Starting half an hour earlier at 9.30am (surely it’s virtually impossible to have a nice breakfast if you have to be in the office at 9.30?)
Reducing the lunch break from 2 hours to an almost impossible to fit in a 3 course meal and a bottle of wine timescale of 1 hour.
Luckily there are no plans to change the closing time of 4pm so the brokers will at least have a reasonable time to get ready for dinner.
The arguments in favour of adjusting the opening hours are to enable it to tie in with the mainland Shanghai exchange opening hours.
In what can only be described as “hardly the surprise of the century” it was reported that 70% of the Hong Kong Securities Professionals Association members that were asked their opinion on the proposals felt that the 2 hour lunch break should remain.
Closing for lunch isn’t something that you find in the majority of stock exchanges elsewhere around the world.
If for example you wanted to get the views of somebody from London who had actually experienced the London stock exchange closing for lunch you’d have to find a very elderly broker. The London Stock exchange last closed for lunch 60 years ago in 1950.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-11-19 13:22:282010-11-19 13:22:28How many sandwiches can a stockbroker in Hong Kong eat in 2 hours?
“Never write something about somebody else in an email that you would feel embarrassed about if that message ended up pinned to the office noticeboard”.
The thought behind this was that it’s easy to fire off an email but once it’s sent it can quickly be forwarded by other people and isn’t always guaranteed to remain confidential.
A certain male member of staff at the pwc Dublin office will no doubt from now on be thinking twice before he hits the send button on any of his messages.
A couple of weeks ago on what must have been a quiet afternoon in the office he sent an email to 14 male colleagues.
Sending emails to colleagues isn’t in itself a bad thing but the message was in fact asking his friends to rate the attractiveness of some recent female new joiners to the firm.
It also included staff photos of the ladies in question, all of whom were trainee accountants.
The subject line of the email was “this would be my shortlist for the Top 10”.
A colleague replied an hour later after obviously undertaking a detailed peer review and came up with a somewhat un-gentlemanly comment about whether one of the ladies justified being in the top 10.
Such is the ease with which emails are sent that within a few days the message had been forwarded to thousands of people and had “gone viral” around the globe.
My guess is that over the years the majority of employees in most companies have at one stage or another got together over a drink after work and debated the attractiveness of their colleagues.
Taking photos from the staff directory and emailing them though is probably on a different level. pwc are understandably taking this matter seriously and have reportedly launched an investigation.
Now before any ladies out there start accusing this of being purely a male problem it’s worth reminding people about former Deloitte employee, Ms. Holly Leam-Taylor.
In an email sent last December Ms Leam-Taylor’s message entitled “Deloitte first year analysts Christmas awards” asked her female colleagues to vote on which men in the office they considered to be the most attractive.
This message also “went viral” and became a global internet hit.
The conclusion to this article?
Well I guess it’s not to preach about whether or not you should make top 10 lists but rather if you do then don’t put it in an email as it may well end up being pinned on a global noticeboard.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-11-17 01:33:442010-11-17 01:33:44Out of the pwc girls and the Deloitte guys who do you think are the most attractive?
It hardly seems possible that the bank run on the UK bank Northern Rock happened over 3 years ago but last week some people thought that there was a similar run on the Spanish bank BBVA.
A bank run occurs when a large number of people with deposits at a particular bank head to branches of the bank to get their money out as quick as possible.
It often follows a rumour about problems with the bank and can lead to a self fulfilling prophecy.
Large numbers of people withdraw money. This can cause liquidity problems at the bank which in turn causes more concern which leads to more people rushing to withdraw their money which leads to liquidity problems with leads to….. and so on until a vicious circle develops.
A bank makes its money from lending.
If it just keeps depositors money without using the deposits to generate revenue by for example lending to borrowers then the bank is in effect just a safe deposit box for the deposits.
In the great depression of the 1930s sudden withdrawals by panicky depositors caused liquidity problems to such an extent that a number of healthy banks were forced to close.
Nowadays, as long as the bank is solvent, any short term liquidity problems should be resolved by borrowing cash from its central bank as a “lender of last resort”.
