CITY MOVES | WHO’S SWITCHING JOBS May 20, 2010 KPMG Kathryn Britten has joined the accountancy firm as a partner and chairman of its growing forensic practice. Britten has over 30 years of audit and accountancy experience and specialises in professional negligence and commercial dispute issues. She joins KPMG from rival BDO, where she has been the national head of their forensic accounting and [...]
Sceptre Leisure credit facility December 2, 2009 Sceptre Leisure announced yesterday that it has agreed to a £6m revolving credit facility and £0.5m overdraft with Lloyds Banking Group to replace an existing £3m overdraft, which was due to expire on 31 December 2009. The group reduced its net debt from £19.3m to £16.7m in the six months to 31 October.
Greece woes spoil continental party January 18, 2010 EUROPEAN shares rose in early trade yesterday, recovering some of Friday’s losses, with miners gaining on higher metals prices. In morning trading, the FTSEurofirst 300 index was up 0.6 per cent at 1,058.15 points. Miners were among early gainers, as copper rose on hope that strong Chinese demand could cut inventories. Precious metals were also [...]
Barclays clocks largest UK exposure to Greece April 28, 2010 BARCLAYS is likely to be hit the hardest of all the UK banks in the event of a Greek debt default, according to estimates released yesterday. Analysts at Evolution Securities calculated Barclays’ exposure to Greek bonds at €4.6bn (£4.0bn), or 10 per cent of tangible net asset value (tNAV), due to Barclays Capital’s position as [...]
CITY A.M. | SHADOW MPC June 9, 2010 ALLISTER HEATH | CITY A.M. “The money supply is growing at an accelerated rate and the economy is expanding at a decent, but still sluggish, pace. With inflation too high, it is time for a symbolic hike in rates, whatever happens at the Budget.” SIMON WARD | HENDERSON “Raise by 0.25 per cent. Negative real [...]
The car insurance boss who wants to motor into new foreign markets August 22, 2010 It is a case of ‘Recession? What recession?’ for motor insurance firm Admiral, which is in the middle of taking on 750 staff in the UK alone this year. And that means an awful lot of meetings for the Cardiff-based firm’s 53-year-old chief executive Henry Engelhardt. The Chicago-born boss meets every one of his new [...]
Wood eyeing Esure deal December 6, 2009 Insurance pioneer Peter Wood is understood to be preparing to buy out his Esure motor insurance business from Lloyds Banking Group. Esure, known for its “Calm down dear” TV ads starring celebrity Michael Winner, is thought to be worth £200m to £250m. Wood has lined up financing from buyout firm Penta Capital and hedge fund [...]
Happy Monday for financials as US data lift big cap shares February 1, 2010 Britain’s top share index closed 1.1 per cent higher yesterday, helped by upbeat US manufacturing data, with banks and commodity stocks topping the list of gainers. The FTSE 100 closed up 58.89 points at 5,247.41, having dipped to 5,163.57 earlier in the session. The index ended 0.8 per cent higher on Friday. Experts said the [...]
Goldman to pay $1bn in bonus tax January 4, 2010 GOLDMAN Sachs is likely to pay out UK bonuses in full, a decision which would force it to hand around $1bn (£620m) in taxes to the Treasury. The bank looks set to increase the size of its bonus pool to compensate for Alistair Darling’s 50 per cent bonus levy rather than punish its workers by [...]
FTSE hits a one-month low as financial stocks plummet January 21, 2010 ASHARP retreat in miners on sinking metal prices and worry about a tax from Australia and weakness in banks on fears about US curbs pushed Britain’s top share index 1.6 per cent lower by the close on Thursday. The FTSE 100 index ended 85.70 points lower at 5,335.10, its lowest since 22 December. The index [...]