Ian Powell set to renew PwC chairmanship January 22, 2012 IAN POWELL is expected to be re-elected unopposed as chairman of PwC for a second term, as no rival candidates have emerged nine days before the deadline for candidacies. “At this stage, it is not expected that a challenger will come forward,” a source close to PwC told City A.M., although any of the Big [...]
Greek debt talks could fail on new demands January 22, 2012 NEGOTIATIONS between financial authorities and bondholders may be derailed this week by the increasing demands of the European Commission, ECB and IMF. However, Charles Dallara, head of the Institute for International Finance (IIF), which represents investors holding around €200bn (£165.7bn) of Greek government debt, yesterday announced he “remains hopeful” that a deal will be reached [...]
Peacocks still searching for white knight January 22, 2012 PRIVATE EQUITY firms and buy-out groups are poised to make a bid for Peacocks, the discount clothing chain, which collapsed into administration last week. Its administrators KPMG will open the data room to Peacocks today, which will allow potential bidders to browse financial and other relevant data on the firm. KMPG expects to receive the [...]
Jobs fear cuts short protest January 22, 2012 THE protesters entered quickly and quietly in trademark style. They left with similar speed, however, when they realised their takeover of a City office block – owned by Berkeley Homes – risked adding to the ranks of the poor, rather than helping them. The takeover of Roman House in the Barbican was the shortest of the [...]
Romney vows transparency after defeat January 22, 2012 REPUBLICAN presidential candidate Mitt Romney pledged yesterday to release his tax returns this week, bowing to pressure from critics and hoping to make up for a misstep that helped rival Newt Gingrich win South Carolina’s primary race. Long considered the frontrunner, Romney stumbled badly in debates last week on his delay in disclosing his tax [...]
Giffords to step down to focus on her recovery January 22, 2012 US REPRESENTATIVE Gabrielle Giffords, who was shot in the head during a shooting spree in Tucson a year ago, said yesterday that she will step down this week from the US Congress to focus on her recovery. “I have more work to do on my recovery, so to do what is best for Arizona I [...]
Fitness First faces £550m restructure January 22, 2012 GYM giant Fitness First is restructuring its £550m debt pile just months after global market turmoil forced it to put off a float in Singapore. The chain, which is owned by private equity house BC Partners, is set to meet its lenders over the coming months because of an expectation it will breach the terms [...]
Ernst and Young: expect a jump in profit warnings January 22, 2012 PROFIT warnings soared in the final quarter of 2011, with Ernst and Young claiming yesterday that the growing gap between “star performers” and “zombie” companies points to more this year. The three-month period saw a 70 per cent jump in warnings – the highest quarterly rise since early 2001. Quoted companies issued 88 profit warnings [...]
Unused state offices to be let to small firms January 22, 2012 EMPTY government office spaces are to be made available to small businesses for low rents, David Cameron will announce today. Around 300 state-owned buildings are currently unused, and while the priority is to sell off unused assets, in the meantime they will be let out as part of the campaign to help small firms. The [...]
Squeeze on income shows little easing January 22, 2012 CUTS to tax credits are set to strain the UK’s “squeezed middle” even further, with wages continuing to fall and mortgages beyond the reach of many under-35s, a report from the Resolution Foundation will say today. The Lloyds TSB spending power report, also out today, reveals spending on essentials, like utilities, rose 4.6 per cent [...]
