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  • Pharmaceutical giant GlaxoSmithKline announced yesterday that switching reporting standards to IFRS cost its shareholders £394 million in 2004.
  • For the first time since 2000, annual investment in European venture-capital-backed companies held steady, with ?3.5billion invested in 2004?nearly the same amount that was invested in 2003. However, deal flow for the year decreased to 1,026 rounds?a 20% drop in activity from 2003? according to the European Venture Capital Report released by VentureOne and Ernst & Young.
  • The main board at almost half of Europe's top 10,000 firms are seriously thinking of outsourcing whole business processes, according to new research from HandySoft. This is a first step on the road to becoming what management consultants are calling ?virtual? organisations ? namely, companies that outsource all but their core business processes.
  • International chemicals company ICI saved £17 million through working capital management (WCM) schemes last year, easily covering the £10 million increase in its pension fund requirements.
  • Norbert Wanninger has resigned from his post as head of global cash management for corporates at Deutsche Bank.
  • Jefferson Wells, a global provider of risk, control, compliance and financial process improvement today warned UK companies not to become over-complacent about Sarbanes-Oxley (SOx) compliance, after news that the Securities & Exchange Commission (SEC) would extend the deadline by up to five months was announced.
  • As the deadline of March 15 approaches for US companies to report on their Sarbanes-Oxley compliance, the big accountancy firms say they expect one in ten to report serious difficulties.
  • BP has outlined an aggressive dividend strategy for the coming year, promising to return 100% of its free cash flow to shareholders ? which will likely total more than $23 billion.
  • Over a quarter of FTSE 350 directors believe that the requirement to comply with new regulations has a negative impact on their business.
  • Confidence in the European media sector is set to continue in 2005 according to the latest Media Insights report from PricewaterhouseCoopers Corporate Finance. This outlook follows a levelling out of activity in 2004 following strong growth in the second half of 2003, demonstrating a steady climb-back from the trough of 2002 - an indication that the M&A arena will be worth watching in 2005.
  • Citigroup has appointed Tom King as head of the European Investment Bank (EIB). His appointment is effective immediately.
  • SunGard Treasury Systems has announced the release of AvantGard-GTM 8.0 ? the product includes an interface and capabilities for derivatives accounting, interest rate processing, foreign exchange and cash management. The new version of AvantGard also debuts Status-based Security (SBS).