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Kit Menkin’s Leasing News www.leasingnews.org Thursday, January 31,2002 ________________________________________________________________ Headlines— The
Federal Reserve Official Press Release Fed Rate
Commentary From Swiss Re's Chief US Economist
Finova
Delisted from NYSE/To Go OTC Bulletin Board
What Leasing Association Do You Belong To?:
Streamlined Sales Tax Project Report AOL Continues to Lose Money D&B Enters Internet Fray Special:
Super Bowl Betting Fact Sheet from London
### denotes press release On Line Poll---Best Day and Time for “Meet the Leasing News Maker” You may go to www.leasingnews.org, bottom of the page or direct: http://www.leasingnews.org/poll.htm and if you want to see the Virus Warning Chart http://www.leasingnews.org/virus.htm ###### ############################# ############################## Official Federal Reserve Press Release The Federal
Open Market Committee decided today to keep its target for the federal
Signs that
weakness in demand is abating and economic activity is beginning to
firm The degree
of any strength in business capital and household spending, however,
is http://www.federalreserve.gov ### ################################# ######################### Fed Rate Action Commentary From Swiss Re's Chief US Economist New York......Following today's announcement that the Federal Reserve Board would hold the target federal funds rate at 1.75 percent, Swiss Re's chief US economist, Kurt Karl said, "As expected, the Federal Reserve Board gave a 'pass' today. The Fed believes sufficient monetary stimulus is in the pipeline to sustain a full recovery this year. The prepared statement was encouraging, the economy is stabilizing and the Fed has moved to a neutral stance on monetary easing. Given the current economic environment, the Fed is unlikely to ease again in this business cycle. "Despite the rapid easing of monetary policy over the past year, the economic recovery is still a twinkle in Alan Greenspan's eye. The Fed's statement about the economy will reassure consumers and business leaders that the US will soon be on the road to recovery," Karl added. "Signs of economic stabilization should become more apparent this quarter and the economy is forecast to be growing, albeit modestly, in the second quarter. The first half of the year will be lackluster, but by the second half of the year, growth will be more robust. Profit growth will return this quarter or next, spurring business investment to rally in the second half of the year. "The global economy is still fragile, but the easing cycle is mostly over," asserted Karl. "The Bank of Canada, given its 25 basis-point cut on January 15, will hold firm. The UK will also stay pat. Finally, the European Central Bank may cut rates by 25 to 50 basis points before year-end, but this is no longer likely. Global economic recovery is projected for the second half of 2002." Swiss Re is one of the world's leading reinsurers with over 70 offices in more than 30 countries. In the 2000 financial year, gross premium volume amounted to CHF 26.1 billion (USD 15.4 billion) and the net income after tax reached CHF 3 billion (USD 1.8 billion). Swiss Re is rated "AAA" by Standard & Poor's, "Aaa" by Moody's and "A++" (superior) by A.M. Best. ------------------------------------------------------------------------------------------------ Finova
De-Listed from NYSE: Anticipates Trading on the OTC Bulletin Board SCOTTSDALE, Ariz., / -- The FINOVA Group Inc. (NYSE: FNV) and the New York Stock Exchange have agreed that the exchange has suspended FINOVA anticipates that its stock will trade on the over-the-counter bulletin board commencing on Thursday, February 7, 2002. The company expects to receive a new stock "ticker symbol" before trading on the bulletin board. FINOVA continues to remain a public company and files reports with the Securities and Exchange Commission. Those reports are available on the SEC's website at http://www.sec.gov . The FINOVA Group Inc. through its principal operating subsidiary, FINOVA Capital Corporation, is a financial services company headquartered in Scottsdale, Ariz. ####
####################################### ####################### What Leasing Association Do You Belong To?: Four Dear Kit, Standard Professional Services, LLC is a member of *UAEL, EAEL, NAELB, AND MAEL. While we believe that it is important to belong to these different constituent organizations, we also believe that it is time for many of the organizations to merge. With the consolidation of the industry and the attention to costs versus benefits received being the priority topic of both broker and funder, it is time for ego to step aside and reason to prevail. Although not a member of ELA, we too have been riding the coattails of their legislative efforts. Should there not be one organization that speaks for the industry, with subgroups that stratifies , brokers, funders, managers, and other subspecialty orientation.? If not, we are only kidding ourselves as we choose to consume one another. Sincerely, Raphael Lavin, CLP SPSLLC@aol.com PS. We have been active in the associations ! (
*United Association of Equipment Leasing, Eastern Association of Equipment
Lessors, ( ELA—Equipment Leasing Association ) ( for more information go to: http://www.leasingnews.org/associations.htm this page is in the process of being up-dated for the year 2002. editor ) ----- We belong the ELA, EAEL, UAEL and CFA....all are different and all add value to our business and to me personally. I have been active in all them, serving on committees is the best way to really forge business and personal relationships in this business. I believe that to grow, learn and survive in any industry that you should be active in ALL the associations. They all serve a different purpose. Sincerely, Deborah J. Monosson President BOSTON FINANCIAL & EQUITY CORPORATION 20 Overland Street Boston MA 02215 617-267-2900 Tel 617-437-7601 * CFA Commercial Finance Association Phone:
212-594-3490 Founded
in 1944, the Commercial Finance Association is the trade group For a full list of related leasing associations and foundations, go to: http://www.leasingnews.org/associations2.htm Streamlined Sales Tax Project Report The
following message is from Christina Fletcher, Attorney, Louisiana Department
of Revenue. Hello, During
the Project meeting held last week, the five definitions included in
Alternative 4 of the Now
that these basic concepts have been finalized, the subgroup plans to
address any remaining collateral issues involving software. Items suggested
at prior teleconferences and during the tpp
1- ASPs (application service providers) - classifying software that
allows customers to
2- Intercompany transactions involving software (the NY statutes utilized
in drafting the "prewritten software" 3- How the SSTP treatment of software will work with the EU/OECD rules on software; and 4- Classifying/defining the various steps relating to digital downloads of software. Please
forward to me at CFLETCHER@rev.state.la.us <mailto:CFLETCHER@rev.state.la.us>
any It
was suggested that the subgroup hold a series of teleconferences instead
of scheduling a meeting so that In an effort to finalize the list of collateral issues and the dates for the teleconferences, please contact me by Friday, February 1st, with your suggestions or comments. I will e-mail this group next week and provide an updated list of issues as well as confirm the teleconference dates and times. Thank you, Christina Fletcher Dennis Brown AOL Continues to Lose Money During
the quarter, the company's flagship Internet service added 1.9 million
new members, In a conference
call, Chief Operating Officer Bob Pittman noted that AOL was hurting
from ``They
cried uncle. The reality is ad revenue is high-margin revenue. When
it goes away, D&B Enters Internet Fray ### ############################ ##################### D&B,
a provider of global business information and technology solutions,
www.dnb.com #### ##################################################### Superbowl
Betting Fact Sheet
A $50 wager wins $5,000 if you bet that there will be less than 14 points scored in the Superbowl! A $50 wager wins $1,000 if you bet that Drew Bledsoe will be the Superbowl MVP! A $50 wager wins $1,500 if you bet that Kurt Warner will Score the First TD! A $50 wager wins $900 if you bet that the Rams will have a winning margin between 29 and 32 points! A $50 wager wins $2,000 if you bet that the first score will be a safety! You can wager that Michael Jordan will Outscore the Rams! You can wager that Torry Holt will have more Yards than Tiger's 4th round in golf! http://www.sportsbook.com/
--30--jar/mi* CONTACT: Sportingbet plc, London Colin Walker, (011) 44.207.251.7282 ################### ########################## www.leasingnews.org
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