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NEWS - ACCOUNTANCY & FINANCE

Experian audit moves to KPMG from PwC

September 15 ,2015 | by Hari Sri

Experian audit moves to KPMG from PwC

KPMG has won the £8m contract as external auditor for global information services giant Experian from rivals PwC.

PwC have held the position for the last decade, but Big 4 competitors KPMG will take over for the financial year ending 31 March 2017.

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Accountants warn business growth is being stunted by ‘too much regulation’

September 11 ,2015 | by Hari Sri

Accountants warn business growth is being stunted by ‘too much regulation’

A new study of accounting, finance and business professionals has warned that too much regulation is holding back business growth.

The IFAC's survey found that two-thirds of the 300 respondents regarded the problem as a global issue that had a significant or very significant impact.

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ACCA members encouraged to work toward benefit of society and the profession

September 10 ,2015 | by Hari Sri

ACCA members encouraged to work toward benefit of society and the profession

Members of the Association of Chartered Certified Accountants (ACCA) have been urged to make sure they are working in the public interest, as stated in a speech by their President at a members' recognition ceremony in Toronto. 

In his keynote address, Anthony Harbinson asked his members to continue to promote responsible and ethical business practises with a wider aim of achieving sustainable global economic performance.

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UK finance directors expect economy to continue positive growth

September 09 ,2015 | by Erin O’Neill

UK finance directors expect economy to continue positive growth

Confidence in the UK economy continues to be positive from the country's finance directors, although their expectations are more modest than last year.

According to a survey of more than 100 FDs and CFOs, 58% of those occupying some of the UK's top financial roles expect to see growth of 1%-2.5% over the next 12 months.

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New financial services transaction partner joins E&Y

September 05 ,2015 | by Hari Sri

New financial services transaction partner joins E&Y

Big Four firm E&Y (Ernst & Young) has appointed a new partner in its financial services transaction advisory practice.

Ajay Rawal is joining the leading UK accountancy sector company from Alvarez & Marsal, where he held the position of partner in the European financial industry advisory services group.

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China's headache will not affect rate rise plan, says BoE’s Mark Carney

September 01 ,2015 | by Hari Sri

China's headache will not affect rate rise plan, says BoE’s Mark Carney

The Bank of England’s (BoE) agenda still includes a likely rate rise in spite of China's economic meltdown, Governor Mark Carney has said.

A decisive Monetary Policy Committee meeting at the end of the year will still go ahead in the face of global stock markets being hit hard by the movements of the Shanghai share index, with Carney claiming “recent events” wouldn't force a change in strategy.

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Finance plays a central role in fast-growing SMEs’ business planning

August 28 ,2015 | by Thiago Kiwi

Finance plays a central role in fast-growing SMEs’ business planning

A report by ACCA has found that there is a clear correlation for high-growth businesses with finance functions, extending beyond pure funding functions to being a strategic business partner.

Rather than playing an auxiliary role, the report found the finance function "played a central role" in the business planning of most of these successful SMEs.

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KPMG chair says Big Four have a public interest commitment to audits

KPMG chair says Big Four have a public interest commitment to audits

The chairman of KPMG has weighed in on the future of the mature audit business by claiming that the UK's largest auditors have a public interest commitment to retain them.

In the face of more lucrative growth prospects and changing industry demands and regulations, Simon Collins, KPMG's UK chairman, told the Financial Times he felt the profession "can't afford" to reduce client choice.

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ICAEW appoints non-chartered accountant board members for first time

August 21 ,2015 | by Thiago Kiwi

ICAEW appoints non-chartered accountant board members for first time

The Institute of Chartered Accountants in England and Wales has appointed its first non-chartered accountant board members.

This historic move aims to widen the scope of diversity of thinking and experience at the organisation's highest levels.

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UK interest rates to rise "pretty soon" says outgoing BoE official

August 20 ,2015 | by Thiago Kiwi

UK interest rates to rise "pretty soon" says outgoing BoE official

David Miles, the outgoing member of the Bank of England's monetary policy committee (MPC), has said that a rise in UK interest rates will happen sooner rather later.

During an interview on BBC's Newsnight programme, Miles said that rates would rise "pretty soon."

 

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British Pound strengthens as inflation rises in July

August 19 ,2015 | by Hari Sri

British Pound strengthens as inflation rises in July

Consumer Price Index (CPI) indicates July inflation rise in the UK by 0.1 per cent with strengthening of the Pound Sterling, allaying fears that the country was in danger of slipping into deflation.

The unexpected result has caused further pressure on the Bank of England to confirm when interest rates will be raised, given that they have been held at 0.5 per cent for the past 78 months. Inflation first reached zero per cent in February. The Bank of England now expects it to remain close to zero for the coming months, before rising to around 0.5 per cent at the end of the year.

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Willingness key to successful accounting career, says AAA

August 13 ,2015 | by Helen Gould

Willingness key to successful accounting career, says AAA

The recent American Accounting Association's annual meeting saw the presentation of a paper that outlined the reasons why the most successful corporate accountants are hired and promoted.

According to the association's new study, the key to having a successful corporate accounting career appears to revolve around a willingness to interpret earnings data.

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Hedge funds receive £10m windfall from RBS share sale

August 07 ,2015 | by Hari Sri

Hedge funds receive £10m windfall from RBS share sale

It is estimated that hedge funds profited by around £10m by shorting shares in the Royal Bank of Scotland (RBS), adding to the controversy surrounding the government's sell-off of the bank.

The funds apparently took advantage of information leaks about the sale of the government's stake in the bank, according to data from analysts Markit.

