EU finally passes rules to shake-up audit market April 3, 2014 AFTER years of negotiation, the European parliament yesterday approved a law aimed at preventing any listed company from using the same accountancy firm for more than 20 years. The new EU rules, which come into force in 2016, will force businesses to change auditors every 10 years, although contracts can be extended by a further [...]
National Australia Bank boss quits April 3, 2014 Cameron Clyne, the chief executive of National Australia Bank, announced his surprise retirement yesterday, giving way to the head of the group’s New Zealand operations, Andrew Thorburn. Clyne said he was stepping down in August to “spend some much-needed time with my young family”.
Bill Gross downbeat on 2014 April 3, 2014 Bill Gross, manager of the world’s largest bond fund at Pimco, said yesterday that asset returns will be in the low-to mid-single digits this year. Its flagship Pimco Total Return Fund, saw a net $3.1bn of outflows in March and lagged 95 per cent of its peers on the month, according to preliminary Morningstar data.
US regulator probes speed traders April 3, 2014 The US Commodity Futures Trading Commission is investigating high-frequency traders to see if they are breaching the derivatives regulator’s rules, its boss said yesterday. It said it would look at“spoofing”, where large numbers of orders are sent out and then quickly withdrawn to give the illusion of high demand.
Mild winter and new store openings drive Dunelm’s sales higher April 3, 2014 HOMEWARES retailer Dunelm yesterday reported a 9.9 per cent rise in third-quarter sales, as improved weather conditions, new store openings and investment in its online business helped boost trading. The Leicester-based group, which sells everything from bedding to curtains, kitchenware and lighting at mostly out-of-town locations, said sales jumped to £195.4m in the 13 weeks [...]
Analyst Views: After downgrades last year is Dunelm on the road to growth? April 3, 2014 JOHN STEVENSON | PEEL HUNT Yesterday’s update was quite good and stronger than I was looking for. Looking forward, given that they have a new advertising campaign coupled with the fact that their online business is relatively nascent and they could benefit from the economic housing recovery, they could actually be a winner this year. [...]
Former BP bosses Hayward and Browne team up for Angola deal April 3, 2014 TWO COMPANIES led by former BP chief executives have joined forces to buy stakes in oil assets located off Angola. Genel Energy, headed up by Tony Hayward, and White Rose Energy Ventures, which is chaired by Lord Browne and backed by his investment firm Riverstone Holdings, will pay a total of $222m (£113.7m) to Norway’s [...]
Rame Energy to list on Aim as it targets Latin America expansion April 3, 2014 RAME Energy, an energy consultant, engineer and power generator, is listing on Aim today to finance new projects in Chile. The company, which provides power generation solutions to firms including Anglo American, Barrick Gold and BHP Billiton, is raising up to £2.1m to fund its participation in three wind projects in Chile with a combined [...]
Rio Tinto hires new head of strategy April 3, 2014 Rio Tinto has hired former BHP Billiton executive Peter Toth as its new head of strategy, a spokesperson from the miner confirmed to City A.M. yesterday. He will be reporting to finance chief Chris Lynch. Toth resigned as boss of manganese miner OM Holdings in January.
Cairn refutes Indian tax requests April 3, 2014 Oil explorer Cairn Energy yesterday said it has filed a nil return for its 2007 tax year in India and has received two further notices from the country’s income tax department. The Indian regulator had contacted Cairn at the start of the year, as part of the country’s tax crackdown to try to cut its [...]
