PwC wins £9m audit contract for Vodafone February 13, 2014 VODAFONE will replace auditor Deloitte after 26 years with rival PwC from April. The FTSE 100 telecoms giant made the announcement following a tender process first announced in November 2013. “We thank Deloitte for their significant contribution as Vodafone’s auditors and we look forward to working with PwC going forward,” said Vodafone audit and risk [...]
Whitehall chief slams Scottish currency plan February 13, 2014 The most senior civil servant in the Treasury, permanent secretary Sir Nick Macpherson, yesterday in an unprecedented move hit out against a currency union with Scotland in a public letter to chancellor George Osborne. Macpherson described a currency union with Scotland, should its citizens chose independence, as being impossible to support and “fraught with difficulty”. [...]
What the other papers say this morning – 14 February 2014 February 13, 2014 FINANCIAL TIMES Apple to cut use of ‘conflict minerals’ Apple is extending its supply chain clean up beyond Chinese factories and into African mines, using name-and-shame tactics to cut the amount of “conflict minerals” that end up in its iPhones and iPads. As it touts fresh improvements to working conditions in the factories that produce [...]
Italian PM Letta out after Renzi plunges knife February 13, 2014 ITALIAN Prime Minister Enrico Letta will tender his resignation to President Giorgio Napolitano today, after losing his party’s confidence in favour of upstart rival Matteo Renzi. Renzi, the current Mayor of Florence, gained the overwhelming approval of the Democratic party that he and Letta share in a vote yesterday, calling for a new government but [...]
Fourteen severe flood warnings in place as storm misery continues February 13, 2014 THE MET Office is warning of more bad weather today as a fresh barrage of high wind and heavy rain is expected to strike the UK. David Cameron yesterday called on local councils to act more quickly to get sandbags out to residents in need, as the Environment Agency warned that water levels in flooded [...]
Pound nears three-year high against US dollar February 13, 2014 STERLING neared a three-year high against the dollar yesterday, boosted by weaker than expected US data. The pound rose by nearly a cent to $1.6673, its highest level since May 2011. Disappointing retail sales during January’s bad weather led analysts to cut their forecast for US growth in the first quarter, dragging down the dollar. US [...]
Lenta sets price range for $1bn stock offering February 13, 2014 BANKERS advising on the upcoming share listing of Lenta, the Russian hypermarket, are set to announce a price range that values the group between $4.1bn (£2.4bn) and $4.9bn. The price range is on the large size and is likely to be narrowed over the next few weeks as institutional shareholders decide whether or not to [...]
Lloyds shares tumble despite return to profit February 13, 2014 LLOYDS declared a profit for 2013 yesterday, indicating the five-year struggle to turn the bank around is complete. The bank is now ready to return fully to the private sector, and wants to start paying dividends from the second half of this year. However, shares fell as Lloyds revealed further provisions to pay for legal [...]
Competition probe for annuities February 13, 2014 THE CITY watchdog today announced a competition probe into the annuities market over fears pensioners are being ripped off by unfair sales techniques. Sixty per cent of retirees buy an annuity through their current provider, even though shopping around could boost their income by more than 10 per cent, the Financial Conduct Authority (FCA) found. “As part [...]
Homeserve handed a record fine of £30.6m for mis-sold products February 13, 2014 SPECIALIST insurer Homeserve was yesterday slapped with a record £30.6m fine, the largest handed down by the Financial Conduct Authority (FCA) to any company other than a bank. The fine relates to mis-selling of products, poor incentive and complaints procedures and computer problems that meant some customers were overcharged. The FCA said there were “serious, [...]
