London Report: Unemployment near threshold for UK rate hike January 19, 2014 UNEMPLOYMENT figures due out this week look set to show further signs of the UK’s recovery, with November’s rate expected to have fallen. Alan Clarke, of ScotiaBank said: “The highlight of the UK economic calendar is going to be the labour report, where we see a very good chance that the unemployment rate falls by [...]
Lindt benefits from UK taste for posh choc January 14, 2014 SWISS luxury chocolate maker Lindt & Sprungli enjoyed sales growth of more than eight per cent last year. The bean-to-bar chocolate manufacturer, famous for its Lindt bunnies and Lindor truffles, said increased production and its new Hello brand had boosted annual turnover to SFr2.88bn (£1.9bn). Lindt’s UK and North America businesses both grew sales in [...]
Former banking star Cruz signs for Old Mutual January 6, 2014 ONE OF Wall Street’s most powerful businesswomen Zoe Cruz was yesterday appointed to a £77,000 a year boardroom role at FTSE 100 fund manager Old Mutual. Cruz, who was co-president of Morgan Stanley until 2007 and was once tipped as the future boss of the bank, will join as non-executive director and sit on its [...]
Collins makes a good start at KPMG but the hard part’s to come December 15, 2013 This probably hasn’t been the easiest year to be the top dog at one of the country’s big four accountancy groups. The industry is still wracked with self doubt as to whether it should or could have spotted the problems that led to the financial crash earlier, and, to make matters worse, the Big Four [...]
Record revenue at KPMG as firms start spending December 12, 2013 GLOBAL fee income at accountancy firm KPMG have hit a record high of $23.4bn this year – 3.7 per cent higher than in 2012. The firm said that businesses’ renewed confidence had led to an uptick in demand for its advisory and audit services, with emerging markets showing particularly strong growth. Revenues in India grew [...]
City Matters: It’s time for financial results to reflect the new face of post-crisis business December 8, 2013 ONE OF the charges that has often been laid against the City in recent years is that it has been too focused on short-term value. Many things have changed as a result of the crash, and one of them has been an increased awareness that the way companies currently report results is not fit for [...]
Inside Track: Moncler’s heavily subscribed new issue gives Milan a boost December 5, 2013 LONDON has enjoyed something of a return to form in the new issues market during 2013, but it’s the Milan stock market that is going out with a flourish. While the Dubai-based luxury property group Damac limped in a rather pedestrian way towards a £1.6bn London flotation this week after flirting with a postponement, there’s [...]
Marks & Spencer chooses a new auditor after 87 years with PwC December 5, 2013 MARKS & Spencer has parted ways with PwC, picking a new auditor for the first time since the FTSE 100 retailer became a public company in 1926. M&S said yesterday it has appointed Deloitte as its new auditor following a competitive tender. The switch comes at a time when the close and often decades-long relationship [...]
DS Smith profit soars as market share increases December 5, 2013 PACKAGING firm DS Smith saw its share price soar over six per cent yesterday morning, after posting a 52 per cent rise in half-year profits that showed its European expansion plan is paying off. The FTSE 250 company, which packages McVities Hobnobs among other popular brands, said pre-tax profits rose to £85m and revenue rose [...]
Unilever’s audit goes to KPMG December 2, 2013 KPMG has won the contract to audit consumer goods group Unilever from next year, in an €18m-a-year deal that was previously held by PwC. Unilever said it would part ways with PwC on the audit mandate after 26 years and put the job out to tender in July. The decision followed a rule change forcing [...]