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Profile: Patrick Beseleare of ING Lease
 Earlier this year Patrick Beseleare was promoted from the post of chief executive of ING Lease Belgium to Global Product Head of General Lease. The promotion was significant for Beseleare giving him responsibility, as it does, for ING’s general leasing products in Belgium, Luxembourg, Netherlands, Poland, Romania, Turkey and the UK.
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Lessee Accounting: Decisions now due in June
  The standard setters are taking their time in the attempt to resolve the issue of lessee accounting for operating leases under the proposed new lease accounting standard. It is now clear that no decisions will be reached this month. However, the joint staffs of the two Boards – the International Accounting Standards Board and the US Financial Accounting Standards Board – have now produced a report on the results of the latest outreach process among lessees and account users (see AFI report, April 30).
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 Boart Longyear Financial Services aims for growth
Boart Longyear is the leading global provider of mineral exploration drilling services and drilling products. The company is the only integrated drilling services and products provider to combine engineering excellence, global manufacturing facilities - as well as being the most experienced drilling services group in the business. Furthermore it has over 120 years of global mineral exploration expertise.
Last September it established Boart Longyear Financial Services (BLFS), in conjunction with Ecologic Leasing Services, with the aim of offering its international customers access to a range of the most competitive equipment finance products.
BLFS are looking for lessors to join the Global Leasing Network, especially those that are active in the mining industry and with an appetite for providing finance to those sectors in which Boart Longyear specializes. Click the banner below to join.
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Ritchie Bros' roadmap for lessors
 Last month Ritchie Bros held an inaugural auction at its new UK site. The event attracted over 630 online and on-site bidders and confirmed Ritchie Bros’ position as the world’s largest industrial auctioneer.
Their growth has been little short of phenomenal, demonstrating, as it does, the need for a complete re-think in the way end-of-lease used equipment returns to the market.
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Peter Cooke reports on some dismaying features of the UK economy in Q1 2012
 Professor Cooke seeks to review the UK economy in Q1 2012 and look forward to changes in the second quarter. The expectations are, to say the least, muted – the only defence is ‘objectivity and independence’.
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Asset Based Finance boom set to boost UK optimism and beat EU's ongoing credit crunch
 Asset Based Finance is set to grow by 9% in 2012, according to a new survey from the Asset Based Finance Association. The new survey is the first time the ABFA has asked its members to predict industry growth figures for the following year.
The survey forecasts that turnover from companies using asset based finance in 2012 will hit £259bn, up 12% from £235bn in 2011.
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Liam Halligan explores the myth of Russia's capital outflows
 Mainstream opinion continues to have it that “capital is quitting Russia by the bucket-load”. The result is that most investment professionals are unwilling even to consider entering the market. The reality is, though, that there are many ways to interpret these numbers and, on balance, the outflow data overwhelmingly point to financial and commercial phenomena which reflect Russia’s growing economic strength.
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Ukraine conference offers insights into booming marketplace
 The forthcoming III Annual International Leasing Conference will be held on May 17th at the Grand Admiral Club, Kiev.
The theme of the conference is Lessons of the Crisis and Prospects of Leasing Development in Ukraine and the organizers have concentrated their presentations on vitally important trends within the financial markets of Ukraine and Europe.
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Lessee accounting: ELFA welcomes wider options on operating lease expensing
 As noted in earlier Asset Financial International reports, the accounting standard setters are currently consulting with lessees, lessor interests and account users on the question of lessee accounting for operating leases.
The latest development is that the range of possible solutions under consideration has been extended, to include the one most favoured within the leasing industry.
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The "Lucky Country" faces turbulent times
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 On May 1, 2012 the Reserve Bank of Australia cut its key interest rate from 4.25% to 3.75%. The move sparked a fall of 1% of the Australian dollar against the US dollar to A$0.969, and a five-month low of A$1.5719 against the UK pound.
So what of the so-called “lucky country” which seemed to have come through the recession in better shape than many other countries?
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Profile: George Ashworth of Aldermore Asset Finance
 George Ashworth, managing director of Aldermore Asset Finance is bullish. He has every right to be - since despite the economic downturn AAF’s trade is booming. It gives him time to reflect on the larger picture.
The larger picture, of course, includes the valid question as to why AAF was created when it was in September 2009 - at the very start of the biggest economic recession for decades.
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"Good opportunities" for green lessors exist within UK government's initiatives
 Asset lenders and lessors seeking to diversify into new profitable sectors are being handed a raft of options within the renewable energy industry.
Earlier this year the UK government confirmed its decision to cut Feed-In Tariffs for solar panel installations by half.
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Paul Errington tells of recent leasing regulation initiatives in China
 One of the major challenges facing the Asian market, to allow equipment leasing to grow, is that of legislation.
The Chinese Ministry of Finance is aware of this and is currently trying a pilot scheme in Shanghai to address the issues of Value Added Tax and Business Tax when it comes to leasing equipment in certain industries.
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IAA-Advisory broadens and deepens captive finance experience
 IAA-Advisory, a leading advisor to the global asset finance industry, has added to its already extensive expertise in captive and vendor leasing: Ward van den Dungen, formally of Océ Technologies has joined their board.
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European SMEs hesitate to invest in new equipment as uncertainty continues
 Small to medium-sized businesses across France, Italy, Germany and the UK are planning to invest an estimated €290bn over the next 12 months, according to the GE Capital European SME Capex Barometer. The Barometer reveals that investment intentions for the year ahead will represent a 3% increase – a rise of €9bn.
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News from EMEA
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News from US and Canada
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Job Co-op Automotive plans revolution in auto showrooms
 The UK retail automotive sector has long been hamstrung by what can best be described as short-termism when it employs staff – especially sales staff.
Ken Trinder is director of newly-formed Job Co-op Automotive. He told Asset Finance International that this level of turnover has a wide variety of consequences.
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David Hosking argues that Salary Sacrifice take-up can be "significant"
 A recent survey by ACFO, reputedly found a take-up of just 0.6%, “significantly below that indicated by many of the providers of such schemes." That is not the experience of Tusker, whose SalarySacrifice4Cars scheme has seen an average take-up of 4.5% for schemes running for 12 months or more and an average of 6.8% for schemes running for over 24 months.
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