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 [...]
Advisers head to the Gulf as rumours swirl November 29, 2009 Aidan Birkett is beginning a week of intense negotiations as the full implications of Dubai World’s debt problems emerge. The managing director for corporate finance at Deloitte is leading the process to shore up Dubai World’s crippled finances. The state-owned property and financial conglomerate announced last week it needed a six-month respite from its debt [...]
Defender of business says a hung parliament would be disastrous February 7, 2010 HE MIGHT have parted company with the CBI four years ago, but Lord Digby Jones is still one of the staunchest defenders of the private sector. When he gives me his business card at the opening of a Vodafone store in the City, it is emblazoned with a motto that sums up his philosophy: “Only [...]
People still value the personal touch from banks November 17, 2009 LAST week saw the launch of NatWest’s personal banking iPhone app, in line with the banking sector’s efforts to cut costs and improve user experience by moving their operations online. Recent YouGov research undertaken on behalf of Deloitte points to the risks in an online strategy: customers place high value on face-to-face interactions in their [...]
CITY MOVES WHO’S SWITCHING JOBS November 25, 2009 ElectraThe private equity group has appointed Roger Perkin as a non-executive director. Perkin is a former senior partner at Ernst & Young, where he spent 40 years of his career. He was previously lead auditor to UBS from 1998 to 2005 and has worked for clients including 3i, Resolution and Henderson. He also recently advised [...]
Grant Thornton lags the Big Four November 19, 2009 GRANT THORNTON saw turnover fall four per cent over the past financial year as profit per partner dived nearly 20 per cent on costs related to its troublesome merger with rival Robson Rhodes. The fifth-biggest accountancy partnership said revenue fell 4.1 per cent to £378.2m in the year to 30 June. Chief executive Scott Barnes [...]
Loyal crowds galvanising top clubs against the recession October 6, 2009 TOP FLIGHT clubs have again demonstrated their ability to resist the effects of the downturn by posting strong attendance figures for the start of the season. Experts had expected clubs to feel the pinch more than ever in the current campaign, the first since Britain officially entered recession in January. But Premier League outfits have [...]