Bank runs can still happen though and last week the queues of people outside of BBVA bank in Madrid caused rumours that resulted in the share price falling sharply.
It took a while for the markets to identify what was going on and it wasn’t so much a bank run that was causing the queues but rather a “fun run”
There was a 10km fun run sponsored by BBVA and joggers were queuing up to get their race numbers and t-shirts from the bank for the run on the Sunday.
Unfortunately rumours quickly spread around the financial markets that there were large queues outside the bank and in the jittery post financial crisis atmosphere the share price plummeted by nearly 4%.
Luckily a hour or so later the markets realised that the bank withdrawals were race t-shirts rather than cash and the share price recovered.
Finally, to test your knowledge of the financial markets there are two pictures in this blog entry. One shows a bank run whilst the other shows a fun run. Can you tell the difference…
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-11-15 02:13:262010-11-15 02:13:26A bank run? Don't worry, it's only a bit of fun...
Although people have been gambling for a long time, the profile of the betting industry has changed dramatically over recent years.
The bookmakers that were seen on many a high street seem to be gradually disappearing.
People are still gambling though but the delivery method of the industry is switching to internet based gambling rather than placing bets at a physical bookmakers.
Ten years ago former professional gambler Andrew Black and former JP Morgan trader Edward Wray started up a betting business that addressed matters in a new novel way.
For years the typical approach to gambling had been where a bookmaker set the odds and it was up to the individual gambler whether or not he or she accepted these odds and placed the bet.
Betfair pioneered the concept of person to person betting whereby individuals bet against each other rather than the bookmaker. Betfair provide the platform for the betting and take a commission on each transaction.
A gambler will say that they want to bet on a certain event happening (or not happening) and if another gambler wants to accept the bet then the transaction goes ahead. Betfair provide the mechanism for this to happen.
This is known as a betting exchange and is a great example of where first mover advantage really counts.
In order for the business model to work there has to be a critical mass of gamblers that are willing to offer and accept bets. Without this critical mass the business simply would not work.
Another example of where first mover advantage has been critical to business success is in online auctions. After all, who are the main competitors to eBay?
Back to Betfair though and it certainly is a good business model. Risk for example, is nicely reduced as the company is not standing to lose on the bet but instead takes a nice commission on each transaction.
So how well has it done over the last 10 years?
The answer to this can be found last Friday when 15% of the company was floated on the London stock market and the company was valued at £1.4bn.
Betfair’s advisors were some of the biggest names in the business and included Goldman Sachs, Morgan Stanley and Barclays Capital to name a few.
Amongst other things their job was to identify the price range of the proposed offer. Initial indications were that it would be between £11 to £14. The final initial public offering (IPO) price was set at £13.
With some of the top investment bankers involved and Betfair being in the gambling industry (which is not necessarily renowned for being generous to gamblers) it was something of a surprise to some people to see the share price rise by nearly 20% in the first day of initial trading after the IPO. After all, this could imply that the IPO was undervalued if there was such an initial jump in price.
I wonder what odds you would have got from Betfair that the IPO share price would rise by 20% on the first day of trading?
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-10-27 09:48:242010-10-27 09:48:24Was it a good bet or not? 10 years and £1.4 billion later and the answer seems to be...
For the first time their quarterly sales exceeded $20 billion. In my opinion though the really impressive thing about the published figures was their cash balance.
They have total cash and marketable securities (stocks and shares, etc that can be readily converted to cash) amounting to a staggering $51 billion.
To put this amount of money in perspective, if they took their cash and put it in an empty company and then listed this “cash only company” on the London Stock Exchange, it would not only make it into the FTSE 100 but the “Apple cash company” would in fact be the 18th largest company quoted on the London Stock Exchange!
The blog entry here provides some thoughts on what else Apple could do with their cash if they decided to go on a shopping trip.
One of the growth areas of Apple can be found within their Apps business. Apps are “applications” (in effect software to use on their devices). 3 billion apps were downloaded in the first 18 months after their launch.
Apple has a very slick and professional marketing strategy.
Apple’s iPhone adverts such as the one below famously state “There’s an app for that” and finish with “There’s an app for just about anything”.
