All articles by Abdus Shuman
Barclays finds hopeful outlook in business confidence survey
A survey undertaken by Barclays Commercial Bank, which includes the Barclays Asset & Sales Finance business, has found that half of businesses in East Anglia now describe their attitude towards the general state of the economy as ‘hopeful’. The findings in the Connecting East Anglia survey state that 35 percent of respondents claim their businesses are continuing to grow, 17 percent believe their company will move back into a growth phase by years end and 24 percent believe this growth will occur within 6-12 months
CSOB reports loss in Slovakia
CSOB Leasing, the Slovakian lessor owned by Belgian banking group KBC, reported a consolidated loss of 1.6 million for 2008, compared to a profit of 8.4 million in 2007 Last year, CSOB Leasing wrote new business worth 423.3 million, 3.6 percent up on the previous year, with machinery and equipment leasing up 20 percent to a value of 131 million.
Government investigators close in on Lifestyle leases
Claims underway against Cheshire Finance & Leasing Ltd, say sources Things are heating up in the Lifestyle TV scandal that Leasing Life has been reporting on over the past few months. Scores of hairdressing salons around Britain signed leases on televisions and mirrors after being promised by Lifestyle that, if they did so, they would receive advertising revenue that roughly matched the value of the leases
Walker Morris appoints new asset finance associate
Sally-Ann Davis is set to join Leeds law firm Walker Morris as a new associate, working within the expanded banking and asset finance litigation practice.
Siemens Project Ventures buys 25% stake in German renewable energy financing co.
In a move to expand its reach in the sector, Siemens Project Ventures, part of Siemens Financial Services, has bought a 25 percent stake in German renewable energy financing company BGZ AG.
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De Lage Landen goes live with tailored Sword Apak system in Spain
De Lage Landen has chosen Sword Apaks wholesale finance system, WFS, to implement its commercial finance technology operations throughout Europe Sword Apak has a long standing relationship with De Lage Landen and we are delighted to continue our support of the companys European funding operations and long-term business goals, said Tony Allen, business unit director at Sword Apak.
RBS announces “non-core” business units at Lombard
Staff at Lombard, the asset finance division of Royal Bank of Scotland (RBS), have been notified that a number of Lombards business units are being reviewed, with some being termed non-core. It is understood that these include Lombard Vehicle Management, Lombard Ireland, and Lombards indirect division. Earlier this year, following the governments nationalisation of the bank, RBS announced plans to deleverage their balance sheet and move certain individual businesses into the new restructuring and risk division of the bank.
Moldovan lessors see equipment finance triple in 2008
Moldovan leasing companies saw the value of leasing deals for machines and equipment more than triple to reach 103.1 million lei (6.6 million) in 2008, according to Moldovas statistics bureau. Leasing contracts for vehicles, accounting for 88.7 percent of the total, rose by 24 percent to 1.1 billion lei from 2007
Shoosmiths appoints Chris McClure as new asset finance partner
Chris McClure is set to join law firm Shoosmiths as a partner in their corporate team At Shoosmiths, McClure will focus on asset finance and project finance, as well as developing the corporate teams client base.
Composter bought out through £1.3m assumption of asset finance facility
Banham Compost, a Norfolk-based commercial composting business, has been bought out by organic waste specialist TEG Group in a £3.1 million (3.6 million) deal, funded through TEGs £1.3 million assumption of Banhams asset finance facility and £1.9 million raised on AIM. On the back of recent and exciting progress by the company, this acquisition represents yet another significant step in the continuing roll-out and endorsement of TEGs composting technology as an attractive, efficient and cost effective alternative to landfill and other forms of ABP disposal, across the country, said Mike Fishwick, chief executive of TEG.