UK has most distressed firms August 11, 2009 The UK currently has the highest percentage of financially distressed companies in western Europe because of its position as the leveraged buy-out capital over the past decade, a report from bankers at Close Brothers showed yesterday. This, combined with data from rating agencies that cast growing doubt on whether firms are able to repay debt, [...]
Deloitte urges scrap extension August 11, 2009 Deloitte yesterday urged the government to extend the scrappage scheme, a day after the business department said the incentive was half-way through. “The industry has been buoyed; however there is still a real danger that it could suffer another sudden downturn when the scheme ends,” it said.
JJB’S JONES IN BOARD ATTACK August 11, 2009 JJB Sports executive chairman Sir David Jones was left red-faced last night after emails in which he criticises nearly all his fellow directors were leaked. In an email exchange between Jones and former chief executive Chris Ronnie dated October 2008, Jones criticises five members of the board. Four of the men have now stepped down, [...]
Boardroom ban risk for Phoenix 4 August 11, 2009 THE Phoenix Four, the consortium which controlled carmaker MG Rover when it dramatically collapsed in 2005, could be banned from company boardrooms for life. Business secretary Lord Mandelson has asked lawyers to put together the evidence needed to ban John Towers, Nick Stephenson, Peter Beale and John Edwards from serving as company directors in the [...]
FSA in probe of JPMorgan August 11, 2009 INVESTMENT bank JPMorgan Chase has instructed KPMG to conduct a review into its procedures for looking after client money, after a systems error sparked an inquiry into its methods by the City watchdog. JPMorgan confirmed yesterday it had recently discovered an operational error dating back to 2002, which involved failing to keep around £8.5bn of [...]
Friends Prov dives into Cowdery deal August 11, 2009 THE BOARD of Friends Provident unanimously supported a fourth takeover bid from Clive Cowdery’s buyout vehicle Resolution yesterday, heralding an end to one of the world’s oldest life insurers. Trevor Matthews, chief executive of the 177-year old firm that was founded as a friendly society for Quakers, said he was “excited” at Cowdery’s plans to [...]
House prices and home loans showing signs of stabilisation August 11, 2009 HOUSE PRICES rose 1.6 per cent in June on the previous month, narrowing the annual decline to 10.7 per cent, according to official government data published yesterday. The Department for Communities and Local Government (DCLG) said that UK house prices rose by 2.6 per cent in the quarter ending June 2009, compared to a fall [...]
OSBORNE: TORIES ARE PROGRESSIVE August 11, 2009 SHADOW chancellor George Osborne yesterday sought to snatch the “progressive” tag from the Labour party. Osborne said that while Labour would make front-line spending cuts, the Tories would protect departments through efficiency savings. He added the Tories had no secret plan to introduce a 20p VAT rate.
Intercontinental Hotels sees profits plummet in slump August 11, 2009 THE world’s biggest hotel group by number of rooms, Intercontinental Hotels (IHG), yesterday reported a 56 per cent dive in pre-tax profits as the economic downturn continues to squeeze the leisure sector. The group said pre-tax profits for the six months to 30 June fell from $236m (£143m) to $151m, as revenues fell by a [...]
Chinese bank loan growth slows August 11, 2009 New lending by Chinese banks plunged in July while exports fell 23 per cent from a year ago. Exports have been dropping for nine months as consumers in the West tightened their belts further. New loans in July fell to 355.9bn yuan (£31.5bn) from 1.53 trillion in June.