Big audit firms win reprieve after protests over tender rule change October 14, 2013 THE COMPETITION Commission will this morning reveal the final version of its plans to shake up the audit market, having rowed back from its original proposals to force firms to hear pitches from auditors every five years. The commission is expected to set out a longer timeframe for the so-called mandatory tender rules, which are [...]
Construction confidence rising October 14, 2013 Swelling order books and improved profits margins are increasing confidence in the construction sector in the UK and globally, according to a survey published today by KPMG. The study found firms expect more government spending on infrastructure projects and the global economic recovery to drive new business. It found 57 per cent of UK firms [...]
Capital’s firms more optimistic about economy October 10, 2013 LONDON’S businesses are feeling more optimistic as the British economy picks up pace, but have a lukewarm outlook for the capital itself. In a survey released yesterday by the Confederation of British Industry (CBI) and KPMG, more than two thirds of firms (67 per cent) in the capital now say that they plan to expand [...]
Britain leads Europe in cutting top rate of tax October 9, 2013 THE UK has cut the top rate of income tax by more than any other country in Europe, according to analysis from KPMG out yesterday. And the fall in the top rate from 50 per cent to 45 per cent means Britain has leapfrogged half a dozen other countries to move from the fifth highest rate in [...]
City Moves for 09 October 2013 | Who’s switching jobs October 8, 2013 MacKay ShieldsThe fixed-income investment management firm has hired Matthew Nagele as managing director and head of distribution for the UK and Europe, the Middle East and Africa. He has previously held senior roles at Janus Capital Group and Old Mutual Asset Managers (UK). Jones DayThe law firm has announced the appointment of Michael Weir as a [...]
Bottom Line: There’s growth to be had away from big audits October 6, 2013 GRANT Thornton, like its mid-market rival BDO, has not pinned all its hopes on winning blue-chip audit work any time soon, despite the huge amount of noise generated by the Competition Commission’s plans to open up the market. And with a double-digit rise in revenues, the company doesn’t need to worry at the moment. Advisory [...]
City Moves for 3 October 2013 | Who’s switching jobs October 2, 2013 ICAEW The Institute of Chartered Accountants in England and Wales has appointed Liz Rylatt as executive director for finance, operations and members. Rylatt was a chartered accountant at KPMG before joining the BBC, where she was chief management accountant. Coutts The bank has hired Hans Prottey as a corporate finance specialist and executive director in its strategic [...]
Vatican bank reveals profit October 1, 2013 THE VATICAN bank, dogged for decades by scandals and opaque dealings, published the first annual report in its 125-year history yesterday. The report, audited by KPMG, covered 2012, a tumultuous year that saw its former president ousted in a boardroom battle. The bank reported a net profit of €86.6m (£72.3m), more than four times greater [...]
Dating group Cupid falls into the red on higher marketing costs September 24, 2013 CUPID yesterday said distractions had caused the online dating service to post a 56 per cent slump in underlying earnings to £2.6m for the first six months of the year. On a statutory basis, the firm slipped to a pre-tax loss of £2.8m, compared to a £3.6m profit last year. Revenues for the group rose [...]
Miliband wants to make City firms pay more September 22, 2013 IN BRIGHTON ED MILIBAND yesterday announced he would force employers that recruit foreigners to take on extra UK apprentices – and said he wants to make City firms pay a higher minimum wage than those in other sectors of the economy. Under the Labour leader’s plan, every time a company hires a non-EU migrant worker [...]