As well as having a very creative approach to their advertising Apple has also taken a very commercial and sensible approach to matters.
Last week the phrase “There’s an app for that” was officially classified as a trademark of Apple.
This means they will be able to prevent competitors benefiting from the phrase.
It will probably result in adverts such as the one below by US network carrier Verizon being prohibited. Verizon parodied it’s competitor A&T (a carrier for the iPhone in the US) with this “There’s a map for that” advert.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-10-22 04:19:582010-10-22 04:19:58According to Apple there’s an App for...something that I shouldn't say...
On Tuesday, Microsoft were due to launch their much anticipated Windows 7 phone system. The launch event was scheduled to take place in New York with a start time of 3.30pm.
“Joe O” works for the electronics firm LG who were one of a number of phone companies that were expected to launch Windows 7 phones to coincide with the Microsoft event.
The phone companies however were under strict instructions not to announce anything until after Microsoft’s big launch.
Alas, poor Joe who is based in the UK made a slight mistake when he thought the launch time was 3.30pm UK time rather than 3.30pm New York time. The end result was that LG’s official UK blog revealed details of the phone and what it was capable of doing under the new Microsoft system some 5 hours before Microsoft started the official event.
The error was spotted by LG pretty quickly and the post was withdrawn but it was too late as it had already been picked up by a number of other websites.
Now, picture the scene. You’re part of a project team that has been working on a major project for some time. The “partner” to your company on this project is none other than the mighty Microsoft. The world’s press are anxiously awaiting the launch event and then you press a button which releases the news to the world some 5 hours early.
What would you do?
No, honestly, what would you do?
Deny it? Blame it on somebody else? Say it was a technical error?
Joe did the honourable thing and posted the following on the LG blog:
Yes, that early slip may have been my fault, I may have failed to notice the time zone was EDT, not BST, but let’s not kick a man when he’s down. And I was down, literally hiding under my desk ignoring my constantly ringing phone.
Please consider this my public confession… And remember “to err is human; to forgive divine”.
Showing that Joe has a good sense of humour he also posted the following animated GIF on the blog.
In today’s ever increasing global business environment this is a useful reminder that it’s important to remember the more simple areas of international business.
We all make mistakes though and well done to Joe for his excellent recovery!
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-10-15 01:50:382010-10-15 01:50:38We all make mistakes at work and I know you shouldn't laugh but...
Things have changed. You won’t be hearing much about PricewaterhouseCoopers any more.
Is this breaking news? Does this mean that we will be talking about the Big 3 rather than the Big 4?
Should PricewaterhouseCoopers partners and staff be rushing to recruitment consultants to get another job?
There’s no need to panic as all is well with the company. What they have done though is undertaken a rebranding exercise.
The company has commonly been referred to as PwC since it was established via a merger back in 1998 between Price Waterhouse and Coopers & Lybrand. With effect from Monday though they will now officially go by the name of pwc.
As part of a multi-million pound make over not only will the company be known as pwc but the corporate logo and corporate colours have changed.
The new logo incorporates the letters “pwc” in lower case along with a 6 rectangle symbol in shades of orange and red.
According to pwc, the brand was refreshed “in order to strengthen, and modernise how it represents its worldwide network to its clients, its people and the communities in which it operates.”
Global brand consultants Wolff Olins designed the logo in collaboration with PwC employees and clients. The complete rebranding process reportedly took two years.
From a personal point of view, I like the new logo and orange/red spectrum colours which I think are nice fresh, clean colours.
What about people from some of the other accounting firms? My guess is that they must be relieved. With KPMG having blue/white, Ernst & Young black/yellow and Deloitte navy/green it must have been a relief all round that pwc went for orange/red.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-09-22 16:41:062010-09-22 16:41:06Has the Big 4 become the Big 3?
On Saturday Wayne Rooney the England and Manchester United footballer was dropped for the game against Everton.
According to the Manchester United manager Alex Ferguson, he was dropped so that he wouldn’t have to endure excessive abuse from the Everton fans (whilst the married Mr Rooney has recently gone through a barren patch of scoring on the pitch he was reported in the press last week as having scored off the pitch with a number of prostitutes).