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US GDP growth prompts Fed interest rate hike speculation

US GDP growth prompts Fed interest rate hike speculation

Strong gross domestic product figures have prompted suggestions that the US Federal Reserve will raise interest rates later this year.

The likelihood of interest rates in the US rising later this year has increased following the release of upbeat economic data.

Figures released by the Commerce Department revealed gross domestic product expanded at 2.3 per cent annual rate, with weak business spending on equipment offset by strong consumer spending.

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European stock markets boosted by listed companies reporting strong earnings

July 23 ,2015 | by Hari Sri

European stock markets boosted by listed companies reporting strong earnings

Strong results from Credit Suisse and Unilever have helped boost European stock markets.

Stock markets across Europe rose today (23 July) after several major listed companies reported strong earnings figures.

There were early-morning gains for Germany's DAX, the FTSE 100 and France's CAC, as investors reacted positively to financial results from firms such as Unilever and Credit Suisse.

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City growth boosts UK financial services trade surplus to £62bn

July 21 ,2015 | by Hari Sri

City growth boosts UK financial services trade surplus to £62bn

The City of London's growth has helped Britain's financial services trade surplus in 2014 to rise to £62 billion.

London's financial district has been a key player in making the UK the world's biggest exporter of financial services.

UK recorded a trade surplus in financial services of £62 billion in 2014, it's highest ever, according to TheCityUK.

With other related professional services - such as accountancy, legal services and management consultancy - taken into account, the figure rose to £71 billion, helping to offset the increasing trade in goods deficit see in the UK economy.

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UK company dividends surge to £28bn, hit highest levels since 2007

UK company dividends surge to £28bn, hit highest levels since 2007

Banks have helped drive dividends paid by UK companies in the second quarter of 2015 to £28.3 billion.

Dividends paid out by UK companies have reached a high not seen since before the financial crisis, with banks leading the way.

New figures from Capita Asset Services show around £28.3 billion was paid out by firms during the second quarter of 2015, rising to £29.2 billion when factoring in special dividends.

The figure is the highest recorded by Capita since it began the process in 2007 and Justin Cooper, chief executive of Shareholder Solutions - a part of Capita - said it would be an "understatement" to say that income investors had enjoyed a "bumper month".

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Bank of England plan measures to shield UK from Greece risk

Bank of England plan measures to shield UK from Greece risk

Bank of England governor Mark Carney has revealed plans are being put in place to shield the British economy from the financial crisis in Greece.

The economic crisis in Greece could have a knock-on effect on the UK economy, but the Bank of England (BoE) is taking steps to ensure it remains protected.

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Banks compete for prized Barclays broker mandate

Banks compete for prized Barclays broker mandate

Barclays is considering replacing its corporate brokers not long after appointing John McFarlane as new chairman.

Banks are hurrying to throw together a pitch to become the broker of Barclays, after the bank announced it was putting its broking mandate under review. The group’s current corporate brokers Deutsche Bank and Credit Suisse have been invited to repitch for the position, but will face competition from Bank of America Merrill Lynch, JPMorgan, Goldman Sachs and UBS, according to CityAM.

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Nationwide marks turnaround with 54% profit increase

Nationwide marks turnaround with 54% profit increase

Nationwide Build Society posted £1 billion in profits for the year to April.

Nationwide Building Society has recorded a 54 per cent rise in annual profits, barely two years after the lender faced a £1 billion black hole in its finances.

The building society, one of the last in the UK to retain the mutual model where it is owned by customers rather than shareholders, said pre-tax profits for the year to April climbed to £1.04 billion.

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Saudi Arabian stock market opens to foreign investors

May 18 ,2015 | by Hari Sri

Saudi Arabian stock market opens to foreign investors

Foreign direct investment in Saudi Arabia’s stock market will soon become possible.

One of the world’s most restricted stock exchanges will soon open up to foreign investors, according to Saudi Arabia’s Capital Market Authority (CMA). The move will take place on June 15th and is already attracting “absolutely phenomenal” interest, according to an expert at HSBC bank.

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GoDaddy raises $460m as IPO exceeds market expectations

April 07 ,2015 | by Claire Payne

GoDaddy raises $460m as IPO exceeds market expectations

Web hosting company GoDaddy has enjoyed an extremely successful debut on the stock market.

GoDaddy’s initial public offering (IPO) not only exceeded analysts’ expectations, but performed better than it had anticipated. The technology provider to small businesses priced its shares at $20 each, higher than the estimated range of $17 to $19.

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UK pension reforms: what are their potential impacts?

April 01 ,2015 | by Helen Gould

UK pension reforms: what are their potential impacts?

On Monday 6 April, new rules will come into place that will allow pensioners full access to their retirement funds. But what could this mean in practice?

From the beginning of next week, people drawing a pension will not have to take an annuity, but instead can decide how much they want to take out of their pension and when.

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New survey shows rising optimism in UK financial services

March 31 ,2015 | by Thiago Kiwi

New survey shows rising optimism in UK financial services

Survey illustrates that optimism in UK financial services is on the up.

Financial firms in the UK are becoming more optimistic, according to a recent CBI/PwC survey. 

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Accenture report shows Fintech investment tripled in 2014

March 27 ,2015 | by Helen Gould

Accenture report shows Fintech investment tripled in 2014

Investment in financial technology companies has trebled last year.

The digital revolution in financial services is picking up steam, according to a report from Accenture. Global investment in financial technology businesses tripled to more than $12.2 billion in 2014, up from a little over $4 billion in 2013.

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