2008

2009 is likely to see personal insolvencies reach record levels, with more than 150,000 people entering into an Individual Voluntary Arrangement ('IVA'), being declared bankrupt or entering into a Debt Relief Order which will be introduced in April, according to data analysed by professional services firm KPMG.

KPMG's Data Loss Barometer predicts that the number of people affected by data loss around the world could soar to 190 million in 2009, compared to 92 million in the previous year, as the credit crunch deepens.

The joint administrators of Recomac Surfacing Limited, the Manchester-based manufacturer of specialist surfacing for motorways, roads, car parks and footpaths, are pleased to announce the sale of the business and its assets to Road Spraying Limited. The sale secures a total of 15 jobs.

KPMG has announced today Stephanie Pantelidaki will join its Transfer Pricing ("TP") team in London as Associate Partner. With a PhD in Economics from London Business School and a distinguished career at Arthur Andersen, Deloitte, LECG and Baker & McKenzie, Stephanie is a high profile recruitment signalling KPMG's determination to build its Transfer Pricing practice's leadership position in the EMEA market.

Last week saw the largest pension buy-out to date, plus two other high profile transactions, advised on by KPMG. Ben McDonald, Pensions Partner at KPMG, comments on whether there may be more such deals to come:

- Revenues up 3.2 percent to €3.62 billion in year to 30 September 2008
- First phase of merger successfully completed
- Dutch and Belgian practices vote to join Europe's largest fully integrated accountancy firm

KPMG Europe LLP, the professional services firm providing Audit, Tax and Advisory services, today reports that turnover in its UK, German and Swiss practices was €3.62 billion in the year to 30 September 2008. This represents a pro forma increase of 3.2 percent on the previous year.

Administrators from KPMG have sold the trade and assets of London-based P.C.M. Limited, the property and construction consulting arm of Pettifer Group Limited, to Confluence Project Management Limited, preserving 64 jobs in the process.

Richard Hathaway, head of travel, leisure and tourism at KPMG comments on the leisure landscape for 2009:

AMSTERDAM - KPMG, the global network of professional service firms providing Audit, Tax and Advisory services, today announced that member firm combined revenues increased to US$22.69 billion for the fiscal year ending September 30, 2008, versus US$19.81 billion for the prior fiscal year, reflecting double-digit growth across all of KPMG's service lines.

The directors of G. Middleton Limited, a building and joinery firm based in Appleby in Cumbria, have appointed Paul Flint and Brian Green from KPMG Restructuring in Manchester as Joint Administrators of the business.

KPMG is delighted to have provided advice to Dairy Crest Group plc and the Trustee of the Dairy Crest Group Pension Fund on its insurance transaction with Legal & General. Pensions Partner Ben McDonald, who led the advice, commented: "We are pleased that a commercial deal could be struck that meets the long term objectives of both the Company and Trustee, despite the turbulent times currently prevailing within financial markets.  This transaction was slightly different to many others - insuring only part of the pensioner liabilities and being completed only a few weeks after receiving a suitable insurance quotation."

KPMG have announced the appointment of Philip Davidson as European (ELLP) Head of Restructuring and Richard Fleming as UK Head of Restructuring, effective from 1 January 2009. Mick McLoughlin will continue in his role as KPMG's Global Head of Restructuring.

The Administrators of the English Scheme of Arrangement for HIH Casualty & General Insurance Limited ("HIH”) have announced an increase of 6 percent in the scheme payment percentage to insurance creditors.

The power and utilities industry has undergone tremendous change in recent years, and faces major ongoing challenges including the impact of emission reductions and new infrastructure investment. Many companies have successfully adopted IFRS. However, according to a new report from KPMG International Financial Reporting Group, industry developments and evolving IFRS requirements will continue to place demands on companies reporting under IFRS.

European chemical companies need to raise their game if they are to compete with their Middle Eastern rivals, according to a KPMG report released today.

A big step in the right direction but clarity on direction of reform of "controlled foreign companies” rules is still needed to reassure business and help prevent further corporate migrations says KPMG.

First recorded two-month fall in total sales

Mark Winlow, Partner, General Insurance Advisory at KPMG, comments on the issue of credit insurance:

Stephen Gallagher, advisory partner at KPMG Forensic, comments on how the latest developments in the economy are affecting his clients:

Paul Flint and Brian Green from KPMG Restructuring in Manchester have been appointed as Joint Administrators of John Pimblett & Sons Limited, the St Helens-based baker and confectioner.

KPMG scooped the award for "Most Outstanding Practice in Generating Increased Client Revenue" at this year's Institute for Business Consulting Awards. The team from KPMG's Infrastructure and Government practice won the award for their work with the London Borough of Hounslow where a dramatic cost improvement programme has released over £50 million to hold tax at 2006 levels and to make new investments whilst protecting services.

Only one in ten businesses think London's status as a world city will grow over the next five years, while a third fear the capital's standing will shrink, a CBI / KPMG survey reveals today (Thursday).

2009 will see the strong return of value investing, a shake out in the hedge funds industry, changes to prime brokerage relationships and, likely, more intrusive regulation says Tom Brown, European Head of Investment Management at KPMG.

Jane Moriarty and Myles Halley from KPMG LLP were today appointed administrators to Flightline Limited. The company, which is based at Southend Airport, operates in the whole aircraft charter and ACMI (aircraft, crew, maintenance and insurance) market.

Blair Nimmo and Tony Friar of KPMG Restructuring were appointed as Joint Administrators of the Bowie Castlebank Group which includes Alexander Kennedy & Sons Limited today, 2 December 2008, at the request of the Company's directors.

Mark Orton, Richard Philpott and Jane Moriarty of KPMG Restructuring were appointed joint administrators of Pettifer Construction Limited by the Company's directors on 27 November 2008.

The European Union of Economic and Finance Ministers (ECOFIN) yesterday waived through a version of the Solvency II directive from which all references to the crucial group support and group supervision provisions had been removed.

Richard Hill and Joff Pope of KPMG LLP have been appointed administrators of Bodmin-based lighting producer, Fitzgerald Lighting Limited.

The Recruitment and Employment Confederation (REC) and KPMG Report on Jobs - published today - provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies.

The Joint Administrators ofAlden HenDi have confirmed that 135 of the 160 staff across the Hackney and Whitney sites have been given notice of redundancy.

Simon Collins, Head of Corporate Finance at KPMG, working with businesses across the industry spectrum, comments on how the latest developments in the economy are affecting his clients:

Jane Moriarty and Richard Hill of KPMG Restructuring have been appointed joint administrators of the Dolphin Hotel (Southampton) Ltd.

• Streamlined finance function help businesses weather the downturn

Two thirds of organisations that have set up finance shared services have realised the expected business case benefits, according to a KPMG survey of 230 senior European finance executives, undertaken by CFO Europe.

