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’A new shareholder for Nat’s coal curiosity
So, the billionaire Bakrie Brothers have sorted one of their debt issues.
They have struck a deal to sell half of their stake in Nat Rothschild’s cash shell curiosity, Bumi Plc, to an Indonesian businessman.
Jobs and the City…
Whether you’re an increasingly impecunious chief executive at a mid-ranked UK company, or one of the City’s increasingly flush “AVPs” (assistance vice-presidents), some – interestingly timed – reports on Monday are telling us a few things.
The expedited Audit
Accounting-geeks (like us) might remember that at the start of last year there was much discussion as to whether Britain’s big four auditing firms — PwC, Deloitte, Ernst & Young, and KPMG — would be able to sign off the 2008 end-of-year accounts of the country’s beleaguered banks.
Doubts over Deutsche and Deloitte’s derivatives dealings
Employees of Deutsche Bank, Deloitte Touche Tohmatsu and Banca Italease may face charges in Milan related to an ongoing investigation into derivative sales, Bloomberg reported on Tuesday.
From the news wire:
Haircuts in Dubai
So the United Arab Emirates has sort-of-but-not-quite stepped in to save Dubai — pledging liquidity support for UAE banks.
At the same time, however, speculation over just what sort of debt restructuring lies in wait for Nakheel bond investors continues apace.
Lloyd’s of London plans strategic revamp
Lloyd’s of London has begun the biggest strategic review it has undertaken this decade in an attempt to ensure the more than 320-year-old insurance market does not fail in exploiting the gaps in the market thrown up by the financial crisis,
Whistlejacket one day from MTN default
So either they couldn’t make it work, or in the end they didn’t want to. Nine days ago, Standard Chartered withdrew the liquidity support promised (conditionally) to its $7bn Whistlejacket SIV, after the vehicle breached its net asset value trigger,
Deloitte hire Shariah scholar in bid for Muslim money
Deloitte has appointed its very own Shariah scholar, one Mufti Hassan Kaleem, a pupil of Sheikh Mohammed Taqi Usmani reports Jennifer Hughes in the FT.
Alongside his many other appointments, including working for Al Baraka Bank in Pakistan,
SIV rescuscitation at Deloitte
Some would argue that these synthetic nasties should be slapped with a DNR order. But Deloitte’s name keeps cropping up alongside the efforts to resuscitate moribund SIVs, with some success.
The FT’s People column notes that in acting as receiver for Cheyne Finance,
‘No risk’ of fire sale at Rhinebridge
Rhinebridge will not be forced into a fire sale of its $2bn or so of assets after stopping repayments of its commercial paper, according to receivers appointed on Tuesday to the three-month old SIV. Rhinebridge was a sister to the Rhineland conduit used to fund German bank IKB until its inability to raise short-term debt forced other German banks to organise a rescue.
Ewing attacks UK investors over boards
Margaret Ewing, the former finance director of UK airports group BAA, has attacked institutional investors for voting down more generous remuneration packages for directors of quoted companies and for failing to back them in acquisitions.
Billionaire Ashley buys Adidas stake and moves on M and M
Mike Ashley, the entrepreneur whose stated aim is to create the world’s biggest sports retailer, has bought a stake in Adidas, the German sportswear group. The billionaire, who last month raised £929m with the flotation of his Sports Direct retail empire,
Deloitte warns on evaluation of derivatives risks
Fewer than half of global financial institutions account sufficiently for complex financial and commodity exposures in assessing the riskiness of their holdings, according to a risk management survey by Deloitte.
Hedge fund cowboys failing to manage risk
Hedge funds should make pretty good risk managers, given that risk management is their job, says Felix Salmon at RGE Monitor. But a new report from Deloitte Research shows that hedge funds are doing little to buck their Wild Wild West,