CHOOSING SURVIVAL OVER LITIGATION November 11, 2009 MARCUS MCCAFFREYPARTNER, FORENSIC SERVICES, BAKER TILLY WHERE previous recessions have seen problems of funding, this time round global financial liquidity has shrunk to unprecedented levels. There are still few re-financing options and what is available is only on offer to those entities with strong balance sheets or guarantees. One result of this is that international [...]
DIRECTORS: PREPARE FOR INSOLVENCY November 10, 2009 JULIAN TURNERPARTNER, REED SMITH LAST week the Insolvency Service released its statistics for the third quarter, showing that the number of company insolvencies – including liquidations, administrations and receiverships – were slightly lower than they were for the second quarter of the year, but significantly higher than for the same period in 2008. There were [...]
CFOs still trust bankers November 10, 2009 INVESTMENT banks may have lost the trust of their clients, but bankers themselves have managed to maintain client confidence and loyalty, according to a new survey. More than a quarter of chief financial officers, treasurers and mergers and acquisitions bosses quizzed said they had lost trust in the banks, mainly due to fears of insolvency. [...]
A Tobin tax would destroy London without making the world safer November 8, 2009 It is imperative that Gordon Brown’s proposals to levy a Tobin tax on financial transactions be defeated. Such a tax would be a disaster: it would endanger Britain’s economic interests and do nothing for ordinary taxpayers or the stability of the financial system. Championing such a scheme reflects a failure to engage with the real [...]
Personal insolvency on the rise November 5, 2009 The Insolvency Service is today expected to reveal that the number of people filing for personal insolvency in the third quarter of the year topped 30,000 for the second successive quarter as rising unemployment takes its toll on individuals’ bank accounts. Louise Brittain, a partner at Deloitte, said: “This figure is staggering, and unfortunately the [...]
Car sales get a boost from scrap scheme November 5, 2009 THE government’s “cash-for-bangers” sweetener scheme helped boost new car sales by nearly a third last month, compared to the same time last year. The incentive programme contributed to a 32 per cent rise in new car sales to 168,942 in October against 128,352 a year ago – the fourth monthly increase in a row and [...]
CITY MOVES WHO’S SWITCHING JOBS October 21, 2009 HeartwoodThe wealth manager has appointed Kirsty MacArthur as a relationship director for new clients, a role based in London. MacArthur joins from UBS, where she was responsible for advising ultra high net worth clients across the sport, media and private equity sectors. Prior to that, she worked at Coutts & Co, where she was an [...]
CITY MOVES WHO’S SWITCHING JOBS September 9, 2009 Piper JaffrayJens Rosebrock, pictured, joins the bank from Dresdner Kleinwort as head of clean technology investment banking. Peter Schuemers also joins as an analyst from Dresdner. Paul Lewington and Adrien Bommelaer join the technology team from Close Brothers and Credit Suisse. And in the European equity sales team, Bede Bruce-Lockhart joins as a managing director [...]
CITY MOVES WHO’S SWITCHING JOBS September 6, 2009 PricewaterhouseCoopersThe accountancy firm has appointed Marco Amitrano to lead its UK risk assurance business.Amitrano, 39, joined the firm in 1992, and worked first in Newcastle and then for three years in the Chicago office. Most recently, he has had responsibility for all of the firm’s audit and related services to the UK subsidiaries of global [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2009 FINANCIAL TIMES THOMAS COOK SALE PLANA large part of Arcandor’s 53 per cent stake in Thomas Cook could be sold to institutional investors as early as next month as creditor banks of the insolvent German retailer try to claw back their loans. Two people close to the banking consortium said a share placing “theoretically still [...]