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NEWS - BUSINESS & ECONOMY

NEWS - BUSINESS & ECONOMY

Retail food sales rose in September, says British Retail Consortium report

October 14 ,2015 | by Erin O’Neill

Retail food sales rose in September, says British Retail Consortium report

The BRC-KPMG Retail Sales Monitor for September reveals that total food sales in the UK increased by 0.2% in the quarter to September.

According to these figures, like-for-like retail sales saw a year on year increase of 2.6%, and total non-food sales grew by 3.7% in the three months to September.

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New KPMG survey reveals connection between risk and strategy

October 13 ,2015 | by Thiago Kiwi

New KPMG survey reveals connection between risk and strategy

KPMG’s new survey “Calibrating Strategy and Risk” reveals that many boards fail to make the connection between the two.

Company strategy and risk assessment are important aspects of involvement for corporate boards, but work needs to be done to comply with the 2014 UK Corporate Governance Code, according to the Big 4's study.

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Tesco records 55% drop in profits

October 09 ,2015 | by Claire Payne

Tesco records 55% drop in profits

UK supermarket giant Tesco PLC has reported a 55% drop in profits for the first half of its financial year.

The £354m figure, compared with £779m recorded for the same period last year, highlights the problems the company is facing in an increasing competitive area of the UK economy.

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Tax rulings disclosure by 2017 signed off by EU chiefs

October 08 ,2015 | by Hari Sri

Tax rulings disclosure by 2017 signed off by EU chiefs

The European Council has come to an agreement on a directive that is aimed at improving tax disclosure requirements for member states.

The new arrangements announced by the EU’s governing body will cover the exchange of information regarding how companies’ taxes are calculated as well as rule on specific tax issues.

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Increasing economic uncertainty hits business confidence, says Deloitte

October 06 ,2015 | by Thiago Kiwi

Increasing economic uncertainty hits business confidence, says Deloitte

Difficulties facing emerging economies and global markets are eroding corporate appetites for risk, according to a survey of Chief Financial Officers (CFOs) by Big 4 firm Deloitte.

Of the CFOs that took part, only 47% thought that now would be a good time to take any risks, a drop from 59% in Q2 2015.

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Travel Tax Relief restrictions to affect UK freelancers

October 05 ,2015 | by Claire Payne

Travel Tax Relief restrictions to affect UK freelancers

Up to 45,000 UK freelancers could be negatively affected by restrictions on tax relief for work travel if the UK Government proceeds as planned, according to The Association of Independent Professionals and Self-Employed (IPSE).

Proposed changes include the abolition of home-to-work travel and subsistence tax relief for some workers.

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HMRC offer guidance on derivative contracts tax changes

October 04 ,2015 | by Thiago Kiwi

HMRC offer guidance on derivative contracts tax changes

A four-week informal consultation is being offered by HMRC regarding the draft legislation for proposed amendments to the taxing of derivative contracts and corporate debt.

The new changes will affect existing legislation on loan relationships in a further attempt to clamp down on perceived abuses in corporate taxation.

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Crossrail 2 will add billions to UK economy, finds study

October 02 ,2015 | by Claire Payne

Crossrail 2 will add billions to UK economy, finds study

A new analysis from Big 4 firm KPMG has found that the overall impact of Crossrail 2 will be positive for the UK economy and also bigger than had been expected.

The effect on the country's productivity will mean significant gains for both business and the nation's GDP, according to the study.

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CEBR warns UK economy could face slowdown due to weak exports

September 30 ,2015 | by Thiago Kiwi

The Centre for Economics and Business Research (CEBR) has warned in a new forecast that the current economic recovery in the UK may not be sustainable.

Weak exports and decreasing investment in business means that any increase over the next five years could hinge on continued growth in household spending.

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US economy expected to grow faster than previously estimated

September 29 ,2015 | by Claire Payne

US economy expected to grow faster than previously estimated

According to revised official figures, the second quarter of the year saw the US economy grow faster than previously anticipated.

The surprise positive news was due to strong consumer spending, business investment and residential construction, according to the US Department of Commerce.

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Businesses lose over £200bn to cyber attacks a year globally, reveals study

September 26 ,2015 | by Helen Gould

Businesses lose over £200bn to cyber attacks a year globally, reveals study

Cyber attacks have cost businesses across the world more than £200 billion over the past year, according to new research from Grant Thornton International Ltd.

The Grant Thornton International Business Report (IBR) surveyed 2,500 business leaders in 35 countries and found that in excess of one in every six businesses fell victim to a cyber attack in the past 12 months.

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Steep rise for UK deficit follows fall in tax receipts

September 25 ,2015 | by Thiago Kiwi

Steep rise for UK deficit follows fall in tax receipts

Income tax receipts have unexpectedly fallen, and as a result, Britain’s deficit has risen to

£12.1bn in August. The figure represents the largest shortfall in government funding since 2012.

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Deloitte reports strong growth with revenues of $35.2 billion

September 23 ,2015 | by Hari Sri

Deloitte reports strong growth with revenues of $35.2 billion

Deloitte reported aggregate revenues amounting to $35.2 billion in its most recent figures.

