Archive for the ‘news’ Category

Madoff gets 150 years for £40bn fraud

Tuesday, June 30th, 2009

Bernard Madoff has been given the maximum prison sentence of 150 years for his role in masterminding a massive fraud that robbed investors of $65bn (£40bn).

The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom.

US District Judge Denny Chin said he wanted to send a message that Madoff’s crimes were “extraordinarily evil”.

Madoff’s lawyer had sought a more lenient sentence of 12 years.

Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.

Digital journalism award for Accountancy Age

Wednesday, November 5th, 2008

Accountancy Age Young Professional editor Paul Grant was this week named digital journalist of the year at the Press Gazzette’s annual Magazine Design and Journalism Awards.

The judges called the monthly digital magazine for part and newly qualified accountants a ‘lively and visually stimulating site appropriate for its users’ and that ‘Grant’s work is accessible and well judged for his audience and streets ahead of the other competitors’.

Young Professional was also shortlisted for cross media project at last month’s Association of Online Publishers awards and business magazine website of the year at tonight’s British Society of Magazine Editors Awards.


Global markets wait for $700 billion US bailout

Thursday, September 25th, 2008

Americans must support a massive bail-out of financial markets to ease a “serious financial crisis”, US President George W Bush has said.

The BBC website article goes onto report:

Our entire economy was in danger, Bush said in a live TV speech, and failure to act now would cost more later.

He has invited presidential rivals John McCain and Barack Obama to the White House on Thursday to discuss the $700bn (£378bn) rescue package.

The rivals have disagreed on delaying a TV debate over the economic turmoil.

Mr McCain says he is suspending his campaign to help with the crisis, but Mr Obama says voters now need to hear from the candidates more than ever.

The two men will attend a meeting with administration officials and congressional representatives on Thursday morning in the US capital in a bid to broker a mutually acceptable bail-out deal.

Dragon’s support for Entrepreneur’s Degree

Tuesday, September 16th, 2008

According to, the serial entrepreneur and self-made retail millionaire ‘Dragon’ - Theo Paphitis - will launch the BA Honours course in Enterprise Development at Huddersfield University shortly.

Due to begin next September, the degree, which has been dubbed ‘pracademic’, has been designed to help young entrepreneurs start and run their own business whilst studying.

Paphitis, who is dyslexic and left school aged 16 with one GCSE but is now worth an estimated £125m, will lead a series of masterclasses. World-renowned business expert Michael Gerber will also contribute.

“We need to re-invent the way we start a business,” Gerber said. “The current thinking isn’t working and hasn’t worked properly for over 30 years. Too many small businesses still fail in the first five years of their existence. This must stop.”

Professor John Thompson, the academic behind the degree, added: “Most people who start a business are good at the technical aspects of what they are doing. What they are typically less good at is running a business and this affects the growth potential.

“In large part this is because they never trained to run a business; they trained to be a technician and they became expert at that. This degree will change the way a would-be entrepreneur starts and runs the business from the outset.”

IIA unveils e-learning support for 2009

Thursday, September 11th, 2008

As part of an exciting step in the development of the Institute of Internal Auditors’s learning delivery, IIA Learning will be introducing a new programme of e-learning support to better serve students’ needs from June 2009.

This new integrated learning model will be aimed at helping students study on their own by allowing for online networking and collaborative learning.  Available to all Diploma students enrolled with IIA Learning for their tuition support, the new virtual learning environment will give students the opportunity to engage with tutors, fellow students and the study materials within an online learning environment.

The AAI claim this virtual learning environment means students will have access to the learning texts (available in print and online), resources including discussion papers and unit guides, and online quizzes to test knowledge or get immediate feedback. Tutors will respond directly to the online discussions, answer any email queries and foster the social and learning climate of the course. Tutors will also mark specially designed assignments and facilitate the learning in the group forums.

The Institute believes that this new method of learning will result in improved interaction between the tutor and the student as well as increasing our efficiency regarding the management and coordination of tutor activity. All students and members will be kept informed of the progress and can expect to see more details about this exciting project in the coming months.

40% reduction in house sales says RCIS

Tuesday, May 20th, 2008

Property sales may fall by up to 40% this year, because of the credit crunch, the Royal Institution of Chartered Surveyors (Rics) has claimed.

In its updated forecast for the housing market in 2008, Rics also predicted that prices would fall by up to 5%.

The slowdown has also led to removals firms seeing a slump in business, and building firms are also feeling the pinch.

Rics chief economist Simon Rubinsohn said the outlook was worrying.

“Money looks set to remain tight and many will continue to find that access to the market is restricted by cautious lenders,” he said.

“This could have important ramifications for the wider economy,” he added.

77 stores to close in re-structure.

Friday, May 16th, 2008

DSG International, the owner of Currys and PC World brands, is to dramatically reduce the number of its stores and cut its dividend as part of an aggressive ‘revival plan’.

A spokesperson said 77 shops out of the 177 outlets would shut, reducing their high-street footprint by more than 40%.  This streamlining is happen as their leases expire over the next five years.

The closures are part of a large-scale cost reduction plan by DSG, which it forecasts will cut costs by up to £50m in 2008/09.

The announcement came as DSG reported a modest 1% rise in like-for-like sales for the year to 3 May.

DSG’s shares initially fell by almost 12% on the news, but later rebounded to close 7.5% lower at 65 pence.

SEC to enforce XRBL standard in US

Friday, May 16th, 2008

At a recent meeting, the US Securities and Exchange Commission (SEC) has set out its recommendation that companies should submit their accounts electronically using XBRL, otherwise known as the eXtensible Business Reporting Language. 

A phased implementation is planned, beginning with companies turning over more than $5bn annual for financial periods beginning on or after 15 December 2008 and extending in successive years to other US and international filers who use US GAAP a year later.

The interesting thing is, will the UK follow suit?

Here, Companies House already accepts XBRL accounts data and HMRC is also interested in it for the submission of tax accounts.

Tax is taxing for Apprentice, Raef Bjayou!

Wednesday, May 14th, 2008

Raef Bjayou, one of the remaining candidates on hit TV show The Apprentice,  might be as smooth-as-silk in the boardroom.  But, behind the scenes, he is facing a fine for failing to missing the accounts filing deadline with Companies House.

Bjayou’s import-export business, called Infinitate, has missed its deadline by three weeks.  A spokesman for the reality TV star said there was nothing untoward about his failure to file the accounts on time, according to newspaper reports.

‘It was simply an oversight that occurred because his business accountant was on holiday. He was completely unaware and will send them in now, but he has done all of his personal tax returns,’ the spokesman said.

39% of CEOs in UK from Finance background.

Tuesday, May 13th, 2008

A new survey claims that the chief executives of the largest companies in the UK tend to be younger and with a stronger financial background than in other countries.

Research from specialist recruiter Robert Half says that 39 per cent of FTSE 100 chief executives have an accounting and finance background, compared to just 26 per cent of people in equivalent positions in S&P Global 100 companies.

Phil Sheridan, managing director of Robert Half, was quoted as saying, “One of the most important competencies “of a chief executive is “understanding the financial aspects” of the company.

He continued, “Our analysis shows the world’s leading companies continue to put a high significance on financial skills when choosing their boardroom leaders”.

Some of the UK’s most senior executives with an accounting and financial background include Willie Walsh, chief executive of British Airways and previously a finance director and BP’s Tony Hayward, formerly a group treasurer.