96 jobs to go as Dewey put into administration May 29, 2012 ALMOST 100 London employees of defunct law firm Dewey & LeBoeuf were made redundant yesterday, after its UK and Paris operations were put into administration. The City firm’s US parent company filed for Chapter 11 bankruptcy protection late on Monday night, marking the end to weeks of turmoil at the 103-year-old law firm. The UK operation, [...]
MEET THE ADMINISTRATORS: BDO May 29, 2012 MARK SHAW HEAD OF BUSINESS RESTRUCTURING AND INSOLVENCY SHAY BANNON PARTNER The troubled law firm’s London and Paris offices are being taken care of by Shay Bannon and Mark Shaw, business restructuring partners at BDO, as joint administrators until a core team assists in the winding-down of the business. Shaw is a London-based partner at [...]
US morale falls but house prices gain May 29, 2012 US HOME prices edged higher for the second month in a row in March as the housing recovery picked up traction, while gains in some of the hardest hit areas suggested the improvement was becoming more broad-based. But consumer confidence cooled in May to its lowest level in four months, separate data showed yesterday, as [...]
Ashurst sees revenues increase May 29, 2012 Law firm Ashurst posted a six per cent rise in turnover for its 2011-12 financial year yesterday, with revenues rising to £322m from £303m in the previous 12 months. The figures do not include revenue derived from Ashurst’s tie-up with Australian firm Blake Dawson, which was agreed in September last year. Though Blakes is now [...]
Electra’s net asset value rises May 29, 2012 Electra private equity yesterday posted a jump in half-year net asset value (NAV). The firm said diluted NAV per share rose 6.1 per cent to 2,360p in the period to 31 March and said it had an investment capacity of £449m. It believes a broader funding shortfall will create more chances to invest in the [...]
Canaccord plans move to LSE May 29, 2012 Canaccord Financial has said it will leave small cap index Aim and move to the main market of the London Stock Exchange. The change comes after the firm agreed to buy London stockbroker Collins Stewart Hawkpoint in December.
Gupta argues over evidence May 29, 2012 A number of people other than Rajat Gupta could have leaked confidential information about Procter & Gamble’s sale of its Folgers coffee unit in 2008, Gupta’s lawyer implied to the jury at his insider-trading trial yesterday. Gupta, who was arrested last October, has pleaded not guilty and argues that the prosecution’s evidence is circumstantial.
Better weather prompts retail rebound in May May 29, 2012 SHOPPERS hit the high street in force this month after April’s washout, industry data showed yesterday, and retailers expect sales to remain strong through June. Sales were higher this month than in May of last year according to 43 per cent of retailers, while just 23 per cent reported a fall – leaving a positive [...]
Facebook escapes blame over botched listing but banks disliked May 29, 2012 FACEBOOK’S recent IPO debacle has had a mixed impact on the perception of the US brands involved. YouGov’s BrandIndex clearly registers the negative buzz surrounding alleged mismanagement of the Facebook IPO. Our Buzz score is driven from the net of those that say they have heard negative buzz about a brand compared with those who [...]
Top economist: prepare for Grexit May 29, 2012 It is sensible to make contingencies to insulate the UK from any Eurozone breakup, the Bank of England’s chief economist Spencer Dale said yesterday, stressing the importance of fostering the gradual economic recovery which he believes is now underway. “The Eurozone is our largest trading partner, and there are strong financial links,” he explained to [...]