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  • Private equity houses Candover and Cinven have taken advantage of a favourable market to extract £1.025 billion ($1.915 billion) from UK gaming company Gala. The lending facilities with Merrill Lynch, Royal Bank of Scotland and Intermediate Capital have achieved cheaper funding than the original facilities, arranged as part of an LBO in February 2003.
  • Deloitte today published a report revealing the impact that pending changes to corporate interim reporting will have on UK companies. The report – The half-time results: Reviewing and revising corporate interim reporting – includes guidance and model accounts to assist companies in reporting under the new requirements.
  • Moody's Investors Service has changed the outlook of both General Motors and its financing arm, GMAC, to negative from stable. The change in outlook follows the announcement that GM has agreed to pay Fiat, the Italian-based car manufacturer, €1.55 billion ($2 billion) to terminate the Master Agreement between the companies and to realign its industrial relationships.
  • The global corporate speculative-grade default rate remained unchanged in January from the revised December 2004 figure of 2.3%, according to Moody's Investors Services. As a percentage of dollar volume, the global corporate speculative-grade default rate fell to 2.2% in January 2005 from a revised rate of 2.5% in December 2004.
  • For the first time since 2000, annual investment in European venture-capital-backed companies held steady, with ?3.5billion invested in 2004?nearly the same amount that was invested in 2003. However, deal flow for the year decreased to 1,026 rounds?a 20% drop in activity from 2003? according to the European Venture Capital Report released by VentureOne and Ernst & Young.
  • Pharmaceutical giant GlaxoSmithKline announced yesterday that switching reporting standards to IFRS cost its shareholders £394 million in 2004.
  • Jim Kaitz, president of the Association for Financial Professionals (AFP), has called on the US Congress ?to hold the SEC accountable by demanding immediate action on the issues,? including questions about the credibility and reliability of credit ratings and conflicts of interest and abusive practices in the rating process. Kaitz testified before the Senate Committee on Banking, Housing and Urban Affairs.
  • The main board at almost half of Europe's top 10,000 firms are seriously thinking of outsourcing whole business processes, according to new research from HandySoft. This is a first step on the road to becoming what management consultants are calling ?virtual? organisations ? namely, companies that outsource all but their core business processes.
  • International chemicals company ICI saved £17 million through working capital management (WCM) schemes last year, easily covering the £10 million increase in its pension fund requirements.
  • As the deadline of March 15 approaches for US companies to report on their Sarbanes-Oxley compliance, the big accountancy firms say they expect one in ten to report serious difficulties.
  • Jefferson Wells, a global provider of risk, control, compliance and financial process improvement today warned UK companies not to become over-complacent about Sarbanes-Oxley (SOx) compliance, after news that the Securities & Exchange Commission (SEC) would extend the deadline by up to five months was announced.
  • Norbert Wanninger has resigned from his post as head of global cash management for corporates at Deutsche Bank.