LSBF Blog - Global Matters
Oil excess hits record high of 3bn barrels
According to the International Energy Agency (IEA), the pressure on oil prices is likely to extend into next year due to a record glut on the global market.
The latest monthly report from the IEA said that stockpiles now stand at a record three billion barrels. The news affected the European stock markets on Friday, with the FTSE 100 dropping by almost 1%.
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New study on oil and gas industry released
The results of a new study by Big 4 firm Deloitte has highlighted the state of the supply-chain between the oil and gas industries.
The highly respected business-advisory group, under which tens of thousands of dedicated professionals in independent firms throughout the world work together to provide services, has called for action to make sure the UK economy reaps the full benefits of the country's natural resources.
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Video: Great Minds Series - LSBF interviews VTB Capital Plc's Masroor Haq
VTB Capital’s International Head of Infrastructure Capital and Project Finance, Masroor Haq, believes that education plays an important role when it comes to banking industry talent.
Speaking with London School of Business and Finance (LSBF) as part of its Great Minds interview series at VTB Capital’s London headquarters in Bank, Mr Haq said that education can provide aspiring bankers with the tools they need to succeed in the industry.
Institute of Directors supports HMRC restructuring plans
The Institute of Directors has supported wide-ranging plans announced by HM Revenue and Customs (HMRC) to restructure its operations.
HMRC aims to produce a better service for taxpayers and cut down on costs at the same time, winning the backing of the influential group.
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OECD upgrades tax transparency rating for Seychelles
The Organisation for Economic Co-operation and Development (OECD) has recently released a report noting improved adherence with international standards from Seychelles in regards to sharing information with other tax authorities.
The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes included the new overall rating of "Largely Compliant" in a report that looked at the jurisdiction alongside Cyprus and Luxembourg. The three had previously been rated non-compliant and were praised for making positive changes to their legal frameworks or practices.
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New guide to improving diversity and inclusion in the workplace published
A Diversity and Inclusion Guide for Businesses has been published by The Professional Business Service Council (PBSC), aimed at helping companies to improve their workplace.
The importance of embracing diversity and inclusion in the workplace is stressed as a way of attracting and retaining the most talented staff.
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5 benefits interim professionals bring to businesses
In a market where skilled professionals are a scarce commodity, businesses are relying on interim resources to meet growth plans.
Today, change is a constant. As a result, businesses of all sizes and in all industries are increasingly looking beyond their conventional model of hiring by including interim professionals as part of their recruitment strategy.
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ICAEW issues one hundredth alternative business structure licence
The Institute of Chartered Accountants in England and Wales (ICAEW) has reached the milestone of issuing its 100th alternative business structures (ABS) licence.
The award went to Tiffin Green Limited and was reached after only a year of being granted powers to regulate firms who want to conduct probate and form an ABS.
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£15bn National Grid to appoint Deloitte as auditor
The £15 billion international gas and electricity giant National Grid is set to appoint Big 4 firm Deloitte as its auditor for the year ending 31 March 2018.
The move will see the firm take over the account from fierce rivals PwC, the current auditor, in just the latest round of skirmishes between the main players in the UK accountancy sector.
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Standard & Poor's keeps AA+ credit rating for Guernsey
Guernsey in the Channel Islands has had its credit rating fixed at AA+ by Standard & Poor's, the American financial services company.
The rating is the highest level that jurisdictions without their own currency are able to achieve under the ratings system in place at the moment.
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Black Friday deals anticipation slows October retail figures, shows report
The latest figures from the BRC-KPMG Retail Sales Monitor suggest that consumers might have been holding back for looming Black Friday deals.
According to the report, like-for-like retail sales in October fell 0.2% year on year. However, total food sales bucked the trend by growing 0.5% over the three months leading up to October and by 0.3% year on year to achieve their best performance since July 2014.
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Better deals called for businesses to reclaim fleet VAT costs
HM Revenue and Customs has been urged to support a call from the British Vehicle Rental and Leasing Association (BVRLA) to allow businesses to reclaim 60% of the VAT paid out on hire or lease costs.
The trade body, which is responsible for companies engaged in the leasing and rental of cars and commercial vehicles, carried out a survey that backs up their case for a change in the rules.
