Red-faced KPMG says sorry for internal payments error April 30, 2012 ACCOUNTANT KPMG has been forced into an embarrassing apology to staff after the company failed to pay its staff on time. In an ironic twist, KPMG – which is accustomed to dishing out advice to firms on how to manage their own accounting systems – has been caught out itself after an administrative blunder left [...]
Time for Russia 2.0: Putin’s return promises an economic revolution April 29, 2012 THE Western European view of Russia has not moved with developments in the country since the crash of 1990. To the Western media, Russia remains a kleptocracy run by the mafia. It is seen as secretive, corrupt, plutocratic, hugely unequal and unjust. Yet the challenges that Russia faces are not unique in the world of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 26, 2012 FINANCIAL TIMES NEW SFO BOSS VOWS TO STAY RELEVANT The incoming director of the Serious Fraud Office has promised to pursue a more aggressive crime-fighting strategy, saying he will investigate “significant strategic targets” suspected of committing the most complex financial crime and overseas corruption. INVESTORS TURN HEAT ON MAN CHIEF Leading shareholders of Man Group, [...]
Polyus confirms stake sale April 26, 2012 ■ Russia’s largest gold firm, Polyus Gold said yesterday it is working towards its goal of securing a premium listing in London and selling a 7.49 per cent stake held by its subsidiary, Jenington International. The stake is estimated to be worth up to $700m (£432m).
Unilever sales lifted by price hikes and emerging markets April 26, 2012 CONSUMER goods giant Unilever beat forecasts with an 8.4 per cent rise in first-quarter sales yesterday, helped by price hikes and emerging market growth. The Anglo-Dutch maker of brands like Dove and Knorr is battling high input costs from rising commodity prices such as crude and vegetable oils, and slow growth in developed nations. It [...]
Surprise gains at Volkswagen as sales surge April 26, 2012 VOLKSWAGEN (VW) boosted operating profit by 10 per cent in the first quarter despite shrinking demand for vehicles in the car maker’s western European core markets and spending on a technology overhaul. Operating profit increased to €3.21bn (£2.6bn) from €2.91bn a year earlier, the German car maker said in a statement yesterday, beating analysts’ expectations [...]
Unilever buoyed by price hikes April 26, 2012 Consumer goods giant Unilever warned of a tough economic environment and higher inputs costs as its price hikes and emerging market growth helped first-quarter sales beat forecasts with a 8.4 per cent rise. The Anglo-Dutch maker of brands like Dove and Knorr is facing slower growth in developed nations while competition from key rivals is [...]
Eni and Rosneft team up to tap oil fields in the Russian Arctic April 25, 2012 ROSNEFT and Eni signed an agreement yesterday in the presence of Russian Prime Minister Vladimir Putin to jointly tap fields in Russia’s Barents and Black Sea zones, in Rosneft’s second Arctic deal in two weeks. The deal may not yield commercial oil production for years, but for Eni it secures a foothold in an untapped [...]
Lawyers must plan carefully before packing their bags April 25, 2012 ASURVEY by Laurence Simons, the legal recruiters, recently found that 67 per cent of lawyers would consider relocating abroad as their next career move. Reasons included a tightened job market in London and a perception that practising law in emerging markets, in Dubai, in Russia or Australia would prove lucrative, both monetarily and for future [...]
Hat-trick of deals in 48 hours for Rowley at UBS April 24, 2012 VERY few investment bankers could claim to have been fully occupied over the past few months, when deals have been sparse and caution has tended to gain the upper hand. But one man has had his work cut out in the past couple of days. He’s Jonathan Rowley of UBS who was yesterday part of [...]