CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
Huge 300bn hole in FTSE 100 pensions July 16, 2009 THE total pension deficit at FTSE 100 companies has more than doubled since January, rising to a staggering £300bn, Deloitte said yesterday. Fallout from the global financial crisis has decimated the value of pension funds’ investments, the accountancy giant said, adding that the shortfall could take 50 years to clear if firms continue to contribute [...]
SpinVox looks to mend its image August 9, 2009 SpinVox, the company that converts voice recordings into text messages, has hired public relations firm Brunswick to help fix its image, after allegations of financial mismanagement. The company, led by chief executive Christina Domecq, has been beset by problems ever since allegations surfaced that its messages were being transcribed in call centres abroad. SpinVox, which [...]
Retail sales fall to 2001 levels July 15, 2009 Retail sales per square foot have fallen to levels last seen in 2001, according to the business advisory firm Deloitte. While consumer spending has weakened in the recession, it is the relentless growth in capacity that has dramatically brought returns per foot down, Deloitte said. It estimates that the industry has added more than 50m [...]
Lehman fee gives boost to PwC revenue September 6, 2009 THE worldwide accountancy giant PricewaterhouseCoopers saw its revenues creep up by less than half a per cent over the past year, thanks to a strong performance from its advisory business in turbulent economic conditions. Its results were boosted by £100m in revenues from the administration of Lehman Brothers’ European arm, after the bank failed last [...]
City’s most successful accountant still has plenty of fire in his belly July 20, 2009 IT IS EASY to tell when you are nearing , Deloitte boss John Connolly’s office because an awful lot of people you bump into in the firm’s corridors begin to ask about his welfare. “Is John in?” asks one, a tad nervously. “What mood is he in today?” asks another. There is a feeling of [...]
Administrations up 18 per cent August 2, 2009 The number of firms in financial trouble rose by 18 per cent in the first half of the year, compared to the first half of 2008, as the financial crisis presented an increasingly hostile environment for business. Research from Deloitte shows more firms collapsed but the rate of collapse is slowing, with the number of [...]
Administrations up 18 per cent August 2, 2009 The number of firms in financial trouble rose by 18 per cent in the first half of the year, compared to the first half of 2008, as the financial crisis presented an increasingly hostile environment for business. Research from Deloitte shows more firms collapsed but the rate of collapse is slowing, with the number of [...]
Boom-town Qatar is becoming the New York City of the Middle East November 18, 2009 WHEN chancellor Alistair Darling announced the introduction of a 50 per cent tax on all income over £150,000 from April 2010, there was immediately talk of a mass exodus from the City. High earners, said the chancellor’s critics, would look to preserve their wealth and firms try to attract the best talent. Some were expected [...]
City firms struggle to pick the best as A-Level results rise August 20, 2009 CITY firms face increasing difficulties selecting the most promising students to enter their graduate programmes, as more A-level students landed ‘A’ grades yesterday than ever before. Over one in four exam entries were rewarded with the top grade, ahead of plans by education authorities to introduce a new A* grade next year to mark out [...]