All articles by Jason T
Jason T
MAN Finance reports ?7 million pre-tax loss
MAN Finance has reported a pre-tax loss of 7 million in the first quarter of 2009, significantly down from the previous years profit of 2 million. According to the manufacturers quarterly report, its financial services unit recorded a total operating loss of 6 million as a result of higher funding costs and risk provisions. The losses are despite total income from MANs financial services unit rising from 37 million to 46 million in 2009
GE Capital announces senior leadership team in UK
Following its recent reorganisation, GE Capital has announced its senior leadership team in the UK, headed by John Jenkins. During this period of turmoil we need to focus on redefining the value whilst providing commitment to our customers and UK businesses when they need it the most, said John Jenkins, GE Capitals UK CEO.
Avaya Germany restructures leasing business
Business telecoms equipment provider Avaya has announced plans to split its German operations into two business units, one focusing on customers wanting to buy Avayas products, and the other on customers interested in leasing hardware.
UK reseller Teneo launches own in-house leasing service
Reading-based reseller Teneo has launched its own leasing service for customers looking to acquire wide area network (WAN) optimisation solutions. Last year, the reseller doubled revenues to £8 million (9.1 million), and following the fall in interest rates, is now keen to make the most of its cash reserves. Because the company has been successful, we have built up a stockpile of cash, Piers Carey, chief executive of Teneo, said
Invigors to open German office
Lease consultancy Invigors is setting up an operation in Germany, aimed to complement its existing associate network which already covers the CEE region. With lessors focus on capital allocation and profitability there is clearly the opportunity to bring Invigors wide range of consulting expertise to the German market, said Fischer.
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EIB to lend ?440 million to SMEs throughout CEE region
The European Investment Bank (EIB) has announced it will lend 440 million to SMEs across central and eastern European through subsidiaries of Austrias Erste Bank AG. 100 million will be allocated specifically for leasing, and will be provided through Erste Banks Immorent leasing unit to borrowers in the Czech Republic, Hungary, Slovakia, Poland, Romania, Bulgaria, Slovenia and Austria. In the current turbulent climate more than ever, we need to ensure that SMEs have an improved access to financing, so that they can continue their activity, said Andreas Treichl, Erste Banks chief executive.
Cattles considers sale of invoice finance arm
Troubled sub-prime lender Cattles is considering spinning off its invoice finance arm, according to a regulatory statement. We confirm we are exploring options in relation to Cattles Invoice Finance, including a potential disposal, said the company.
IT lessor CSI Leasing announces partnership with Aruba Networks
Independent IT lessor CSI Leasing UK has announced a new strategic partnership with Aruba Networks, an international wireless LAN vendor, in which CSI will provide lease finance to Arubas customers in the UK. We are delighted to be working more closely with Aruba and we aim to provide competitive finance solutions for all Arubas product range, which will enhance the already great relationships Aruba enjoys with its customers, said Chris Lloyd, CSIs sales manager in the UK.
BNP Paribas sees financing revenue fall
BNP Paribas equipment solutions division made a pre-tax loss of 16 million in the first quarter of 2009 representing a hefty fall year-on-year, when comparing the results to the pre-tax profit of 89 million it had achieved in the first quarter last year. The equipment solutions division which includes BNP Paribas Lease Group as well as the Artegy, Arius and Arval subsidiaries also saw revenues fall by just over 25 percent year-on-year, to 212 million last quarter
3 Step IT turnover continues to grow in first quarter
3 Step IT, the Finnish ICT equipment life-cycle specialist has posted turnover of 49.3 million in the first quarter of 2009, a 2.6 percent growth Challenging times create opportunities for strong and profitable companies such as 3 Step IT, said Artti Aurasmaa, the companys CEO, who added that he has plans on expanding into at least one new European country by the end of 2009.