On Friday we explained how Quindell sees the market for industrial deafness claims as a big source of growth. What that also highlights is how the group is now in very large part a listed law firm.
That characterisation matters not just because it is different to the way Quindell described itself in its trading statement on Monday, as “a leading provider of software, consultancy and technology enabled outsourcing”. It matters due to the way revenues and profits are accounted for at law firms.
The key aspect to understand here is something called “work in progress”. As a law firm works for a client on a case for which it expects at some point to get paid, when does it recognise those fees? Read more
Just 10 days after Camp Alphaville? Hmmm. We await a hat-tip from the Bundesbank.
From the WSJ:
Bundesbank President Jens Weidmann reassured thousands of Germans who attended a weekend festival on the bank’s grounds that interest rates won’t stay at their current record lows any longer than absolutely necessary.
However, he reminded visitors–who flocked to the headquarters of the country’s revered central bank for a two-day extravaganza of food, music and children’s games mixed with serious policy talks—that Germany must make some concessions as a member of an 18-member currency bloc…
Bryce is on holiday and Murphy’s ill. (Properly.) So there will be no Markets Live session at 11am today.
We suggest that instead you head over to Lex Live, where Joseph Cotterill is hosting a session on Shire / AbbVie. Read more
Quindell Plc (AIM: QPP.L), a leading provider of software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their related sectors is pleased to provide a pre-close statement and trading update for the six months ended 30 June 2014.
More on the numbers in a moment, but a new non-executive director arrives as well, David Currie, former head of investment banking for Investec. Read more
Elsewhere on Monday,
– China’s secret yuan paths.
– So now we know what lies beneath the recent Bulgarian bank runs. Fraud.
– Value is a highly subjective and evanescent thing, CYNK edition.
– LeBron and the theory of price controls. Read more
Markets: Asia-Pacific equities made a modest rebound after breaking a two-month winning streak last week. Haven assets were out of favour, underscoring the improved sentiment. The price of gold was down 0.3 per cent at $1,334.80 per ounce, while the Japanese yen slipped 0.1 per cent to Y101.4 per US dollar. (FT’s Global Markets Overview) Read more