Tech firm woes to hit new high September 16, 2009 The number of business failures in the technology, media and telecommunications (TMT) sector is set to peak at 2,360 in 2010, exceeding levels seen in the aftermath of the dot-com bust. According to the latest Industry Watch report by accountants and business advisors, BDO Stoy Hayward, the business failure rate will peak at 1.5 per [...]
Cattles creditor talks progressing September 16, 2009 Beleaguered sub-prime lender Cattles yesterday said talks with its creditors to obtain a standstill agreement on its debt were progressing, adding that both sides are currently considering a draft of the heads of terms for an agreement. However, Cattles said it would not be appropriate to reveal details on the specific provisions in the draft, [...]
Sun on the horizon for UK hotels September 16, 2009 The UK hotel industry will soon be over the worst of the downturn, a new report from PricewaterhouseCoopers claims today. The firm predicts that revenue per available room (Revpar) will fall 12.1 per cent overall this year, but that this will slow to a 2.4 per cent decline in 2010. It also said the fall [...]
The British economy needs kid glove treatment September 16, 2009 The collapse in UK output seems to have run its course and activity is now stabilising, but what sort of recovery can we expect? Recent evidence on the economy has been mixed. On the positive side, the latest KPMG/REC Report on Jobs found that permanent and temporary staff appointments rose in August for the first [...]
Music body tries to deny industry rift September 16, 2009 THE BODY representing the UK music business yesterday attempted to quash talk of an industry split over the government’s plans to disconnect people caught illegally downloading music. The controversial issue has polarised the music industry, with some artists supporting business secretary Lord Mandelson’s proposals to disconnect persistent illegal filesharers, but others attacking them. But UK [...]
O2 and BT team up for business September 16, 2009 Mobile network provider O2 said yesterday that it is teaming up with BT to launch its first fixed-line offering to businesses. Telefonica-owned O2 said its has partnered with BT Wholesale to create Joined Up, a new product which will provide business customers with mobile and fixed-line services, along with data, broadband communications, equipment and professional [...]
POWER TO THE PEOPLE September 16, 2009 ACCOUNTANCY giant PricewaterhouseCoopers (PwC) has been named the number one graduate employer for the sixth year running, in The Times Top 100 Graduate Employers. PwC chairman Ian Powell told CityA.M. last week the firm is committed to investing in the downturn, despite profit per partner falling three per cent over the past year. The firm [...]
CITY VIEWS: IS THE ARCHBISHOP OF CANTERBURY RIGHT TO SAY THE CITY SHOULD REPENT FOR CAUSING THE CRISIS? September 16, 2009 LEE VELLEMAN BANCO ESPIRITO SANTO“The public perception of the City is that everyone belongs to the higher echelons of salary and decision making, but for the most part, we are not. To tar every City worker with the same brush is misleading and shows a lack of understanding. It’s like saying that all athletes take [...]
Tenon hails ninth profit rise in a row September 16, 2009 ACCOUNTANCY firm Tenon hailed a ninth straight year of profit growth in its full-year results yesterday, as the firm continued to outperform recession-hit rivals. Andy Raynor, chief executive of the self-styled “adviser to entrepreneurs”, described the profit rise as “an achievement”. He boosted the firm’s dividend seven per cent to 1.5p a share, as its [...]
UK Coal will raise 100m to pay debt September 16, 2009 LOSS-MAKING miner UK Coal’s £100m share placing will be priced at a 37.6 per cent discount to Tuesday night’s closing price of 120.25p. The issue of 142m shares is priced at 75p a share, and will see the company’s market value almost double. UK Coal’s biggest shareholder, Peel Holdings – which owns 28.28 per cent [...]