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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Winter ‘subdued’ North Sea activity

Category : World News

North Sea activity was subdued by the UK’s prolonged winter after a strong finish to 2012, a report by Deloitte concludes.

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Big Four accountancy firms ‘too close to company bosses’

Category : Business

The Competition Commission’s report on how KPMG, PwC, Ernst & Young and Deloitte audit 90% of businesses is due

The bosses of Britain’s largest companies are too close to the “Big Four” accountancy firms which carry out the overwhelming majority of audits, a report is expected to say on Friday.

The Competition Commission’s review into how KPMG, PwC, Ernst & Young and Deloitte audit 90% of UK-listed blue chip businesses is expected to say that while it found no evidence of collusion between them, there is a restricted amount of competition.

It is expected to attack the cosy relationship between auditors and senior management at City firms, who are often alumni of the Big Four themselves.

High-ranking members of Big Four firms also sit on many company boards.

It will reportedly not seek the break up of these firms – which also provide a wide range of non-audit services to their clients – but suggest measures to reduce their stranglehold over the UK’s largest firms, including a ban on “Big Four-only” clauses in loan documents from banks and giving shareholders a greater say in the choice of auditors.

Firms could also be ordered to rotate between auditors and invite other firms to tender for work on their accounts.

The investigation, ordered in 2011, was partly prompted by a House of Lords inquiry which found that listed companies, which must have their annual reports signed off by an auditor, use the same accountant for an average of 48 years, a figure the Big Four dispute.

The fear is that auditors become less sceptical over time about what clients tell them.

There was also anger that accountants gave banks a clean bill of health just before taxpayers had to rescue them during the financial crisis.

The inquiry has looked at issues such as the gap between the big four and mid-tier firms, barriers to entry and expansion for smaller firms, and cites the case of Arthur Andersen, which collapsed after it was implicated in the Enron scandal, as showing that size does not guarantee stability.

The Big Four’s audit and advisory income easily outstrips their rivals. In the financial year ended 2011, the audit income for the four largest firms ranged from £403m to £893m, compared with £133m for the largest mid-tier company. The Big Four have insisted competition is strong, pointing to downward pressure on fees.

“When reaching its provisional findings, the Competition Commission should recognise that the large company audit market currently produces competitive outcomes for large companies and investors,” PwC said.

The European Union’s has drafted a law which proposes mandatory switching or rotation of auditors every six years and even a market share cap. The US audit watchdog has also aired plans for auditor rotation.

Real Madrid tops rich list again

Category : Business, World News

Real Madrid tops Deloitte’s football rich list for the eighth year in a row, with revenues breaking 500m euros for the first time.

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Gift cards to be accepted at HMV

Category : Business

HMV gift vouchers will be accepted in stores from Tuesday, the company’s administrators Deloitte say.

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Retail bankruptcies soar for third year amid weak demand and rising costs

Category : Business

More retailers expected to go bust in new year after early signs show Christmas and new year sales boom has been short-lived

The number of retailers filing for bankruptcy has continued to mount over the past three years, rising 6% last year compared with 2011 and up 18% on 2010, a report from accountants Deloitte shows.

Thousands of shop workers lost their jobs last year as a series of high street names collapsed into administration, battered by a combination of weak demand and escalating costs. Comet, JJB

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Silvercorp Announces Change of Auditors

Category : Stocks

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 24, 2012) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) (“Silvercorp” or the “Company”) today announced that it has changed its auditors from Ernst & Young LLP (“Ernst & Young”) to Deloitte & Touche LLP (“Deloitte & Touche”), on November 27, 2012.

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Comet collapse to cost UK £49m

Category : Business, World News

The collapse of failed electrical chain Comet will cost the government £49.4m in redundancy payments and owed tax revenues, administrators Deloitte reveal.

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Comet collapse to cost UK £49m

Category : Business, World News

The collapse of failed electrical chain Comet will cost the government £49.4m in redundancy payments and owed tax revenues, administrators Deloitte reveal.

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Comet gears up for ‘fire sale’

Category : Business

Comet administrators begin cutting price of unsold stock after accountants from Deloitte took charge of loss-making retailer

The administrators of Comet have begun slashing the price of unsold stock as they gear up to press the button on a full blown fire sale.

With the retailer’s website promising the Comet sale is “starting soon” it was already offering a 10% discount in stores on Wednesday although the promotion did not include must-have gadgets such as tablets.

Accountants from Deloitte took charge of the loss-making retailer the end of last week after its US backers refused to provide additional funds to keep it going. The retailer, which has more than 6,600 staff and 236 stores, had also lost the support of its suppliers, since being cut adrift by its stock exchange listed owner Darty at the start of this year.

With the prospect of huge job losses on the horizon, the collapse of Comet has sparked controversy. The retailer was bought by OpCapita for a token £2 but it came with a £50m dowry and industry insiders predict the turnaround firm, which is run by former investment banker Henry Jackson, will still make a multi-million pound profit from the deal.

With no buyer expected to emerge for the whole chain there is a growing expectation that it will broken up with its best stores cherry-picked by rivals such as Dixons and Staples. Retail insiders have suggested that some stores could begin closing as early as next week. But with many suppliers asking for payment up front, Comet’s stock reserves are already depleted. It held roughly £180m of stock when it was acquired by OpCapita, however, this was reduced to £120m as products sold were not replaced and it is not thought to have been able to source new stock in recent weeks. A Deloitte spokesman would only confirm that sale activity was getting under way on Thursday.

The failure of Comet, the UK’s second largest electricals specialist, is expected to result in a sales boost for market leader Dixons and on Wednesday its chief executive Sebastian James said it would offer a lifeline to thousands of Comet workers who are facing redundancy. The owner of PC World and Currys has delayed its normal Christmas recruitment drive, when it drafts in an additional 3,000 seasonal shop and warehouse staff, to give Comet staff the opportunity to apply for the temporary positions. Dixons said more than 500 Comet staff had already made enquiries with many walking into its stores still dressed in their Comet uniforms. “For now the jobs are temporary, but we are hoping that a good number will become permanent,” said a spokesman.

The high street electricals market in the UK has come under huge pressure as cash-strapped shoppers put off purchases of big-ticket items such as TVs and large appliances. In the wake of Friday’s formal appointment, Deloitte stopped stores from accepting gift vouchers citing the need to collate the “quantity, value and nature of gift cards in circulation”. That decision was reversed on Tuesday after it emerged that disabled children, who had received vouchers from the Family Fund charity, were among those being penalised.

MAG Silver Reports Results of the Annual General and Special Meeting of Shareholders

Category : World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 5, 2012) - MAG Silver Corp. (TSX:MAG)(NYSE MKT:MVG)(NYSE Amex:MVG) (“MAG” or the “Company”) announced today that at its annual general and special meeting (the “Meeting”) held on October 5, 2012, MAG’s shareholders increased the size of the board to nine, elected all nine directors standing for election, re-appointed Deloitte and Touche LLP as the Company’s auditor and approved the Company’s Advance Notice Policy.

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