WHAT THE OTHER PAPERS SAY THIS MORNING May 9, 2011 FINANCIAL TIMES SAMOA TO MOVE BACK TO THE FUTURE Samoa, the tiny Pacific Ocean island state, is travelling through time to improve its economic prospects. In a vote of confidence for the Asian century, the country has decided to shift the jagged International Date Line to its east at the end of this year, which [...]
Delays hit new insurer rules May 3, 2011 TIME is running out for the implementation of Solvency II, the new regulatory capital regime for insurance companies, according to accounting firm KPMG. The European Insurance and Occupational Pensions Authority (EIOPA) is required to supply proposals for the technical details of the regime by the end of this year, but has been repeatedly pushing back [...]
CITY MOVES | WHO’S SWITCHING JOBS May 2, 2011 Brookland Partners The investment bank has appointed Griff Winkler as a director, where he will focus on expanding the firm through identifying investment opportunities from capital providers and other JV partners. Winkler joins from Hatfield Philips, where he was vice president of the non-performing commercial real estate loan group. He also brings five years of [...]
A green tax that risks economic sustainability May 2, 2011 FROM 2013, a tax on carbon producers will be unilaterally implemented by the UK upon carbon intensive industries. Costs to UK based businesses are estimated to be in the region of £9.3bn, undermining their competitiveness, damaging energy producers and users, and ultimately hitting the wallet of consumers. Presently, about half of Europe’s emissions are covered [...]
Amdega enters administration April 27, 2011 Darlington-based conservatory and greenhouse company Amdega has gone into administration. Mark Firmin and Brian Green from KPMG’s restructuring practice have been appointed as joint administrators to Amdega, which is being wound down by administrators as there is no prospect for a sale of the business. Most of the 197 local employees have been made redundant.
CITY MOVES | WHO’S SWITCHING JOBS April 27, 2011 AZ Electronic Materials Mike Powell will join the board of AZ Electronic Minerals on 1 September as chief financial officer. Powell succeeds the company’s current CFO Ken Greatbatch, who will retire on 31 August after reporting the firm’s half-year results. Powell joins from Nippon Sheet Glass, where he has been group finance director for the [...]
All Saints on the verge of buyout deal April 26, 2011 FASHION chain All Saints was on the verge of being sold to US private equity house Goode Partners last night, despite an audacious eleventh hour bid by British venture capital veteran Jon Moulton, the chief executive of the firm told City A.M. “I think the deal is imminent,” said Stephen Craig. “Goode will be a [...]
All Saints edges closer to sale amid administration fear April 25, 2011 HIGH street fashion retailer All Saints is set to complete a sale to US private equity house Goode Partners by the end of this week, despite fears its creditors could put it into administration. Sources close to the process said the US firm was “leading the deal” to buy all of the ordinary shares in [...]
CITY MOVES | WHO’S SWITCHING JOBS April 25, 2011 Gap The US retailer has announced that it will combine its international operations into one London-based division, to be led by Stephen Sunnucks, the new president, international of Gap Inc. Since joining the company five years ago, Sunnucks has guided the growth of Gap and Banana Republic in Europe. Gap has also appointed John Ermatinger, [...]
IT’S A GAS FOR CLARE AT BANKER BRIEFING April 20, 2011 HOW can money be the same as gas? It’s a good question, and one that bankers were giving serious thought yesterday at a lunchtime talk at Clifford Chance by Clare Spottiswoode, member of the Independent Commission on Banking. The former gas regulator had been briefed to update 34 high-powered bankers, including Antony Jenkins, group chief [...]