The prospect of billions in tax rebates according to the UK government's own estimates came a step closer today when the UK's High Court backed an earlier European Court of Justice decision that the UK's system of taxing foreign dividends contravenes EU law.

Commenting on the impacts of the Retail Distribution Review (RDR) made today by the Financial Services Authority (FSA), Fiona Fry, Regulatory Partner, KPMG said:

KPMG: 'this won't stop a recession' Expect more measures in the next year's budget

Commenting on today's pre-budget report, Sue Bonney, head of tax at KPMG Europe, said:

Commenting on today's announcement Alan Downey, Head of Public Services of KPMG in the UK, said:

Commenting on today's Pre Budget Report, Carolyn Steppler, Associate Partner at KPMG in the UK, said:

Commenting on today's announcement that REIT rules will be changed to ensure that groups which are not genuine property investment businesses cannot become REITs, Charles Beer, Senior Partner in KPMG's real estate tax group in the UK, said:

Commenting on today's announcement, Dawn Elliott, Tax partner with KPMG's middle market practice in the UK, said:

Winners and losers from 2.5% reduction

In one sentence, the Chancellor announced reforms and simplifications of the North Sea tax system, spelt out in a 66-page document entitled "Supporting investment: a consultation on the North Sea fiscal regime”.

The credit crunch is hitting both consumers and businesses hard and economic activity is now falling sharply. If recession is not to turn into depression, the hole in demand as the private sector retrenches must be offset by the public sector: fiscal measures announced in the Pre-Budget Report should be large, targeted and effective as soon as possible.

Commenting on today's PBR announcement David Sayer, Global Head of Retail Banking at KPMG, said:

Commenting on the Chancellor's announcements on the environment, Frank Sangster, Head of the Environmental Tax and Incentives Group of KPMG in the UK said:

Carolyn Steppler, Associate Partner at KPMG in the UK, said:

Commenting on today's Pre Budget Report announcement on compensation for the abolition of the 10 pence tax rate, Carolyn Steppler, Associate Partner at KPMG in the UK, said:

KPMG's Iain Kirwan has picked up the title of 'Best New Consultant' in this year's Management Consultancies Association ('MCA') Consultant of the Year awards.

What tax measures will be put in place on Monday to rescue the UK economy from the effects of a severe recession? KPMG looks at the options open to the Chancellor

European Commission proposals to allow reduced VAT rates for a wider range of services, could provide the UK Government with an opportunity to boost the increasingly pressurised UK labour market, according to KPMG.

David Elms, Media Partner at KPMG, comments on how the economic environment is impacting media companies and how early engagement with lenders for refinancing discussions is imperative

Clare Webster, a 28 year old auditor based in KPMG's Birmingham offices, has been named 'Young Accountant of the Year' in the Accountancy Age Awards, the showpiece awards for the accounting industry.

The joint administrators of Edeus Mortgage Creators Limited and Edeus Creators Limited have announced today the sale of the businesses and assets for an undisclosed sum. The new business, which will continue to be based in Wolverhampton, will trade under the name 'Exact'. All remaining 25 Edeus employees will transfer to the new business.

The latest quarterly CIPD/KPMG Labour Market Outlook (LMO) published today, finds that net job creation is at a virtual standstill in the UK with employers extremely gloomy about prospects for the economy.

The banking industry is setting up private equity style departments as their ownership of businesses increases in the worsening economic environment, according to KPMG.

Alex Plavsic, Head of Fraud Investigations at KPMG Forensic, comments on how the latest developments in the economy are affecting his clients:

A KPMG survey has found the problem of data loss from public organisations and business is increasing in number and significance each year - compromising the personal details and security of millions of people.

David Crawshaw and Joff Pope of KPMG have been appointed joint administrators of Meristem Holdings Ltd, The Furniture Factory Ltd and Space2 Ltd.

- More homeowners reschedule debts as credit crunch bites
- Interest rate cut may relieve pressure on homeowners
- KPMG predicts 150,000 personal insolvencies in 2009

According to figures released by the Insolvency Service today, 27,488* people went into bankruptcy or entered into an Individual Voluntary Arrangement (IVA) in the quarter ended 30 September 2008, an increase of five percent compared to the same quarter in 2007.

The mood among EU service providers has darkened in the autumn as the wider financial market turmoil intensifies and signs of a worldwide downturn have grown.

KPMG has appointed Greg Wright as a Director in its Investment Advisory practice, where he will focus on advising clients on all aspects of investment as well as leading its real estate research. Greg will be based in Birmingham and will report to Patrick McCoy, Head of Investment Advisory for KPMG LLP in the UK. KPMG's Investment Advisory practice provides investment advice to a wide range of institutional clients such as pension funds and corporates.

The Joint Administrators of the Rosebys group of companies have sold 77 of the textile retailer's outlets and all of its stock to Duvetco Limited, a wholly owned subsidiary of Dumfriesshire-based Edinburgh Woollen Mill.

October's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled a continuation of the recent rapid weakening of the UK labour market. Permanent and temporary staff appointments fell at survey-record rates as demand for staff contracted sharply. Wages and salaries declined for the first time in over five years, pressured by rapidly rising levels of candidate availability.

- Focus will be on the economic forecast and projections for government finances
- A development on the taxation of foreign profits?
- A fillip for the property sector?
- A delay to NIC alignment?
- Extension of the scope of the reduced rate of VAT?

Alistair Darling will present his second pre-budget report amidst a financial landscape vastly different from his first pre-budget report held last October amid rumours of a snap election.

What might his pre-budget report contain?

Andrew Smith, Chief Economist at KPMG in the UK and Sue Bonney, Head of Tax at KPMG Europe LLP outline their thoughts.

The administrators to Teathers Ltd have confirmed today the sale of the private client stock broking business of Teathers to Redmayne-Bentley, one of the UK's largest independent private client stock broking and investment management firms.

As evidence of approaching recession accumulates, it is increasingly easy to think of reasons why interest rates should be slashed and increasingly difficult to come up with arguments why they should not be.

KPMG in the UK has boosted its Forensic economic regulation team, through the acquisition of the majority of the company assets of specialist communications consultancy, GOS Consulting Limited, and the transfer to KPMG of the GOS Consulting Limited consultants.

Philip Davidson, Head of Restructuring at KPMG, working with businesses across the industry spectrum, comments on how the latest developments in the economy are affecting his clients:

Mark Orton and Myles Halley of KPMG Restructuring confirm that they were appointed joint Administrative Receivers to Worcester-based BizzEnergy Limited on 31 October 2008. The Administrative Receivers have entered into an agreement with British Gas Business, a division of British Gas Trading, to take over the customer contracts which will ensure continuity of supply to existing customers on current terms.

