All articles by Brendan Malkin
Brendan Malkin
PACCAR Financial Services in Q4 upturn
During Q4, on the back of revenues totalling $254.9 million (184.2 million), PACCAR Financial Services, the captive finance house for Kenworth, Peterbilt and DAF trucks, had a net income of $46.1 million, an equivalent of 41 percent of net income for the whole year.
Revealed: Harrods at the centre of major leasing scam
Eight leasing companies have won a major legal battle to recover from a safety deposit box at Harrods hundreds of thousands of pounds stolen from them by two businessmen, Leasing Life has learnt Around £450,000 was forfeited from the department store following a recent court hearing in which a judge upheld an application by a large anti-fraud agency to seize the cash under the Proceeds of Crime Act. The defendants, one of whom is linked to a large property chain, duped the victims, a mix of bank-owned lessors and independent leasing companies, into signing-up to fresh air and dual financing transactions.
Syscap reports hike in IT vendor JVs
Evidence has emerged of an increased use of leasing by the IT sector, with Syscap claiming it saw a 127 percent increase in vendor partnerships during 2009. The IT lessor and lease broker said that last December it signed 62 vendor partnership agreements, compared to just 49 during the same month in 2008
Estonia leasing down 70%
Estonias leasing market declined by almost 70 percent last year, despite seeing a hike in new business during December. New sales in 2009 totalled EEK4.9 million (313 million) compared to EEK15.1 million (965 million), figures published today by the Bank of Estonia show. There was a slight pick-up in December with new business for the month totalling EEK452 million (29 million) compared with a monthly average for the year of around EEK370 million (26 million)
Leasing gets militant
Sweeep, a UK recycling company, was at the centre of a storm last month after, initially, Barclays showed some risk-related concerns over financing one of its latest bit of environmentally friendly wizardry a piece of equipment that can recycle thousands of television screens each day.
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Barley to step down from Close (Free)
Close Asset Finance is on the hunt for a new head following a decision by Mike Barley to step down after 11 years in the position, Leasing Life has learnt
GrenkeLeasing sees hike in profit margin
GRENKE Group saw a rise in its profit margin last year on the back of growth in new business during the last quarter and in its international arms. Its contribution margin, similar to the UKs profit margin, totalled 18.8 percent, 2.9 percent higher than it was in 2008. New business at the small-ticket IT leasing company, which is listed on the Frankfurt Securities Exchange, declined 17.3 percent year-on-year, although this was largely due to the companys focus during the year on securing liquidity and profitability rather than volume growth.
Editor’s Letter: Why lessor and supplier don’t get on
Perhaps not at least according to the European Commission, which is considering forming a so-called European System of Financial Supervisors to oversee financial institutions, and also a European Systemic Risk Council, which will monitor the stability of the financial system (see Fresh scrutiny of lessors)
Rail finance: More non-Roscos tipped to enter market
Leading the charge among lenders in the public sector in Europe was Dexia Bail which, in a matter of just a few months, won a flurry of large public sector deals, including a 400 million operating lease financing of 60 trains for Metro de Madrid and a 149 million contract to finance new rolling stock in the Cte dAzur.
Action needed over scams
In a 12 months rocked by increasing numbers of telecoms and repro scandals, the leasing industry needs to unite in a fight against wrong-doing in 2010, reports Brendan Malkin.