The new figures, covering the fiscal year ended 31 May 2015, were announced alongside the company's Annual Global Report, which also showed growth across the Big 4 firm's core practices, industry sectors and geographic regions.

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Chief economist says BoE may cut rate before any increase

September 22 ,2015 | by Hari Sri

Chief economist says BoE may cut rate before any increase

According to its chief economist Andy Haldane, The Bank of England's next move may well be to cut rates rather than raise them as has been widely expected.

The surprise turnaround would be due to the increased risk of deflation if the UK economy does not pick up in the second half of this year.

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UK updates laws governing consumer rights

September 22 ,2015 | by Claire Payne

UK updates laws governing consumer rights

New laws governing how businesses in the UK operate will come into effect on 1st October 2015 as part of the Consumer Rights Act 2015.

Returns and complaints policies, staff training and terms and conditions all come under the spotlight of the new regulations.

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£140bn added to UK economy by robots, says Deloitte

September 21 ,2015 | by Erin O’Neill

£140bn added to UK economy by robots, says Deloitte

A new analysis of ONS labour force data by Deloitte has dug deep into the stats involving the effects of automation on the UK economy.

The new study found that in the last 15 years, jobs in sectors such as technology, high-tech manufacturing, and financial and professional services have lost 800,000 jobs to automated process or machines.

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Oil price too volatile to predict, claims Shell boss

September 18 ,2015 | by Thiago Kiwi

Oil price too volatile to predict, claims Shell boss

Ben van Beurden, chief executive of Royal Dutch Shell, has admitted that he hasn't a clue what will happen to oil prices in the coming months.

When posed the question by the BBC, Van Beurden replied: "The honest answer to that is I don't know."

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UK inflation falls back to zero per cent

September 17 ,2015 | by Thiago Kiwi

UK inflation falls back to zero per cent

With a Bank of England target of around 2% once again being missed, the latest figures show that the UK economy's inflation level has fallen back down to zero.

Sharp falls in both petrol and diesel prices played a major role, although they were not the only significant factors.

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PwC announces record £3.1bn revenues in annual report

September 16 ,2015 | by Hari Sri

PwC announces record £3.1bn revenues in annual report

Big 4 firm PwC has highlighted the contribution it makes to the UK economy in the company's annual report.

The professional services firm has claimed a £4.2bn input to the wider economy alongside £1.1bn in payments it made directly to the exchequer last year.

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Sharpest fall since 1992 expected for US oil output

September 15 ,2015 | by Thiago Kiwi

Sharpest fall since 1992 expected for US oil output

According to The International Energy Agency (IEA), next year US oil production will experience its biggest fall since 1992.

Low oil prices that have seen prices cut by half in the past year are blamed, together with overall slower economic growth.

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Biggest pay rise boom in Europe for UK workers

September 14 ,2015 | by Claire Payne

Biggest pay rise boom in Europe for UK workers

Workers in the UK are likely to enjoy wage increases in real terms this year after suffering long periods of below inflation increases.

The latest Salary Budget Planning Study from Towers Watson UK workers will see the first real wage rise since 2007 this year, and only Germany will rival the UK level.

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“The Secret Millionaire” Mike Greene behind Morrisons stores takeover

September 11 ,2015 | by Erin O’Neill

“The Secret Millionaire” Mike Greene behind Morrisons stores takeover

The £25m takeover of Morrisons M Local shops is headed by Mike Greene, who previously starred in Channel 4’s The Secret Millionaire.

Best-known for investing in the Comet chain and now backed by Greybull Capital, Greene is leading the buyout of 140 of the convenience stores from the struggling supermarket retailer.

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Bad advice cost UK businesses £6.4bn this year, shows study

September 11 ,2015 | by Thiago Kiwi

Bad advice cost UK businesses £6.4bn this year, shows study

In excess of 320,000 British businesses have lost a total of £6.4bn in the last year due to receiving poor advice, says a new report.

Research conducted by Direct Line for Business revealed that the average SME loses more than £20,000 a year.

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FTSE 100 sets aside £1.7 billion for tax litigation

September 10 ,2015 | by Thiago Kiwi

FTSE 100 sets aside £1.7 billion for tax litigation

Although FTSE 100 companies have earmarked £1.66bn for tax litigation purposes this year, it is actually down 31% from last year according to Thomson Reuters.

In 2014, £2.39bn was set aside for tax disputes, but this year's move by some of the biggest firms in the UK economy is a strong signal that the tax authorities' corporate tax evasion and avoidance policies are working.

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Conviviality Retail in £200m wholesaler buyout

September 09 ,2015 | by Hari Sri

Conviviality Retail in £200m wholesaler buyout

Conviviality Retail confirmed it is buying wholesaler Matthew Clark from Punch Taverns and Hertford Cellars for £200m.

The company's share price leapt after the announcement about the reverse takeover being struck via Conviviality's subsidiary Conviviality Brands, with Zeus Capital and Investec Bank acting on their behalf.

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