A survey of 721 UK employers reveals that the UK economy should be braced for yet more redundancies in the year ahead, with older workers set to bear the brunt. The CIPD/KPMG Labour Market Outlook 'Redundancy Special' reveals that more than a quarter of employers (26%) have contingency plans to make new or further redundancies in the next twelve months in addition to those already planned.

The Joint Administrators of the Rosebys group of companies have closed a further 25 stores in the last week, and continue negotiations regarding a sale of the business.

Ahead of next week's DBERR (UK Department for Business, Enterprise & Regulatory Reform) personal insolvency Q3 statistics being issued, Mark Sands, Director, Personal Insolvency at KPMG commented:

KPMG congratulates its trainees who passed the Institute of Chartered Accountants of England and Wales (ICAEW) Professional Stage examinations in the September 2008 sitting. KPMG dominated this year's Professional Stage Overall Order of Merit. The Overall Order of Merit recognises the highest achieving trainees, taking into account their performance across the Professional Stage Papers.

Paul Flint and Brian Green from KPMG Restructuring in Manchester have been appointed as Joint Administrators of Recomac Surfacing Limited, a manufacturer of specialist surfacing for motorways, roads, car parks and footpaths.

Neill Thomas, Head of Debt Advisory at KPMG, working with businesses across the industry spectrum at home and abroad as they look to tackle their debt issues, comments on how the latest developments in the economy are affecting his clients

- Greater transparency and disclosure important during global economic downturn
- Levels of reporting very uneven between countries
- More reporting needed on climate change risks and carbon footprint
- High levels of reporting in the UK

Eighty percent of the Global Fortune 250 now release corporate responsibility data in stand alone reports or integrated into annual financial reports, up from 50 percent three years ago, according to a new report from KPMG.

The Joint Administrators of the Rosebys group of companies confirm that they have this week closed a further 24 of the home textile retail chain's outlets, making 144 people redundant.

Richard Heis and Samantha Rae Bewick were appointed as administrators to Teathers Limited (formerly known as Landsbanki Securities Limited) at the request of the directors on 23 October 2008.

As we are being reminded by Moira Stuart in HMRC's advertising campaign, the deadline for filing paper tax returns for 2007 - 08 is 31st October.

- Almost half of all businesses believe the UK is already in recession, according to KPMG's quarterly National Business Confidence Survey
- Two thirds are considering job cuts
- But 50% plan to implement above-inflation wage rises

Confidence amongst British businesses has plummeted to a record low in the wake of the escalating global economic crisis, according to KPMG's quarterly National Business Confidence Survey.

A new KPMG report; 'Destination Digital: Opportunities in China's Media and Advertising Market', launched today at the 'Create in China' conference, has highlighted a huge opportunity for UK media companies, particularly in the digital space, in the Chinese media market

Multinationals with globally mobile employees are adopting a wait and see approach to their policy for dealing with issues arising from the UK's new tax rules for non-domiciled individuals ("non-doms”), according to a survey by KPMG in the UK.

Alan Downey, head of KPMG's public sector business in the UK, comments on the implications of the market turmoil for the delivery of public services:

The Joint Administrators of the Rosebys group of companies confirm that they have this week closed a further 32 of the home textile retail chain's outlets, making 173 people redundant.

John Luke, KPMG's Global Head of Shipping comments on the impact of the credit crunch on the sector:

Employers are being warned to ensure they comply fully with PAYE/ NIC rules or face severe penalties from HMRC. As the current economic and financial conditions continue to put pressure on headcounts, employers should be aware of the associated tax requirements of termination payments.

Dr. Ashley Steel, Global Chair for Transport and Infrastructure at KPMG, comments on the effects of the market turmoil on the transport sector:

John Griffith-Jones has been appointed as Chairman of KPMG's EMA (Europe, Middle East, Africa and India) region.

EMA is the largest of KPMG's three regions, comprising more than 3,000 partners and 55,000 staff in 105 countries.

The Joint Administrators of the Rosebys group of companies confirm that they have this week closed a further 31 of the home textile retail chain's outlets, making 186 people redundant.

Paul Dumbell, Paul Flint and Brian Green from KPMG's Restructuring practice in Manchester have today been appointed as Joint Administrators of the Dales Group of companies comprising CWTL Limited, Dales Group Limited and China Gate Limited. This follows their appointment over Oriental Food Service Limited, a fourth company in the Group, last Friday 26th September.

The European Private Equity & Venture Capital Association has launched its fourth Benchmarking study of European tax and legal environments at EVCA's Policy Meeting in Brussels today.

September's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, showed that UK labour market conditions continued to deteriorate. Overall demand for staff fell at the sharpest rate in the survey's eleven-year history, leading to marked declines in permanent and temporary appointments. Wages and salaries were broadly static as strongly rising candidate availability dampened pay pressures.

- £4.6 billion of trapped capital remains in non-life run-off companies
- Growing appetite for purchasing non-life run-off companies
- Continued support for restructuring mechanisms

Total liabilities of the UK non-life run-off market fell to an estimated £28.3 billion, down from £32.7 billion in 2006. This equates to 15 percent of the non-life market as a whole, according to the sixth KPMG Run-Off Survey of non-life companies.

Richard Fleming and Mark Firmin from KPMG's Restructuring practice in Leeds have today been appointed as Joint Administrators to 20:20 Developments (Management) Limited and Skinner Lane (Commercial) Limited.

KPMG Forensic has recruited Rowan Taylor as a Director in its fast growing Forensic Technology team, to lead the development of its forensic technology services for the Financial Services industry.

Administrators from KPMG have today 8 October 2008 been appointed to Edeus Mortgage Creators Limited and Edeus Creators Limited by the company's directors.

Jane Moriarty and Jim Tucker from KPMG have been appointed Joint Administrators to Premier Properties Plc, following a request from Royal Bank of Scotland.

The Joint Administrators of the Rosebys group of companies confirm they have received 45 expressions of interest in the business to date and are liaising with interested parties.

Simon Collins, Head of Corporate Finance at KPMG, comments on the weekend's meeting of European Leaders.

A new report from KPMG, accessing previously unpublished data from the United Nations Population Division, shows that the UK and other developed countries such as the US, Western Europe and Australia face a slow-down in the supply of both skilled and unskilled labour in the next few years if there is not a significant increase in the immigration intake.

KPMG in the UK has boosted its tax accounting team with the appointment of Neil Henderson as a director in its London office.

Following the appointment of KPMG LLP Restructuring, yesterday, to the Rosebys group of companies in the UK, the Joint Administrators have sold the brand name to Rosebys UK Limited, a 100% owned subsidiary of GHCL, the Indian based parent.

