Posts Tagged ‘news’

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.

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.

Yahoo share price tumbles after Microsoft u-turn

Tuesday, May 6th, 2008

On Saturday, Microsoft withdrew its $33-a-share offer for Yahoo.

So, the question on everyone’s mind was how far Yahoo’s stock would drop.

On Monday, the markets gave an their initial answer …

Yahoo’s shares closed down 15 percent, or $4.30, at $24.37 after closing at $28.67 on Friday — a day when the companies were said to be escalating their talks on a merger. The shares recovered some ground after losing about 20 percent at the start of Monday’s trading.

Microsoft’s own shares edged down 16 cents to close at $29.08, from their Friday close of $29.24. And shares of Google — a rival of both companies but now a potential partner of Yahoo — were up $13.61, or 2.3 percent, at $594.90.

How long Yahoo’s stock will stay down will largely depend on the company’s next moves.

And its successful resistance to Microsoft’s pursuit set up a clear challenge for Yahoo’s chief executive, Jerry Yang: prove to investors that the company is worth $37 a share, the price he was willing to sell it for.

People close to Yahoo said that Yang and his team greeted Microsoft’s decision as a victory.

Time will tell, no doubt.