, , ,

UK entrepreneur Nick Wheeler kicks off KPMG Dublin series

Picture credit/Julien Behal
NO FEE
27/06/2017
KPMG today launched a new series of speaker events for business, the KPMG Inspire Series, with it’s first speaker being entrepreneur Nick Wheeler, Chief Executive of Charles Tyrwhitt Shirts, a leading UK shirts and menswear maker which has taken the traditional bricks and mortar retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.  Nick Wheeler spoke to guests at a lunch in the Royal Hibernian Academy, Ely Place, Dublin.Picture shows Nick Wheeler with Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland at the RHA Gallery,Dublin in front of a painting by Blaise Smith one of the artists featured in the RHA’s 187th Annual Exhibition.
Pic Julien Behal Photography/No Fee
More info contact Nuala Buttner Q4 PR 085-1744275
KPMG has launched a new series of speaker events for business, the KPMG Inspire Series, with UK entrepreneur Nick Wheeler, chief executive of Charles Tyrwhitt Shirts.

Successful businessman Wheeler spoke to guests at a lunch in the Royal Hibernian Academy in Dublin at the KPMG Inspire Series yesterday. The series will feature guest speakers from across the business spectrum, from leading entrepreneurs to venture capital and business leadership and management experts.

Charles Tyrwhitt Shirts is a leading UK shirts and menswear maker, which has taken the traditional retail model and added a highly successful online presence, quickly becoming one of Europe’s leading online retailers.

Olivia Lynch, Partner and Head of Private Enterprise at KPMG in Ireland said: “We have created the Inspire Series to share the very best business insights on how to build, grow and transform a business. At KPMG Private Enterprise, we have a long and proud history of working shoulder to shoulder with Irish entrepreneurs, helping them to move through the various stages of the development of their businesses, from the early days to scaling up. We’re always looking for new ways to share insights and that’s what led us to launch the KPMG Inspire Series.”

She continued: “We are delighted to be joined today by shirt entrepreneur Nick Wheeler. Nick has taken a highly conventional business, making and selling high quality shirts and menswear, and has transformed it into a global, business with bricks and mortar stores in Paris, London and New York, and, probably most important in the modern business era, a huge global online presence. Across the traditional and new retail platforms, Nick’s business sells over five million shirts a year. His passion to succeed as an entrepreneur is inspirational and we hope will encourage those enterprises attending today to be similarly motivated and inspired.”

The next event in the series will feature Julie Meyer of Ariadne Capital on fundraising and investment opportunities.

, , , ,

British tech firm Imagination for sale amid Apple dispute

apple-2178262_1920
UK computer processor firm Imagination Technologies Group is on the market and has received takeover interest from a number of parties, the group announced in a statement today.

The company, which designs and makes graphics and processing chips for products such as Apple’s iPhone, said that following approaches from potential buyers “the board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders”.

Imagination’s share price collapsed in April after Apple said it would no longer use its licensed technology in 15 months’ to two years’ time. “Apple has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property and confidential information. This evidence has been requested by Imagination but Apple has declined to provide it,” the company announced at the time.

“Further, Imagination believes that it would be extremely challenging to design a brand new GPU architecture from basics without infringing its intellectual property rights, accordingly Imagination does not accept Apple’s assertions.

“Imagination has reserved all its rights in respect of Apple’s unauthorised use of Imagination’s confidential information and Imagination’s intellectual property rights,” it said in April.

The company “remains in dispute with Apple Inc”, today’s statement also said.

, , , , , ,

Britain ‘weary’ of austerity, says Hammond in Mansion House speech

pexels-photo
British voters have tired of austerity and the health of the UK’s economy depends on the outcome of Brexit negotiations, UK chancellor of the exchequer Philip Hammond said in his Mansion House speech on Tuesday.

The annual event, delayed due to last week’s Greenfell Tower disaster, saw the chancellor lean towards a ‘soft’ Brexit with economic matters to the fore.

“Britain is weary after seven years of hard slog repairing the damage of the great recession,” said Hammond. “Funding for public services can only be delivered in one of three ways: higher taxes; higher borrowing; or stronger economic growth. And only one of those three choices is a long-term sustainable solution for this country in the face of the inexorable pressure of an ageing population.”

Hammond addressed Brexit in milder terms than he did on the BBC’s Andrew Marr Show in which he said “no deal would be a very, very bad outcome for Britain” on Sunday.

“The future of our economy is inexorably linked to the kind of Brexit deal that we reach with the EU,” he said yesterday.

“Our departure from the EU is underway. But ensuring that it happens via a smooth pathway to a deep and special future partnership with our EU neighbours, one that protects jobs, prosperity, and living standards in Britain, will require every ounce of skill and diplomacy that we can muster.

“Yesterday was a positive start. It will get tougher. But we are ready for the challenge,” he said.

Brexit negotiations, led by Brexit secretary David Davis and EU negotiator Michel Barnier, opened in Luxembourg on Monday.

, ,

Markets Update: Steady as she goes

With the global index and commodities such as gold, silver and oil losing ground, Ian Slattery examines the markets to see where gains can be made.

