OLYMPICS CABLE CAR LIFTS OFF IN EAST LONDON June 28, 2012 LONDON’S first cable car service opened its doors to the public yesterday, a spectacular ride high across the River Thames near the Olympic Park which will help visitors to the Games avoid any jams on the ground. Called the Emirates Air Line, it soars almost 300ft above the river, offering 360-degree views of the east [...]
Pwc’s PARTNERSHIP: the new recruits June 28, 2012 TAX Fiona Camenzuli Dean Farthing Ben Flockton Janette Jones Scott Lindsay Philip Martinos Tim McCann Darrel Poletyllo Lucy Redding Lachlan Roos Ben Wilkins Paul Wolstenholme ADVISORY Mark Anderson Antony Cook Jeff Ford Celine Herweijer John Lyons Edward Macnamara Richard Major David Morris Brendan O’Driscoll Neil O’Keeffe Will Richardson Dan Stott Jeremy Webb ASSURANCE Lee Clarke [...]
PwC adds 61 partners across its UK offices June 28, 2012 ACCOUNTANCY giant PwC will today announce the names of the 39 employees it will promote to its partnership next month, bringing the firm’s total new partners over the last year to 61. The other 22 partners have joined PwC in the last 12 months from other companies. Spread across the firm’s advisory, tax and assurance [...]
Auditors blame overwork for HMRC’s £5.2bn tax write-offs June 28, 2012 THE BRITISH taxman wrote off £5.2bn last year and made billions more in errors as it was overwhelmed by its growing workload, the National Audit Office said yesterday. The audit unearthed a “large increase” in the amount of tax liabilities that HM Revenue and Customs decided not to pursue over the last two years. Around [...]
EU cracks down on hedge funds June 28, 2012 EUROPEAN regulators published draft rules yesterday to crack down on excessive bonuses for managers of hedge funds. The European Securities and Markets Authority (ESMA) said yesterday the curbs bankers’ face must be extended to managers of alternative investment funds, including hedge funds and private equity and real estate funds. The rules could have a huge [...]
Cable refers HBOS to FSA June 28, 2012 BUSINESS secretary Vince Cable yesterday threatened HBOS with a regulatory probe relating to the bank’s role in the collapse of Christmas savings firm Farepak. Cable said he would refer HBOS to the Financial Services Authority (FSA) after a high court judge said it was the bank’s decision to extract around £10m from Farepak that pushed [...]
Diamond in defiant mood as he attempts to justify Barclays’ acts June 28, 2012 A DEFIANT but apologetic Bob Diamond insisted last night that the bank was acting to protect itself when it manipulated the key interest rate known as Libor. Amid calls for his resignation, Diamond in an open letter to Treasury Select Committee chief Andrew Tyrie, said the actions were made essentially to protect the interests of [...]
Legal cost over Libor could run into the billions June 28, 2012 BARCLAYS could face legal claims running into billions of pounds after it admitted trying to rig the Libor rate, analysts have warned. The bank, which will pay £290m in fines to regulators in Britain and the US, is expected to face legal action around the world and still faces punishments from authorities in other jurisdictions, [...]
JP Morgan stock plummets after reports of bigger trade losses June 28, 2012 SHARES in JP Morgan plunged 2.45 per cent yesterday on reports that its London Whale derivatives trading loss could end up costing the bank much more than first thought. JP Morgan, which declined to comment, said it expected to lose at least $2bn on a bungled credit derivatives trade when it disclosed the position in [...]
Audit reform makes rate fixing harder June 28, 2012 INTERNAL auditors at leading banks must now report directly to an organisation’s board in an attempt to stop bad news being blocked by senior management, regulators announced yesterday. The decision – taken by the Basel Committee on Banking Supervision – helps plug a gap highlighted by the £290m of fines levied on Barclays after the [...]
