Digital consumerism on the up January 23, 2012 Almost two thirds of consumers are willing to pay to stream films online according to the latest media and entertainment survey from KPMG, which brings to light a breakthrough for online TV and movie streaming. While the report shows that the majority of respondents prefer traditional media such as physical books and scheduled TV, smartphone [...]
Sir Stelios seeks allies in pay clash January 22, 2012 SIR STELIOS Haji-Ioannou is set to meet three of easyJet’s key shareholders this week in a bid to win backing for his fight against the airline group’s boardroom pay plans. The airline’s billionaire founder, who controls a 37.4 per cent stake, is calling for investors to vote down the company’s remuneration report ahead of the [...]
Ian Powell set to renew PwC chairmanship January 22, 2012 IAN POWELL is expected to be re-elected unopposed as chairman of PwC for a second term, as no rival candidates have emerged nine days before the deadline for candidacies. “At this stage, it is not expected that a challenger will come forward,” a source close to PwC told City A.M., although any of the Big [...]
Peacocks still searching for white knight January 22, 2012 PRIVATE EQUITY firms and buy-out groups are poised to make a bid for Peacocks, the discount clothing chain, which collapsed into administration last week. Its administrators KPMG will open the data room to Peacocks today, which will allow potential bidders to browse financial and other relevant data on the firm. KMPG expects to receive the [...]
Peacocks axes 249 jobs as Pumpkin Patch folds January 19, 2012 THE crisis-hit fashion retailer Peacocks is set to cut 249 staff at its headquarters in Cardiff, administrator KPMG announced yesterday. The administration of Peacocks, which owns 611 UK stores and employs over 9,000 staff, is one of the biggest retail failures since Woolworths collapsed in 2008. Chris Laverty, from KPMG, said the stores will continue [...]
Peacocks rescue deal collapses January 18, 2012 Peacocks, the discount fashion retailer, has fallen into administration after talks of a rescue management buyout broke down putting more than 10,000 jobs at risk. KPMG said it had been appointed administrator to Peacocks, which owns 611 stores and 49 concessions across the UK, and will now seek to find a buyer for the company [...]
Broker’s cash coming back January 17, 2012 THE ADMINISTRATORS of the British arm of collapsed US broker MF Global have recovered nearly £600m of customer funds held in segregated funds. KPMG, the special administrator, has recovered £594m or 82 per cent of the cash, which is supposed to be held at arm’s length, City A.M. has been told. This figure is likely [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 16, 2012 FINANCIAL TIMES MORRISON COOLS INTEREST IN IRELAND Wm Morrison’s interest in Iceland Foods is cooling, raising doubts about whether Britain’s fourth biggest supermarket chain by market share will mount a £1.5bn bid for the frozen food specialist. Morrison was one of the companies expected to make an offer for Iceland Foods, for which second round [...]
Olympus panel says auditors not to blame January 16, 2012 ACCOUNTING groups KPMG and Ernst & Young have been cleared of any responsibility for a £704m accounting fraud at Japan’s Olympus, one of the nation’s worst corporate scandals, in a report issued this morning by a panel of lawyers appointed by the company. The panel said five current and former individual auditors were responsible for [...]
Royal Bank of Scotland pulls plug on Peacocks January 15, 2012 PEACOCKS, the fashion retail chain, is teetering on the brink of administration after Royal Bank of Scotland, one of its senior lenders, pulled the plug on talks to refinance the company. A syndicate of 18 lenders, including Barclays, Goldman Sachs and hedge funds including Och Ziff and Perry Capital, had jointly been working on a [...]