The four most shocking things that happened in 2014 December 23, 2014 1. THE RUSSIA SAGA (Source: Getty) Russia flexed its muscles at the beginning of the year, taking the opportunity during the uprising in Ukraine to plant pro-Putin flags in the Crimea region, triggering a string of catastrophic events to unfold. And it’s likely we’re far from seeing the final act of this epic Russian novel play [...]
Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
FTSE closes up for a fifth day in spite of volatility in oil firms – London Report December 22, 2014 THE FTSE 100 yesterday held on to gains as its pre-Christmas rally continued for a fifth consecutive trading session. However, oil-related stocks went from being among the best performers in morning trade to among the worst by the close as the oil price again failed to hold on to an early rise. In low trading [...]
Which were the best and worst investments of 2014? December 22, 2014 This year low interest rates have seen investors who bet on traditional investments receive returns tantamount to chickenfeed. Perhaps we should have given up before we'd all even started? Perhaps not. Investors who plumped for chocolate, property, the US dollar and Aim-listed company Fitbug would have watched as their money practically grew on trees. Conversely, [...]
Tesco faces investigation by Financial Reporting Council over profit blackhole December 22, 2014 Tesco is facing an investigation by another City regulator over its auditing practices which have come under scrutiny following the revelation of a £263m profit blackhole. The Financial Reporting Council (FRC) will look at the “preparation, approval and audit” of Tesco’s financial statements for the last three financial years stretching back to 2012. The investigation will [...]
Eight charts that sum up 2014 December 22, 2014 This year will be remembered for the fragmentation of mainstream politics, Scotland's near exit from the 307-year old union and an economy which the Bank's chief economist Andy Haldane described as "writhing in both agony and ecstasy." What does all that look like? Here are eight charts that sum up the year. (Source: Getty) 1. [...]
From Quindell and Gotham City to Uber and the LDTA – five of the biggest business battles to watch out for in 2015 December 22, 2014 Rival camps have banded together, the lines are drawn, battle armour is on and adrenaline is running high. All that's left for spectators to do is grab some popcorn and watch from the ringside. From rival estate agents, to a business targeted by a Batman styled US fund and an influx of tiny new banks [...]
A bad year for predictions: Number of UK company profit warnings reaches highest point since middle of financial crisis December 21, 2014 It has been a bad year for UK companies trying to accurately predict their profits. According to a report by financial services firm EY, the number of profit warnings issued by the UK's largest listed companies in 2014 was higher than in any year since the height of the financial crisis. During the [...]
2015: Bring on the year of empowerment December 19, 2014 It's dangerous territory, some smart-arse proffering a crystal ball projection of the future. From weathermen to economists, the curse of the prediction has floored many a better man and woman than I; but as the headline states, we are wallowing in the age of empowerment. I’m not talking about John Lennon’s “power to [...]
Tesco’s share price is on the rise December 19, 2014 Tesco's share price is on the rise. The beleagued supermarket was up four per cent at pixel time, making it the best performing stock on the FTSE 100 so far today. That's a trend that stretches back the whole week (more or less), with the share price starting at 165.9p on Monday morning [...]