EU maternity leave law set to be shot down by Commission July 7, 2014 A draft directive intended to ensure 20 weeks fully paid maternity leave across the EU looks likely to be blocked by the European Commission under its Regulatory Fitness and Performance (REFIT) programme, according to Euractiv. REFIT is one the European Commission's programmes to make EU law simpler and reduce regulatory burdens to foster growth and [...]
UK house prices up to 2007 peak as pressure builds July 2, 2014 House prices across the UK are back up to their 2007 peak, according to a new report by Nationwide. The figures show that prices increased by one per cent in June, an 11.8 per cent increase on the same period a year previously. Prices in London continue to trump those across the rest of the [...]
Letters to the Editor – 02/07 – Flexible working, EU reform failures, Best of Twitter July 1, 2014 Flexible working [Re: Firms fear a backlash over flexible work, Monday] City A.M.’s reporting on the new flexible working regulations omits the crucial point that staff can request flexibility in work location, not just hours. This reflects a common misconception among employers that flexible working is synonymous with flexi-time. In fact, multi-location working (usually involving [...]
Mark Carney to decide on property market limits June 23, 2014 The Bank of England’s latest report on the country’s financial stability is released this week, with the potential for fresh action to cool London’s frothy housing market. The Bank’s financial policy committee (FPC), which is chaired by governor Mark Carney, releases its twice-yearly outlook in systemic stability on Thursday. The governor and other policymakers have [...]
Independent Scotland could be a financial powerhouse June 23, 2014 Scotland could become the Frankfurt of the north, a new report out today claims, adding that the country could become one of the five wealthiest in the world if it seeks to position itself as a centre for financial services to rival London. The Scotland means Business report, commissioned by business group N56, sets out [...]
Watchdog to start tribunal over Baker Tilly audit issue June 11, 2014 CHARTERED accountants Baker Tilly came under fire from the Financial Reporting Council (FRC) yesterday, the latest in a series of issues the watchdog had raised over an audit of accounts conducted for 2007 and 2008. The complaint launched by the FRC concerns audits of financial statements for Tanfield, a manufacturer of electric vehicles, from 2007. [...]
The European Central Bank just announced three new measures to boost lending. Here’s how they’ll work June 5, 2014 On top of the two policy changes announced earlier, the European Central Bank (ECB) is introducing a few more measures to prop up the ailing currency area. We've already heard, from an official statement, that the central bank is cutting its refinancing and deposit rates, taking the latter into negative territory. During a press conference, [...]
Auditors are told to get tough with banks on loss provisions May 28, 2014 AUDITORS for British banks and building societies are not scrutinising the firms’ books closely enough, despite repeated warnings that auditors should have caught some of the warning signs ahead of the 2008 financial crisis, a watchdog said yesterday. The Financial Reporting Council flagged up poor testing of loan impairment models and a widespread reluctance among [...]
Financing your MBA: Three tips to meet the cost May 28, 2014 Employer support can be hard to come by, so remember to spread your net wide WITH tuition fees of over £50,000 a year for the top programmes, MBAs don’t come cheap. Factoring in textbooks, accommodation, and the opportunity cost of foregoing a full-time salary, this figure can easily rise above £100,000. And while the return [...]
An anti-capitalist European Parliament: The real threat to UK business May 21, 2014 NOT LONG ago, the government’s mantra was that the Eurozone crisis was having “a chilling effect” on the UK economy. Britain’s dependence on its trading links with the euro area, combined with the plunging fiscal and economic fortunes of certain member states, put in doubt the prospects for our own export-led recovery. Fast forward three [...]