All articles by Jason T
Jason T
Extinguishing the flames
Daniel Benoit, general manager of 2008s Captive Lessor of the Year, Xerox FS, speaks to Jason T Hesse about possible recovery in the market, customer bankruptcies, and how to drive growth during hard times. Looking back at Leasing Lifes November 2008 issue, Daniel Benoit says that the headline Industry on Fire was an accurate description of how the market was reacting to the crisis Benoit, who took over from Bret Thomas as general manager of Xerox Financial Services Europe at the end of 2008, says the crisis brought a tsunami of bad debt into the market, which caught many lessors by surprise.
Siemens FS: year-on-year results up, quarter-on-quarter results down
Siemens Financial Services has reported strong results in its third quarter compared to the same period last year, although these were down compared to the second quarter this year. Whilst year-on-year, pre-tax profit in the third quarter grew some 47 percent to reach 87 million; compared to its second quarter results, when it reported 117 million in profit, the last quarter was 26 percent down.
European IT replacement cycles remain stable – Siemens Financial Services
Siemens Financial Services revealed that the average refresh periods for hardware, software and office equipment have not changed significantly in the last three years In the UK and Germany the average replacement cycle was 34 months, whilst it was 38 months in France.
GrenkeLeasing reports ?13.1 million profit in first half of 2009
GrenkeLeasing has reported after-tax profit of 13.1 million in the first half of 2009, compared to 16.3 million in the first half of 2008. The group, which took the decision to decrease new business at the end of 2008, saw its equity ratio rise to 17.4 percent
FLA speaks out against Enterprise Finance Guarantee scheme
The UKs Finance & Leasing Association (FLA) believes the UK governments Enterprise Finance Guarantee scheme (EFG) needs to include asset finance for it to be effective. Last week, the Business and Enterprise Committee published its report on the scheme, but according to Julian Rose, head of asset finance at the FLA, the scheme does not go far enough to help small businesses.
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Invigors launching Italian operation
Invigors Italian operation will be set up by Alessandro Iacono, who was previously Southern Europe sales manager at GE Healthcare Financial Services
Russian Bank for Development develops SME leasing programme further
The Russian Bank for Development (RBD), which is in charge of implementing the state SME lending support programme, is developing a new mechanism of SME support through leasing companies. For example, one lessor OOO Transleasing Chelyabinsk was recently given RUB 32 million (722,000) by the RBD, which it then used to fund a leasing project for an SME located in the Republic of Komi
US leasing association voices concern over lease accounting changes
The Equipment Leasing and Finance Association (ELFA), which represents the equipment leasing and asset finance industry in the United States, has officially responded to the proposed lease accounting changes affecting the industry.
GE Capital UK reorganising again, new structure will focus on four customer groups
GE Capital has made public new plans to reorganise its UK businesses, which will focus on four main groups of customers Businesses are having to adapt to an unpredictable business and financial climate, whilst managing uncertain demand and reshaping of the banking system, said John Jenkins, UK CEO for GE Capital
French leasing association reports 20% fall in new equipment finance
French equipment finance lessors financed 5.3 billion of new business in the first quarter of 2009, according to the latest figures reported by the Association Franaise des Socits Financires (ASF), the French leasing association