PwC prepares for new normal as revenues rise September 8, 2013 ACCOUNTANCY giant PwC has said it is adjusting to a “new normal”, where the economy grows more slowly and the group faces the prospect of losing out on audit work. The Big Four company, which today posted a three per cent rise in revenues to £2.69bn for the year to the end of June, said [...]
PwC boss sees reasons to be cheerful in flat markets September 8, 2013 Chairman Ian Powell tells Marion Dakers about how the accountancy firm is seeking new sources of growth I’M slightly concerned,” says Ian Powell. “I thought that the activity in the transfer window was tense, and we have not gotten off to the best of starts.” The chairman of PwC UK might be harbouring doubts about [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
Best of the brokers for 06 September 2013 September 5, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com LAMPRELL Nomura has cut the oil services group from “neutral” to “reduce” and raised its target from 90p to 140p as part of a wider review of the sector. The broker thinks industry-wide earnings predictions for this year are around 15 per cent [...]
Sir Stuart Rose joins HSBC as an advisor September 4, 2013 FORMER Marks & Spencer boss Sir Stuart Rose has taken on an advisory role at banking giant HSBC. The retail veteran has recently accepted a part-time role on the European advisory council in HSBC’s investment banking division. The council has around six members from different sectors that HSBC can draw on for advice, including BAE [...]
Banks’ £500,000 compensation bill for just 10 interest rate swaps September 4, 2013 BRITAIN’S biggest banks have paid compensation on just 10 cases of interest rate swap mis-selling so far, the Financial Conduct Authority (FCA) revealed yesterday. The lenders have taken on 2,800 staff to review more than 30,000 cases, which often involve small firms who wanted protection against interest rate rises. However sometimes they had no choice whether [...]
Eurozone boost as output hits a two-year peak September 4, 2013 THE EUROZONE’S recovery finally appears to be on track according to data released yesterday, with business output growing in August at its fastest pace in over two years. The news came as separate data from Brussels showed the single currency area escaping recession during the second quarter of the year, supporting earlier estimates. The Eurostat [...]
Tough job kicks off for India’s new governor September 4, 2013 INDIA’S new central bank governor Raghuram Rajan arrived at his new post yesterday, beginning the difficult job of organising monetary policy for the country’s struggling economy. The country has suffered from a rapid depreciation of the rupee over recent months, with foreign investment leaving the country as expectations for the tapering of the Federal Reserve’s [...]
HSBC bean counter sets sail for around the world yacht race September 2, 2013 THE CITY was unusually busy on Sunday as spectators lined the banks of the Thames to wave goodbye to the yachts competing in the Clipper Round the World Race. And among one of the many embarking on the journey was one of the Square Mile’s very own – HSBC bean counter Lindsay Evans. Evans told The [...]
Indian factory growth stalls September 2, 2013 MANUFACTURING growth in India has stalled for the first time in four and a half years, according to HSBC’s purchasing managers’ index (PMI), with output and orders contracting at a faster pace. The headline figure was 48.5, with anything over 50 suggesting growth, and anything below suggesting that a sector is now shrinking. Tomorrow, former [...]