NEWS - ACCOUNTANCY & FINANCE
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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."
Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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".Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>