All articles by Claire Hack
Claire Hack
Flexible funding for data storage
A fierce bidding war between Hewlett-Packard and Dell to acquire 3Par drove the price of the company up to $2.35bn (1.83bn) at its close on 2 September, a sum underlining the significance of the purchase
Asset finance market share up at Close
Market share of new business for asset finance at investment bank Close Brothers rose to 6% in 2010, its annual report shows. The report, for the year ended 31 July 2010, shows an expansion of the asset finance loan book, up 26.5% from £712m (840.5) in 2009 to £900.8m in 2010. Its share of the used car independent dealership market also rose from 5% to 9%, while invoice finance rose to 13% of the independent market.
Marketing company for leasing launched
SG Equipment Finance and Five Arrows Leasing Group are among the clients of a new marketing company focusing specifically on the asset finance and leasing sector. UK-based KMA Communications was launched by partners Heather Kidd and Lesley in a bid to help clients develop their brands. Muir said: Its a tough time for leasing but also a very interesting time for the sector and its supplier base.
CNH Capital profits up in 2009
CNH Capital Europe Ltd, the captive arm of agricultural and construction equipment manufacturer Case New Holland, reported profit after tax up 11.8% to £4.24m (5.13m), in the year to 31 December 2009. Non-consolidated results for the company, a joint operation between BNP Paribas Lease Group (BPLG) and CNH Global, show a rise in gross profit of 6.3 percent to £6.13m. The directors report said: The company has achieved satisfactory results in the year; has traded successfully in its chosen markets; and is expected to continue to do so.
VR Leasing offers agriculture funding
German lessor VR Leasing is to offer subsidised equipment financing for farm and agri-food businesses via funding from LRB, Germanys development agency for agribusiness. Leasing packages will be offered from a 125,000 pot with involvement from a variety of programmes at LRB, including growth and sustainability schemes The Energy from the Land programme will also continue, aimed at financing renewable energy facilities for customers in the agricultural and food industry in partnership with LRB.
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HP announces integrated solutions
IT giant HP has today announced the introduction of integrated solutions intended to simplify operations and speed up IT resource consolidation, with implications for its financial services arm. A spokesman for HP Financial Services (HPFS) said: The announcement notes that HPFS can help clients unlock budget potential and gain a better return on their technology investments through the HP Financial Solution Analysis. The Financial Solution Analysis is a diagnostic tool aimed at helping enterprise clients to analyse costs related to IT and they can then be directed to HPFS financing offering
Hitachi Capital signs deal with Manheim
Berkshire-based HCVS is expected to remarket more than 15,000 vehicles through various Manheim sales channels during the course of the contract period and more than 100 cars per week will be offered through Manheims Leeds and Bristol auction centres.
H1 results released for French market
New business volumes in equipment finance dropped 0.3% during H1 to 10.6bn, compared to a drop of 23.9% in H1 2009 The ASF attributed this to a modest growth in Q2 2010, which was not enough to support positive changes throughout the first six months of the year.
Bibby FS launches IT finance solution
A spokeswoman for Bibby Financial Services IT Finance solution said: This product has been developed as a direct response to market demand and is set to become a key offering for IT companies, providing a more flexible funding solution in tune with their needs.
HCVS steers a profitable course
Hitachi Capital Vehicle Solutions (HCVS) reported a rise in turnover of 3.77% to £108.9m in the year to 31 March 2010. The companys non-consolidated results showed profits after tax more than tripled to £8.1m in the year to 31 March 2010, up 324% from £1.9m in 2009 It put the rise in profit after tax down to lower finance costs and higher operating profit, and a significant recovery in the used car market, driven by a shortage of stock.