In its latest report on manufacturers’ shipments, inventories and orders, the U.S. Census Bureau said new orders for manufactured durable goods in February increased 5.7%. This increase, up five of the last six months, followed a 3.8% January decrease.
Ernst & Young announced that Shawn Pride, founder and CEO of P&L Consulting Group, along with her former team, have joined the firm’s Financial Services Office in New York and Dallas
ABF Journal, NYIC and the Philadelphia Chapters of the CFA and TMA will feature senior executives from CIT, Wells Fargo Capital Finance, PNC Business Credit and Gemino Healthcare Finance.
Fifth Street Finance announced that Fifth Street Mezzanine Partners V, its second SBIC subsidiary, had the pricing fixed on $32 million of its outstanding debentures at a rate of 2.351% per annum for ten years.
The Wall Street Journal reported that William Dudley, president of the Federal Reserve Bank of New York, promoted a plan for the central bank to scale back the pace of its bond-buying program as the jobs market improves.
Bloomberg reported that JPMorgan clawed back more than $100 million in pay from managers responsible for its record trading loss. Bloomberg also notes JPM’s board continues to back Jamie Dimon in his dual roles as chairman and CEO.
The Financial Times reported that U.S. lawmakers are considering limiting the tax deductibility of interest payments for businesses, a measure that would dramatically transform corporate finance by reducing the bias towards debt in the tax code.
Reuters reported that global regulators have proposed hefty charges to cancel out capital relief banks enjoy when buying pricey insurance to cover risky loans without acknowledging the cost in a timely way.
CFO reported that by setting new standards for bank underwriting, the Fed, FDIC and OCC ensure private-equity firms and companies will have to meet higher standards when seeking buyout loans.
World Business Lenders said it closed a credit facility with Harvest Capital Credit. The financing will be used to increase WBL’s lending to small business across the U.S.