HSBC shakes up auditors for first time in over two decades replacing KPMG with PwC August 2, 2013 HSBC has announced that it will be switching its current auditor KPMG for PricewaterhouseCoopers for the year ended 31 December 2015 (release). The change will be recommended to shareholders at HSBC's 2015 AGM. KPMG will continue to undertake the audit of the bank's consolidated accounts for the year ended 31 December 2013, and subject to [...]
US consumers’ incomes increase at slower rate than household expenditure in June August 2, 2013 US citizens increased their personal spending above wage rises in June, despite a fall in real disposable incomes. However, this spending increase looks set to fall next month, as average weekly incomes fall 20 per cent in July. On aggregate, US citizens received a $45.4bn (0.3 per cent) boost in personal income in June, lower [...]
Fed probably won’t raise rates until 2015 as US jobs market disappoints August 2, 2013 The US jobless market has come in weak, with only 162,000 new jobs in July (seasonally adjusted of course). Analysts had expected a number of 185,000, from 188,000 last month (revised down from 195,000). Reuters now report that the reaction by traders of short-term US interest-rate futures suggests that they think the Federal Reserve will [...]
HMRC poaches Vodafone IT head August 2, 2013 HM Revenue & Customs has appointed Vodafone UK’s chief information officer (CIO) Mark Dearnley into the equivalent role at the British tax administrator after receiving approval from the Prime Minister. Dearnley, who has been CIO at Vodafone UK since 2010 and held similarly senior positions at Cable & Wireless and Boots (helping to set up [...]
Shares in Berlusconi’s companies remain elevated despite threat of political instability August 2, 2013 Shares in the companies owned by Italian prime minister Silvio Berlusconi have fallen on the news his four-year prison sentence for tax evasion was upheld, but still remain elevated from gains made since his final appeal with the supreme court began on Tuesday. While the court ruling arguably has no direct impact on the companies [...]
Some more good news: Liquidations and personal insolvencies fall in second quarter August 2, 2013 The number of personal insolvencies and corporate liquidations in England and Wales both fell in the second quarter of the year, building on respective short and long term trends. The number of personal insolvencies fell to 25,717 – a decrease of 6.1 per cent on the same period last year. Bankruptcies were down 20.1 per [...]
Direct Line nearly doubles profits on cost cutting and good weather August 2, 2013 Insurance group Direct Line has reported a first half pre-tax profit of £208.8m – nearly double the £106.5m reported the year before thanks to rigorous cost cutting and lower personal injury and weather-related claims. The group, spun out of the Royal Bank of Scotland in a £787m float last year and is now 48.5 per [...]
UK residential construction output sees fastest growth since June 2010 August 2, 2013 The UK construction industry expanded by much more than expected in July, according to the purchasing managers’ index (PMI) released by the Chartered Institute of Purchasing & Supply and Markit Economics. Construction PMI was 57.0 in July, up from 51.0 the month before (a number above 50 indicates growth, below indicates contraction). Analysts were expecting [...]
RBS results wipe out all gains made on yesterday’s board approval of new boss Ross McEwan August 2, 2013 Worse than expected results from RBS have wiped out all of the share price gains made yesterday on McEwan's approval by the board. At one point, shares were down around 6.3 per cent. On City A.M. today: Our roundup of all the key RBS news RBS names new chief Ross McEwan. Source: Yahoo
Analyst says Fed looks unlikely to tighten policy pre-2016 August 2, 2013 After several good pieces of news for the US jobs market and strong manufacturing data this week, some have suggested that a tightening of policy by the Fed could be on the cards. Kit Juckes, Societe Generale, gives his view: Manufacturing PMI data brought a little relief in China, a bit of stability in the [...]