Howard Smith, Richard Fleming and Mark Firmin of KPMG LLP Restructuring have been appointed as Joint Administrators to the Rosebys group of companies that trades as a high street retailer of home textiles.

Experienced professionals, recent and prospective college graduates and others interested in career opportunities with the KPMG network of professional firms, providing audit, tax and advisory services, can participate in the September 24 - 26 "KPMG World Jobs Fair,” a live, 48-hour global virtual recruiting fair.

Amarjeet Singh, a tax partner in KPMG's Indian practice is to join the New and Emerging Markets teams in the UK, Spanish, Swiss and German practices of KPMG Europe LLP on two years' secondment based at KPMG's London office.

- Corporate tax rates fall by just under one per cent worldwide to an average of 25.9 per cent (2009: 26.8 per cent)
- Not a single country raises its corporate tax rate in the year - for the first time since 1994
- UK corporate tax rate ranks equal 19th out of the 27 EU states, an improvement on last year's 21st position
- Indirect taxes (such as VAT) taking on a new global importance

But it's not the rate, it's the system, as recent complaints about the UK regime have shown

August's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled further weakening of the UK job market. Permanent placements fell at the sharpest rate since November 2001, while temp billings declined at a survey-record pace. Declining demand for staff and strongly rising candidate availability dampened pay pressures, with salary growth the weakest for over five years.

A consortium led by professional services firm KPMG has been awarded a contract by the Department of Health to work with the Boards of Primary Care Trusts (PCTs) to help them rise to the challenge of their new role as commissioners of healthcare services

Howard Smith and Richard Philpott, of KPMG's Restructuring practice were appointed as Joint Administrators to Dunlop Latex Foam Limited on 2 September 2008 and are currently assessing the prospects of trading the business in the short term whilst seeking a going concern sale.

KPMG International has been named as an Official Partner to The 2010 Ryder Cup, taking place at The Celtic Manor Resort in Newport, South Wales, on October 1-3, 2010.

- Court decision earlier this year opened window of opportunity to reclaim 24 years' worth of overpaid or under-claimed VAT
- But deadline looming to compile and submit claims
- Claims typically range from £50,000 to several million
- Many businesses unaware they qualify for these windfalls

Businesses across Britain are potentially missing out on the chance to claim VAT rebates ranging from tens of thousands to several million pounds, according to KPMG in the UK.

Following their appointment on 4 August the administrators to Wrapit plc, Jane Moriarty and Myles Halley of KPMG Restructuring have been reviewing all the options for the business.

UK retail sales values fell 0.9% on a like-for-like basis, compared with July 2007, when they had risen only 1.2%, hit by very wet weather. Sales have now been lower than a year ago in four of the past five months, the worst since summer 2005.

- FTSE 100 companies' ability to pay off pension deficits from discretionary cash flow improved during the 2007 financial year, according to KPMG's 2008 Pensions Repayment Monitor
- Despite recent market movements, even now most FTSE 100 companies remain in a better position to pay off pension deficits than at end 2006
- Declining market conditions and recent regulatory guidance on mortality assumptions are likely to prompt pension trustees to demand more funds
- But KPMG warns that using discretionary cash flow to pay off pension deficits may not be the best strategy in the current economic climate

Despite deteriorating market conditions adding around £20 billion to the FTSE 100's pension accounting deficits in the first half of this year, around six out of ten FTSE 100 companies are potentially paying too much into their pension schemes, with up to half overpaying by over £20 million a year, according to KPMG's 2008 Pensions Repayment Monitor.

The latest quarterly CIPD/KPMG Labour Market Outlook (LMO) survey of 1, 221 UK employers shows employment prospects weaker than at any time since the survey began in 2004, with recruitment activity falling and redundancies set to increase.

KPMG joint administrators, Richard Fleming and Mark Firmin of KPMG Restructuring, were appointed to Endeavors plc at the request of the directors on 8 August 2008 and shortly afterwards sold the company's business and assets, including its two California based trading subsidiaries, to a newly formed company, Acresail Limited.

Scheme could have significant cash flow impact

Business advisors KPMG have warned that the Government's Carbon Reduction Commitment (CRC) requiring companies to measure and report the carbon emissions from their energy usage comes into effect in little over a year and will be a challenge for many companies. Up to 10,000 organisations could be affected. KPMG has also warned that organisations could notice a significant cash flow impact.

Jane Moriarty and Myles Halley of KPMG Restructuring have been appointed administrators of Wrapit plc.

KPMG has hit its £1 million fundraising target for its staff charity, Help the Hospices, the hospice movement's national charity. It has taken just 22 months to reach this landmark, with numerous innovative activities taking place across the firm's 22 UK offices in raising money for Help the Hospices.

- More homeowners reschedule debts as credit crunch bites
- IVA Protocol being ignored in 75% of cases
- KPMG predicts 110,000 personal insolvencies by the end of 2008

According to figures released by the Insolvency Service today, the total number of personal insolvencies in the UK, when compared to the same period the year before, fell for the fourth quarter in a row. However, KPMG predicts that as the pressures on consumers continue unabated the number of personal insolvencies will resume their long term trend and increase once more.

- Fraud up 50% to £630m in first half of 2008
- Banks suffer all-time high of over £350m
- Mortgage fraud starting to make an impact
- Rise in accounting and employee frauds

Banks have been the main targets of a major spike in fraud coming to court in the first six months of 2008, according to KPMG Forensic's Fraud Barometer. Over £630m of fraud came to court across 128 cases, substantially up from £421m across 91 cases in the previous six month period, and of that more than half (£350m) was against the financial sector. KPMG has warned that the figures are likely to get worse as the full impact of the credit crunch unfolds.

60% seek to reduce costs in the wake of the credit crunch
But for, 53% this means cutting headcount
More than half believe the bleak outlook will continue for one to two years
But only one in ten believe a full-blown recession is on the cards

- UK companies under greater pressure to improve cash generation
- But squeezing suppliers and delaying payments is no more than a quick fix
- Companies need to improve their visibility and control of cash to realise generation opprtunities, says KPMG

The impact of the credit crunch is hitting UK-headquartered companies much harder than their US peers, according a new survey by professional services firm KPMG.

KPMG Corporate Finance's Global M&A Predictor forecasts a continued fall in global merger and acquisition activity (M&A), into the second half of 2008. Having accurately called the top of the M&A market a year ago, the latest version of KPMG's Global M&A Predictor provides compelling evidence of a decreasing appetite for deals and deterioration in the capacity to do deals globally.

KPMG has achieved a prestigious 'CommunityMark', a new national standard that publicly recognises companies that are the best investors in their communities, developed by Business in the Community. The CommunityMark is endorsed by government and the voluntary sector, and supported by HRH the Prince of Wales, president of Business in the Community.

