Entrepreneur swoops in to bid for 180 Comet stores November 27, 2012 BUSINESS angel and entrepreneur Clive Coombes has emerged as a surprise bidder for around 180 Comet stores. Comet’s administrator Deloitte confirmed yesterday it is in talks with 43-year-old Coombes over a bid for the crisis-hit electronics retailer but said it was too early to say if it would result in a sale. The little-known entrepreneur [...]
LSE tries to turn tide on exodus of tech startups February 13, 2013 THE LONDON Stock Exchange is trying to tempt fast-growing tech firms away from Silicon Valley by launching a “high growth segment” with less onerous listing rules. The exchange said yesterday that companies with an annual growth rate of 20 per cent over three years will from next month be able to join the segment of [...]
Audit watchdog hikes business levy by 8.5pc January 22, 2013 THE UK’S audit watchdog has announced plans to hike levy rates by 8.5 per cent. The Financial Reporting Council (FRC)’s move was criticised by firms yesterday but the regulator said the increase was necessary as it attempts to clear a backlog of cases and deals with extra regulation. The FRC is upping its budget by 10 [...]
Hacktivism is rising threat to firms’ security December 9, 2012 CYBER attacks from activists have become an increasing threat to security at UK companies, with an overwhelming number considering politically or socially motivated hacking a threat, research released today shows. A report from financial services firm Deloitte claims that more than 70 per cent of firms in the technology, media and telecoms (TMT) sectors see [...]
US watchdog charges audit China affiliates December 3, 2012 THE US markets watchdog yesterday hit the Chinese arms of five accounting firms with charges, after the affiliates failed to hand over audit documents the US body wants. PwC, KPMG, Ernst & Young and Deloitte – the so-called big four – as well as BDO, have been charged with securities violations by the Securities and Exchange Commission (SEC), [...]
City finance chiefs fear triple dip January 7, 2013 THE FRAGILE UK economy still has a two-fifths chance of sinking back into what would be a triple dip recession, chief financial officers warned today. Rocked by financial and economic uncertainty, which 93 per cent of finance chiefs judged above normal, firms surveyed by Deloitte in the fourth quarter of 2012 said there was a [...]
Pirc: We raised Autonomy flag November 22, 2012 SHAREHOLDER advisory group Pirc “raised a number of red flags” over Hewlett-Packard (HP)’s $11bn (£6.9bn) purchase of Autonomy, it said yesterday. Pirc said it warned that Autonomy auditors Deloitte had done too much non-audit work to be independent. On Tuesday, HP accused former Autonomy bosses of inflating the software company’s accounts, and took an $8.8bn [...]
HP accuses Autonomy of $9bn lie November 20, 2012 FORMER bosses at British software giant Autonomy were yesterday accused of “serious accounting improprieties, disclosure failures and outright misrepresentation” by the chief executive of Hewlett-Packard (HP), after the US firm wrote off $8.8bn (£5.5bn) over last year’s purchase of Autonomy. Meg Whitman, who took the reins at HP shortly before the $11bn deal was completed [...]
Cycle to Paris? Scope throws down gauntlet January 9, 2013 DISABILITY charity Scope has challenged our City Boris Bikers to step their game up a notch, and take part in a London to Paris cycle ride. The charity is organising the 24 hour ride as part of a wider fundraising campaign in which participants are encouraged to try and fulfil an ambition in just one [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.