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
funds rate unchanged at 1-3/4 percent.

Signs that weakness in demand is abating and economic activity is beginning to firm
have become more prevalent. With the forces restraining the economy starting to diminish,
and with the long-term prospects for productivity growth remaining favorable and monetary
policy accommodative, the outlook for economic recovery has become more promising.

The degree of any strength in business capital and household spending, however, is
still uncertain. Hence, the Committee continues to believe that, against the background
of its long-run goals of price stability and sustainable economic growth and of the information
currently available, the risks are weighted mainly toward conditions that may generate economic
weakness in the foreseeable future.

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 
trading
in FINOVA's common stock after the close of the market yesterday, Wednesday, February 6,
2002. 
This action is due to FINOVA's common stock trading below $1.00 per share for more than 30
consecutive
trading days.
 
    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,
National Association of Equipment Leasing Brokers, Mid-America Association of 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
www.cfa.com
225 West 34th Street
Suite 1815
New York, NY 10122
United States

Phone: 212-594-3490
Fax: 212-564-6053
E-mail: postmaster@cfa.com

Founded in 1944, the Commercial Finance Association is the trade group
of the asset-based financial services industry, with members throughout the
U.S., Canada and around the world. Members include the asset- based
lending arms of domestic and foreign commercial banks, small and large
independent finance companies, floor plan  financing organizations, factoring
organizations and financing subsidiaries of major industrial corporations.
CFA membership is by organization, not by individual. Many of the organizations
are involved in leasing, either directly to end users, vendors, or providing funds for lessors.

 

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. 
Ms. Fletcher is Chair of the Tangible Personal Property subgroup of the Streamlined Sales Tax
Project:

 

Hello,

 

During the Project meeting held last week, the five definitions included in Alternative 4 of the
TPP Subgroup's Software Issue Paper were voted on and approved by the participating states.
These five definitions are: "Computer Software," "Computer," "Electronic," "Prewritten Software,"
and "Delivered Electronically."

 

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
subgroup meeting in New Orleans are:

 

            1- ASPs (application service providers) - classifying software that allows customers to
access the
ASP and software temporarily downloaded from the ASP onto the customer's computer;

 

            2- Intercompany transactions involving software (the NY statutes utilized in drafting the "prewritten software"
definition contain an exemption for computer software transferred to affiliated corporations);

 

            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
other issues that the subgroup could address in an effort to modernize and streamline sales and use tax
administration of software transactions.

 

It was suggested that the subgroup hold a series of teleconferences instead of scheduling a meeting so that
a wider audience of both private and state representatives could join the discussions. Over 80 people are
involved with the
subgroup's work, so I would like to establish the teleconference schedules early to maximize participation.
Therefore, I suggest the following dates and times for the calls: Wednesday, February 6th, Wednesday,
Feb 20th, and Monday, March 4th, all from 10:30 a.m. to 12 noon ET. Please let me know if there are any conferences
or meetings that would affect a large number of participants and alternative date(s) can be arranged.

 

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

DBROWN@ELAMAIL.COM

 

 

AOL Continues to Lose Money

 

During the quarter, the company's flagship Internet service added 1.9 million new members,
bringing the AOL subscriber base to 33.2 million worldwide. Included in that global total are
851,000 non-U.S. members, bringing the total of international
subscribers to 8 million.

In a conference call, Chief Operating Officer Bob Pittman noted that AOL was hurting from
the ad recession and its revenues per subscriber would rebound once the ad market came
back. The company, however, is budgeting for ad spending to be flat this year.

``They cried uncle. The reality is ad revenue is high-margin revenue. When it goes away,
cash flow goes away,'' SG Cowen analyst Peter Mirsky said, noting that the company
was not talking as much about its diversified revenue base as it had last year.

D&B Enters Internet Fray

 

### ############################ #####################

 

D&B, a provider of global business information and technology solutions,
launched D&B Global DecisionMaker, a Web-based Risk Management Solution
that offers customers real time automated credit risk decisioning.

"Global DecisionMaker is a simple and fast Web-based credit decisioning solution.
Customers simply set up their own decision rules and then access the Global
DecisionMaker website (www.dnbdecisionmaker.com)
for real time recommendations on whether or not to grant credit," said Steve Alesio,
senior vice president, D&B. "D&B offers Web-based, global information and
decisioning solutions and our customers are already
benefiting from this powerful combination."

D&B Global DecisionMaker is a Web-based tool that provides real time credit decisions.
Customers create, adjust and maintain their own credit risk policies, combining internal
knowledge with D&B's global data to deliver, automated credit decisions worldwide.

www.dnb.com

 

#### #####################################################

 

Superbowl Betting Fact Sheet


    LONDON--( -The Superbowl is the single largest sporting event of the year with
almost 100 million viewers from around the world. The single largest number of viewers
was in 1996 when over 94 million people watched Dallas beat Pittsburgh.
    More than half (55 percent) of American adults plan to watch the Super Bowl
this Sunday, according to a Duracell survey.
    The Superbowl is also the biggest gambling event of the year and experts believe that
over $4 billion will be wagered on the game worldwide. According to the Las Vegas Sun,
only $67 million was bet on the Superbowl with the casinos in Nevada.
    According to Bear Stearns, an estimated 4.5 million people regularly gamble online. An
estimated $3 billion was bet over the Internet this year just on sports.
    Sportsbook.com is the leader in Internet gaming, taking in over $750 million in sports
wagers over the past year and over $1 billion in casino wagers.
    Sportsbook.com is expected to handle well in excess of $15 million just on the Superbowl
game alone for over 50,000 customers.
    St Louis is currently a 14 point favorite over New England and so far the bettors are taking
all those points and putting most their money on the Patriots. The game is also being bet heavily
on going over the posted 53 points.
    There are currently over 500 different ways to place a wager on the Superbowl.

 
  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/


    Sportsbook.com is part of the Sportingbet plc family of Internet gaming sites, which
includes sportingbet.com, wallstreet.com, playersonly.com and more.
Sportingbet plc is traded on the London Stock Exchange and operates around the
world with operations in Australia, Taiwan, the Americas and throughout Europe.

    --30--jar/mi*
 
    CONTACT: Sportingbet plc, London
             Colin Walker, (011) 44.207.251.7282
 
################### ##########################
 

 

[Back to Archives]

www.leasingnews.org
Leasing News, Inc. (Pending)
346 Mathew Street,
Santa Clara,
California 95050
E-Fax: (781)459-4789
kitmenkin@leasingnews.org
Policy Statement