June's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled a further weakening of UK job market conditions. Permanent placements continued to fall and temp billings rose at the weakest pace in five months, as firms' demand for staff contracted for the first time in five years. Inflation of wages and salaries accelerated despite a strong rise in candidate availability.

KPMG Restructuring partners Mark Firmin and Richard Fleming were today appointed joint administrators of the listed holding company ScS Upholstery Plc, and shortly afterwards sold the entire share capital of its sole trading subsidiary, A Share & Sons Ltd (trading as 'ScS'), to Parlour Product Holding Limited, an affiliate of Sun European Partners LLP, for an undisclosed sum.

The Joint Administrators of Dolgarrog Aluminium Limited have announced a sale of the property, plant and machinery to Ainscough Strategic Land (Dolgarrog) Limited.

Richard Hill and Joff Pope of KPMG Restructuring have been appointed joint administrators of ProCook Limited, a national retailer of kitchen equipment and cookware.

KPMG Forensic has recruited Dan Thomas as partner and Head of European Sales and Marketing for its rapidly expanding practice. Prior to his appointment, Dan was Managing Director of Huntswood, the professional services firm specialising in providing outsourcing and consultancy services to the financial services and other regulated sectors.

"KPMG LLP, as receiver for Mainsail II Limited, has appointed Cairn Financial Products Limited to provide advisory services in relation to its portfolio of assets.”

Six out of ten business leaders in London fear the city's competitiveness is under threat - double the number of a year ago - CBI/KPMG survey reveals.

- UK the most popular European destination for foreign corporate investment in the short to medium term
- UK behind only the US and China for inward investment next year and just behind the US and BRIC nations in five years' time
- UK particularly strong as a destination for investment into financial services: second only to the US now, taking equal first place with the US in five years' time
- Credit crunch forecast to affect global investment patterns for the next two to three years but not longer

The UK is the most popular European inward investment destination for corporates in the short to medium term, according to new research by KPMG.

One week ahead of Gartner's European Identity and Access Summit in London June 23-24, a new pan-European survey from professional services firm KPMG has found that information security breaches are the result of poor operational procedures not technology.

KPMG's 2008 Global Construction Survey confirms that the single biggest priority for contractors is to overcome the chronic skills shortages that have plagued the industry for years. The majority of respondents believe the industry is not doing enough to tackle this issue even though yet two-thirds think their own company is on track with its recruitment processes.

Sun gives superficial Sales Burst

- UK retail sales values rose 1.9% on a like-for-like basis, compared with May 2007, when sales were up 1.8%. May's gain followed year-on-year declines in March and April, the worst since Spring 2005.
- Some warm sunny days this May compared with very wet weather last May boosted sales growth, but underlying trade remained tough, with widespread discounting.
- Food sales strengthened, with clothing seeing year-on-year growth after several months of declines. Furniture and larger homewares remained well down on a year ago, despite continued discounts and promotions.
- Consumer confidence has dropped sharply to new lows. Increasing demands on household budgets and the weakness of the housing market mean shoppers are very price-conscious and reluctant to spend on big-ticket items. 

Richard Hill and Mark Orton of KPMG have been appointed joint administrators of New Quarry Motors Ltd, Stratton Garage Ltd, Bridges Motor Company (Cirencester) Ltd and Bridges (Newbury) Ltd, a group of automotive dealerships in Gloucestershire and Berkshire which trades as 'Bridges Motor Group'.

Roff joins KPMG from Ernst & Young, where he held positions as Global and UK Actuarial Leader. Prior to Ernst & Young, Roff was a principal of Tillinghast-Towers Perrin.

KPMG, administrators to Darlington Wines Limited and Corby Bottlers PLC, are pleased to announce the sale of the business and assets to Champagne Indage for an undisclosed sum.

Further fall in permanent placements, while staff availability improved at a stronger pace.

May's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, suggested that employers retained a preference for flexible workforces in the face of uncertainty over business conditions. While permanent staff placements declined again, temp billings continued to rise at a solid pace. Pay growth was again constrained by slowing demand for staff, while the availability of candidates continued to improve.

- 90% have become more environmentally conscious
- Four out of ten prepared to pay extra for green products
- But most consumers are confining themselves to 'easy' environmental actions
- More global political action needed, Britons say

Britons have become markedly more environmentally conscious in the last few years and regard the environment as one of the top three global issues, new research by professional services firm KPMG shows.

See video commentary here.

According to KPMG's paper, by 2020 finance will have become "decision-support” staff or "business partners”. Unfortunately today many of the skills and capabilities to undertake these new roles are missing.

Commenting on HMRC's announcement today that Advisory Fuel Reimbursement ("AFR”) rates, affecting the reimbursement of business mileage expenses paid to employees, are to be updated to reflect significant fuel price increases over the last five months, Harvey Perkins, Director in KPMG People Services comments

The Pension Protection Fund has today announced a much larger than expected increase to its levy scaling factor of nearly two and a half times (from 1.6 estimated in November 2007 to a final figure of 3.77). This is mainly a result of many employers taking action to reduce their levies as the PPF has to collect a fixed amount each year of £675 million.

KPMG was awarded top tier recognition - Platinum - for its ongoing commitment to responsible business practice by Business in the Community (BITC) in its annual Corporate Responsibility Index, published in the Sunday Times.

The latest quarterly CIPD/KPMG Labour Market Outlook (LMO) survey of UK employers finds that more than two thirds of employers (69%) never or occasionally accept employee requests to work from home. This is despite the fact that, of the employers who offer home-working, only 8% believe home-workers are less productive than their office-bound colleagues, while 30% say they are more productive. The remainder of employers say home-working makes no difference to productivity.

KPMG LLP has become the first UK accountancy firm to launch a Supplier Code of Conduct, designed to ensure that the suppliers it does business with adhere to essential ethical and environmental principles.

UK plc's expectations for life expectancies rise yet again - with increases adding £40 billion to pension costs over the past three years according to KPMG research.

- Multinationals predict shift to indirect taxes as global tax competition drives down corporate income tax rates
- VAT errors now considered a greater risk than corporate tax errors
- 75 percent of global businesses expect governments to rely more on indirect taxation in the next five years.
- 50 percent of global finance directors rated errors in VAT compliance as the top global tax risk for their organization, significantly ahead of corporate tax risks (38 percent)
- 82 percent of global businesses prepared to give an estimate said their total annual VAT throughput was between US$200m and US$1bn

Multinationals put the UK at the top of the "VAT-friendliness league” and three quarters of major global businesses believe that governments will rely more on indirect taxes (such as VAT or general sales taxes) in the future according to a worldwide survey of senior finance professionals at over 500 large corporations in 22 countries around the world commissioned by KPMG International.

