What the Sunday papers said
Monday 18 February 2013
The Independent on Sunday: Big Four's grip on audit market to be smashed open
The Competition Commission is set to crack the stranglehold PricewaterhouseCoopers, Ernst & Young, KPMG and Deloitte have on auditing listed British companies. It is believed that inquiry chairman Laura Carstensen could recommend a form of "mandatory rotation", which would see companies forced to axe an auditor after a set number of years. The Big Four audit more than 95 per cent of FTSE 350 accounts.
The Sunday Times: Death insurer eyes £1bn stock exchange flotation
A UK insurer offering high-cost insurance to people whose life expectancy has been cut by illness is looking to sell shares in London this summer. Sources said Partnership Alliance's owner, private-equity group Cinven, has appointed Morgan Stanley and Bank of America Merrill Lynch to lead a listing that could be worth around £1bn. Partnership Alliance cost Cinven just £160m in 2008.
The Mail on Sunday: Britain's AAA credit rating under threat
The UK's much-prized perfect credit rating will come under fierce scrutiny this week, as the national deficit still proves to be out of control. Official figures on Thursday are expected to show the deficit running £10bn over the Government's target. All the major credit rating agencies have put the UK on "negative outlook", so any more disappointing numbers could force them to make a downgrade.
The Sunday Telegraph: Tesco boss tells Cameron to help Indian expansion
The Prime Minister has been asked by Tesco chief executive Philip Clarke to press his opposite number in India to help overseas firms invest there. David Cameron is on a three-day trade mission to India to improve ties between it and Britain. Mr Clarke wants to launch branches under the Tesco brand in India with its rapidly growing economy, but the law only allows joint ventures with local partners..
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