Cheltenham’s commercial supremo outlines ambitions for UK racing Plc March 14, 2011 TODAY marks the start of the Cheltenham Festival – the jewel in the crown of the jump racing calendar and one of the biggest days of the year for Simon Bazalgette, chief executive of the Jockey Club, which owns and runs the sporting event. Over the four days until the festival reaches its climax with [...]
Southern Cross shares dive on debt worries March 14, 2011 SHARES in healthcare group Southern Cross plunged by up to 60 per cent yesterday as the company admitted it was struggling in the face of NHS and council budget cuts. The company has appointed KPMG to look at restructuring options after cuts in local authority spending worsened its trading outlook. It said yesterday that it [...]
KPMG: UK banks must double capital for new Basel rules March 13, 2011 BANKS need to double their core capital in order to comply with Basel III, according to KPMG’s annual benchmark report on UK banks. The report warns that despite a recovery in profits (see chart above) and a marked drop in impairments across the board, new capital and liquidity requirements will throw up barriers to better [...]
Morale at UK factories hits record high March 13, 2011 CONFIDENCE among British manufacturers has hit a record high, business consultancy KPMG said today. Over two thirds (68 per cent) of surveyed manufacturers expect business activity to increase, leading to the highest positive balance (60.4 per cent) since the survey began in 2002. And morale in the service sector is also improving, the report showed. [...]
Job creation highest in ten months March 9, 2011 Recruiters, led by the private sector, filled permanent vacancies at the fastest pace in 10 months in February while wage inflation eased to a three-month low, a survey showed. Research for the Recruitment and Employment Confederation and KPMG also showed hiring of temporary staff rose at its sharpest rate since May 2007, offering hope the [...]
BUSINESS AS USUAL AS BORIS BIKES TO CANNES March 8, 2011 IF you happened to be in Cannes yesterday afternoon, you would have been treated to the sight of a middle-aged, straw-haired man riding a Boris Bike into the centre of town. On closer inspection, you would have spotted that that figure was, in fact, the London Mayor Boris Johnson, who was livening up the MIPIM [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2011 FINANCIAL TIMES IVORY COAST MOVE SPARKS COCOA FEARS Laurent Gbagbo, the Ivory Coast leader who the international community says lost presidential elections in November, announced he would nationalise the cocoa sector in a surprise move that threatened to drive the cocoa price sharply higher. The African country is the world’s largest cocoa exporter, accounting for [...]
Hannam left out in the cold for Glencore IPO March 7, 2011 BANKERS are already salivating over the sizeable fees associated with the upcoming flotation of the Swiss-based commodities group Glencore. The IPO, if it goes ahead (some think it may yet stumble), will be listed in London and Hong Kong and will bring in fees of £300m-plus to a group of banks that is likely to [...]
JJB launches life-saving rent cut plan March 3, 2011 STRUGGLING sportswear retailer JJB Sports is offering its landlords a share of up to £7.5m if they back its rescue plan. The company, in which America’s richest man Bill Gates holds a 5.5 per cent stake set out the details of its second company voluntary arrangement (CVA) in as many years. It needs creditors, including [...]
SNOW’S THE STAIR MASTER IN THE RACE OF THE THOUSAND STEPS March 3, 2011 HERE’S a story with legs: the results of the third annual Vertical Rush race up the 920 dizzying steps of City skyscraper Tower 42 in aid of housing charity Shelter. Setting off in hourly slots, 1,200 chip-timed runners – including racers from Legal & General, Schroders, Threadneedle, Tullett Prebon and KPMG – vied to see [...]