It was a choppy trading week for equities, as the market struggled to gain momentum in either direction. At the June Federal Reserve meeting interest rates were increased by 25 basis points, boosting the target range to 1%-1.25%. This move had been well flagged by Fed Chair Yellen and her colleagues, and thus invoked very little market reaction.

ian slattery headshot

Ian Slattery

Data emanating from the US somewhat disappointed last week, as softer than expected inflation data led to a fall in Treasury yields (yields move inversely to price). Housing and retails sales figures also came in slightly weaker than forecast.

In Europe, French President Macron led his En Marche party to a decisive parliamentary victory.

En Marche and its centrist ally Modem secured 350 of 577 seats, which reinforces Macron’s position post the Presidential election. However, opponents will point to the record low turnout as a sign that issues remain for the French electorate.

The global index lost some ground last week, down by 0.1%. Gold and silver both slipped further this week, down by 1% and 3% respectively.

Oil continued to lose ground on the back of higher US stockpiles and increased Libyan production.

The price of the US 10-year bond rose as yields fell to 2.15% from 2.20% a week ago.

Oil continued to lose ground on the back of higher US stockpiles and increased Libyan production

The equivalent German yield rose slightly to 0.28% from 0.26%. The EUR/USD rate was broadly steady at $1.12, whilst EUR/GBP closed at 0.88.

THE WEEK AHEAD

Thursday June 22nd
Eurozone consumer confidence data goes to print where a further rise is expected. This will be a positive follow on from the May figure, which was the best in ten years.

Friday June 23rd
Eurozone manufacturing and services PMI data for June is released. Manufacturing figure is forecast to edge down slightly, whilst services are expected to continue to improve.

 

The team at Zurich Investments is a long established and highly experienced team of investment managers who manage approximately €21.6bn in investment of which pension assets amount to €9.6bn. To find out more about Zurich Life’s funds and investmentsw: zurichlife.ie/fundsTwitter: @ZurichLifeLinkedIn: linkedin.com/company/zurich-life-assurance-plc

Warning: Past performance is not a reliable guide to future performance. Benefits may be affected by changes in currency exchange rates. The value of your investment may go down as well as up. If you invest in these funds you may lose some or all of the money you invest.

 

, , ,

KPMG lands BT auditing role

2000px-KPMG
Global consulting firm KPMG is to replace PwC as auditor of British Telecom.

“Following completion of the audit of the BT accounts for the 2017/18 financial year by PwC, KPMG will be appointed as auditor subject to approval by shareholders at the Annual General Meeting in 2018,” the telecoms giant said today in a statement.

The news comes following a fraud scandal at BT’s Italian operations earlier this year, and ends PwC’s 33-year role as auditor to the former state telco, which was privatised in 1984.

It is reported that KPMG landed the deal ahead of EY, with the other ‘big four’ firm, Deloitte, not participating in the bid due to its existing role as a BT technology consultant.

The auditing crisis had a dramatic effect on BT’s share price and forecasts, forcing it to bring forward an audit tender process that had previously been expected in 2020.

“BT, KPMG and PwC will commence transition planning immediately to ensure a smooth and effective migration during 2017/18,” the company said.

, , ,

Nokia relaunches iconic 3310

Nokia_3310_range

The mobile phone market has thrived on innovation and newness for the past 20 years – but Nokia’s latest model aims to capitalise on anti-smartphone sentiment.

The brand, now owned by HMD, is re-imagining its landmark 3310 handset complete with Snake, retro levels of internet access – and battery that’s good for a full month of standby.

The reboot comes as Nokia launches three new smartphones at Mobile World Congress: the Nokia 6, Nokia 5 and Nokia 3

“Consumers today are seeking relationships with brands that they can trust,” explained Pekka Rantala, Chief Marketing Officer of HMD Global. “The Nokia brand has over 150 years of heritage giving it an authentic, differentiating experience which we are proud to introduce to a new generation of fans.

“Our new Android Nokia smartphone portfolio, together with the return of the iconic Nokia 3310, is a real statement of our ambition and commitment to honouring the hallmarks of a true Nokia phone experience.”

The new/old handset is expected to retail at €49.

, , , , , ,

No ‘rationalisation’ at Vauxhall, says Business Secretary

vauxhall-1838873_1920
UK Business Secretary Greg Clarke has claimed that GM-owned carmaker Vauxhall’s UK future is secure.

“There is some way to go in discussions between GM and PSA but I was reassured by GM’s intention, communicated to me, to build on the success of these operations rather than rationalise them,” he said having met General Motors president Dan Ammann amid reports of a sale of Vauxhall and Opel to the parent company of Peugeot and Citroen.

“We will continue to be in close contact with GM and PSA in the days and weeks ahead,” said Clark.

GM was more cautious in its announcement: “While we have no definitive news to report at this time, we can affirm that our objective in exploring opportunities with PSA Group is to build on the success of Opel Vauxhall and to put the business and the operations in the strongest possible position for the future. We look forward to engaging with our stakeholders as part of these ongoing discussions,” it said.

