Personal insolvency on the rise November 5, 2009 The Insolvency Service is today expected to reveal that the number of people filing for personal insolvency in the third quarter of the year topped 30,000 for the second successive quarter as rising unemployment takes its toll on individuals’ bank accounts. Louise Brittain, a partner at Deloitte, said: “This figure is staggering, and unfortunately the [...]
London hotels outperform UK as bookings dwindle October 19, 2009 HOTEL occupancy in the capital has seen a marginal decline compared to the rest of the UK this year, according to figures out yesterday by accountancy firm Deloitte. Hotels in the UK have suffered a 10.9 per cent fall in revenue per available room (Revpar) during the first three quarters of 2009 to just £60. [...]
Blacks back on track after landlords grudgingly agree to accept rescue deal November 23, 2009 LANDLORDS yesterday accepted a financial rescue plan for Blacks Leisure, saving 4,300 jobs at the beleaguered high street retailer in the process. Although many of them are angry about accepting yet another company voluntary administration (CVA), an overwhelming 98 per cent of landlords voted to accept the conditions offered by Blacks to ensure its survival. [...]
HOW THE DUBAI CRISIS UNFOLDED November 29, 2009 Friday 20 NovemberUpheaval in Dubai’s financial elite begins as three key figures are removed from the state’s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World. Sunday 22 NovDubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to [...]
Dubai asks for delay over debt November 25, 2009 DUBAI WORLD, the owner of P&O, triggered fury last night after it called for a moratorium on its debt repayments. The announcement sent the cost of insuring Dubai’s sovereign debt against default soaring above Icelandic levels. The emirate was last night judged the sixth riskiest country in the world by the credit markets. The news [...]
Financial officers believe future looks promising October 18, 2009 FINANCIAL optimism is at its highest level for two years, according to a new survey of chief financial officers by Deloitte released today. But while those polled are full of optimism for their own companies, they do not foresee a strong recovery throughout the sector. Growth next year is expected to remain sluggish by 73 [...]
Financial officers believe future looks promising October 18, 2009 FINANCIAL optimism is at its highest level for two years, according to a new survey of chief financial officers by Deloitte released today. But while those polled are full of optimism for their own companies, they do not foresee a strong recovery throughout the sector. Growth next year is expected to remain sluggish by 73 [...]
Your Space offers lenders a deal October 29, 2009 Deloitte has arranged the terms of a company voluntary arrangement (CVA) for struggling serviced office group Your Space, as it battles in the face of decreased demand. Under the terms of the CVA, a dividend of around 20p in the pound will be repaid to unsecured creditors, with the potential for up to a further [...]
Director out as Aero’s bank calls in KPMG November 11, 2009 AERO Inventory, a parts supplier for the airline industry that was contemplating a move from the junior market to a full listing less than two months ago, yesterday ended up in the hands of the administrators. Accounting group KPMG yesterday took control of the group on behalf of a group of banks led by Lloyds [...]
UAE’s stock markets plummet on debt fears November 30, 2009 STOCK exchanges in Abu Dhabi and Dubai suffered record one-day losses yesterday on the first day of trading since Dubai World asked for a six-month delay in repaying its £36bn debt. Abu Dhabi’s Securities Exchange suffered the largest one-day loss in its history, ending the session down 8.3 per cent yesterday. Dubai dropped 7.3 per [...]