For those without family connections, professional qualifications are a lifeline April 12, 2011 EXECUTIVE DIRECTOR (BRAND), ACCA LAST week, Nick Clegg launched the government’s new social mobility strategy to great fanfare. With slightly more fanfare, the press and opposition skipped over the strategy and focused on Clegg’s use of unpaid interns and the parental help he’d had to start his career. Amusing headlines – not if you’re Nick [...]
Retail activity to get explicit state backing April 11, 2011 PROPOSALS by the Independent Commission on Banking (ICB) could deter competition and lead to the first ever explicit taxpayer subsidy of retail banks, according to industry experts. “The implicit taxpayer guarantee of banks has become far more explicit with the ICB report making clear that retail banking businesses will be protected while investment banks will [...]
Southern Cross hit by talk of UK government bailout April 11, 2011 SHARES in troubled healthcare group Southern Cross fell more than 13 per cent to 9.65p in trading yesterday, after reports that it was seeking short-term financial support from the UK government. The company, which provides care homes across the UK, is believed to be planning to meet with its landlords tomorrow to renegotiate leases as [...]
CITY MOVES | WHO’S SWITCHING JOBS April 11, 2011 KPMG Stuart Westgate has been appointed as director of KPMG’s major project advisory practice, which advises clients on construction and transport projects that are either in play or running over time or budget. Westgate joins KPMG from The Nichols Group, where he spent the last ten years leading programmes for infrastructure clients. For the last [...]
€14M WAR CHEST FOR WIGLEY’S FILM PLOT April 6, 2011 EACH year, the Big Curry Lunch hosted by Lord Mayor Michael Bear gets “bigger and better” according to Bear, with 800 guests from the City, Parliament and Livery Companies sitting down to three servings yesterday at the Guildhall. The annual banquet is held in aid of ABF The Soldiers’ Charity, and this year’s event raised [...]
McInerney folds seven firms April 5, 2011 McInerney Holdings Group has put seven of its UK units into administration, with the housebuilding group blaming the continuing poor health of the property market. The companies affected by the administration include McInerney Group, McInerney Homes, Alexander Developments (North East), Lancing Homes, Gold Homes, William Hargreaves and Bowey Homes. Several building projects in the Midlands [...]
Twice as many private equity deals this year April 4, 2011 PRIVATE?equity deals doubled in number in the first three months of 2011, research from consultants KPMG revealed yesterday. In the first quarter of 2011, 38 larger UK management buyout deals were recorded by the group, with total funding of more than £10m. However, the average size of deals has dropped sharply from £268m in the [...]
CITY MOVES | WHO’S SWITCHING JOBS April 4, 2011 Stamford Associates The investment consultant has appointed Sir Mark Weinberg as senior adviser, with the aim of expanding Stamford Associates’ investment strengths and expanding its pool of institutional investors. As the founder of life insurance provider Abbey Life, Weinberg will bring 40 years’ business and investment experience to the firm. He is also the chairman [...]
CITY MOVES | WHO’S SWITCHING JOBS April 3, 2011 Bibby Financial Services The invoice finance specialist has appointed Andy Leopold as sales director for the south, based in London. Leopold, who has been promoted from the role of sales director for London and Hastings, brings more than 19 years’ experience working in the financial services sector. He will be responsible for securing new business [...]
Lords call for probe into audit oligopoly March 30, 2011 The “oligopoly” of Big Four auditors contributed to the financial crisis, according to a damning report released yesterday by the influential House of Lords Economic Affairs Committee. The committee, chaired by Conservative Lord MacGregor, called for a full probe into concentration in the industry by the Office of Fair Trading, citing the fact that 99 [...]