All articles by Verdict Staff
Verdict Staff
Vehicles driving forward Russian lessor Europlan
Its commercial vehicle business saw particular growth with its truck leasing arm grew 170 per cent to 4,218 vehicles, while special vehicles went up 130 per cent to 2,116 Last week the lessor received a 15.8m loan from ICICI Bank (UK) PLC, the UK subsidiary of ICICI Bank, Indias second largest bank, which Europlan plans to use in order to buy and lease cars and equipment.
State Securities implements small firms’ loan extension
State Securities (SS) has extended its Small Firms Loan Guarantee (SFLG) facility to companies that have been trading over five years The change, which accompanied the recent UK Budget, returns the facility to the status quo prior to the 2004 Graham Review Andrew Bullard, director at SS explained that the facility was available to firms which have a viable business proposal but, due to lack of track record, have failed to obtain finance through conventional channels
Tories will cut capital allowances to 12%
The partys decision, made clear in a statement by George Osborne, the Shadow Chancellor, quickly follows the current governments decision to reduce capital allowances by 5 per cent to 20 per cent.
Wragge & Co boosts asset finance litigation team
The team advises on strategic and complex litigation, as well as using technological innovations to process volume secured and unsecured claims and Standing will offer his experience in handing complex ownership disputes between banks and other lenders, loss recovery, fraud and professional negligence
Touax Rail to double its leased railcar fleet
European intermodal railcar leasing company Touax Rail has placed an order with Luxembourg-based International Railway Systems (IRS) for 6,000 railcars to be delivered between 2009 and 2012 The railcars comprising 3,600 intermodal railcars for the transportation of shipping containers, 1,200 railcars for iron and steel transportation, and 1,200 hopper cars for the movement of coal transportation will be leased in Europe, including the UK market, but excluding Spain and Russia
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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