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 [...]
The Brit who managed to tough it out in unfamiliar territory December 9, 2013 Annabel Palmer talks strength, endurance and electric wires with Will Dean, co-founder of Tough Mudder and Englishman in New York THE growing obsession with wellbeing has now reached a point where 12-mile obstacle courses, designed by British Special Forces and incorporating icy cold water and electric wires, are among the most popular fitness events in [...]
Mayor’s office sold in £1.7bn Kuwaiti deal December 9, 2013 KUWAITI firm St Martins Group has paid around £1.7bn to buy the More London complex next to Tower Bridge, which includes Boris Johnson’s headquarters City Hall. The sale, one of the largest ever UK commercial property deals, is due to be formally completed next month. The 10-year old development on the south bank of the [...]
Marks & Spencer chooses a new auditor after 87 years with PwC December 5, 2013 MARKS & Spencer has parted ways with PwC, picking a new auditor for the first time since the FTSE 100 retailer became a public company in 1926. M&S said yesterday it has appointed Deloitte as its new auditor following a competitive tender. The switch comes at a time when the close and often decades-long relationship [...]
Europe stalls on plan to force audit switching December 5, 2013 NEGOTIATIONS on a European Union draft law forcing companies to switch accountants around once every ten years are on hold due to disagreements over other planned curbs on auditors, according to a British MEP involved in the talks. The law, which goes further than recent changes to UK auditor rules, are meant to boost competition [...]
Bank levy increased again to stop lenders benefiting from tax cuts December 5, 2013 THE BANK levy was raised again yesterday to take more from lenders and stop them benefiting from falling corporation taxes. But analysts said it risks having a perversely negative impact on lending – just when the government wants more lending to businesses and households. The tax will take 0.156 per cent of each large bank’s [...]