Slow and steady for AA as debt mountain grows September 22, 2015 The AA will lay bare the extent of its debt problems today when it releases interim results, with the company expected to say that it must pay about £150m in annual interest costs. The roadside assistance group is saddled with over £3bn of debt, linked to its takeover by private equity firms Permira, Charterhouse and [...]
The world’s poorest man Jerome Kerviel has handed himself in to French authorities September 17, 2015 Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence. His return home is something of an end point to a saga that goes from huge unauthorised trades on the eve of the financial crisis, to [...]
“We write what we want”: OBR chief Robert Chote reappointed after playing down Treasury influence over summer Budget economic forecasts September 15, 2015 Robert Chote has been reappointed as chief of the Office for Budget Responsibility (OBR) following a grilling from MPs in which he fended off accusations that the watchdog had been influenced by the Treasury in its analysis of the summer Budget. However, the saga is not yet over as more evidence has been demanded from [...]
City Moves for 10 September 2015 | Who’s switching jobs September 9, 2015 CBRE The commercial real estate services firm has appointed Oliver Segal as an associate director in its Central London lease consultancy team. He joins from Capita Property and Infrastructure, where he has worked since 2006, working on landlord and tenant, asset and portfolio management. Sarasin & Partners The asset manager has appointed Simon Steele and [...]
Could Manchester United chiefs sue? Lawyers explain how deals like the David De Gea transfer take place – and can fall apart September 2, 2015 MANCHESTER UNITED AND REAL MADRID ARE ARGUING OVER THE FORMALITIES OF THE FAILED DEAL. SURELY FORMALITIES ARE JUST THAT? Since 2002, in general, Fifa rules have restricted international transfers to two annual windows determined by each relevant football association. Crucially, one needs to look at the window of the buying club to determine whether a [...]
Why did David de Gea’s Manchester United to Real Madrid move collapse? Sports lawyers explain September 1, 2015 Manchester United and Real Madrid are arguing over the formalities of the failed transfer of goalkeeper David de Gea. Surely formalities are just that? The transfer window has been a reality here since Fifa's insistence on limiting the timing of transfers back in the 2002-03 season. Under Article 6 of FIFA’s Regulations on the [...]
Deal crowns UK as betting M&A hotspot August 27, 2015 THE UK has become the biggest hub for gambling M&A this year in the wake of yesterday’s deal, new figures show. About $6.8bn (£4.4bn) of UK tie-ups have been announced so far this year, according to Dealogic, putting it ahead of its biggest rival the US, which has seen a 65 per cent slump in [...]
Political meddling threatens London City Airport’s future: It’s a depressingly familiar story August 20, 2015 The latest twist in the London City Airport saga was laid out in these pages yesterday, with the news that a number of international parties are looking to bid for the site. But any sale, and the future of the airport, is heavily dependent on its prospects for growth. Those growth prospects ought to [...]
Sun Tzu and the art of currency war – CNBC Comment August 18, 2015 WITH talk of currency wars gathering steam, aided by the Chinese government’s devaluation of the yuan last week, it’s difficult to know which ancient Chinese philosopher to turn to. Sun Tzu’s words from The Art of War – “the supreme art of war is to subdue the enemy without fighting” – may come to mind. [...]
HSBC, Barclays and RBS among nine banks signing up to $2bn US foreign exchange settlement August 14, 2015 Nine banks including HSBC, Barclays and Royal Bank of Scotland (RBS) have agreed a $2bn (£1.3bn) settlement with US investors over currency rigging-accusations. Goldman Sachs, BNP Paribas, Bank of America, JP Morgan, Citibank and UBS also signed up to the deal, according to lawyers negotiating on behalf of the investors. A statement by law firm [...]