The proposed deal is facing union opposition and political uncertainty, with details of the plan still thin after news of takeover talks emerged earlier this week.

, , , ,

IFS predicts more spending cuts and low growth

background-20126_1920
The Institute for Fiscal Studies has announced its Green Budget, with predictions and analysis highly critical of the UK economy.

The London-based think tank predicts that sharp spending cuts are due to arrive before the next election, with tax rising to a greater proportion of national income than has been seen since the mid-1980s: the IFS says that spending cuts and tax rises will continue into the 2020s.

The report was compiled with analysis from Oxford Economics, which expects a “relatively disappointing” 1.6% GDP growth this year, and 1.3% growth in 2018, with wages almost static.

“For all the focus on Brexit the public finances in the next few years look set to be defined by the spending cuts announced by George Osborne,” explained IFS director Paul Johnson. “Cuts to day-to-day public service spending are due to accelerate while the tax burden continues to rise. Even so, the new chancellor may not find it all that easy to meet his target of eliminating the budget deficit in the next parliament. Even on central forecasts that is going to require extending austerity towards the mid-2020s. If the economy does less well than hoped then we may see yet another set of fiscal rules consigned to the dustbin.”

Andrew Goodwin, Oxford Economics’ lead UK economist, said that the UK economy has thus-far achieved solid growth – but that it has been almost entirely reliant on the consumer. “With spending power set to come under significant pressure from higher inflation and the welfare squeeze, the consumer will not be able to keep contributing more than its fair share. Exports should be a bright spot, but overall a slowdown in GDP growth appears likely.”

“If the government is able to agree a transitional arrangement with the EU and make progress on a free-trade agreement then the impact of Brexit is likely to be fairly modest within our forecast horizon of 2021. However, the negative effects of leaving the single market and the customs union are likely to become clearer over time and we estimate that the new trading arrangements could reduce UK GDP by around 3% by 2030, compared with remaining in the EU. Should we fail to secure a free-trade agreement then the outcome is likely to be worse still.”

, , , ,

Shell in major North Sea oilfield selloff

lake-1728875_1920
Petrochemicals giant Shell has agreed to sell off a major tranche of its North Sea oilfield holdings to private-equity firm Chryasor in a deal valued at $3.8bn.

The deal, which is expected to close in the second half of the year, involves the sale of the Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block,  Greater Armada cluster, Everest, Lomond and Erskine holdings, plus a 10% stake in Schiehallion.

The holding to be sold represents 115 thousand barrels of oil equivalent per day (kboe/d), with the Shell’s total North Sea production last year coming in at 211 kboe/d. “Following completion, Shell will retain a significant, more focused and strengthened presence in the UK North Sea, with production from the Schiehallion redevelopment and Clair Ridge project expected to come onstream,” the company said in a statement.

“Shell has a long and proud history in the UK North Sea, to which we remain committed,” said the company’s upstream director, Andy Brown. “This deal complements the great strides we have made over the last two years in improving the competitiveness of our UK upstream business.

“We believe this deal is a vote of confidence in the UK North Sea and offers proof that the industry’s increasing competitiveness, and improvements to the fiscal and regulatory regime, are starting to produce positive results. It will deliver value to Shell, Chrysaor and the UK as a whole, enabling us to continue to strengthen and optimise our UK portfolio and providing a springboard for Chrysaor to bring new investment and growth into the basin.

“It also contributes to the UK’s goal of maximising economic recovery of oil and gas from the UK North Sea, which will continue to be a source of energy, and revenue, for the country for many years to come.”

The deal will see around 400 staff move from Shell to Chryasor in a deal that is subject to partner and regulatory approvals.

“This deal shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme,” said CFO Simon Henry. “It builds on recent upstream divestments in the Gulf of Mexico and Canada. It is also consistent with Shell’s strategy to high-grade and simplify our portfolio following the acquisition of BG, to ensure the company represents a world-class investment case.

“Importantly, the value here represents a profit against the book values of the assets, and a breakeven oil price above that for the BG acquisition.”

, ,

UK GDP grows to beat predictions

bank-20795_1920
Gross domestic product grew by just over half a percent in the fourth quarter of 2016, according to figures released today by the Office of National Statistics.

The result edges out the 0.5% predicted by some economists, as well as fears of a post-Brexit slump. “The initial ONS data show the economy ended 2016 with steady growth of 0.6% for the third consecutive quarter,” explained ONS Head of GDP Darren Morgan.

“Strong consumer spending supported the expansion of the dominant services sector and although manufacturing bounced back from a weaker third quarter, both it and construction remained broadly unchanged over the year as a whole.”

Chancellor of the Exchequer Philip Hammond welcomed the news in the context of Brexit. “Every major sector of the economy grew last year, which is further evidence of the fundamental strength and resilience of the UK economy,” he said.

“There may be uncertainty ahead as we adjust to a new relationship with Europe, but we are ready to seize the opportunities to create a competitive economy that works for all.”