Record revenue at KPMG as firms start spending December 12, 2013 GLOBAL fee income at accountancy firm KPMG have hit a record high of $23.4bn this year – 3.7 per cent higher than in 2012. The firm said that businesses’ renewed confidence had led to an uptick in demand for its advisory and audit services, with emerging markets showing particularly strong growth. Revenues in India grew [...]
British accounting watchdog to review bookkeeping at banks December 12, 2013 THE UK’S accounting watchdog will begin reviewing bookkeeping at banks in the second quarter of 2014 to find out why the lessons of the financial crisis are being applied so slowly. Since several banks were bailed out by taxpayers during the 2007-09 crisis, politicians have been asking why auditors gave the lenders a clean bill of [...]
Brits expecting inflation to stay above target December 12, 2013 PEOPLE in countries throughout the world expect inflation to rise again in both the short and medium term, according to an economic survey released yesterday. In the UK inflation is expected to move further away from the two per cent target to reach 2.8 per cent in a year’s time, the survey from M&G and [...]
Inside Track: Bank of America Merrill Lynch closes 2013 with a flurry December 12, 2013 THE timing appeared so impeccable, you almost felt it must have been staged. Just as Bank of America Merrill Lynch’s head of equity capital markets was running through a presentation on how the bank has gained market share over the year, one of the mobiles on the desk in front of him rang. With that [...]
Capita wins tag contracts from G4S and Serco December 12, 2013 OUTSOURCING firm Capita has been chosen to take over the prisoner tagging contracts currently held by G4S and Serco, the Ministry of Justice (MoJ) said yesterday. G4S and Serco are under investigation by the Serious Fraud Office (SFO) in relation to the contracts, on allegations that they charged for tagging criminals who were either dead, [...]
Airline body raises global profit forecasts for the next two years December 12, 2013 AIRLINES lobby group Iata has raised its forecast for airline profits this year by 10 per cent and predicted passenger numbers topping 3bn for the first time, reflecting lower jet fuel costs, improved efficiency and global economic growth. The International Air Transport Association (Iata) said yesterday it expected total airline profits to reach $12.9bn (£7.8bn) [...]
Rescue plan for Eurozone banks to hurt creditors December 12, 2013 FINANCE firms yesterday welcomed European Union plans to avoid further taxpayer bailouts of troubled lenders by ensuring shareholders and bond holders suffer the biggest hit. Each Eurozone state will build up a pot worth one per cent of deposits in a bid to make sure failed banks’ savers can be protected using lenders’ funds. And [...]
Nobel winner calls for euro to reform or die December 12, 2013 NOBEL Prize-winning economist Sir Christopher Pissarides yesterday called on policymakers to dismantle the euro if they are not willing to take the radical steps necessary to bring the currency union to health. Despite being an early advocate for the Eurozone, Pissarides said that national governments should commit to a major fiscal stimulus and abandon austere [...]
Sports Direct on the sidelines as Adidas kicks off December 12, 2013 SHARES in Sports Direct fell more than 12 per cent yesterday despite a rise in pre-tax profits, after disappointed investors were denied the upgrade to target that they were expecting. Sports Direct, which was promoted to the FTSE 100 in September, reported a 23.5 per cent rise in revenues to £1.35bn in the six months to [...]
Superdry owner outperforms rival retailers December 12, 2013 SUPERGROUP chief executive Julian Dunkerton said the success of its fashion brand this year had “left rivals behind” as the company reported a 21 per cent jump in sales in the first half to £192m. Dunkerton, who founded the business almost 30 years ago, said the company had reached a “turning point” where it had [...]