So, the Everton supporters didn’t have the opportunity to direct their witty chants towards Mr Rooney.
The Accountants amongst the Everton supporters though must now be looking forward to when they play their neighbours and fierce rivals, Liverpool.
Last week it was reported that Liverpool FC’s loan with the Royal Bank of Scotland (RBS) had been reclassified and moved to RBS’s toxic debt division. In other words the £260 million loan is now within the “bad bank” part of RBS which was created to put all their toxic assets from the recent worldwide financial crisis.
Even though RBS were reportedly getting £1million interest per week on the loan it is now considered clear that they have severe doubts over whether they will get their money back.
One thing’s for sure though and the toxic debt division of RBS won’t be very sympathetic with Liverpool and will be looking to recover their money as soon as possible. A quick sale of the football club at a knock down price is expected.
Now, all you accountants in the Everton crowd get your singing voice ready and altogether “You’re toxic and you know you are, you’re toxic and you know you are….”
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-09-13 05:15:252010-09-13 05:15:25If you go to the bank today be careful in case you Kop some abuse for being a toxic asset.
PricewaterhouseCoopers is a great company. It’s one of the top companies in the world and it’s also a truly global company. The latest reported figures show over 160,000 PwC people working around the world including 8,500 partners.
First of all the good news. Their turnover in the UK rose 4% to £2.33 billion.
Their profit before tax in the UK however fell 3% to £665 million.
This fall in profit was put down to some significant investment during the year including recruiting 1,750 staff, appointing 57 new partners and moving into a new environmentally friendly office in London (incidentally, there’s a previous blog entry on the proximity of a PwC office to a Ernst & Young office here).
As maybe a positive sign on their view as to which direction the economy is heading they also stated that they were planning on creating 800 new jobs in the UK over the next year as well as continuing with their significant graduate recruitment by taking on 1,200 new graduate level joiners.
Now onto the exciting bit that I’m sure lots of people are interested in and that is what is the average payout for each of the 820 PwC UK partners?
Although it was down by 2% on the previous year it was still a healthy average figure of £759,000 per partner.
PwC’s UK chairman, Ian Powell, was reported as receiving £3.6 million.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-09-08 18:20:412010-09-08 18:20:41PwC in the UK have just released their results. So how much did each partner make?
As one of the best known and most successful companies in the world Proctor & Gamble certainly know a thing or two about branding. It also seems that they are pretty switched on when it comes to risk.
Over in the States, American Football is huge. One of the most well known players is Pittsburgh Steelers player Troy Polamalu.
Anyone that has watched a game that he has played in will instantly recognise him. He has very distinctive hair.
He is of Samoan descent and has not cut his hair for 7 years. Far from being in bad condition though his hair is in excellent condition and his flowing locks would no doubt make many a woman jealous.
P&G make the famous Head & Shoulders shampoo and when deciding on a suitable person to promote the product settled on Polamalu. If you’re interested you can even play a Polamalinator game here.
No details have been disclosed of how much he’s been paid for the sponsorship deal but it’s no doubt a significant amount.
Successful, healthy, sporty and a sex symbol to a lot of women in America meant that he was the ideal person for promoting Head & Shoulders and the return was no doubt there.
“Risk and Return” is an issue that is involved in all major decisions within business. Whilst the return is there with Polamalu what about the risk?
P&G seem to think that one of the risks is in the loss or damage to his famous hair. They announced earlier this week that they had just insured his hair for $1 million. Apparently if Polamalu loses 66% or more of his hair during the next 7 months then Lloyds of London insurance will pay out $1 million.
So, the branding works well. Risk seems to be covered but what about the legal aspects? Did anyone check the small print to the contract as to whether a haircut is allowed during the next 7 months? I hope so otherwise it could very well be the most expensive haircut in history.
https://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.png00Steve Crossmanhttps://www.theexpgroup.com/wp-content/uploads/2018/06/styleguide-EXP-4.pngSteve Crossman2010-09-03 05:03:582010-09-03 05:03:58Hair today, gone tomorrow? It’s certainly a risk for Procter & Gamble.
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