International

Mitsubishi Establishes Leasing Company in China

Mitsubishi announced the establishment and commencement of a leasing company, Hongling Financial Leasing, in Shanghai, China. Hongling will be leasing construction machinery manufactured by Hitachi Construction. read more

UBS Announces Record $1.5B LIBOR Settlement

UBS announced a record settlement with global authorities agreeing to $1.5 billion in fines for its role in a multiyear scheme to manipulate interest rates. read more

Bloomberg: EU Car Sales Reach 19-Year Low

Bloomberg reported that European Union car sales fell to a 19-year low, as a recession in countries using the euro hurt demand. A trade association predicted this year’s European car sales will be the fewest since 1995. read more

Societe Generale EF Named 'European Lessor of the Year'

Societe Generale Equipment Finance said it received the "European Lessor of the Year" and "SME Champion of the Year" awards at the Leasing Life Awards ceremony. read more

Bloomberg: UBS Close to $465MM LIBOR Settlement

Bloomberg is reporting that UBS is close to making agreements with regulators to pay $465 million to settle allegations traders tried to rig global interest rates. read more

U.S. Said to Weigh Tightening Rules for Foreign Lenders

Bloomberg reported that as part of new standards for the nation’s largest banks being drafted by the Fed, U.S. units of foreign lenders may be required to comply with tougher capital rules that some banks sought to skirt. read more

Bloomberg: Goldman Turns Down Banks as Crisis Lingers

Bloomberg reported that Goldman Sachs turned down roles in offerings by banks in Spain and Italy this year, the only top U.S. securities firm not to take part in the fundraisings by southern European lenders. read more

Cat Financial, Standard Bank Co-Brand Financing in Africa

Cat Financial and Standard Bank said they have entered into an agreement through which the bank will provide a range of financial services to Caterpillar’s customers in six African countries. read more

WSJ: China's Construction Equipment Industry Struggles

The Wall Street Journal reported that despite signs of improvement from this year’s industry-wide sales slump, Chinese construction equipment makers have seen Q3 net profit declines. read more

European Equipment Leasing Market Shows Growth H1/12

Leaseurope's biannual survey of the European leasing market indicated that new equipment and vehicle leasing volumes in Europe increased by 3.4% in H1/12 compared to the same period a year ago. read more

WSJ: G-20 Urged to Get Tough With EU, U.S. on Banks

The Wall Street Journal reported that global banking regulators urged the G-20 to call the U.S. and EU to account for shortcomings in their implementation of new rules aimed at making the financial system safer. read more

Euro-Area Recession Deepens as Manufacturing Shrinks

Bloomberg reported that Euro-area services and manufacturing output contracted more than economists forecast in October and German business confidence dropped to lowest in more than 2 1/2 years. read more

Alta Group: Latin American Leasing Industry Declines

Latin America’s equipment leasing and asset finance industry shrank by 13% in overall portfolio value in 2011, according to The Alta Group. read more

Leasing Foundation Announces Founding Fellows

The Leasing Foundation announced the names of the Founding Fellows, a group of leaders from across the industry who will head the Foundation’s Fellowship by encouraging conversations around key issues and helping the Foundation create relevant research. read more

EU Lawmakers Back 'Jail Time' for Market Riggers

Bloomberg reported that European Union lawmakers are backing punishments for market abusers, including jail time, in a bid to prevent any repeat of the scandal engulfing LIBOR and other interbank lending rates. read more

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