Accountants relieved as audit shake-up plan watered down October 15, 2013 THE COMPETITION Commission yesterday watered down its audit reforms, pleasing big accountants and their clients but putting itself at odds with tougher reforms looming from the European Union. The Competition Commission now wants FTSE 350 companies to put their book-keeping out to tender at least once a decade, to shake up a market dominated by [...]
Consumers forecast to push economy back to trend growth October 13, 2013 THE BRITISH economy will start to grow at around its long-run average level again in 2014, ending years of stagnation, according to one group’s new forecast. EY’s Item Club has hiked its predictions for economic growth today. The group now expect an expansion of 1.4 per cent this year, and 2.4 per cent next year. [...]
France and Germany to be hit by harder hedge fund rules than peers October 11, 2013 France and Germany are piling extra restrictions on overseas hedge funds on top of basic rules laid out in new EU laws, a survey out this morning has found. Both are “gold-plating” certain temporary rules curtailing the ability of non-EU funds – like US mega hedge funds – to market their products to investors, [...]
Ernst & Young UK bullish on further growth October 9, 2013 THE BRITISH arm of Ernst & Young posted a six per cent rise in revenues today, and boss Steve Varley believes the accountancy group can keep growing without the need for acquisitions. EY said three out of four of its businesses expanded in the year to the end of June, taking turnover to £1.6bn. Advisory [...]
Ernst & Young grows at fastest pace since 2008 October 8, 2013 ACCOUNTING and consultancy giant Ernst & Young posted a 7.7 per cent rise in global revenues yesterday to $25.8bn (£16bn), as it picked up more work in fraud investigations, advisory services and fast-growing countries. The firm said the pace of growth was at its fastest since 2008, with organic expansion across all of its businesses. [...]
Ice cream seller scoops prize for business savvy October 7, 2013 HEARD about the apocryphal salesman who flogged coal to Newcastle? Well it seems James Lambert has gone one better by managing to infiltrate the notoriously nationalistic Italian marketplace with his ice creams. Lambert, chairman of R&R Ice Cream – which sells brands like Fab, Skinny Cow and Kelly’s of Cornwall – scooped the top prize [...]
Advisory work lifts revenue at Grant Thornton October 6, 2013 GRANT Thornton has posted a 13 per cent surge in annual revenues to £471m as the accountancy firm picks up more advisory work from large-cap firms and mid-cap audit contracts. The firm said turnover in its advisory business rose by more than a fifth in the year to the end of June, helped by an [...]
EY to hike headcount by 2,000 September 22, 2013 PROFESSIONAL services giant EY is hiring another 3,700 staff at all levels over the coming nine months, a recruitment push that is expected to increase its overall headcount by around 2,000, the group said last night. As the economic recovery takes hold the group, formerly called Ernst and Young, is expecting an increase in demand [...]
Retailers record unexpected dip in August sales September 19, 2013 RETAILERS failed to match July’s strong activity last month, with a 0.9 per cent month-on-month drop in sales revealed by the Office for National Statistics (ONS) yesterday. However, sales were still up in comparison to August 2012, rising by 2.1 per cent over the 12-month period. August’s drop was driven by a decline in food [...]
Price rises still soaring above wages in August September 17, 2013 INFLATION continued to stay well above target as the summer came to a close, with retail prices still steaming well ahead of feeble increases to salaries this August. Last month, consumer price index (CPI) inflation was up by 2.7 per cent on August 2012, according to figures released by the Office for National Statistics (ONS) [...]