Inflation fear as VAT looms December 13, 2010 INFLATION expectations could lead to even higher prices and wages, the deputy governor of the Bank of England said yesterday. “Given the unexpected strength of inflation in recent months, this risk has probably increased,” said Charles Bean. The Bank will watch inflation “like proverbial hawks,” he added. Bean was speaking after official data showed a [...]
London bounces back despite worries over economic future December 13, 2010 LONDON’S businesses are recovering strongly from the recession, a survey revealed yesterday. More than two in three (68 per cent) businesses in the capital plan to expand in the coming six months, while hiring intentions are rocketing. Last year only 11 per cent of employer planned on hiring at normal rates. Yet now 45 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 9, 2010 FINANCIAL TIMES BP DELAYS LIBYA DEEP WATER PLAN BP has delayed its plans to explore in the deep water off the coast of Libya until next year after deciding not to use its original drilling rig “for operational reasons”. The UK oil group said that it was still in the process of ensuring any safety [...]
Offshore trusts attacked by government tax plans December 9, 2010 THE GOVERNMENT plans to crack down on offshore trusts used to avoid tax on bonuses, it revealed yesterday, as part of its plan to shake up tax rules. Money kept in trusts for employees will be treated as payments to workers and taxed at a higher rate under the government’s 2011 budget plans published yesterday. [...]
Job placements up in November December 7, 2010 Permanent placements and temp billings rose at the fastest rates for three months in November, according to a UK labour market report released today. The Recruitment and Employment Confederation (REC) and KPMG Report on Jobs, which draws on recruitment consultancies data, showed three-month highs for both permanent placements and temporary billings, following a previous slowdown. [...]
HSBC in $9bn suit over Madoff fraud December 6, 2010 HSBC is being sued for at least $9bn (£5.7bn) for allegedly aiding Bernard Madoff’s $65bn Ponzi scheme. Irving Picard, the court-appointed trustee charged with liquidating Madoff’s investment firm and recovering funds for its victims, alleges 24 counts of financial fraud and misconduct against HSBC and its affiliates. The lawsuit filed on Sunday claims HSBC helped [...]
Retailers look for Christmas sales lift December 6, 2010 CONSUMER spending showed another month of modest growth in November, according to data released today. Yet shop vacancies have risen compared with last year as the high street cuts back on costs. Prospects for Christmas sales remain “delicately poised” following the early winter freeze, said the British Retail Consortium (BRC), which conducted the survey with [...]
Mouchel calls in Deloitte as austerity bites December 2, 2010 MOUCHEL yesterday confirmed Deloitte has been drafted in to examine how far the firm’s future income could drop, sparking fears it could follow Connaught and Rok into administration. The engineering consulting and design group has been rocked by swingeing cuts in government spending, resulting in the haemorrhaging of contract income. Deloitte was called in by [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2010 FINANCIAL TIMES KPMG HIRES NON-EXECUTIVE DIRECTORS FOR NEW OVERSIGHT BODY KPMG Europe has hired three non-executive directors to sit on a new oversight body in a move that highlights the differing ways big audit firms are complying with regulatory changes in the UK. The directors are: Sir Steve Robson, a retired senior civil servant at [...]
PwC faces a probe into its auditing of Connaught’s books November 29, 2010 PRICEWATERHOUSECOOPERS (PwC) faces an investigation into its audit of collapsed social housing repair firm Connaught. The UK accounting regulator, the Accountancy and Actuarial Discipline Board (AADB), said yesterday it would look at the conduct of auditor PwC, as well as some of its staff, in relation to the preparation and auditing of the group’s results [...]