All articles by Verdict Staff
Verdict Staff
More defaults in Italy
Delinquencies and defaults within the Italian leasing sector have increased in the third quarter, a Moodys report has revealed Total delinquencies have almost doubled in nine months, from 2.4 percent at the beginning of the year to 4 percent currently.
Head of Italease’s parent company steps down
The head of Banco Popolare, Banca Italeases main shareholder, has stepped down after the collapse of a proposed joint venture with German leasing company VR Leasing. The news that Fabio Innocenti, Banco Popolares ceo, has left the company, came only a few days after the Italian banks shares plunged – droppingby two-thirds since the beginning of the year- because of increasing concerns about the costs of supporting its loss-making leasing subsidiary.
Arguments over new VAT rate may delay payments
The standard rate of VAT in the UK is being changed under the governments emergency plans to relieve the economic recession. The rate went down from 17.5 to 15 percent on December 1 2008, and will return to the original rate at the end of 2009.
Northgate renews funding lines as RVs drop
Northgate, the light commercial vehicle rental business, has revealed that in the past few months its residual values have declined by up to 10 per cent The company, which does LCV rental both in the UK and Spain, will publish its new interim results in the second week of December, but has warned that the more challenging economic conditions could affect its next performance.
Offshore firm Hilti starts tool financing deals in UK
Under the terms of the deal, Hilti Fleet Management includes usage of the tool, repairs, servicing, calibrations, unlimited battery exchanges, personalised labelling, online tracking and theft coverage. The product, based on usage rather than ownership model, is being leased to business customers for the economic life of the tool, which can vary from two to five years, depending on the asset.
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Preparing for the bad times
Its grim-faced managing director makes clear that his business is under a lot of pressure, and that this downturn is being driven by growing levels of arrears. His SME customers are causing him the most headaches, particularly those with turnovers of up to £2 million, which are already experiencing default levels of up to 8 or 9 percent
SEB Leasing signs ?77m factoring deal
SEB Lizings, the leasing component of Latvias arm of financial services group SEB, has signed a 77 million factoring deal with Latvian natural gas supplier Itera. This is the largest factoring deal ever signed by SEB in Latvia, and possibly in the history of Latvian leasing. The funding will allow the provider to purchase gas supplies from partners including Russian Gazprom, the worlds largest gas producer.
Polish lessor hungers for cranes
Zurawie Wiezowe, a Polish crane leasing company, is looking to make big acquisitions in Germany and Croatia The company will have a shareholders meeting held on January 23rd, in which shareholders will vote on a share issue
Beat the crunch by flexibility in structuring, says DLL
Strong relationships with vendors and dealers, specialised asset knowledge and a closer eye on the structuring of deals at the expense of penetration rates will ensure the prosperity of the leasing industry in years to come, according to Simon Davies of De Lage Landen International.
Caja España in dentist association
Caja Espaa, the Leon-headquartered financial institution, has signed an agreement with the association of dentists in Leon to obtain financial products and services, including leasing. Members of the Colegio Oficial de Odontlogos y Estomatlogos, which is based in the city of Leon, will be entitled to numerous advantages as a result of the agreement, including residential mortgage loans, personal loans, and leasing operations for acquisition and renovation of equipment