Personal insolvency levels to break records in 2009 October 27, 2009 PERSONAL insolvencies will jump to the highest figure on record today, according to new figures from insolvency specialist Tenon Recovery. On average there have been 300 personal insolvencies every day in 2009 – with an estimated 107,014 personal insolvencies so far this year. Tenon Recovery’s national head of bankruptcy Mark Sands is predicting that the [...]
CITY MOVES WHO’S SWITCHING JOBS October 21, 2009 HeartwoodThe wealth manager has appointed Kirsty MacArthur as a relationship director for new clients, a role based in London. MacArthur joins from UBS, where she was responsible for advising ultra high net worth clients across the sport, media and private equity sectors. Prior to that, she worked at Coutts & Co, where she was an [...]
Insolvencies for Q3 are falling October 20, 2009 THE number of companies with significant and critical financial problems has fallen both year-on-year and quarter-on-quarter, figures from the rescue, recovery and restructuring specialists Begbies Traynor showed yesterday. The figures show how HMRC’s Business Payment Support Service, which has seen more than 215,000 companies defer payment of £3.79bn in tax liabilities, are helping, it said. [...]
A new Glass-Steagall Act wouldn’t work October 20, 2009 WHEN the Governor of the Bank of England – and if the Tories are elected, the next chief financial regulator – calls for investment banks to be separated from retail banks, everybody should sit up and listen carefully. King seems deadly serious, and George Osborne said last night that he agreed with much of the [...]
Windfall taxes cannot be the answer October 18, 2009 IF TAX policy were determined by referenda, London’s financial institutions would be in even greater trouble than they already are. I was a guest on James Max’s LBC radio show yesterday and it was soon clear that the overwhelming majority of callers hate banks with a passion. My own position, which is that it would [...]
We need more facts and less emotion October 15, 2009 RAGE against bankers is reaching yet another crescendo, especially as many of the main players are once again making bumper profits. In large part, the anger is visceral and emotional, fuelled by a staggeringly simplistic analysis of the causes of the crisis peddled by much of the media; but plenty of intellectually powerful arguments are [...]
Macquarie eyes banking unit at Sal Oppenheim October 14, 2009 AUSTRALIAN banking giant Macquarie is in talks to buy the investment banking operations of German private bank Sal Oppenheim. Macquarie chief executive Nicholas Moore has stepped in after Italian bank Mediobanca decided against making an offer for the unit. The bank, which has a giant $4bn (£2.5bn) in excess capital, has been on a buying [...]
Ronnie probe starts at JJB October 13, 2009 JJB SPORTS yesterday said that it was formally investigating “improper expenses claims” made by its former chief executive Chris Ronnie. The sports retailer, which also confirmed a well-trailed £100m rights issue, alleges that it was brought to the brink of insolvency by Ronnie and former executives due to a series of “unwise management decisions”. The [...]
Airport rule changes will benefit BAA October 13, 2009 THE government yesterday watered down proposed new solvency rules for big airports, making it easier for Spanish-owned BAA – which runs Heathrow and Gatwick – to raise funds. Plans have been dropped for a special administration regime to ensure airports stay open even if their operators go bust, which would have meant investors in airport [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 13, 2009 FINANCIAL TIMES RBS EYES SELL-OFF OF 300 BRANCHESRoyal Bank of Scotland (RBS) is exploring a government-backed plan to give up all its 312 RBS-branded branches in England and Wales, in a radical move to satisfy Brussels state-aid authorities that could boost business banking competition on the high street. Officials close to the negotiations say the [...]