World

Wednesday 23 July 2014

Barclays' new auditor

Published 08/03/2014|02:30

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Barclays is changing its auditor of the past 120 years and Lloyds and Royal Bank of Scotland could follow suit as Britain's bank auditing landscape gets shaken up by new rules.

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Banks are being forced to change their auditors more frequently to keep accountants on their toes after lenders were given a clean bill of health just before they were rescued in the 2008 financial crisis.

RBS SHARE INCENTIVE

Part-nationalised Royal Bank of Scotland, the parent of Ulster Bank, has handed shares worth up to £18.25 million (€22m) to directors under a long-term incentive plan, risking a political backlash.

The bank, which is heavily loss-making and 81pc owned by the British government, said the handout included shares worth up to £3 million granted to chief executive Ross McEwan, which he will not receive until 2017.

MEDIA FIRM LISTS BOND

Global media company, Discovery Communications, has listed its first corporate bond on the Irish Stock Exchange (ISE).

The US-based company specialises in non-fiction entertainment and operates more than 190 worldwide television networks, including the Discovery Channel and Animal Planet, as well as OWN – the Oprah Winfrey Network.

The senior notes carry a 2.375pc interest rate and will mature in 2022.

VODAFONE TO BUY ONO

British telecoms group Vodafone has reached a preliminary deal to buy Spanish cable group Ono after this week revising up an initial bid for the firm.

"A meeting took place on Thursday between the shareholders and (Vodafone chief executive) Vittorio Colao.

The due diligence will start this weekend in order to make the offer binding," said one source.

INTEREST RATE SURVEY

THE Bank of England said expectations for an interest-rate increase in the coming 12 months climbed to the highest in almost two years as the economy strengthened.

Some 40pc of respondents to the BoE's quarterly inflation attitudes survey, carried out last month, predict the benchmark rate to rise in the period.

That's up from 34pc in November and is the highest reading since May 2012.

Some 37pc anticipate the rate will stay the same.

Irish Independent

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