US judge bars Big Four China units January 23, 2014 CHINESE units of the global Big Four accounting firms should be suspended from auditing US-listed companies for six months, a judge in the United States ruled, in an escalation in a long-running dispute over regulators’ access to documents. In a harshly worded 112-page ruling, Securities and Exchange Commission administrative law Judge Cameron Elliot censured the [...]
Seven-year high for construction firms’ optimism April 2, 2014 OPTIMISM within the construction industry surged to its highest level in more than seven years last month, as its rapid pace of expansion continued. The Markit/CIPS Construction Purchasing Managers’ Index (PMI) edged down slightly to 62.5 in March, barely changed from 62.6 in February, but still well above the 50 mark that denotes growth. The [...]
London hotel industry set for record revenue growth in 2014 December 19, 2013 LONDON hotels are set to have a record 2014 according to the latest hotels forecast from PwC, after tough comparisons with the 2012 London Olympic Games caused a sluggish start last year. Revenue per available room (revpar), a key industry measure, is expected to rise 2.4 per cent to a record £112.80 thanks to a [...]
Ministers delay pension rate cap change to 2015 January 23, 2014 MINISTER Steve Webb has announced that a cap on pension charges for workplace pensions will not be announced until at least April 2015, a year later than planned. The government is seeking to give employers at least 12 months to prepare for changes to the way auto-enrolment pensions are provided, Webb said in a written [...]
Bingo operators to invest as they hit jackpot on tax drop March 19, 2014 BINGO halls got a boost yesterday as the rate of duty was cut by the government from 20 per cent to just 10 per cent. Chancellor George Osborne said he would go further than the 15 per cent rate that the industry had requested, by halving the existing rate from 30 June. Bingo hall operator [...]
G4S agrees to tagging payout as profits slide March 12, 2014 SCANDAL-STRUCK outsourcing firm G4S could still be liable for criminal charges relating to the prisoner tagging scandal, the government said yesterday, as the firm agreed to a £108.9m settlement. “I am satisfied on the basis of PwC’s forensic audit, and having taken appropriate advice, that this represents a good deal for the taxpayer,” said justice [...]
Europe’s banks face whopping €280bn capital shortfall in 2014 November 28, 2013 The European banking sector is short to the tune of around €280bn (£233bn) according to a new report by PwC. Banks will need to make up that gap as a result of new regulation next year. The shortfall stems from the combined impact of Basel III capital ratio requirements, leverage ratio requirements, the European Central [...]
Tata Europe boss calls on the government to slash energy bills January 16, 2014 Steel boss Karl Koehler has called on the government to slash energy bills. The CEO of Tata Steel Europe said that heavy industries need help to deal with rapidly rising costs. Speaking at a conference in London, Mr Koehler argued that revitalising these sectors could play a major part in rebalancing of the UK economy. [...]
Unilever’s audit goes to KPMG December 2, 2013 KPMG has won the contract to audit consumer goods group Unilever from next year, in an €18m-a-year deal that was previously held by PwC. Unilever said it would part ways with PwC on the audit mandate after 26 years and put the job out to tender in July. The decision followed a rule change forcing [...]
City Moves for 23 January 2014 | Who’s switching jobs January 22, 2014 Legal & General Martin Brookes has joined Legal & General Capital as director of investment strategy. He previously spent 27 years at the Prudential, where he was most recently director of portfolio management in its portfolio management group. KPMG The professional services firm has appointed Victor Abrams as a special adviser in its tax value chain management [...]