Thursday 21 September 2017

In Brief: Fitch cuts Italy's credit rating

FITCH Ratings yesterday cut Italy's sovereign credit rating by one notch to BBB plus, citing political uncertainty after the country's inconclusive election and rising debt. Fitch added in a statement that the outlook was negative.

"The inconclusive results of the Italian parliamentary elections on February 24-25 make it unlikely that a stable new government can be formed in the next few weeks," Fitch said, adding, "The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession." (Reuters)

Study reports on women in finance

A NEW report commissioned by ACCA shows that a financial qualification or a background which demonstrates substantial financial acumen are seen as catalysts for women getting onto the boards of FTSE companies.

Analysis for the report 'Women in finance; a springboard to corporate board positions?' shows that: Proportionally, women appear more successful in attaining executive roles where they have a financial background: 45pc of female executive directors are financially qualified and 65pc in total have a financial background, while 26pc of their male colleagues are financially qualified and 44pc have a financial background.

New accounting regime 'positive'

THE approval of a new accounting standard (FRS102) by the Financial Reporting Committee (FRC) is a major step forward to a unified and comprehensive financial reporting framework for the majority of Irish companies, say Deloitte.

Glenn Gillard, accounting technical partner at Deloitte, said: "The new regime is a very positive move for Irish companies. "The new standard is a single, short and comprehensive standard which will bring about a much-desired simplification overall and have everybody talking basically the same accounting language, as it is firmly based on IFRS."

Ex-Barclays boss to get £2m payout

FORMER Barclays chief executive Bob Diamond is set to be paid about £2m (€2.4m) in July, a year after he left the bank following its Libor interest-rate-rigging scandal.

Diamond is entitled to a year's salary, pension and benefits, which will be paid in a lump sum on July 3, Barclays' annual report, released yesterday, showed. (Reuters)

Irish Independent

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