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ICAEW to get new local audit regulatory powers
Recognised Supervisory Body status has been granted to The Institute of Chartered Accountants in England and Wales (ICAEW) by the Financial Reporting Council (FRC).
This means the UK accountancy sector body now has new powers that will allow it to regulate firms who are looking to undertake local audits for clients, including councils and health bodies.
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Global economic confidence at four year low, shows survey
A worldwide survey of finance professionals carried out by The Association of Chartered Certified Accountants (ACCA) has found a sharp drop in positivity from business in the third quarter of 2015.
The global body for professional accountants' new report reveals that economic confidence on an international level is at the lowest in four years.
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PwC to give tax lessons to 50 London sixth formers
Around 50 sixth-form students attending various London schools have been invited to Big 4 firm PwC’s offices to get lessons about taxation in a pilot project.
The new initiative, aimed at encouraging learning all about tax from a young age, uses interactive sessions and games to give students a grounding in the subject.
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Time is right for SMEs to borrow, says Deloitte report
Because of what Deloitte describes as a “borrower-friendly market”, the Big 4 firm says that SMEs should consider taking loans out now to fund expansion plans.
As credit availability rises to a near seven-year high while the cost of credit falls towards an eight-year low, the UK banking market is “buoyant”, according to the company's latest analysis.
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Buy-to-let still a healthy investment, says PwC report
New research from PricewaterhouseCoopers says that the lettings market will not be adversely affected by the end to some tax relief that landlords can currently claim.
The Big 4 firm found the Government’s reduction of mortgage interest tax relief for landlords is unlikely to stop the continued popularity of buy-to-let in the UK economy.
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£400m in tax could come from personal service company crackdown
Ministers are discussing whether to close a tax loophole that could be costing the Treasury up to £400m and is currently being exploited by as many as 100,000 people.
The rules surrounding how personal service companies are used could be tightened in the run up to Chancellor Osborne’s autumn statement on 25 November.
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UK economy gains £4.1bn from British music industry
One in seven albums sold around the world last year were by British artists, with names such as One Direction and Coldplay joining the ranks of legacy acts such as The Beatles and Pink Floyd.
In total, the British music industry generated £4.1bn for the UK economy in 2014, representing a growth of 5% as opposed to the overall economy’s rise of 2.6%.
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Only 45% of charities have set counter-fraud strategy, reveals survey
Less than half of charities that took part in a new survey have a written counter-fraud and corruption strategy in place.
A report by accountancy firm PKF-Littlejohn looked at the charity sector and how it is set up to deal with issues surrounding fraud.
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Women in finance get board-level boost, shows research
Women have more opportunities to reach senior jobs in the accounting and finance sector than they did a decade ago, says new research by recruitment company Robert Half.
Nearly two thirds of UK finance directors believe that the position has changed over the past ten years.
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VAT loophole worth £355m reviewed by EU
The European Commission (EC) is looking into the possibility of withdrawing the Low Value Consignment Stock Relief (LVCR) scheme.
Talks with member states have begun with a view to ending the scheme, which exempts non-EU sellers of goods to EU consumers from VAT and is estimated to be worth about €500m (£355m) each year.
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UK service sector registers growth in October
Last month saw a rise in activity for the UK's service sector for the first time in four months.
According to the latest Markit/CIPS service sector purchasing managers' index (PMI), there was an increase from 53.3 to 54.9 from the previous month. A result above 50 indicates growth.
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HMRC receives £5.5bn from 43% capital gains jump
A succession of increases in the Capital Gains Tax (CGT) rate, combined with the removal of CGT reliefs, has seen bills rise by 43% this year to £5.5bn - up from £3.4bn in the previous year.
An increase in turnover from investments, including shares and buy-to-let property, has also had an impact in the windfall for the Treasury.
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HMRC issues guidance document explaining changes to Gift Aid
HM Revenue and Customs (HMRC) has issued new guidance to charities regarding the changes to Gift Aid.
The new rules surrounding the tax break, which can be an important source of income for a wide range of charities, are laid out in a new guidance document published by HMRC aimed at helping charities adopt the measures.
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