Archive for: June, 2012

Financial Independence for Your Kids and Relief for You!

Financial Independence for Your Kids and Relief for You!

One of the biggest and concerning issues confronting patents today is how to get financial relief, helped by weaning your kids off your expense account. The problem related to this situation, is that they adopt the habit of skimming off Mom and Pop and it then becomes a way of life for them. This could [...]

UK Manufacturers’ Sales by Product

The first estimate of the 2011 PRODCOM Survey shows that UK manufacturers’ sales increased by 2.7 per cent when compared with 2010. The total sales of manufactured products in 2011 are valued at approximately £340 billion, up from £331 billion in 2010. The largest sales in manufacturing in 2011 (and 2010) are from: Food; Motor [...]

Decision to Uphold Healthcare Law Means ‘Game on’ For Health Industry

Decision to Uphold Healthcare Law Means ‘Game on’ For Health Industry

The Supreme Court ruling upholding the Affordable Care Act gives extra punch to the market forces pushing healthcare toward convergence, transparency and greater influence for consumers, according to PwC US. The ruling upholding the 2010 law means that health organizations need to step up efforts to form alliances, collaborate and develop new ways to deliver [...]

MF Global UK Special Administrators Publish Range of Estimated Outcomes for Clients and Creditors

MF Global UK Special Administrators Publish Range of Estimated Outcomes for Clients and Creditors

The special administrators of MF Global UK have published an illustrative financial outcome range of potential returns for the combined estates of the clients and creditors of MF Global UK. In terms of total funds, the high end of the estimated range would see some $3.2bn made available while the low end of the estimated [...]

Basel Committee Issues Consultative Document

The Basel Committee on Banking Supervision has issued a consultative document on A framework for dealing with domestic systemically important banks. In November 2011, the Basel Committee issued final rules for global systemically important banks (G-SIBs). These rules, Global systemically important banks: assessment methodology and the additional loss absorbency requirement, were endorsed by the G20 [...]

SEC Adopts New Procedures for Reviewing Clearing Submissions

The Securities and Exchange Commission has adopted rules that establish procedures for its review of certain clearing agency actions. The rules were required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which called for a new regulatory framework for trading in over-the-counter derivatives, including swap agreements. The rules detail how clearing agencies will [...]

SEC Busts $42m Ponzi-Like Scheme

SEC Busts $42m Ponzi-Like Scheme

The US Securities and Exchange Commission has obtained an emergency court order to halt an alleged Ponzi-like scheme operated by Small Business Capital Corp. and its principal Mark Feathers, who raised $42 million by selling securities issued by Investors Prime Fund LLC and SBC Portfolio Fund LLC – two mortgage investment funds they controlled. The [...]

OFT Publishes Annual Report 2011-12

OFT Publishes Annual Report 2011-12

The Office of Fair Trading has published its Annual Report, including an estimate of the financial benefits of its activities to consumers. The Annual Report was laid before Parliament on 28 June 2012. The report shows that last year the OFT achieved an estimated benefit to consumers of at least eight times its cost to the taxpayer [...]

FSA OKs Settlement with 4 Major UK Banks

FSA OKs Settlement with 4 Major UK Banks

UK’s Financial Services Authority (FSA) has today found “serious failings in the sale of interest rate hedging products to some small and medium sized businesses (SMEs)” by four of the country’s large banks. The FSA said this has resulted in a severe impact on a large number of these businesses. In order to provide as [...]

Top Accounting Ph.D. Candidates Attend 42nd Annual Doctoral Consortium Sponsored by Deloitte Foundation

More than 90 top Ph.D. candidates and 17 distinguished faculty members convened at the 42nd Annual American Accounting Association (AAA)/Deloitte Foundation/J. The American Accounting Association is the largest community of accountants in academia. Founded in 1916, the AAA has a rich and reputable history built on leading-edge research and publications. Michael Cook Doctoral Consortium to [...]

Eurozone Leaders Can No Longer ‘Kick the Can Down the Road’

Although the formation of a new government in Greece has gone some way to avert concerns about the break-up of the Eurozone, the summer Ernst & Young Eurozone Forecast (EEF) highlights how the health of the European economy is likely to get worse over the next six months before it has, at best, an anemic [...]

Global Mergers and Acquisitions Bids Rise 10% in Q2 2012

Global volume and value of announced deals rose by 10% and 18% respectively in the second quarter of 2012 compared to Q1 2012, showing some signs of recovery after a long slowdown, according to the Ernst & Young M&A Tracker, released today. Despite these positive numbers, global M&A volume in Q2 is still at its [...]

Optimism Among Large Company CFOs Dips Again

Optimism on the global economy remains fleeting at best for CFOs from North America’s largest companies. According to the Deloitte CFO Signalssurvey, CFO optimism last quarter took a solidly positive turn after two dismal quarters to end 2011. However, amid a continued stream of bad global economic news in the second quarter of 2012, CFOs became [...]

Wallets Influence American Voters

Wallets Influence American Voters

Americans are concerned with the state of their financial health. This is reflected in a recent survey that showed the primary concern for six out of ten citizens is related to the condition of their personal finance. It was revealed that the financial situation and how it affects them directly, is an important influencing factor [...]

Evolving Definition of Family and Policy Tweaks to Save Costs Top Areas of Focus for Mobility Programs

As the competition for international talent picks up steam, companies are looking to enhance their mobility policies to attract and retain key global talent. According to KPMG’s International Executive Service’s Global Assignment Policies and Practices Survey, mobility programs are undergoing a number of subtle yet important changes. One of the most significant long-term trends identified by [...]

Top 10 Business Risks for Telecommunications in 2012

Top 10 Business Risks for Telecommunications in 2012

Ernst & Young issues Top 10 risks in telecommunications 2012. “ Failure to move away from a defensive business strategy is the top business risk for telecoms operators. Shifting business models from minutes to bytes is now mission-critical. ” says Paul Cheung, Partner at Ernst & Young, China. Questions over new business models, levels of [...]

Competition Commission Statement on Akzo/Metlac Probe

Competition Commission Statement on Akzo/Metlac Probe

The Competition Commission (CC) has yesterday published an issues statement as part of its investigation into Akzo Nobel NV’s proposed acquisition of Metlac Holding S.r.l. The Office of Fair Trading (OFT) referred the case last month, and the CC will decide whether the acquisition may be expected to result in a substantial lessening of competition [...]

AICPA Submits Comments to IRS on Transfers from Irrevocable Trusts

The American Institute of CPAs responded to an Internal Revenue Service request for comments, Notice 2011-101, about when transfers of principal from one irrevocable trust to another irrevocable trust should not be treated as having an income, gift, estate and/or generation-skipping transfer tax consequence. Such transfers are often referred to as “decanting.” The Treasury Department [...]

The Internal Audit Function in Banks

The Basel Committee on Banking Supervision today issued its final document The internal audit function in banks. This supervisory guidance is built around 20 principles that seek to promote a strong internal audit function within banks. Drawing on lessons learned from the financial crisis, the principles revise and update the Committee’s supervisory guidance issued in [...]

OFT Slams Mercedes-Benz and Five Commercial Vehicle Dealers

OFT Slams Mercedes-Benz and Five Commercial Vehicle Dealers

The OFT has issued a Statement of Objections alleging that Mercedes-Benz and five dealers of Mercedes-Benz trucks and vans have violated competition law. The case comprises five separate alleged infringements that took place at different periods between March 2007 and January 2010. Each alleged infringement involved two or three dealers. The OFT’s provisional finding is [...]