All articles by Antonio Fabrizio
Antonio Fabrizio
New head of sales at Hitachi Capital Invoice Finance
Hitachi Capital Invoice Finance has appointed Andy Phillips as head of sales, the company has announced. Philips has over 25 years of corporate banking experience, with the last 15 years spent specialising in the receivable financing sector.
Italy’s specialised credit market drops in H1 2009
New business in Italys specialised credit market which includes leasing, factoring and consumer credit declined by almost 15 percent in the first six months of 2009 Trade associations Assilea, Assifact and Assofin which respectively represent the leasing, factoring, and real estate and consumer credit sectors said that the combined new business in the first six months of 2009 was 107 billion, a 14.9 percent drop compared with the same period last year.
10,000 SMEs join moratorium with Italy’s Intesa
Around 10,000 SME-sized Italian businesses have joined a moratorium scheme with Milan-headquartered banking group Intesa Sanpaolo. It allows small and medium-sized businesses to suspend for a 12-month period the payment of their mortgage and real estate leasing agreements, and for a 6-month period the payment of other leasing agreements.
NetSol Technologies reduces losses from previous quarter
Software house NetSol Technologies posted a $264,000 (177,593) net loss for the fiscal quarter that ended on September 30, 2009 reducing it by 71 percent compared with the previous quarter NetSols CEO Najeeb Ghauri said: Higher sales compared to the prior quarter, combined with significant improvements in our fiscal first quarter 2010 gross margin and operating margin, contributed to another significant reduction in GAAP net loss as we approach our targeted breakeven quarterly revenue run rate of $8 million.
Plant owners should use more asset finance, says JCB Finance
JCB Finance has recommended that plant owners looking for new investments use asset finance specialists, as it becomes more and more difficult for them to secure finance from their banks JCB Finances marketing manager Nigel Greenaway said: Many lending institutions are already nervous about their construction-related portfolios and will now see a big decline in revenue and profitability in customers 2009 accounts compared with 2008. Greenway explained that while a bank might only look at the accounts and decide not to lend because the firms sales are down, an asset finance company, which has better knowledge of the market and residual values, is much more likely to agree to a transaction.
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Daimler FS posts lower profits, increases penetration rate
Daimler Financial Services (Daimler FS) posted earnings before income tax (EBIT) of 101 million in the third quarter of 2009, the company has announced. This is down from the 173 million EBIT figure recorded in the same period last year, which the captive arm of Daimler attributed to higher expenses for credit risks, as well as expenses incurred in connection with the expansion of the direct banking business at Mercedes-Benz Bank.
ELFA appoints new chairman and board of directors
The American Equipment Leasing and Finance Association (ELFA) has appointed a new chairman and board of directors
ALD Automotive in Chinese joint-venture
ALD Automotive and Fortune Investment have agreed to create a fleet management joint venture in China, it has been announced. The operating leasing subsidiary of the Socit Gnrale Group has joined forces with Fortune Investment, part of Chinese steelmaker Baosteel, with a view to accelerate together the development of fleet management in China, taking advantage of the potential of the automotive sector in this market.
Intesa to finance metro system through leasing-project finance
At a round table to discuss growth an infrastructure projects in Bologna, the city mayor Flavio del Bono announced that financing to build a Metrotranvia for Italys seventh largest city would be provided through a project financing scheme, which could involve some leasing as well.
Cargobull Finance wins fleet deal with Kent-based haulier
Schmitz Cargobull has won an order from Kent-based haulier MJD Services for 20 new Freepost curtain side trailers Finance for MJDs new fleet is being provided by Cargobull Finance, a joint venture between Schmitz Cargobull and Dutch lessor De Lage Landen (DLL). The haulier will operate the trailers on behalf of a soft drink manufacturer, to deliver to retailers soft drinks across southern England as well as into Belgium and Holland.