Plans to force firms to switch auditors don’t go far enough February 21, 2013 BANKS, ratings agencies, now auditors: the firing line of financial sub-industries being dragged kicking and screaming into a post-crisis world continues to lengthen. As soon as tomorrow, the Competition Commission will pave the way for an overhaul of the Big Four accountants with a proposal to enforce mandatory rotation of their major audit clients at [...]
Payout cut sees £680m wiped off RSA’s stock February 21, 2013 MORE THAN £680m was wiped off RSA’s market capitalisation yesterday as investors took flight following the company’s decision to slash its dividend by a third. Chief executive Simon Lee told City A.M. that the unexpected decision to cut investor payouts – which forced its share price down 14 per cent – was never going to [...]
City Moves for 20 February 2013 | Who’s switching jobs February 19, 2013 Broadwalk Asset Management Mark Shepperd will join the asset management firm as a senior analyst. He was most recently a senior adviser in the investment banking division at UBS, and previously spent 20 years running its support services team Scipion The African commodities investment firm has appointed Georgina Fleming to oversee product management and development. [...]
Anti-trust body to rule on audit work this week February 18, 2013 THE Big Four accounting firms will learn this week whether the UK Competition Commission plans to shake up the industry to give smaller challengers a better shot at winning audit work. KPMG, PwC, Ernst & Young and Deloitte, which together audit all but a handful of Britain’s biggest firms, have told the commission that the [...]
Cameron blows UK’s trade horn on India visit February 17, 2013 LONDON’S transport expertise and Tesco’s expansion plans will be high on the agenda during Prime Minister David Cameron’s trade mission to India this week. Cameron will arrive in Mumbai today with a delegation of ministers and business bosses including Standard Chartered’s Peter Sands to speak with trade partners in India. Transport for London has sent [...]
Aberdeen buys up two firms in spending spree February 14, 2013 MONEY manager Aberdeen Asset Management hit the acquisition trail yesterday, bolting on a US fund manager and taking a 50 per cent stake in a private equity unit. The investment house, which has had a stellar market run over the year, with its shares increasing 64 per cent, agreed to buy listed fund manager Artio [...]
MF Global UK debtors boosted February 13, 2013 Unsecured British debtors of failed brokerage MF Global are set to receive an interim payment of 40p in the £1, according to KPMG who are winding up the business. Further payments could be made, depending on the outcome of lawsuits involving the US arm of the business.
Retailer Republic poised to fall into administration February 12, 2013 REPUBLIC, the youth fashion retailer, is poised to become the latest high street name to collapse into administration, putting 1,000 jobs and 121 stores at risk. Ernst & Young has been lined up as administrators and the appointment is expected to be confirmed this morning. The group’s demise marks the latest in a string of [...]
Boom in vacancies in January brings hope for the unemployed February 7, 2013 THE EMPLOYMENT boom was still continuing apace in January, according to figures released this morning. Both temporary and permanent jobs were being added during the first month of 2013, KPMG and the Recruitment and Employment Confederation (REC) said, while vacancies were also on the up. Temporary billings increased for the sixth month in a row, [...]
City Moves for 7 February 2013 | Who’s switching jobs February 6, 2013 Quilter Cheviot The asset management firm has appointed Jane Seymour as group marketing director. She joins from Rathbone Brothers, where she held a similar position. Seymour has over 20 years’ experience working in the financial services sector, and will report to chief executive Martin Baines. Catalyst Corporate Finance The advisory business has appointed two new [...]