All articles by Verdict Staff
Verdict Staff
Tallon data: June 2010
Leasing Life, in collaboration with Tallon & Associates, publishes a monthly analysis of data on the demand for used assets This month we look at changes in demand for the construction sector. Generally little demand due to the decline within the construction sector and initial site preparation
Siemens Financial Services’ profits down in Q1
Siemens Financial Services (SFS) posted a profit before income tax of 97m in the first quarter of 2010, down from 117m reported in the same period of 2009. In the first half of the fiscal year, however, SFS reported a rise in profits compared to the first half of 2009, from 183m to 197m. The first six months of the fiscal year were marked by higher results in commercial finance, including lower loss reserves
Stagecoach signs HP deal
Public transport operator Stagecoach last month signed a £5.8m (6.7m) hire purchase agreement for 36 double decker buses.
On the Move: June 2010
The Finance & Leasing Association (FLA) has announced a number of new members of its main board George Lynn, CFO of Angel Trains since 1994, is the new chairman of the FLAs asset finance division
Grenkeleasing expects ?28m profit in 2010
Germanys Grenkeleasing expects to expand again this year, forecasting a significant growth in new business and profits. Grenkeleasings deputy chairman Uwe Hack said in the first quarter of 2010 the group, including franchise partners, increased new business by 26.6%.
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Lombard and RBS IF to import and fund bottle maker
RBS Asset finance arm Lombard has provided the hire purchase component of a deal in conjunction with sister companies in the RBS group, to fund the acquisition and export of £250,000 worth of bottle-making plant for Norwich-based manufacturer FL Plastics Ltd.
Daimler FS restructures German business
Daimler Financial Services (Daimler FS) has announced a restructuring of its business activities in Germany, with all the central functions for the German and global businesses now operating under one roof.
Expanding horizons
Vendor finance might be a dark art, with little or no official information on its scale or penetration across Europe, but it remains for most participants a profitable space to be in In a special report, Leasing Life looks at some of Europes largest vendor finance programmes, and discovers where it is working and where it is not A glance at recent developments in leasing suggest that, despite the recession, vendor finance is thriving.
Hoyer deal
Transport logistics provider Hoyer has been awarded a new distribution agreement with flour milling company Bowmans Flour, and has selected MAN as its preferred truck supplier.
Leaseurope repeats pleas as new accounting model discussed
Leaseurope continues to try to persuade the IASB and FASB to come up with reasonable proposals for future IFRS leasing accounting. The two boards held meetings last month and the IASB has said it will consider a hybrid approach which could see lessors applying to five accounting models. Leaseurope has said the hybrid model could mean many leases will be accounted for in a way that completely fails to represent the economics of these transactions.