Accounting software specialist Sage saw its shares slump 5% after US consultancy firm Independent Research was highly critical of the company’s accounting and it was warned its profits would be battered if it moved to a standard accounting system.
Logica’s shares fell 4%. Morgan Stanley lowered its forecasts after second generation mobile messaging traffic showed signs of decelerating. The biggest loser was Mysis, which plummeted 10% on rumours that investment bank Goldman Sachs had placed 26.3m, or 4%, of its shares on the market at a discounted price.
On the upside, however, Capita saw its shares climb steadily over the week to close 6% higher on news that it won a £500m ten-year contract with the BBC to administer the TV station’s licensing service. This and ABN Amro’s repeated ‘add’ recommendation on the support services sector cheered Capita, and competitors Xansa, up 7%, and Hays up 2%.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements