CITY MOVES | WHO’S SWITCHING JOBS February 8, 2012 Hogan Lovells Hogan Lovells has appointed Nicholas Cheffings as chairman, effective from 1 May 2012 for a three-year term. Cheffings will take over from current co-chairs Claudette Christian, who will continue with her practice, and John Young, who will retire on 30 April. Cheffings joined Lovells in 1999, becoming a member of the Lovells Partnership [...]
Glimmer of hope in UK job market as builders hire February 7, 2012 PERMANENT jobs increased in January for the first time in four months, according to recruitment consultancy data from KPMG, published yesterday. However, unemployment continued to climb despite the rise in permanent placements, the report showed. The study’s permanent staff placement index rose from 48.5 in December to 51.2 in January, recording growth in placements for [...]
Strong car registrations boost outlook for the UK February 6, 2012 RESILIENT car sales have provided a boost to the UK’s outlook, economists said yesterday. New car registrations edged up by 0.03 per cent last month, compared to January 2011, figures from the Society of Motor Manufacturers and Traders (SMMT) showed. “This is surprising because almost 200,000 cars were pre-registered by the industry in December 2011 [...]
Textile tycoon makes move on Peacocks February 5, 2012 A PAKISTANI textile billionaire is understood to be putting together a surprise bid to rescue Peacocks with the collapsed retailer’s management team. The fashion chain went into administration last month in the biggest retail collapse since Woolworths, after plans to restructure the company broke down and banks pulled the plug on funding. Alshair Fiyaz, who [...]
Peacocks administrator receives six bids to rescue the collapsed retailer February 1, 2012 PEACOCKS administrator KPMG has received six bids to rescue the group out of administration. The first round of bidding closed on Monday, and it is understood suitors for the Cardiff-based business will now be asked to provide further details ahead of a round of final offers next Monday. Private equity firms KKR and OpCapita were [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 29, 2012 FINANCIAL TIMES DEUTSCHE BANK TARGETS FORCED SALES OF HEDGE FUNDS’ PROBLEM ASSETS Deutsche Bank is preparing to launch a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis. The bank estimates that, three years after the collapse of Lehman Brothers, investors are sitting [...]
Fraud level hit a record high last year amid economic downturn January 29, 2012 THE level of fraud reached an all-time high last year, and the economic downturn is likely to trigger more financial crime, according to KPMG’s Fraud Barometer. Research published today shows fraudsters stole a record £3.5bn last year, with a huge surge in the second half, when £2.5bn of fraud was recorded. The figure was pushed [...]
Clients hope for the return of $1.2bn MF Global assets January 29, 2012 CLIENTS of the British arm of failed broker MF Global will this week move closer to getting back $1.2bn (£763m) of frozen assets. KPMG will outline plans to return the funds at the High Court on Friday after some clients and creditors publicly declared their unhappiness with the amount of time the process has taken. [...]
Less competitive countries have greener businesses January 26, 2012 FIRMS in some of Europe’s least competitive economies are the greenest in the world, according to the latest annual ranking of “corporate sustainability” published in Davos by KPMG and green investment company SAM. Portugal boasts the most environmentally friendly business practices, the research concludes, with just over two thirds of the country’s biggest companies included [...]
Sun European Partners acquires Bonmarché chain from Peacocks January 23, 2012 SUN EUROPEAN Partners has acquired Bonmarché, the sister chain of the collapsed fashion retailer Peacocks, via a pre-pack administration deal that will save around 2,400 jobs. The private equity group has bought 230 of Bonmarché’s stores from administrators KPMG for a sum understood to be around £10m. However, 160 stores will be closed, putting around [...]