Auditors told to reveal more about risks threatening firms November 6, 2013 COMPANIES and auditors should be clearer about the risks that could threaten the business when they report to investors, the accounting watchdog said yesterday. The Financial Reporting Council want firms to say more than just whether they can function for the next 12 months as a “going concern”. Auditors will continue to sign off a [...]
Inside Track: Carney must act to stop new EU rules hitting UK banks November 6, 2013 Well that didn’t last long. Optimism about a rapprochement between the Bank of England and major international banks has had the City bewitched since Mark Carney’s intervention last month to relax liquidity rules, marking a distinct break with the approach of his predecessor, Lord King. It may not be quite that straightforward: two subsequent developments [...]
Experian shares slump after US health purchase November 6, 2013 EXPERIAN shares fell 6.4 per cent yesterday after the credit-checking group said it plans to spend $850m (£528m) on a US healthcare business, as it revealed subdued growth in the last six months. The firm said Passport Health Communications, which offers admin and credit checks to US healthcare providers, will help it expand in new markets [...]
Carlyle profits fall by 11pc as asset sales fall November 6, 2013 CARLYLE Group posted an 11 per cent drop in third-quarter profit yesterday as asset sales generated less cash for shareholders than in any other quarter since the alternative asset manager went public. While Carlyle’s fund portfolio appreciated four per cent in the quarter, compared with three percent a year earlier, it did not take advantage [...]
ING to exit its bailout two years early as earnings top forecasts November 6, 2013 ING said yesterday it should complete its restructuring two years ahead of schedule, meaning the Dutch banking and insurance group could be one of the first Eurozone casualties of the 2008 global crisis to emerge from a state rescue. Like its Dutch rivals ABN Amro and Rabobank, ING had a strong international presence at the [...]
Losses narrow at Canaccord November 6, 2013 CANADIAN brokerage Canaccord Genuity yesterday said it had narrowed its losses in the second quarter as its capital markets business picked up and it cut costs. It made a net loss of C$80,000 (£47,000), or three cents a share compared to C$14.8m, or 19 cents a share, a year earlier. Revenue fell 1.8 per cent [...]
Abercrombie plans a revamp November 6, 2013 STRUGGLING fashion retailer Abercrombie & Fitch yesterday said that it would expand its women’s tops collection, offer larger sizes and more colors, and start selling shoes, in a bid to win back teen customers who have turned to trendier labels. A&F shares closed down 14 per cent at $33.13 yesterday after the company reported a [...]
New York picks Bill de Blasio as next city mayor November 6, 2013 NEW YORKERS yesterday chose liberal Democrat candidate Bill de Blasio to succeed Michael Bloomberg as the city’s mayor next year, delivering him a landslide victory over Republican rival Joe Lhota. De Blasio – the first Democrat to be elected as mayor in two decades – grabbed 73.3 per cent of Tuesday night’s vote after a lengthy [...]
Tale of two cities: Six Bill de Blasio policies November 6, 2013 1 Wants to raise the city’s income tax (which comes on top of federal and state tax) on those earning more than $500,000 a year from 3.9 per cent to 4.4 per cent to fund pre-school education. 2 Wants a so-called living wage of $11.75 an hour for those who work for the city council [...]
Assets jump at Old Mutual November 6, 2013 OLD MUTUAL has grown its funds under management 14 per cent to £287.5bn in the year to date, helped by strong sales in both the UK and emerging markets. “Our strong momentum continued with a third consecutive quarter of positive net client cash flow in all our businesses,” chief executive Julian Roberts said. Gross sales [...]
