Big Four accountants retain hold over blue-chip audit jobs October 27, 2009 ATTEMPTS to inject more competition into firms that audit UK company books have suffered a setback as figures released yesterday showed the “Big Four” accountants maintaining their stranglehold on the sector. The Financial Reporting Council (FRC) set up a market participants group three years ago which made recommendations to spread this business more evenly. It [...]
Booze runs dry at off licence October 1, 2009 Administrators of the Wine Cellar off-licence and convenience store group have said 320 jobs will be lost at the company. The firm, which operates under the Booze Buster, Simply Drinks and Simply Food & Drinks brands, called in administrators Deloitte yesterday. The family-owned group had 170 stores but 109 have been sold to EFB Retail, [...]
Create loyalty through trust to retain key staff September 30, 2009 A REPORT by financial services and banking recruitment firm Robert Half released last week which polled 3,000 workers found that 37 per cent are planning to leave their jobs as soon as the economy is more stable, and half would leave within six months of the recession being officially declared over. While people normally move [...]
Executive bonuses hold up September 6, 2009 Executive directors in FTSE 350 companies have not seen reduced bonus payouts, even though 70 per cent will not get a pay rise this year, according to a Deloitte report. More companies are now paying non-cash bonuses and are deferring portions of the bonus or placing clawback provisions. Deloitte said the typical bonus payout is [...]
Christmas will be make or break for our retailers November 8, 2009 WHEN the Christmas lights on Regent Street were switched on last week, it marked the beginning of the most important period of the year for high-street retailers. Many can earn 60 per cent of their annual profits in the peak weeks of Christmas. After a dismal end to 2008 when it seemed like retail chains [...]
Big Four faces auditing probe November 5, 2009 THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services. The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public. The controversial contract provides a “deeper” service [...]
Roger Bootle gives warning on UK growth November 1, 2009 THE COMING public spending squeeze could cut Britain’s annual growth by up to two percentage points, a report warns today. With the government finances in the worst shape for at least half a century and public debt heading towards 100 per cent of gross domestic product, major spending cuts which will have profound effects on [...]
Roger Bootle gives warning on UK growth November 1, 2009 THE COMING public spending squeeze could cut Britain’s annual growth by up to two percentage points, a report warns today. With the government finances in the worst shape for at least half a century and public debt heading towards 100 per cent of gross domestic product, major spending cuts which will have profound effects on [...]
Professional services are a bedrock of City success November 11, 2009 AN insurer talking to accountants may not sound like much of a crowd-drawer in the traditional sense. But when Lord Levene, chairman of Lloyd’s of London, addressed a breakfast briefing at Chartered Accountants Hall yesterday, his comments were enough to spark real interest among the audience. Levene’s salient point was that we cannot allow one [...]
Thomson Reuters buys Abacus September 13, 2009 Thomson Reuters has said it is to buy tax-software firm Abacus Enterprise from Deloitte, in a deal expected to be worth around $45m (£27m). The group has snapped up the London firm, which supplies tax products to half the firms in the FTSE 100, as part of ongoing expansion of its professional services activities. Thomson [...]