- All airlines that report under IFRS will need to adopt new standards from July 2008
- FFP liabilities of some airlines could increase by over 400%
- New rules could lead to an increase in FFP outsourcing or divestment

New accounting rules coming into effect in July this year will force airlines who report under IFRS to dramatically change the way they account for the on balance-sheet liabilities of their Frequent Flyer Programs (FFPs). The rule changes, known as IFRIC 13, could significantly affect the financial position of airlines, decrease net shareholders' equity and lead to debt covenant breaches, advisory firm KPMG warns.

- KPMG launches Global Renewables Survey
- Fifty percent of global energy companies wary of possible renewables bubble
- Fears even more prominent in Europe, with two thirds of energy leaders voicing concerns
- Escalating valuation multiples in sector driving dotcom comparisons
- Energy corporates should review acquisition strategies

One-half of the world's energy leaders are concerned that a bubble may be developing in the renewable technology sector, according to a survey released today by KPMG International.

- UK retail sales values fell 1.5% on a like-for-like basis, compared with April 2007, when sales were up 2.4%, helped by the warm sunny Easter weekend. The year-on-year declines in March and April were the worst since Spring 2005.
- Easter in March this year and some snow and rain this April against a hot sunny Easter last April, make comparisons difficult, but underlying trade remained tough.
- Food sales picked up after slowing in March but clothing and footwear fell further to their worst for at least 8 years. Furniture and larger homewares also remained down on a year ago, despite continued discounting and promotions.
- Consumer confidence has dropped sharply to new lows. With increasing demands on household budgets, shoppers are very price-conscious and reluctant to spend on big-ticket items. Even heavy discounting often failed to tempt customers to buy.

Outlook for EU service sector worsens over concerns for global economy and rising costs.

See video commentary here.

Confidence at EU service sector firms dropped further in April, sinking to the lowest level in at least two years as concerns mounted over the international economic outlook and the widening impact from the global credit crunch.

April's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, showed that the recent divergence between permanent and temporary staff appointments continued at the start of Q2. While permanent placements fell for the second time in three months, temp billings rose at the strongest rate since last November. Meanwhile, pay inflation continued to slow, reflecting an improvement in the availability of candidates.

The auction of the Coltrane Plc portfolio of leveraged loans took place on 29 April. It is the first time that an auction of a CLO (collateralised loan obligation) in receivership has taken place.

- Three quarterly falls are a temporary respite
- KPMG predicts 130,000 personal insolvencies by the end of 2008

Friday 2nd May 2008 According to figures released by the Insolvency Service today, the total number of personal insolvencies in the UK fell for the third quarter in a row when compared to the same period last year, after five years of continual increases. However, KPMG predicts that as the effects of the credit crunch trickle down to the individual the number of personal insolvencies will hit record levels by the end of the year.

KPMG Europe LLP has seconded a senior international tax partner, Philip Marwood, to a newly created regional role of Head of International Tax Services for Middle East and South Asia ("MESA”), based in the Gulf.

Joint Administrators Jim Tucker and Myles Halley of KPMG LLP are pleased to confirm that they have agreed to sell three of Erinaceous Group Plc's key businesses to a vehicle owned by Erinaceous' banks. Following the sale of Erinaceous Insurance Services last week, the sale of the Residential Management division and the Property Maintenance division have been completed today. These deals have helped to protect the jobs of around 1,800 employees.

KPMG Administrators were appointed to Yorkshire and Scottish house builder Consort Homes on 16 April 2008.

The directors requested that, Mark Firmin, Richard Fleming and, in Scotland, Blair Nimmo, from KPMG's Restructuring practice be appointed Joint Administrators over the main companies within the group. They are currently reviewing the options available to the business and intend marketing the business and assets for sale.

KPMG won the 'Auditor of the Year' award in the 'Big Four' category at the Real FD/CBI Finance Directors' Excellence Awards in London last night. KPMG won the award jointly with Ernst & Young. The Awards reflect the views of some 750 finance directors across a range of categories.

SALES VALUES FALL FOR FIRST TIME IN TWO YEARS MARCH JANUARY - MARCH Like-for-Like Total Like-for-Like Total % change on year ago % change on year ago -1.6% 1.1% 0.8% 3.5%

- UK retail sales fell 1.6% on a like-for-like basis, compared with March 2007, when sales were up 3.9%. The decline was the worst since July 2005 when cold wet weather hit sales.
- The earlier Easter, together with extremely unseasonal weather and school holidays spread across several weeks, make comparisons difficult. The additional spending for Easter being in March this year but in April last year would normally be expected to result in a year-on-year increase in sales.
- Food sales slowed after two strong months and clothing and footwear were the worst for at least 8 years. Homewares and furniture fell further, despite continued discounting and promotions.
- Consumer confidence has fallen further to new lows. With increasing demands on household budgets, shoppers are very price-conscious and reluctant to spend on big-ticket items. Heavy discounting was still needed to tempt customers to buy.

Jim Tucker and Myles Halley of KPMG LLP have been appointed joint administrators of Erinaceous Group PLC, the parent company of the Erinaceous Group. A number of the Group's operations remain outside of any insolvency proceedings and continue to trade as normal.

Richard Hill of KPMG LLP has been appointed administrator of Erinaceous Managed Services Limited, part of Erinaceous Group Plc . Erinaceous Managed Services Limited owns the business and assets of Shoreham Airport, in Sussex.

The House of Lords today handed down judgment on the distribution priorities to apply to the assets held in the UK for the HIH group insolvency.

March's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled a modest rise in permanent staff appointments following February's slight decline. However, salary inflation eased to a two-and-a-half year low, reflecting weaker growth of demand for staff and easing skill shortages. Brisk growth of temporary staff appointments suggested that employers continued to favour flexible workforces.

Successful sale of buying group and toy retail chain saves 200 jobs

David Crawshaw and Richard Hill of KPMG Restructuring have announced the sale of the businesses and certain assets of Youngsters Ltd (in administrative receivership) and Toyzone Ltd (in administration) to York-based toy and stationery distributor JA Magson Ltd.

Kris Beighton of KPMG in the Cayman Islands and Richard Heis and Mick McLoughlin of KPMG LLP (UK) have been appointed joint receivers of Mainsail II Limited. The appointment followed a fall in the market value of the company's investment portfolio which breached enforcement triggers.

KPMG has appointed Tudor Aw to lead the Technology division of its Information, Communication and Entertainment practice in the UK.

Administrators appointed to Toyzone Ltd and administrative receivers appointed to Youngsters Ltd

In a keynote speech, John Griffith-Jones, co-Chairman of KPMG Europe LLP, called today for a re-think of the role of public company audits - and said that society and the audit profession should work towards a new 'kitemark' standard for audit reports.

KPMG has announced the appointment of Richard Reid as its London Chairman, as of 1st April 2008. He will take over from Ian Barlow, who is retiring having held the role since January 2002.

