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 [...]
HMV slashes prices ahead of looming bank tests January 10, 2013 TROUBLED retailer HMV yesterday dug in for a last ditch fight to boost its stricken sales figures by slashing 25 per cent off prices, amid mounting pressure on the outlet over looming debt covenant breaches. The retailer, which lost £37.3m in the first half of last year, will ditch its normal January promotional campaign in [...]
The hawk and the dove give their verdict February 21, 2013 Confusing Bank policy is failing to contain persistently high inflation MONETARY policy in the UK is becoming increasingly confusing. When the Bank of England assumed responsibility for setting interest rates in 1997, it was given a clear objective – keeping inflation on target at a low target level (retail price index, excluding mortgage interest payments [...]
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 [...]
Hopes rise for black cab firm after new bid December 20, 2012 VOLVO Car Corporation’s owner Zhejiang Geely has entered the race to take over stricken UK black cab maker Manganese Bronze, after it emerged the Chinese company was in talks to buy the Coventry-based manufacturer. Manganese, which has been making the iconic black cabs through its London Taxi Company since 1948, fell into administration in October [...]
Manganese Bronze reinstates sacked workers as bids close December 9, 2012 BLACK cab maker Manganese Bronze, which collapsed into administration last month, has re-hired the 12 staff laid off at the end of October, raising hopes production of the vehicle will remain in the UK if a buyer is found. Bids for the holding company’s stricken subsidiary The London Taxi Company, which makes the cabs in [...]
Big four make up lion’s share of £11bn accountancy fee income January 17, 2013 FEE income at Britain’s 60 biggest accountancy firms totalled almost £11bn last year, as the biggest firms gained work in consulting and corporate finance while the mid-tier firms fought to grow. The big four professional services firms – PwC, Deloitte, Ernst & Young and KPMG – made up £8.35bn of the top 60 firms’ earnings, [...]
City Moves for 30 January 2013 | Who’s switching jobs January 29, 2013 Pinsent Masons Michael Isaacs has been appointed partner in the law firm’s financial sector disputes practice. He is a banking litigation specialist, and joins from Addleshaw Goddard. Issacs has over 20 years’ experience in the sector. Mizuho International The London-based securities and investment banking arm of Mizuho Financial Group has appointed Antony Slotboom as head [...]
Pwc’s PARTNERSHIP: the new recruits June 28, 2012 TAX Fiona Camenzuli Dean Farthing Ben Flockton Janette Jones Scott Lindsay Philip Martinos Tim McCann Darrel Poletyllo Lucy Redding Lachlan Roos Ben Wilkins Paul Wolstenholme ADVISORY Mark Anderson Antony Cook Jeff Ford Celine Herweijer John Lyons Edward Macnamara Richard Major David Morris Brendan O’Driscoll Neil O’Keeffe Will Richardson Dan Stott Jeremy Webb ASSURANCE Lee Clarke [...]
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), [...]