In comes tax December 15, 2011 City institutions and their employees paid a whopping £63bn in tax to the Treasury this year, more than any other industry in the UK, new figures published today show. City firms paid almost £10bn more tax this year than in 2010, despite the stretched trading conditions – contributing more than 12 per cent of the [...]
PwC: Budget was good for businesses April 3, 2011 CHANCELLOR George Osborne received a boost today, when a poll revealed that three quarters (74 per cent) of businesses believe that the Budget made the UK a more attractive place to do business. Osborne pledged several increments of cuts in corporation tax as well as reforms to Controlled Foreign Company rules, in last month’s Budget. [...]
City business map re-drawn November 13, 2011 THE traditional areas where business sectors have operated for decades are changing as companies hunt for affordable and convenient office space, according to new research published today. While the City has always been the hub for banks and insurance it is also becoming a magnet for IT firms and the changing makeup of the area [...]
OFT refers audit market to Competition Commission October 21, 2011 The Office for Fair Trading has referred the audit market to the Competition Commission. The continued dominance of the so-called Big Four accountants is at the heart of probe. The watchdog estimates that in 2010 PwC, KPMG, Deloitte and Ernst & Young, earned 99 per cent of audit fees paid by FTSE 100 companies, while [...]
OFT refers audit market to Competition Commission October 21, 2011 The Office for Fair Trading has referred the audit market to the Competition Commission. The continued dominance of the so-called Big Four accountants is at the heart of probe. The watchdog estimates that in 2010 PwC, KPMG, Deloitte and Ernst & Young, earned 99 per cent of audit fees paid by FTSE 100 companies, while [...]
Satyam and PwC settle US fraud case April 5, 2011 SATYAM Computer Services and its former auditor PwC agreed to pay a combined $17.5m (£10.7m) to settle US probes into an accounting fraud that in 2009 became India’s biggest corporate scandal. Satyam, an outsourcing company now known as Mahindra Satyam, will pay $10m to settle US Securities and Exchange Commission (SEC) charges it fraudulently inflated [...]
Olympus may sue its axed former boss October 18, 2011 JAPANESE camera-maker Olympus says it is considering taking legal action against its ousted chief executive after he went public with concerns over his former employer’s corporate governance. Michael Woodford was axed after just two weeks in the top job after clashing with the board over allegedly excessive payments made to advisers during a 2008 acquisition. [...]
Olympus may sue its axed former boss October 18, 2011 JAPANESE camera-maker Olympus says it is considering taking legal action against its ousted chief executive after he went public with concerns over his former employer’s corporate governance. Michael Woodford was axed after just two weeks in the top job after clashing with the board over allegedly excessive payments made to advisers during a 2008 acquisition. [...]
Probes start into MF Global client funds November 3, 2011 US regulators are launching a broad review into the business practices of failed futures brokerage MF Global as their hunt continues for over $600m (£375m) in missing customer money. Round-the-clock shifts for examiners have become the norm as they sort through the collapse of the firm headed by Jon Corzine. The head of the US [...]
Two more Russians to enter FTSE November 8, 2011 TWO Russian miners are set to join the FTSE 100 next month, reigniting concerns over corporate governance and the composition of the index. Roman Abramovich’s steelmaking group Evraz and gold miner Polymetal will both join the index if the FTSE Group agrees at its next meeting. Evraz, with a £4.7bn market cap, and Polymetal, at [...]