Frank Field has met with the director of the Serious Fraud Office to talk about BHS August 5, 2016 Frank Field, chair of the Work and Pensions Committee, has met with the director of the Serious Fraud Office to discuss the ongoing investigation into BHS and Sir Philip Green. Field said the discussion with the SFO's director David Green came about because of concerns surrounding assurances made about Retail Acquisitions (RAL), the company majority-owned by [...]
The state of Europe’s banks is far from steady August 1, 2016 Bank investors rejoice! The European Banking Authority (EBA) has declared stress tests should no longer be about pushing fresh capital into the system or drilling down into asset quality. No. The good news is that “steady-state monitoring” is what’s needed. So will this provide the assurance investors need? I’m not convinced. Even if stock prices [...]
Legislators must not be fooled by the latest insolvency figures July 29, 2016 The latest insolvency statistics released yesterday by the Insolvency Service paint a positive picture for UK businesses, renewing hopes that struggling firms can gain access to the help they need. However, business owners and legislators must look beyond the figures and act now to prepare for future market shocks. In the second quarter of 2016, the total [...]
Classic British marque Bristol Cars has just unveiled the Bristol Bullet – its first vehicle in more than a decade July 28, 2016 Bristol Cars may be best known for its sleek classic numbers, but the iconic British car marque has just unveiled its latest sporty little runaround – and it's bang up to date. The £250,000 Bristol Bullet, the 70-year-old brand's first car since it was rescued from insolvency five years ago, was inspired by a speedster which [...]
Head to Italy for this summer’s Eurozone crisis July 25, 2016 It wouldn't be summer without a crisis in the Eurozone and, following the UK’s vote to leave the European Union, we are likely to have a second, this time with an Italian flavour. Italy’s banks were once the foundation of the modern banking system – but now, weighed down by bad debts and a dismal [...]
Second administrator appointed to untangle the complex web of companies surrounding BHS July 25, 2016 A second administrator has been appointed to investigate the complex web of companies surrounding BHS. FRP Advisory were appointed joint administrators to Duff & Phelps on Friday. City A.M. understands that the firm will be looking at the transactions made between the companies connected with BHS to determine if any assets transacted were undervalued. Read more: Here are [...]
Sir Philip Green leadership failure and personal greed led to collapse of BHS, MPs say July 25, 2016 Sir Philip Green is ultimately responsible for the failure of BHS, according to senior MPs who today publish the findings of a parliamentary inquiry in the retailer's collapse. The joint inquiry by the work and pensions select committee and the business, innovation and skills select committee found that Green's family became "incredibly wealthy" during their [...]
Gulf Keystone shares plummet as shareholders effectively wiped out July 14, 2016 Kurdish oil producer Gulf Keystone tumbled today after a desperately-needed funding agreement left shareholders with next to nothing. They will hold on to just five per cent of the company, with bondholders owning a majority stake. Read more: North Sea oil workers back strike action as tensions mount Its shares tanked as much as 44.04 per cent to [...]
Brexit batters pension plans – from falling annuity rates to slashed savings, it hasn’t been good for wannabe retirees July 14, 2016 Many people have had thousands wiped off the value of their Sipps and investment portfolios in the short time since Brexit. The bad news is that markets are likely to remain uncertain. The good news is that they will probably recover and have a solid period of rises, as the general trend over history shows. [...]
Begbies Traynor swings into profit by pinpointing property to overcome lacklustre insolvency market July 12, 2016 Begbies Traynor revealed a reverse in fortunes today, swinging into a profit in its most recent financial year. The figures The business recovery and property services consultants reported a profit before tax from continuing operations of £558,000 for the year to April, up from a loss of £723,000 the year before. Meanwhile, the company brought in [...]