Begbies Traynor profits rise after historically busy year January 21, 2010 Insolvency firm Begbies Traynor has emerged as a big winner of the recent crash. Its profits rose 69 per cent after six months of “historically high” levels of work. In the first half of last year it made pre-tax profits of £3.6m. Turnover was up 21 per cent to £34.2m. Earnings before exceptional costs increased [...]
Deloitte merges property unit with Drivers Jonas consultants January 21, 2010 DELOITTE has merged its real estate arm with property advisory firm Drivers Jonas to create a new business with revenues of £110m. The deal marks a push by the consultancy titan to expand its property capabilities. Around 650 Drivers Jonas partners will join a 50-strong team from Deloitte¹s corporate finance division. Drivers Jonas managing partner [...]
Agius: banks face tsunami of pressure January 21, 2010 BARCLAYS chairman Marcus Agius yesterday hinted that the firm’s annual bonus round next month will see it concede in part to the “tsunami” of pressure faced by bankers in the wake of the economic crisis. “The architecture of our pay round will be very different to anything we have seen before, in accordance with the [...]
Deutsche boss says bonuses boost financial sector stability January 21, 2010 DEUTSCHE Bank chairman Josef Ackermann yesterday waded into the debate over banking remuneration, arguing that the talented staff attracted by bumper pay deals provide a stronger buffer against financial instability. Speaking at an ICAEW (Institute of Chartered Accountants in England and Wales) banking conference yesterday, Ackerman said: “Calls to limit pay in the financial services [...]
Lord Turner calls for MPC style committee on risk January 21, 2010 ADAIR Turner, the chairman of the Financial Services Authority, has called for the creation of a new Monetary Policy Committee-style independent body to examine risk in the financial sector. Turner yesterday said there is a need “for another set of [macroprudential] tools apart from the interest rate to take away the punchbowl before the party [...]
Morrisons is Xmas winner as sales surge January 21, 2010 SUPERMARKET chain WM Morrison posted the biggest rise in Christmas sales among Britain’s top four grocers – but urged caution about 2010. Sales at stores open at least a year rose 6.5 per cent, excluding petrol and VAT, in the six weeks to 3 January. Total revenue rose by 10.8 per cent for the period. [...]
Bond issue buys Glazer time January 21, 2010 MANCHESTER United has managed to successfully price its dual tranche £500m bond at below 10 per cent, despite scepticism from some traditional high yield investors amid growing concerns about the level of the Premier football club’s debts. According to sources yesterday, United’s bank advisers were leaning towards pricing one tranche of the bond at 8.75 [...]
France votes to increase female board members January 21, 2010 FRANCE’S lower house of parliament adopted a bill yesterday that would force large firms to reserve at least 40 per cent of their boardroom positions for women within six years. The Senate is expected to vote on the measure, which was presented in the lower house by the ruling centre-right UMP party, in the next [...]
Tullow Oil hits early indications of yet another crude strike this time in Ghana January 21, 2010 OIL heavyweight Tullow Oil was today cheering a “significant” oil and gas discovery at its Ghanaian Tweneboa field. The FTSE 100 oil explorer said its Tweneboa-2 exploratory well, being drilled some six kilometres southeast of the company’s earlier Tweneboa-1 discovery, has encountered up to 32 metres of net hydrocarbon pay. The positive findings sent Tullow’s [...]
Spyker Cars nears outcome in pursuit of GM’s Saab unit as talks progress January 21, 2010 Dutch luxury car maker Spyker Cars yesterday said it is nearing an outcome in its talks to buy Saab from General Motors, although it gave no indication as to how the talks were going. Spyker chief executive Victor Muller told Reuters via a text message that it was “likely” that it was now in exclusive [...]
