Greece has until the end of the week to meet bank recapitalisation requirements, says Eurogroup president Jeroen Dijsselbloem November 9, 2015 Eurozone finance ministers have given Greece until the end of the week to make the necessary reforms needed to complete its bank bailout. Europe has put £10bn aside for Greece but Jeroen Dijsselbloem, head of the Eurogroup of Eurozone finance ministers, said after a meeting of finance ministers in Brussels that "the agreed conditionalities need to be met". [...]
City Moves for 30 October 2015 | Who’s switching jobs October 29, 2015 MITSUBISHI UFJ FINANCIAL GROUP The bank has announced two appointments to its corporate banking team in Europe, the Middle East and Africa. Ian Wootton joins as managing director, healthcare. For the last year, he was an independent adviser for Park Road Advisory and was also formerly a partner at PwC. Richard Price (pictured) joins as [...]
Company prospects pick up as insolvencies fall in third quarter October 29, 2015 Prospects for business are looking brighter after industry statistics revealed a drop in the number of companies collapsing into administration in the third quarter of the year. An estimated 363 companies entered administration in the last three months, a decrease of 2.4 per cent compared with the previous quarter and 5.5 per cent lower than [...]
Moore Stephens: directors acting illegally “are more likely than ever to get caught” October 19, 2015 The number of company directors disqualified for conducting unlawful transactions in failing businesses increased sharply over the last year, according to a new report out today from Moore Stephens, the accountancy firm. Moore Stephens recorded a 12 per cent jump in disqualifications for so-called uncommercial transactions, such as selling assets cheaply or paying off loans improperly at [...]
Rate of shop closures on the British high street at its lowest in five years October 15, 2015 Good news for the high street. Shops are enjoying their lowest closure rate for five years, according to PwC research compiled by the Local Data Company (LDC) and released today. In the first six months of 2015, 2,634 shops closed on the UK’s high streets, a rate of 14 stores a day, said the research. [...]
Sports Direct chief executive Dave Forsey charged over USC administration on same day staff win legal battle over redundancy pay October 9, 2015 A government agency has charged Sports Direct chief executive Dave Forsey over criminal offences regarding the company's handling of the administration of chain USC. The UK Insolvency Service has started criminal proceedings against the retail boss for “an offence contrary to section 194 of the Trade Union and Labour Relations (Consolidation) Act 1992,” it told City A.M. This [...]
Greek debt crisis: Greece’s banks could still tip the fragile country into disaster September 21, 2015 When the Eurozone crisis first erupted five years ago, it was a crisis of confidence in the ability of peripheral countries (Greece, Spain, Portugal) to pay back the debt incurred in financing their swollen government deficits. Those countries, including Greece, have since virtually eliminated their fiscal deficits and, following the re-election of Alexis Tsipras [...]
Miner to make new banking arrangements September 20, 2015 SWITZERLAND based mining group Ferrexpo is expected to hold a board meeting this week to deal with the fallout from Ukraine’s national bank declaring Bank Finance and Credit (Bank F&C), which holds most of the company’s cash, insolvent. Shares in Ferrexpo plunged by 32 per cent when news of the bank’s insolvency was revealed on [...]
Unlimited upsides? Check. Too big to fail? Check. History tells us careful investors could be about to make millions in China August 21, 2015 The Chinese government could be forgiven if it now feels rather pleased with itself. After interventions including banning negative reporting on markets, threatening to prosecute short-sellers, and ordering companies to engage in share buybacks, it has succeeded in arresting a stock market crash – albeit with a few bumps along the way. Not many governments [...]
City Moves for 17 August 2015 | Who’s switching jobs August 16, 2015 Matthews & Goodman The commercial property adviser has announced the appointment of Giles Thomas to its national business space team. He most recently worked for TRW Real Estate, and began his career at Strutt and Parker, where he headed up its industrial team. Wedlake Bell The law firm has announced two promotions within its business [...]