Annual fraud breaks the £2bn barrier and could treble soon January 10, 2010 REPORTED fraud in the UK broke the £2bn barrier for the first time and could treble over the next two years. New research from business advisers BDO suggests that business and public sector fraud rocketed a staggering 76 per cent last year with both the number and size of frauds increasing dramatically. And it warns [...]
A BABY RAY OF LIGHT PENETRATES THROUGH SNOWY SKIES OF GLOOM January 10, 2010 GLOOM, gloom and more gloom settles over us because of that dratted snow – dwindling grit supplies, an acute gas shortage, train cancellations, firms left in the lurch by snowed-in staff, the spiralling economic cost for small businesses… the list goes on and on. But there is hope on the horizon, according to a frisky [...]
ABI calls for restraint on executive pay packages January 10, 2010 DIRECTORS at Britain’s largest banks have been warned against tarnishing their reputations by developing schemes to exempt top earners from higher income tax. The Association of British Insurers, whose members own nearly a fifth of the stockmarket, said it “would not be able to approve” salary structures that focused on avoiding the forthcoming 50 per [...]
Former AIG boss blames Goldman for its collapse January 10, 2010 The former head of American International Group is urging a closer look at the actions of Goldman Sachs, claiming the investment bank contributed to the insurer’s near-collapse, the Wall Street Journal reported this weekend. Maurice “Hank” Greenberg, former chief executive of AIG, said in an interview he believed not enough attention was being paid to [...]
Goodyear turns down Usmanov January 10, 2010 Charles “Chip” Goodyear, the former chief executive of FTSE 100 mining group BHP Billiton, has turned down a return to the sector with Metalloinvest – the steel group founded by Russian billionaire Alisher Usmanov. Goodyear is understood to have been approached before Christmas but rejected an offer.
Collins Stewart eyes Ingram January 10, 2010 Tim Ingram, chief executive of Caledonia investment trust, has been tipped as a new non-executive director at Collins Stewart. The company is looking to recruit two new board members after Terry Smith, its current chairman, announced his intention to step down from the role. Ingram, former managing director of Abbey National, has run Caledonia since [...]
Osmond launches £500m buyout fund January 10, 2010 ENTREPRENEUR Hugh Osmond will this week announce plans to float a £500m turnaround vehicle on the London Stock Exchange. The Horizon fund, expected to list before the end of January, will target one large investment in a consumer-facing business. Advisers from Osmond’s private equity firm Sun Capital have drawn up a long list of prospective [...]
Outlook continues to present challenges for retail January 10, 2010 In a bout of not-particularly-investigative journalism, I set Tesco a mystery shopper challenge last week, ordering a hefty shop be delivered to my home just as the heaviest snow was due to fall. Right on time two cheerful chaps showed up without even a word of complaint about the weather. Impressive. We’ll have to wait [...]
BILL OF THE WEEK January 10, 2010 A NEW gastronomic haunt to grace the column this week, as this group of diners headed off to restaurant, bar and entertainment venue Circus in the West End. After a magnum of Laurent Perrier to kick off the evening, they enjoyed starters of langoustines and pulled pork, mains of Cajun tuna, fillet steak and schnitzel, [...]
Flurry of impairment charges looms January 10, 2010 Companies will have to carry out further write-downs of poorly performing assets this year as the global economy struggles to recover, according to investors, analysts and lenders surveyed by Ernst & Young. The survey of 170 global firms showed that nearly half of those questioned believe the level of impairment charges reported since the financial [...]
