Financial Director articles from November 2008

Financial Director archives from November 2008

Here's hoping.(economy)
November 27, 2008... Byline: Dennis Turner HERE'S HOPING We're about to pay for a credit binge with a painful recessional purge A- by spending our way out of it Rarely has the economy dominated the news to the extent it has in recent months. The...

Not an option.
November 27, 2008... Byline: Anthony Harrington not an option Personal accounts will be a step forward, but compelling companies to contribute may have unintended consequences At the time of going to press, the pensions bill was nearing the end of its...

some things you cani?1/2t budget for.
November 27, 2008... Byline: Andrew Sawers some things you can't budget for Companies are repeating the same budgeting mistakes over and over because they can't learn quickly enough in these fast-moving times. At least Eddie Obeng thinks it's hilarious,...

Safe haven.
November 27, 2008... Byline: Charlotte Moore safe haven The collapse of Lehmans brings a new danger to pension funds: the risk that counterparties in swap deals could go under overnight. Is there a safe way to do liability-driven investment? It was...

still going?
November 27, 2008... Byline: Peter Williams still going? Those companies not facing insolvency should use going concern to test their recession-busting abilities Thousands of companies are going to go bust in 2009. Sorry to be so gloomy. But sectors...

more baubles.(information technology)
November 27, 2008... Byline: Robert Jaques more baubles Recession means little to IT vendors, who can always sell us their shiny wares, whether we need them or not 'Tis the season to be jolly. As we near the end of this most singular of years, which...

Boom-time for insolvency firms as more UK businesses go to the wall.
November 27, 2008... Byline: Rachael Singh Boom-time for insolvency firms as more UK businesses go to the wall More companies gone Company insolvencies for England and Wales are up by 26.3% in Q3 2008 on the same period in 2007, and 10.5% up on Q2...

Everyone's a winner.
November 27, 2008... Byline: Anthony Harrington everyone's a winner Offering transfer packages to high-earning employees in order to reduce final salary pensions liabilities is dangerous. But get it right and it's a win-win situation for all involved ...

HMRC audits fail importers.(Her Majesty's Revenue and Customs)
November 27, 2008... Byline: Neil Hodge HMRC audits fail importers Attempts to reduce bureaucracy on importing goods has left importers facing uncertainty and potential financial loss The UK's spending watchdog has found that British import businesses...

Love actuary?(actuaries)
November 27, 2008... Byline: Anthony Harrington love actuary? The actuarial profession is likely to fall out of favour as pension schemes launch more and more litigation against their advisers Three years ago, at the height of the bull market, American...

dragged through a hedge fund backwards.
November 27, 2008... Byline: Charlotte Moore dragged through a hedge fund backwards With analysts predicting more financial pain, hedge funds are trimming back as returns go negative, nervous lenders demand more collateral on loans A- and all the fees...

the land of the free traders?
November 27, 2008... Byline: Phil Thornton the land of the free traders? Populist rhetoric during Barack Obama's election campaign raised fears the US would embark on a protectionist strategy at a time when an international economic agenda is most needed,...

doesni?1/2t compare.(global accounting standards)
November 27, 2008... Byline: Robert Bruce doesn't compare The very concept of global accounting comparability is threatened as Europe argues for IFRS carve outs History will show whether Remembrance Day 2008 was a day we will also record as a...

Work to live.
November 27, 2008... Byline: Anthony Harrington work to live The fact we are all living longer is a good thing. But increasing longevity is putting a strain on investment strategy, forcing trustees to look at their schemes' mortality risks in more detail...

reporting to include climate risk.
November 27, 2008... Byline: Rachael Singh reporting to include climate risk Companies need to disclose their climate change risks and the steps they are taking to mitigate them British companies must step up disclosure of how climate change will...

Sustainability not gaining buy-in.
November 27, 2008... Byline: Rachael Singh Sustainability not gaining buy-in The concept of sustainability may now be mainstream practice, but structuring it is still a challenge for businesses Companies that choose to enact regional sustainability...

You have been warned.(corporate governance)
November 27, 2008... Byline: Anthony Harrington you have been warned Transferring from DB to DC schemes may help shed the financial risk of final salary, but it will not absolve companies from their responsibility to tell employees what they are getting...

