All articles by Verdict Staff
Verdict Staff
DFS in US up for sale
Dell Financial Services in the US is up for sale, closing plants and cutting more than 10 per cent of its workers in an effort to save $3bn a year by 2011, according to Bloomberg News This follows news that the global computer-makers stocks slumped 20 per cent in the first quarter of 2008 and the announcement of a review of its financial services unit on March 31
New rules partly ease pressure facing lessors
The most important changes that will become effective in 2008 and beyond, and that will most significantly influence the tax environment in the Czech economy, is the reduction in the rate of corporate income tax It will drop to 21 per cent in 2008, to 20 per cent in 2009 and to 19 per cent in 2010.A flat personal-tax rate of 15 per cent has been introduced in 2008.This will drop to 12.5 per cent in 2009.
Lack of funding options shakes CIT
The financial health of CIT Group Inc is looking increasingly grim as the sting of the global liquidity crisis penetrates deeper into financial markets Following an announcement on March 20 that it resorted to emergency funding from its US$7.3bn unsecured US bank credit facilities, CIT revealed in an analyst briefing that it had drawn down completely on its bank facilities.
Davenham rides the market’s shock waves with certainty
Davenham, the specialised SME lender and financier with asset finance, trade finance and property finance divisions, also recorded pre-tax profit growth of 17 per cent to £6.1m for half-year December 2007, and a loan portfolio increase of 35 per cent to £289m for the same period
Broker Q&A
This month Maryann Tan speaks to Barrie Rawlings, managing director of Gresham Finance Ltd, a brokerage based in Hertfordshire
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The smaller the better for renewable energy
With climate change and renewable energy high on the agenda, Russell Davies finds that small could be beautiful as far as energy and heat production is concerned.
Leasedrive VELO loses suitors under credit crunch
Following recent press reports that Leasedrive VELO, the fleet management and leasing business owned by private equity house Lyceum Capital, is to be sold in the near future, Roddy Graham, commercial director of Leasedrive VELO told Motor Finance that he could neither confirm nor deny the rumours: There is nothing to report about a possible sale of Leasedrive VELO at this time.
Cattles’ factoring arm up to 28% despite liquidity crisis
Cattles Plc, the finance and debt recovery specialist, is likely to meet expectations of group earnings for the financial year ending December 31 2007 despite the liquidity crisis plaguing financial markets, the company said Cattles, which provides working capital financing through its factoring services, said client numbers in this division grew by 14 per cent to 731 in the current financial year, raising the value of invoices factored by 28 per cent
BoE keeps official rate at 5.5 per cent
According to a Bloomberg poll of 50 economists, 40 had expected todays move by the Banks Monetary Policy Committee, which had cut the official rate by 25 basis points on December 6
Daimler FS expands its Korean operations
This comes amidst plans in 2008 to expand globally its insurance provision, a process it started last year when it launched these services in Croatia, Switzerland, Sweden and Poland (see Leasing Life December issue, page 33).