inexhaustible, life and nature are a constant stimulus for a creative mind."
--Hans Hoffman,
German-American abstract expressionist painter

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