The Devolution Distraction

According to this report by Tom Meirs "Since the Scottish Parliament was established in 1999, Scotland’s politicians have neglected to address the deep-seated social and economic problems faced by the country.
This report calls for a new approach to politics in Scotland, based on honesty in measuring performance, radicalism in policy making and a generational truce on the constitutional issue."

Litigation culture is 'unfair' warns KPMG accounting head

Bill Michael, UK head of financial services at KPMG, attacked what he described as "unfair", "deep pocket" lawsuits which pay "little or no attention to the balance of responsibility between auditor and management".
"We operate in a highly litigious environment where the balance of risk and reward has driven us to a world of caveats," said Mr Michael. "Any corporate failure or financial loss invariably carries with it the risk of suing the auditor."

CEBS statement on key features of the extended EU-wide stress test

Following its statement issued on 18 June 2010, CEBS provides further information on the EU-wide stress test exercise which is now being finalised by CEBS and the national supervisory authorities, in close cooperation with the ECB.

Cheers to China

In a meeting today with Shuping Zhi, Deputy Minister for General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), the First Minister was reassured that the Chinese Government would shortly introduce Geographic Indication (GI) of Origin Status to Scotch - a move that will provide additional legal protection against imitations, ensuring all products labelled as Scotch Whisky must come from Scotland.

Stewardship Code for Institutional Investors

In his report on the governance of banks and other financial institutions, published in November 2009, Sir David Walker recommended that the FRC’s remit should be extended to cover the development and encouragement of adherence by institutional investors to best practice in stewardship of UK listed companies; that the FRC should ratify and regularly review the Code on the Responsibilities of Institutional Investors issued by the Institutional Shareholders’ Committee (ISC); and that this Code should operate on a “comply or explain” basis with appropriately independent monitoring.The Stewardship Code is due to appear on 2nd of July 2010

FSA publishes annual report for the year 2009/10

The Financial Services Authority (FSA) has published its Annual Report, outlining its performance against the priorities set out in its 2009/10 Business Plan and the FSA's statutory objectives.
In his foreword, FSA chairman, Adair Turner, commented that over the last three years, the FSA has transformed its approach to regulation and supervision and as a result, has had to go through a process of intense internal change

BVCA Emergency Budget Submission 2010Ahead

Ahead of the June 2010 Emergency Budget by the new coalition government, the BVCA has taken the opportunity to raise and re-highlight issues with HM Treasury for consideration.
1. Maintaining a stable and competitive tax framework, particularly on capital gains
2. Ensure the EU AIFM Directive does not undermine the private equity and venture capital industry
3. Encourage investment to bring about the transition to the low carbon economy through the creation of a Green Investment Bank

Scotland 's enterprise activity falls to 'worrying' low

Business start-up rates in Scotland fell significantly below UK rates last year, and to their lowest since recording began in 2000, according to research by academics at the University of Strathclyde.
The Global Entrepreneurship Monitor (GEM) 2009 found that Scotland's rate of total early stage entrepreneurial activity, which includes proportions of people setting up businesses or owning and managing new businesses, was among the lowest in 20 developed countries that participated in the survey.

IIFM embarks on series of industry workshops on hedging and Tahawwut Master Agreement

In March, the International Islamic Financial Market (IIFM) in collaboration with the International Swaps and Derivatives Association (ISDA) published the much awaited ISDA/IIFM Tahawwut Master Agreement. The agreement is a framework or governing document and has been welcomed as an essential step in the development of the market for Shari’ah compliant hedging transactions. It is the first step towards bringing a full set of definitions, confirmations, necessary law reforms and other benefits to the Islamic Financial Services Industry over a period of time.

BCC sets next Government 90 day challenge to prove business credentials

With the General Election just days away, the British Chambers of Commerce (BCC) has challenged the next government – whatever its composition – to put business at the very heart of its thinking from day one in charge.
The BCC has published a 90 day plan for business growth, a prescription to return our economy onto a sound and sustainable footing. The organisation argues that failure to implement these measures will mean a slower, or even non-existent, recovery.

Revolution or Evolution: Information Security 2020

This roadmap was commissioned by the Technology Strategy Board and jointly prepared with PricewaterhouseCoopers LLP (UK). The research focuses on the commercial aspects of Information Security, but remains cognisant of trends in cyber security and warfare for military and intelligence applications. The research primarily illustrates trends in the UK Information Security market, but the implications are relevant globally.

Directors of ALSTOM arrested in corruption investigation following raids on nine properties

Three members of the Board of ALSTOM in the UK have been arrested on suspicion of bribery and corruption, conspiracy to pay bribes, money laundering and false accounting, and have been taken to police stations to be interviewed by the Serious Fraud Office.

Six arrested in FSA and SOCA insider dealing investigation

In the first operation carried out jointly between the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA), 16 addresses have been searched this morning in London, the South East and Oxfordshire in the FSA’s largest ever operation against insider dealing.
Documents and computers have been seized from residential and business premises.
Six men including two senior city professionals at leading city institutions and one city professional at a hedge fund have been arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring.