London-based accountancy giant, Ernst & Young, is being sued by New York’s attorney general over the collapse of the investment bank Lehman Brothers. Lehman Brothers collapsed in September 2008, which then led to a crisis that swept through global financial markets. It has been claimed that Ernst & Young used an accounting method known as [...]
A report by accountancy firm Ernst & Young (E&Y) has found that the number of profit warnings fell to a seven year low in the second quarter of the year to 45, from 54 in the previous quarter. It was the first time profit warnings fell below 50 since 2003. However, according to E&Y, measures [...]
A report by accountancy firm Ernst & Young has found that the number of profit warnings fell in the first quarter of 2010. According to E&Y, profit warnings by UK companies fell to a decade low in the first three months and will boost hopes that the economy is recovering. The accountancy group said the [...]
Accountancy firm Ernst & Young (E&Y) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result. The report has accused E&Y of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks” to conceal the fact that the [...]
A survey by accountants PricewaterhouseCoopers (PwC) revealed that many business managers are concerned that Britain is heading towards a double-dip recession (whereby the economy goes into recession twice without having undergone a full recovery in between.) Last week, official figures revealed that the UK economy grew by 0.1% between the October and December period, suggesting [...]
A report by accountancy firm Ernst & Young has found that the number of profit warnings fell by 37% (a six-year low) in the final quarter of 2009. A fall in profit warnings was unexpected since the recession led to many firms experiencing a slump in profits. However, Ernst & Young said firms should brace [...]
Accountants Ernst & Young (E&Y) have reported that the number of profit warnings by UK Plcs has stabilised but cautioned that the economy still had a “difficult road ahead”. The group said 63 profit warnings were issued in the April-June period – a year-on-year drop of 36% and represents the lowest second quarter figure since [...]
A survey by the Confederation of British Industry (CBI) has found that financial services companies are suffering record falls in profits. The fourth quarter of 2008 saw a fall in business from 87 such companies, with the CBI citing 2008 as a year the financial services industry ‘would rather forget‘. The survey, which was co-conducted [...]
Research by accountancy group Ernst & Young (E&Y) has found that profit warnings by firms listed on the London Stock Exchange reached a 7-year high last year. E&Y said that the number of profit warnings by UK-listed companies was 449 in 2008, 17% higher than the previous year. The economic downturn has had a major [...]
The Construction Products Association (CPA) and Ernst & Young, which jointly produce a quarterly barometer of the construction sector, have reported that the number of homes being built in the UK has fallen to its lowest level since 1924. Housing developers hit by plummeting sales have been mothballing new projects and so far this year [...]
London Scottish Bank (LSB) has been forced into administration after it was revealed that it did not have sufficient cash in order to continue trading. As a result the Financial Services Authority stepped in to prevent it taking any further deposits. LSB, which specialises in customers with poor credit histories, had been looking for a [...]
British savers of internet bank Icesave, an arm of Landsbanki, have been warned that they may struggle to claim their money. Earlier today, the Icelandic Financial Supervisory Authority announced that the country’s Government had seized control of Landsbanki, which owns Icesave. At the moment, Icesave is not allowing customers to withdraw money out of their [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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