KPMG has advised the Ministry of Defence on the largest single UK PFI project to date, the £13 billion private finance initiative to replace the Royal Air Force's air-to-air refuelling fleet.

KPMG Forensic has recruited Stephen Gallagher as a partner in its fast growing Forensic Technology team, which specialises in the analysis of structured and unstructured data.

KPMG has appointed David Elms as Head of its UK Media Practice.

-Retail sales in Central London in February were 10.5% higher than a year earlier, on a like-for-like basis, slightly above the 8.1% annual increase in February 2007 and the 6.2% fourth quarter 2007 average.
-Retail footfall rose above its year-earlier level for the first time since October. However, the gain was against a sharp fall last February when snow had kept shoppers at home.
-Western Europeans remained the main overseas shoppers while spending by Eastern Europeans was not as strong as last year. Americans were still discouraged by the weak dollar.
-Food and beauty products benefited from Valentine's and Mothers' Days. Clothing and footwear sales remained generally difficult, but accessories and upmarket fashions held up. Homewares, especially larger purchases, continued to be hit by fragile consumer confidence.

Commenting on the Chancellor's announcement in today's budget regarding non-doms, Carolyn Steppler, tax director at KPMG, said:
"Non-doms who have been in the UK for only seven years will be pleased to hear that they may have been granted one year's grace before the £30,000 tax charge applies - details published today suggest that the residency test before the charge bites is to be extended to eight out of eleven years, rather than eight out of ten

"UK oil companies will be pleased that the Chancellor resisted the urge to increase tax rates on their profits despite very high oil prices. "But the Government has stopped the offset of investment management costs against UK oil and gas profits. In doing so the Chancellor expects to raise an additional £150m per year.

Commenting on today's announcement that tax relief will now be available for businesses who choose low carbon-emitting cars, David Woodward, head of capital allowances at KPMG, said:

Commenting on changes to the R&D tax credit regime announced in today's budget, David O'Keeffe, Head of the R&D tax credits team at KPMG in the UK, said:
"The UK government wants to increase the number of small and medium-sized companies ('SMEs') that will qualify for R&D tax credits but since this counts as EU state aid it is having to jump through a number of hoops in order to get approval.

"The global credit crisis, a slowing economy and public finances approaching their limits made for the most difficult budget backdrop since Labour came to power.
"Faced with the dilemma that tax cuts would support growth but blow the fiscal rules apart, while tax increases might improve the public finances but de-rail the economy in the process, the Chancellor opted for the middle course and presented a broadly neutral budget this year.”

Commenting on HMRC's announcement today to restrict tax relief on film investment schemes, Lucy Elwes, senior tax manager KPMG's UK media practice, said:
"Today's announcement means it will no longer be possible for individuals to offset losses from their film investments against their other income, unless they play an active part in the management of the film business.

Commenting on today's announcement that International Financial Reporting Standards would not be implemented in the Government's accounts until the financial year 2009-2010, Greg McIntosh, director in the public sector audit practice at KPMG, said:
"Preparation is key to the successful implementation of IFRS - certainly, our experience of the introduction of IFRS into the private sector was that the companies that started the earliest fared the best.

Commenting on today's budget, Chris Morgan, Head of International Corporate Tax at KPMG in the UK, said:
"Despite all the talk of how competitive the UK remains, the detail unveiled in today's budget suggests precisely the opposite. Within the 270 pages of 107 budget notices published today are details of new rules around financing structures and the way in which UK headquartered companies' foreign profits are taxed. Many companies will face a hike in the effective tax rate they pay on their worldwide profits as a result.

"The budget has failed to provide a much-needed boost for Britain's beleaguered bingo halls,” says Mark Summerfield, Head of Gaming at KPMG.

Commenting on today's announcement Tom McGinness, Head of Middle Market Tax of KPMG in the UK, said:
"The Chancellor's budget contained some very mixed messages for the UK's Middle Market today. On the one hand he made many references to how he intends to help and develop the entrepreneurial sprit in the UK with initiatives such as the Entrepreneurs Relief, and an increase in the Small Firms Loans Scheme which has been extended to all SMEs - which is good news.

Commenting on HMRC's announcement today about its ongoing review of enforcing tax compliance, Paul Harrison, tax partner at KPMG in the UK, said:
"HMRC confirmed today that new legislation regarding is powers to enforce tax compliance will be included in this year's Finance Bill, following a period of consultation which ended last week.

According to Frank Sangster, Head of KPMG's Environmental Tax and Incentives Group, today's budget will have only a marginal impact on UK carbon emissions.

- UK retail sales rose 1.5% on a like-for-like basis, compared with February 2007, when sales were up 3.3% compared with a weak February 2006.
- The three-month trend rate of growth edged up to 1.6% from 1.5% in January for like-for-like sales, and to 4.0% from 3.7% for total sales, reflecting the continuing growth of retail space.
- Food sales remained strong. Despite some continued discounting, clothing and footwear were down on a year ago. Homewares and furniture weakened further, generally down on a year ago, but health and beauty benefited from the early Mothering Sunday.
- Consumer confidence has fallen further to all-time lows. Shoppers are still very price-conscious and reluctant to splash out on major purchases, so discounting was still needed to tempt customers to buy.

KPMG wins for second time in three years

Professional services firm KPMG is celebrating being named the 'Best Big Company To Work For' in the prestigious Sunday Times Best Companies awards. Described as 'unparalleled' by the Sunday Times, it is the second time that KPMG has won the award, and the fourth year in a row that it has come in the top three. The Sunday Times Best Companies awards are the biggest survey of workplace opinion in the UK, and this year encompassed 868 organisations in total, capturing the views of over 180,000 employees. KPMG topped the 'Best Big Company' category for organisations with more than 5,000 employees.

The Joint Administrators of Dolgarrog Aluminium Limited announce with regret that the proposed sale of the business and its assets has collapsed.

February's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled a drop in permanent staff appointments for the first time since May 2003. The decline in placements reflected a further slowing in growth of demand for staff and continued shortages of skilled candidates. A contrasting trend was signalled for temporary/contract staff billings, which rose at the fastest pace for three months. Meanwhile, inflation of wages and salaries continued to ease.

Andrew Smith, Chief Economist at KPMG in the UK, comments on the key issues around the forthcoming budget.

With budget day fast approaching, the Chancellor finds himself rather boxed in by his predecessor's rules at a time when the economic outlook is looking distinctly unclear.

With less than two weeks to go before the Chancellor delivers his first full Budget speech, KPMG says now's the time to do more for small to medium-sized businesses.

