Begbies: UK faces £55bn black hole April 26, 2010 A RISE in interest rates in the coming year could push thousands of small businesses into bankruptcy, insolvency expert Begbies Traynor warned this morning. In its first quarter “Red Flag” update, which monitors UK companies for signs of stress, Begbies said small and medium-sized enterprises (SMEs) had £55bn of liabilities on their books. The debts [...]
CITY MOVES | WHO’S SWITCHING JOBS April 26, 2010 PricewaterhouseCoopers Bridget Jackson has joined the accountancy firm as director of corporate sustainability, leading the firm’s internal environmental, community and corporate sustainability strategy. Jackson has over twenty years of experience in international business and strategy consulting. She joins from management consulting firm Accenture. She will report directly to managing partner Richard Collier-Keywood. Resolution The investment [...]
CITY MOVES | WHO’S SWITCHING JOBS April 5, 2010 Threadneedle The asset management firm has hired George Gosden to join its Asian equities desk. Gosden spent the past eight years as a director at Insight Investment, where he was part of the international team. Prior to that, he was a director of Asian equities at Clerical Medical Investment Management. In his new role, he [...]
Banks to be forced to put investors first March 30, 2010 UNDER new plans put forward by the Financial Services Authority (FSA) investment bankers will have to inform investors about what exactly it is they are doing with their money. The proposals come as a direct result of the financial crisis and in particular the collapse of Lehmans. If passed banks will have to increase their [...]
Insolvencies dip as firms see out storm March 22, 2010 THE number of companies declared insolvent fell last month, research showed today. A total of 1,834 firms went insolvent during the month – 15 per cent down on February last year, according to business information services group Experian. The group said the fall brought the overall rate of insolvencies down from 0.11 per cent to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2010 THE SUNDAYS The Sunday Telegraph ITV’S NEW CHAIRMAN: UK FACES ‘NATIONAL CRISIS’ Archie Norman, the chairman of ITV, has said that the UK is facing an economic “national crisis” worse than that faced by Margaret Thatcher at the end of the 1970s. In his first interview since becoming chairman of the broadcaster, Norman also revealed [...]
THE KNIVES ARE OUT AS THE CITY VIEWS GRAND MILITARY GOLD CUP March 14, 2010 THE Capitalist travelled in style to Sandown Park racecourse for the Grand Military Gold Cup, where the City types in attendance were busy whetting their appetite for this week’s Cheltenham festivities. As the military’s most accomplished horsemen and women battled it out around the track, it was off to a private suite for guests of [...]
FSA’s fine means Lehman cases are on the cards March 2, 2010 LAURENCE LIEBERMAN FINANCIAL DISPUTES PARTNER AT TAYLOR WESSING LAST Thursday, the FSA fined RSM Tenon Financial Services £700,000 for failings in its advice and sales processes relating to Lehman-backed structured products between 1 November 2007 and 31 August 2008. Tenon was also directed to conduct a past-business review and compensate those customers that it determines [...]
Malaysian IT firm joins queue to list on Aim this year February 9, 2010 Malaysian IT systems integrator Teliti International is planning an Aim flotation that could give it a market capitalisation of up to £40m. The company provides services to banks, government agencies and oil and gas companies. It plans to raise £12m through the IPO (initial public offering) to build a new data centre in Malaysia, where [...]
MCR February 8, 2010 Geoff Bouchier has been appointed administrator for Ethel Austin. He is a partner with MCR. He has led many of MCR’s major insolvency assignments, including a number of its high profile appointments within the financial services, travel and retail sectors. In recent months he has worked as joint administrator for high street retailer Borders and [...]