Strong services keep UK in top spot in Europe January 6, 2014 GROWTH in Britain’s service industries slowed slightly during December, but a major survey of firms suggests that the UK economy is still expanding at the fastest pace in western Europe. In Markit’s latest purchasing managers’ index (PMI), the UK’s headline figure dropped to 58.8, still well above the neutral 50 mark. Combined with earlier surveys [...]
Watchdog slams Deutsche Bank January 6, 2014 GERMAN banking watchdog BaFin has criticised Deutsche Bank’s management for the way it responded to a probe into manipulation of the Libor benchmark interest rate, according to German magazine Der Spiegel. A Bafin-commissioned report by EY showed that “insufficient efforts were made to investigate and clear up events in the bank,” Der Spiegel quoted. BaFin [...]
Deal-makers are hoping that UK M&A returns to form January 6, 2014 AS WE head into the New Year the City will be cautiously optimistic about likely activity in the corporate finance markets in 2014. Last year saw a major revival in the new issues or initial public offering (IPO) market, which had been virtually dead in 2012. UK IPO revenue totals were 274 per cent up [...]
The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
EY pays £1.2m over its audit of Christmas savings club Farepak December 19, 2013 EY, the accountancy group that checked the books for collapsed Christmas savings club Farepak, was yesterday reprimanded and agreed to pay £1.2m in fines and costs. Farepak’s collapse in 2006 left more than 100,000 savers out of pocket by a total of £37m. The Financial Reporting Council found yesterday that EY and its then-partner Alan [...]
New issues make a strong comeback in the London market December 18, 2013 As the year comes to an end there’s definitely cause for celebration in London’s new issues or Initial Public Offering (IPO) market. According to figures out today from EY, the advisory firm, there were 14 main market share listings this year, raising £5.2bn. That’s not exactly an avalanche of deals but the total represents a [...]
Bonuses clipped by shareholder spring activism December 17, 2013 BONUSES for top executives at the UK’s biggest public companies dropped in the last financial year, as the effect of 2012’s shareholder spring rolled on. According to research revealed by EY today, bonuses for chief executive officers in FTSE 100 firms dropped 5.2 per cent in 2012-13, compared to their levels in the previous financial [...]
UK dealmaking slows despite Eurozone rise December 15, 2013 UK MERGERS and acquisition activity has fallen to its lowest level in eight years, as Britain struggles to keep pace with an increase in dealmaking in Germany and France, figures show. Around 1,900 deals were completed across Britain this year, down 20 per cent compared to 2012, according to the figures from EY. Total deal [...]
Record revenue at KPMG as firms start spending December 12, 2013 GLOBAL fee income at accountancy firm KPMG have hit a record high of $23.4bn this year – 3.7 per cent higher than in 2012. The firm said that businesses’ renewed confidence had led to an uptick in demand for its advisory and audit services, with emerging markets showing particularly strong growth. Revenues in India grew [...]
Eurozone GDP to stay below peak until 2016 December 11, 2013 THE EUROZONE economy will spend eight years below its pre-financial crisis peak, analysts at EY predicted today, warning the scars from the crash will continue to drag on the currency unions’ growth for years to come. By the end of 2017 the Eurozone’s economy will be three per cent above its previous peak, the analysts predicts – well [...]