AIG sued by former employee January 4, 2011 A former employee of AIG is suing her employers and PwC, claiming that auditors were negligent in checking the insurer’s financial strength and that AIG has failed to pursue a claim. Wanda Wimms has brought a case in the New York Southern District Court on behalf of the AIG Inventive Savings Plan, which lost out [...]
£56,800,000,000: The amount of tax paid by the UK’s 100 biggest companies last year March 1, 2011 THE UK’s 100 largest companies accounted for 11.9 per cent of the Treasury’s total tax receipts last year, a survey by PricewaterhouseCoopers has revealed, equal to total payments of £56.8bn. Two thirds of the taxes collected were paid by just a third of the top 100 companies, with oil and gas producers, banks, insurance firms [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 28, 2011 FINANCIAL TIMES ICBC HEAD PLAYS DOWN POST-CRISIS LOAN RISK China’s largest bank lent Rmb640bn ($61bn) to local governments in the post-crisis credit boom, but insists these loans do not pose a danger to the country’s banking system. In an interview with the Financial Times, Jiang Jianqing, chairman of Industrial and Commercial Bank of China, the [...]
CEOs look to Asia for growth February 14, 2011 GLOBALISATION and growth are back on the agenda for chief executives as they seek to gain from a mixed recovery, a new survey showed yesterday. Confidence among company heads worldwide is returning to a level to rival boom years such as 2005 and 2006, as strict cost control and restructuring over the past two years [...]
Non-execs working harder January 16, 2011 Non-executive directors spent an average of 20 per cent more time fulfilling their boardroom duties, acording to a report from accountancy firm PricewaterhouseCooper (PwC). Figures showed FTSE 100 non-executives spent 24 days doing their job last year, compared to 20 the year before.
CITY MOVES | WHO’S SWITCHING JOBS April 13, 2011 PricewaterhouseCoopers Amit Aggarwal has been appointed to lead the retail M&A team at PwC’s corporate finance business. Aggarwal brings more than 15 years’ experience in M&A and private equity to the role, having previously held senior positions at JP Morgan and Baugur. Aggarwal moves from the position of partner at Retail Partners, the retail-focused advisory [...]
Voluntary rules for auditors January 25, 2011 GOVERNMENT minister Ed Davey told a House of Lords inquiry yesterday that moves to make the “big four” auditors less dominant in the market should be voluntary before more regulation is tried. Davey, minister for government relations, said “demand-side” measures to help mid-sized audit firms to grow should take precedence over regulation to improve competition. [...]
Global firms welcome relief on foreign earnings March 23, 2011 THE government has announced measures intended to lure multinationals back to the UK and has promised a review on the taxation of profits made outside the country. The Chancellor said during his Budget announcement yesterday: “I want Britain to be the place international businesses go to, not the place they leave.” He claimed that the [...]
Global firms welcome relief on foreign earnings March 23, 2011 THE government has announced measures intended to lure multinationals back to the UK and has promised a review on the taxation of profits made outside the country. The Chancellor said during his Budget announcement yesterday: “I want Britain to be the place international businesses go to, not the place they leave.” He claimed that the [...]
Confidence growing in City: survey January 9, 2011 CONFIDENCE among City firms is growing on the back of strong business volumes and expectations of rising profitability, a survey shows today. The Confederation of British Industry (CBI) and PwC Financial Services survey paints a picture of steady recovery in the City over the past quarter, brightened by a boom in individual investment that has [...]