Semiconductor executives anticipate moderate revenue growth, below historical averages, in the coming year, and, profitability is expected to be volatile over the next five years, according to a recent global survey of semiconductor company executives conducted by KPMG, the audit, tax and advisory firm. In addition, executives expect competition in emerging markets, manufacturing and product innovation to lead to increased M&A activity, while uncertainty will cause CapEx and R&D spending to increase at muted levels compared to previous years.

Richard Heis and Ray Jackson of KPMG have been appointed joint receivers of collateralised loan company, Coltrane CLO plc based in Dublin. The appointment followed a fall in the market value of the company's assets which led to the triggering of default clauses under the terms of its bonds.

Pact today announced the publication of its third annual Independent Production Census 2007/08, which provides an examination of the overall health of the sector. The report highlights the strong growth of the sector, with revenues increasing from £1.6bn in 2005 to £1.95bn in 2007, and now reaching £2.14bn, marking a 9.4% growth since last year and a compound annual growth rate (CAGR) of 15.6% since 2005.

-Retail sales in Central London in January were 3.7% higher than a year earlier, on a like-for-like basis, well below the 6.6% annual increase in January 2007 and the 6.2% fourth quarter 2007 average.
-Retail footfall showed a modest improvement from December, but remained lower than a year ago and weaker than in the UK as a whole. Footfall slowed again after the clearance sales.
-Western and Eastern Europeans remained the main shoppers, while American and Japanese visitor numbers were still down on a year ago, hit by the weakness of their currencies.
-Heavy discounting in clearance events helped drive sales growth. Clothing and footwear sales remained difficult for most, though fashion accessories were popular. Premium beauty held up well, but homewares, especially larger purchases, continued to be hit by weak consumer confidence.

Knowledge Process Outsourcing (KPO) has now come of age, with the market for KPO services in the Financial Services sector alone expected to be worth US$5billion by 2010, claims a report out today.

This week, KPMG appointed Simon J. Ranger as Financial Services Relationship Partner, responsible for enhancing the firm's relationships with its key UK and international insurance clients. Ranger will be based in London and will report directly to Jeremy Anderson, European Head of Financial Services.

Job market continued to slow in January as demand for staff rose at the weakest rate for twenty-six months.

January's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, showed that the UK labour market continued to slow at the start of 2008. Softer growth of demand for staff resulted in subdued rises in permanent placements and temp billings. Meanwhile, pay growth weakened further, in part reflecting easing skill shortages.

Investment intentions fall back from 2007 Inflationary pressures still of concern

The winter 2008 KPMG Business Outlook Survey, which surveys over 3,700 manufacturing firms across the EU, indicated that confidence at EU manufacturers with regard to the outlook for their business over the coming twelve months dropped back at the start of 2008 from levels seen through 2007. Growing uncertainty with regard to the global economic outlook and concerns over rising input prices and increased competition contributed to the latest decline in optimism, with confidence for business activity, business revenues, incoming new business and profits all falling to new lows in the 2-year survey history.

The winter CIPD/KPMG Labour Market Outlook (LMO) survey, published today, shows a sharp rise in the proportion of employers expecting to make at least some staff redundant in the coming months, suggesting that tougher economic conditions are starting to bite in the UK jobs market.

The winter 2008 KPMG Business Outlook Survey, which surveys around 1,800 manufacturing sector firms across the BRIC region (Brazil, Russia, India and China) signalled buoyant levels of confidence regarding the prospects for business activity over the next twelve months.

KPMG was named 'Best Islamic Assurance and Advisory Services Provider' last night at the 2008 Euromoney Islamic Finance Awards ceremony in London, UK. Now in its 6th year, Euromoney's Islamic Finance Awards are regarded as the benchmark awards for the global Islamic finance industry.

One in four home owners struggling to meet mortgage payments . Reducing credit limits and the end of cheap fixed mortgage deals likely to push many over the edge

London 6 February 2008 - Almost one in four (22 per cent) people with mortgages and other debts find it difficult to meet repayments according to a new survey commissioned by professional services firm, KPMG. This is the equivalent to nearly seven million people in the UK struggling to cope with their existing debt.

For the third successive year the Best Companies Accreditation Scheme has awarded KPMG the maximum 'Three Stars' for an 'extraordinary' level of employee engagement.

- Over £1bn of fraud comes to court - highest since 1995
- Organised gangs inflict huge losses on Government
- ID theft and accounting frauds are widespread

Britain's fraud problem shows no sign of abating, with over £1bn of fraud coming to court in 2007 according to KPMG Forensic's Fraud Barometer - the highest value since 1995 and the second highest in the 20 year history of the Barometer. The number of cases coming to court fell to 197 from 277 in 2006, but this remains a higher number than seen in any year prior to 2005.

Commenting on today's announcement that Alistair Darling will announce the 2008 Budget at 12.30 on 12 March, KPMG's chief economist, Andrew Smith, said:

KPMG achieved pass rates in excess of 10 percentage points above the published ICAEW pass rates

- Breakthrough in encouraging collaboration on tax, calling for an "enhanced relationship"
- Tax advisers "help clients avoid errors and deter... unlawful or overly-aggressive activities"
- Tax authorities, taxpayers and tax advisers equally accountable for making this work
- UK seen as an example of emerging best practice

An OECD study into the role that tax advisers play in the use of tax minimisation techniques by large companies has recommended that governments should attempt to reduce the demand for aggressive tax planning by encouraging a wider tripartite relationship between revenue bodies, taxpayers and tax advisers. A crucial plank of this should be to build mutual trust between large corporate taxpayers and tax authorities.

• Global auto execs growing more confident on industry long term profitability and outlook
• Automotive industry ramps up production of fuel efficient cars and races to find alternative fuel sources

• Business combinations the first comprehensive test-case for convergence of standards

The release today of the International Accounting Standards Board's (IASB's) new standards on business combinations and non-controlling (minority) interest is the result of the IASB's and the U.S. Financial Accounting Standards Board's (FASB's) first comprehensive test-case in their joint efforts to achieve convergence between IFRS and U.S. GAAP. The FASB released its versions of the comparable standards in December 2007.

December's Report on Jobs, from the Recruitment and Employment Confederation and KPMG, signalled that permanent staff appointments rose at the slowest rate in fifty-four months, while temp billings increased at the weakest pace for twenty months. Pay inflation moderated further, reflecting slowing growth of demand for staff and easing skill shortages.

Retail Sales Monitor - A Far From Merry Christmas in the High Street

• Corporates recognise benefits of Web 2.0 tools, but security and governance concerns still thwart adoption
• Tech industry must address corporate concerns to realise full revenue potential of these new technologies says KPMG

Concerns over security and governance are preventing widespread uptake of consumer-based Web 2.0 tools despite their potential to transform business.

Michael Wareing, Chief Executive of KPMG International, has been appointed as Commissioner within the new Basra Development Commission ('BDC').