Banking set for Asian jobs boom May 22, 2011 CITY workers are looking towards the Far East for the fastest expanding job opportunities, a survey from a top headhunting firm out today reveals. Almost three quarters of banking or hedge fund staff named eastern Asian cities as the leading job-creators for financial services, according to recruiters Astbury Marsden. Singapore will create the most financial [...]
New FSA to be EU’s enforcer May 19, 2011 FSA chief Hector Sants yesterday unveiled plans for a new UK regulatory authority that critics say will gold-plate European regulation by “second-guessing” the management of financial institutions. The new Prudential Regulatory Authority, which will take over a portion of the FSA’s functions next year, is to adopt a “forward-looking” approach and will have powers to [...]
Care home firm reveals profit slump May 19, 2011 EMBATTLED care homes operator Southern Cross yesterday said it hopes to turn its fortunes around, despite revealing a £311m half-year loss. The UK’s largest care homes provider has been squeezed by a fall in the number of patients placed by local authorities and a real terms cut in fees, due to public sector austerity. Revenues [...]
Fraud against government costs £700m, says KPMG May 19, 2011 FRAUD against the UK government is costing the public purse almost £700m a year, leading consultant KPMG will announce today. Fraud had reached a peak of £679m in 2006-07, before dropping to £286m in 2008-09 following a VAT-related clampdown. Yet fraud surged to a fresh high of £693m in 2010-11. “Financial criminals are now becoming [...]
AMEC buys US peer to expand in North America May 18, 2011 OIL services and engineering firm AMEC has bought US industrial peer MACTEC for $280m (£173m) as it looks to expand its presence in North America. The British company bought the environmental services firm from its private equity backers in a cash deal. Georgia-based MACTEC has some 2,600 employees and 70 offices across the east coast [...]
OFT looks for audit change May 17, 2011 UK regulators believe the market for auditing services is anti-competitive enough to warrant a full investigation and are looking for ways to improve it, the Office of Fair Trading (OFT) said yesterday. An OFT investigation and a high-profile House of Lords inquiry has concluded that the Big Four auditors – PriceWaterhouseCoopers, KPMG, Ernst & Young [...]
UK launches probe into “big four” auditors May 17, 2011 Competition authorities are to probe the stranglehold of the world’s biggest accountancy firms on British blue-chip company audits after finding evidence of anti-competitive behaviour. The Office of Fair Trading (OFT) said dominance of the sector by the so-called “Big Four” threw up barriers for rivals and made it hard for firms to switch auditors. The [...]
Southern Cross to consider selling up May 15, 2011 STRUGGLING care home provider Southern Cross will consider putting the business up for sale once its battle to cut costs with landlords is over, City A.M. can confirm. Southern Cross last week appointed Greenhill as joint adviser to run discussions with landlords alongside KPMG and turnaround specialist Bolt Partners, but the investment bank is also [...]
CITY MOVES | WHO’S SWITCHING JOBS May 12, 2011 KPMG International Michael Andrew has been elected chairman of KPMG International to lead the firm’s global network for a four-year term, effective from 1 October. He succeeds Timothy P Flynn, who will retire at the end of September after 32 years with the company. Andrew, who will be based in Hong Kong, is currently chairman [...]
Private sector drives greater demand for permanent jobs May 10, 2011 DEMAND for permanent staff is accelerating faster than the growth in temporary jobs, research showed today. The number of permanent roles in the UK expanded at the second fastest rate in the last six months in April, the KPMG report on jobs found. “In many areas of the private sector employers feel confident to hire [...]