Major claims economy is on road to recovery September 16, 2012 FORMER Prime Minister John Major said yesterday that the economy is showing “green shoots” of recovery and that the worst of the recession is over. “Recovery begins from the darkest moment. I’m not certain, but I think we have passed the darkest moment,” he told the BBC’s Andrew Marr Show. Major cited increased employment, improved [...]
Enthusiasm for more public spending low September 16, 2012 SUPPORT for increased government spending remained low in 2011 as the country began to slip into double-dip recession, despite an increase compared with 2010, new research revealed today. Only 36 per cent of respondents to the 29th British Social Attitudes survey said they supported increased government spending – if it meant higher taxes – up [...]
What the other papers say this morning September 16, 2012 FINANCIAL TIMES CCB eyes $16bn European bank move One of China’s biggest lenders plans to make the country’s largest foreign bank purchase to date and has set its sights on potential targets in Europe. China Construction Bank, the second-ranked Chinese lender by assets after Industrial and Commercial Bank of China, could spend as much as [...]
PwC picks up the pace with record revenue September 16, 2012 PROFESSIONAL services giant PwC said today its annual revenues have risen 6.5 per cent to a record £2.6bn, in a return to strength following several years of sluggish growth. Overall profits for its UK, Channel Islands and Middle East operations jumped 10.8 per cent to £727m in the year to 30 June. The results came [...]
The figures reveal exactly what the big in Big Four really means September 16, 2012 RECORD revenues ought to be nothing but a good thing, but in PwC’s case it will also underline existing concerns, in the context of the Competition Commission [CC] taking an interest in whether the Big Four are too dominant in the audit marketplace. An appreciation of why can be seen in survey results published by [...]
Investors want tough EU rules for audit firms September 16, 2012 A GROUP of top investors has called on the European Commission to push ahead with tough new rules for auditors that could see some companies broken up. More than a dozen institutional investors and trade bodies have signed a paper seen by City A.M. urging politicians in Europe to continue shaking up the audit industry [...]
Darling: Bank of England has poor controls September 16, 2012 FORMER chancellor Alastair Darling has become the latest influential politician to call for a shake up at the top of the Bank of England, warning over the weekend that the institution is not properly prepared for its new regulatory duties. He follows the Treasury Select Committee (TSC) of MPs, who have called for the Bank [...]
IT jobs up after RBS system crisis September 16, 2012 BANKS are taking on increasing numbers of IT workers and contracts in the wake of the RBS and NatWest systems breakdown, according to a report out today from industry recruiters BrightPool. And mobile banking is set to lead job creation in the sector this year, as banks look to attract consumers on new platforms. Fifty-six [...]
International lending edges up on ECB action to calm markets September 16, 2012 INTERNATIONAL lending edged up in the first quarter of this year, according to a report out today from the Bank of International Settlements (BIS). However, total levels remain below those in 2008, indicating the economy is still recovering from the financial crisis. Cross-border lending rose by $126bn (£77.7bn) or 0.4 per cent in the quarter. [...]
MP: regulator is stalling redress to small firms September 16, 2012 THE FINANCIAL Services Authority (FSA) has been accused of delaying the redress payments to small firms hit by interest rate swap mis-selling, according to a campaigning MP. The redress system was set up by the FSA in conjunction with banks, but Guto Bebb MP believes the regulator may be delaying the scheme as some banks [...]
