WHAT THE OTHER PAPERS SAY THIS MORNING October 19, 2009 FINANCIAL TIMES FURTHER VAT RISES LIKELY AS EUROPE SETS THE PACEBritain will be levying the fifth-lowest value-added tax rate in Europe after it reverts to 17.5 per cent in January, according to a survey that is likely to reinforce expectations of further rises after the general election. A survey by KPMG, the professional services group, [...]
Half of all PEdeals distressed October 19, 2009 HALF of all private equity deals are now being completed under distressed conditions, according to accountants KPMG. But the firm said this is not a surprisingly high level “given the hype around distressed balance sheets”. Michael McDonagh, a partner at the firm, said there were only 17 deals above £10m over the last quarter and [...]
CITY MOVES WHO’S SWITCHING JOBS October 13, 2009 RothschildThe bank has hired Penny Lovell as client director in its private banking and trust business. Lovell joins from Fleming Family & Partners, where she spent eight years in a variety of senior client relationship roles, most recently as group head of business development. Prior to that, she spent five years at Coutts & Co, [...]
Treasury pays 6.5m to KPMG for advice on APS October 12, 2009 ACCOUNTANCY firm KPMG has been paid more than any other adviser for its work on the Treasury’s Asset Protection Scheme (APS) for bailed out banks, according to a freedom of information request. Seven firms have been paid a combined £26.5m for their advice on the APS, the Treasury revealed, of which KPMG alone picked up [...]
CITY MOVES WHO’S SWITCHING JOBS October 7, 2009 NomuraThe Japanese banking group has hired Peter Westaway, a Bank of England veteran, as its new chief economist for Europe. Westaway previously spent 13 years at the Bank in senior roles, covering macro economic forecasting, policy and financial market analysis. He also spent time working at the UK Treasury and the National Institute of Economic [...]
CITY MOVES WHO’S SWITCHING JOBS October 5, 2009 KPMGThe accountancy firm has appointed Rachel Campbell as global head of people, performance and culture and a member of its global executive team. Campbell is currently head of people for the firm’s European business and has led its award-winning “Employer of Choice” strategy in the UK. Prior to that, she was an audit partner specialising [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 1, 2009 FINANCIAL TIMESFORD SELLS AUSTRALIAN LOAN BOOK TO MACQUARIEFord, the US carmaker that underwent a debt-for-equity swap this year to bolster its balance sheet, has quit Australia’s retail car finance market after selling a A$1bn (US$874m) motor loan portfolio to Macquarie Group. The Australian investment bank is expanding its presence in the sector as well as [...]
Blacks closes 90 stores and axes 50 staff September 30, 2009 OUTDOOR goods retailer Blacks Leisure plans to close 89 loss-making stores and axe about 50 head-office jobs, it said yesterday, as part of a recovery plan it hopes will win the support of its banks. The firm, which has over 400 stores including the Blacks Outdoor and Millets chains, said the job losses represented about [...]
BRANSON ON LOOKOUT FOR SPACE RACE BUDDY September 29, 2009 MUCH is resting on tycoon Sir Richard Branson’s hotly-anticipated new venture to infinity and beyond. Virgin Galactic – which plans to fly the first commercial passenger flight into space within the next couple of years – is well underway with planned test flights for its spaceship and carrier aircraft, more than a decade after the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 27, 2009 THE SUNDAYSThe Sunday TelegraphFSA TOLD TO CLEAN UP OIL MARKETSThe Financial Services Authority has been told to examine its statutes to ensure it can prosecute oil speculators practising market abuse. The financial watchdog must also consider bringing in stronger measures to detect speculators using techniques such as phone-tapping, as well as ensuring they have enough [...]