UK regulator to boost audit market competition July 22, 2013 BRITAIN’S top companies will have to put their accounting business out to tender every five years to encourage competition between audit firms, the Competition Commission proposed today. The regulator outlined its plans to break the stranglehold of the ‘big four’ accounting firms: Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young, ahead of its final report this [...]
Public sector borrowing rises to £12.4bn in June July 19, 2013 PUBLIC sector borrowing rose to £12.4bn in June, according to new figures from the Office for National Statistics today. This is £0.5bn higher year-on-year, the data said. However, in 2012/13, public sector net borrowing excluding factors such as the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset [...]
2012 Olympics gave UK £10bn boost, says government July 19, 2013 THE LONDON 2012 Olympics boosted the UK economy by £9.9bn, according to a new joint UK Government and Mayor of London report. The cost of the Olympics is estimated to have been under £9bn. The report said that the event had created 70,000 jobs for workless Londoners and that tourist spend in 2013 is expected [...]
SSE secures £1.3bn credit facility July 19, 2013 ‘BIG SIX’ energy supplier SSE today said that it has entered into a new £1.3bn revolving credit facility to support the company’s growth. The debt matures in July 2018 and replaces a £900m facility that was due in August 2015. A group of ten banks arranged the facility, the names of which were not disclosed. [...]
Price wars in Europe hit Vodafone revenues July 19, 2013 VODAFONE today unveiled a 3.5 per cent drop in its organic service revenue for the first quarter, hit by increasing competition in the UK, Germany and Italy. The British telecoms company said that service revenue in Germany fell by 5.1 per cent over the period and by 4.5 per cent in the UK due to [...]
Morgan Stanley earnings up 66pc in second quarter July 18, 2013 MORGAN Stanley today posted second quarter net income of $980m (£645m), up 66 per cent year-on-year and beating analysts' estimates. The US investment bank saw revenue and profit growth in all five major business units, but a particularly strong performance in trading, investment banking and wealth management over the period, said chairman and chief executive [...]
UK retail sales in June beat forecasts July 18, 2013 UK RETAIL sales in June beat forecasts to grow by 2.2 per cent year-on-year, a welcome sign for the UK’s burgeoning economic recovery. Sales grew by 0.2 per cent month-on-month, boosted by department store sales. “Feedback from department stores suggested sales had increased due to promotions and consumers buying clearance items across a wide range [...]
Copper shines brightest at Anglo American July 18, 2013 FTSE 100-listed miner Anglo American today unveiled a mixed production update for the second quarter, with copper output up 14 per cent and nickel down 22 per cent. While the surge in copper production beat forecasts, iron ore production slipped by one per cent, missing expectations of a slight increase. In contrast, both Rio Tinto [...]
UK decline drags down Mothercare sales July 18, 2013 MOTHER and baby retailer Mothercare today reported a 3.4 per cent decline in first quarter group sales, with its UK division impacted by the increasingly promotional nature of the market. UK like-for-like sales fell by 0.9 per cent, despite a 14.6 per cent increase in online sales. The British retailer closed 13 unprofitable stores in [...]
Sports Direct’s profits surge 40 per cent July 18, 2013 BRITISH retailer Sports Direct today unveiled a 40 per cent rise in pre-tax profits to £207.2m, in what chief executive Dave Forsey called a "record-breaking year for the group and for British sport". The sporting goods vendor posted a 20.9 per cent increase in revenue to £2.19bn. Online revenue grew by 52.1 per cent, now [...]
