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 [...]
Tata Steel boss warns UK jobs could be at risk after the sales process for assets is suspended July 11, 2016 A Tata Steel group executive director has said job cuts cannot be ruled out after the sale of the UK business was put on hold. In an interview with Channel 4 News Koushik Chatterjee, Tata Steel’s group executive finance director said “there can’t be guarantees” and compared the situation to when Tata laid off thousands [...]
Austin Reed’s creditors set to shed large sums after high street retailer’s collapse July 10, 2016 Austin Reed's creditors face big losses due to the collapse of the high street store, accounts from the administrators have revealed. Documents filed in Companies House by the administrators for Austin Reed, Alix Partners, show the company's unsecured creditors will be given £600,000 between them after the collapse of the chain. Read more: Austin Reed employees found out [...]
Energy lifeboat to be paid for by customers proposed by Ofgem in case of supplier insolvency July 10, 2016 ENERGY customers may have to pay into a new industry lifeboat fund that will bail out customers of any suppliers that fail. Ofgem, the energy watchdog, has proposed the reimbursement fund after a plethora of smaller suppliers joined the market. The proposal is part of a consultation launched last month to pre-empt a potential supplier insolvency. [...]
Unintended consequences: Tinkering with Solvency II July 8, 2016 Tinkering with things is in the nature of regulators. Inevitably, however, well-intentioned tinkering often delivers unintended consequences. Today, the unintended consequences of tinkering are emerging in London’s international specialty insurance market, notably following Solvency II, which specifies the amount of capital that insurance companies must hold to reduce the risk of insolvency. While the impact of the EU referendum [...]