UK GDP deeper in recession on newest figures June 28, 2012 THE UK recession was deeper than previously thought, showed revised estimates released by the Office for National Statistics yesterday. The growth estimates for the fourth quarter 2011 were revised down to -0.4 per cent, rather than the 0.3 per cent shrinkage previously estimated. On the other hand, the new data estimates a 6.3 per cent [...]
Vivendi break-up eyed as Levy steps down over strategy row June 28, 2012 THE reign of Vivendi chief executive Jean-Bernard Levy ended yesterday in a strategy dispute with the French telecoms and media conglomerate’s supervisory board, paving the way for possible disposals to shake up its flagging share price. Vivendi, whose shares are at nine-year lows, has been reviewing its conglomerate structure and seeking ideas on how to [...]
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, [...]
