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  • With FDs’ budgets continually under pressure, fewer and fewer organisations are replacing their existing accounting software systems. Instead, they are wringing as much as possible out of their existing accounting systems by implementing add-on modules which have minimal impact on their existing accounting systems but have a fast ROI. So which modules are in demand?
  • Fitch Ratings has announced a new proposal designed to provide greater transparency into the interplay between default risk and loss given default than heretofore has been available to the market:
  • World-class procurement executives spend 27% more than their peers on technology, despite the fact that they spend dramatically less on procurement operations overall, according to the latest Book of Numbers research into procurement practices and performance metrics from The Hackett Group, a business process advisory firm.
  • A raft of new CFOs were announced this week in the US, including an interim officer at optics company Uniphase and a CFO at exploration company Energy Partners.
  • Private equity houses Candover and Cinven have taken advantage of a favourable market to extract £1.025 billion ($1.915 billion) from UK gaming company Gala. The lending facilities with Merrill Lynch, Royal Bank of Scotland and Intermediate Capital have achieved cheaper funding than the original facilities, arranged as part of an LBO in February 2003.
  • Deloitte today published a report revealing the impact that pending changes to corporate interim reporting will have on UK companies. The report – The half-time results: Reviewing and revising corporate interim reporting – includes guidance and model accounts to assist companies in reporting under the new requirements.
  • Moody's Investors Service has changed the outlook of both General Motors and its financing arm, GMAC, to negative from stable. The change in outlook follows the announcement that GM has agreed to pay Fiat, the Italian-based car manufacturer, €1.55 billion ($2 billion) to terminate the Master Agreement between the companies and to realign its industrial relationships.
  • On February 10 2005, the Technical Committee of the International Organization of Securities Regulators (IOSCO) issued a "Statement on the Development and Use of International Financial Reporting Standards [IFRS] in 2005".
  • The global corporate speculative-grade default rate remained unchanged in January from the revised December 2004 figure of 2.3%, according to Moody's Investors Services. As a percentage of dollar volume, the global corporate speculative-grade default rate fell to 2.2% in January 2005 from a revised rate of 2.5% in December 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.
  • Pharmaceutical giant GlaxoSmithKline announced yesterday that switching reporting standards to IFRS cost its shareholders £394 million in 2004.
  • Jim Kaitz, president of the Association for Financial Professionals (AFP), has called on the US Congress ?to hold the SEC accountable by demanding immediate action on the issues,? including questions about the credibility and reliability of credit ratings and conflicts of interest and abusive practices in the rating process. Kaitz testified before the Senate Committee on Banking, Housing and Urban Affairs.