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Corporate Finance Magazine Archive

Improving STP rates and examing the potential of outsourcing solutions are two of the main concerns being exhibted by corporate clients, according to Fundtech, a leading provider of financial technology software and services. The survey concludes:

The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) today announced their agreement to launch a joint project to reduce differences between International Financial Reporting Standards (IFRSs) and Japanese accounting standards. Phase 1 of this project is the first step towards the final goal of convergence of their standards. Today's agreement follows the announcement of October 12 2004, when both boards agreed to examine differences between IFRSs and Japanese accounting standards. Both boards believe that this effort will promote further international convergence to high quality accounting standards and will contribute to the development of global capital markets.

Xansa, the UK technology company, is to lose its finance director Peter Gill. He is to become finance director of a company that is preparing to float on the London Stock Exchange later this year. Gill will remain with Xansa until May this year. US energy producer Key Energy has appointed William Austin as CFO. Austin's career has included stints as chief restructuring officer of utilities company Northwest Corporation, CEO of Cable and Wireless's US operations and CFO of BMC software.

British Telecom (BT), the UK communications group, is set to implement EigerPAY Gateway in a move which will provide its retail division ? BT Retail - with access to BACSTEL-IP. This will allow BT to adopt a single solution for submitting BACS' payments and consolidate the 10 systems currently used to process direct debits.

Tyco's reputation moved a step closer to respectability after Moody's, the ratings agency, affirmed the long and short-term debt ratings of Tyco International, giving a Baa3 rating to its £1 billion revolving credit facility and changed its ratings outlook to positive from stable. Strong cash flow is cited as one of the main reasons for the positive outlook combined with proceeds from the sale of a number of key assets.

The Takeover Panel, the body that oversees M&A in the UK, has welcomed the British government's proposals for implementing the European Directive on Takeover Bids, saying it is confident that the legislation will not compromise its independence and efficiency. While the directive requires the implementation of a statutory framework, the UK government insisted it is keen to preserve the panel's authority and independence.

Amended filings for financial restatements rose to a record 414 in 2004 from 323 the previous year according to a summary of Huron Consulting Group's 2004 Annual Review of Financial Reporting Matters.

Several high profile CFO appointments in the US this week have been topped by the announcement that John Connors is leaving Microsoft to become a partner at a Seattle-area venture capital firm and that former Shell CFO Guy Cowan is going to New Zealand dairy company Fonterra Cooperative Group

Demand for interim managers is at its highest since 2001, with average daily fees by up to 7.5% at £513 compared with December 2003. A new industry survey carried out by Russam GMS end-December 2004 reveals that engineering and manufacturing are the leading sectors to use interim managers accounting for 19%.

The US healthcare sector saw the most private equity activity in 2004 with firms investing a total of $20.6 billion, according to data from Dealogic.

MeadWestvaco, the US packaging, paper and office products producer, has announced it has reached a definitive agreement to sell its papers business and associated assets for $2.3 billion to a new company controlled by Cerberus Capital Management L.P., a buyout firm based in New York.