Cash management needs urgent reform.
November 27, 2008... Byline: Melanie Stern Cash management needs urgent reform Companies suffering from suppliers demanding early invoice payments and a lack of credit amid a recession across most Western economies should use this time of increased...

Regulatory burden and cost barrier to IP exploitation.
November 27, 2008... Byline: Melanie Stern Regulatory burden and cost are barriers to IP exploitation Companies desperate to get cash in the door amid recession should examine what trade secrets or registered rights they have that could prove valuable in a...

Fiscal policy back in fashion as recessions deepens.
November 27, 2008... Byline: David Kern Fiscal policy back in fashion as recession deepens Keynesianism is popular once again as governments desperately search for a way to arrest the recession. The calls for an old-style fiscal policy boost to the economy...

Pension Schemes.
November 27, 2008... Byline: Andrew Sawers Pension schemes are feeling a lot like a slot machine these days. The whole environment is so crazy, with the failure of counterparties to deals that were supposed to reduce risk. The returns from gilts goes down, the...

ayearofliving dangerously.
November 27, 2008... Byline: Peter Bartram ayearofliving dangerously After a tumultuous year in the markets and the economy, the global crisis looks set to worsen as recession looms almost everywhere. What's left to go wrong in 2009? words Peter...

fsa eyes city pay structure.(Financial Services Authority)
November 27, 2008... Byline: Melanie Stern fsa eyes city pay structure Regulator's open letter to CEOs hints at a clampdown on irresponsible remuneration policies, but lacks conviction Financial Services Authority chief executive Hector Sants's latest...

of more than passing interest.
November 27, 2008... Byline: Phil Thornton of more than passing interest The Bank of England's latest interest rate cut A- the largest in half a century A- will be passed on to customers only when Libor follows suit, say the banks. And that will take time,...

Theperfectstorm.
November 27, 2008... Byline: Melanie Stern Theperfectstorm Stuart Bridges's unfashionable commitment to prudence has put insurance underwriter Hiscox in a strong position to go shopping for talent in 2009 words Melanie Stern portraits anton hammerl...

FDs promoted as companies prepare for tough year.
November 27, 2008... Byline: Melanie Stern FDs promoted as companies prepare for tough year Shell's Voser steps up as group CEO, while BT's Lalani does a Higginson As the finance director moves into the ascendant amid the certainty of a UK recession...

Tookey to lead Lloyds-HBOS future.
November 27, 2008... Byline: Melanie Stern Tookey to lead lloyds-HBOS future After completing a six-month bedding-in period as acting group finance director, Tim Tookey has been confirmed to stay with Lloyds TSB as FD permanently and will prove crucial to...

Broadley to fix old mut.(Philip Broadley)(Brief article)
November 27, 2008... Byline: Melanie Stern Broadley to fix Old Mut The Hundred Group's former chairman and ex-Prudential FD Philip Broadley has resurfaced after an eight-month silence as Old Mutual's new finance director. He replaces Jonathan Nicholls...

banks i?1/2pulling SME loansi?1/2.
November 27, 2008... Byline: Andrew Sawers banks 'pulling SME loans' Pre-Budget measures to support bank lending to the SME sector may not be enough to stave off criticism of the banks, writes Andrew Sawers As this issue of Financial Director went to...

the last cut was the steepest.
November 27, 2008... Byline: Andrew Sawers the last cut was the steepest The Bank of England surprised us with its huge rate cut. Now we know why, writes Andrew Sawers As if the one-and-a-half point cut in UK interest rates on 6 November wasn't a big...

Unconventional wisdom.(John Kenneth Galbraith)
November 27, 2008... Byline: Andrew Sawers Unconventional wisdom This year is the centenary of the birth of the great economist John Kenneth Galbraith and, in this year of all years, it seemed entirely appropriate to mark this anniversary by publishing an...

Worth-less Woolies takes a pounding.(Woolworths Group PLC)(Brief article)
November 27, 2008... Byline: Melanie Stern Worth-less Woolies takes a pounding The board at iconic retailer Woolworths has begun discussions to sell the business, and it is speculated that it may sell for [pounds sterling]1. The latest results from its...

News Update.
November 27, 2008... Byline: Melanie Stern Europe in the red Eurozone GDP shrank by 0.2% in the third quarter of 2008, following a 0.2% contraction in the previous quarter, making it official that the currency bloc is now in recession. Germany became the...