Why Tesco’s share price just fell to an 11 year low September 22, 2014 Another surprise announcement this morning from Tesco has further dampened the supermarket’s outlook when it really must have been hoping to move on from recent rough times. Shares fell more than 11 per cent to an 11-year low after announcing a £250m error in its first-half results. Whether its an accounting error or something worse, investigating the [...]
Regulator fines Deloitte £14m over MG Rover fiasco September 9, 2013 Regulators have issued Deloitte a £14m fine and a severe reprimand for matters relating to their role as advisers to MG Rover during its collapse in 2005 (release). The accountancy firm advised four of Rover's directors – the Phoenix Four – who had taken over the company for £10m five years before its collapse. Mr [...]
Lloyds private equity arm sells Metronet to Isis in £45m buyout June 30, 2014 The private equity arm of Lloyds Banking Group has sold its stake in Manchester-based tech group Metronet (UK) to Isis Equity Partners for £45m. Lloyds Development Capital, which ploughed £11m into Metronet in 2012, had made a four times return on its equity investment after selling the stake, it said. Metronet [...]
Receivers called in as London’s Gherkin goes into administration April 24, 2014 What a pickle. Deloitte has just announced that it’s been appointed as receivers for the Gherkin, formally known as 30 St Mary Axe. Phil Bowers and Neville Kahn, both of Deloitte, have been appointed Joint Receivers. They’ve said that adverse interest rate and currency movements have seen the senior liabilities secured by the property increase [...]
Deloitte at MG Rover hearing July 28, 2013 DELOITTE will this week appear before a tribunal over its role as adviser during the collapse of MG Rover in 2005. The accountancy firm also advised four of Rover’s directors, known as the Phoenix Four, who bought the firm for £10 five years earlier. Deloitte and ex-partner Maghsoud Einollahi face unlimited fines if the tribunal [...]
Auditors are told to get tough with banks on loss provisions May 28, 2014 AUDITORS for British banks and building societies are not scrutinising the firms’ books closely enough, despite repeated warnings that auditors should have caught some of the warning signs ahead of the 2008 financial crisis, a watchdog said yesterday. The Financial Reporting Council flagged up poor testing of loan impairment models and a widespread reluctance among [...]
Duke of Edinburgh falls for Cowes Week magic as City seafarers set sail August 4, 2014 It's that time of year again, when the City’s yachting enthusiasts get to spend the week brushing sea spray out of their windswept locks instead of sweating it out in the Big Smoke. Yes, it’s Cowes Week. King of the City seafarers Martin Gilbert, chief executive of lead sponsor Aberdeen Asset Management held not [...]
Optimism grips London’s firms April 7, 2014 LONDON firms are at their most bullish in a quarter of a century, riding high as the UK’s economy recovery is buoyed by the capital, according to a major survey. The London Chambers of Commerce and Industry (LCCI) reveals today that 66 per cent of firms expect turnover to rise in the year ahead, the [...]
City Moves for 19 June 2014 | Who’s switching jobs June 18, 2014 KPMGThe professional services firm has appointed Steve Labrum as financial services transfer pricing partner. He was previously global head of transfer pricing at Alvarez and Marsal, and has also held senior positions at EY, Deloitte and PwC. JP Morgan Private BankEdward Novis has been appointed as an executive director and senior investor for the private [...]
City Moves for 10 June 2014 | Who’s switching jobs June 9, 2014 Allianz Global Corporate & Specialty The corporate and specialty insurance business has announced the appointment of Hayden Baker as a senior financial institutions underwriter for its regional unit in London. He previously held roles at ACE Insurance. Sheffield Haworth The recruitment firm has appointed Jon Regan as global head of electronic markets, prime services and infrastructures. He [...]