Latest news with #AlvarezandMarsal
Arab News
4 days ago
- Business
- Arab News
Cost excellence key to unlock potential of Saudi Arabia's mining sector: Alvarez and Marsal
RIYADH: Mining firms operating in Saudi Arabia should implement disciplined financial planning, transparency, and cost ownership in their operating model to reap long-term benefits, according to an analysis. In its latest report, professional services firm Alvarez and Marsal said the Kingdom's mining and minerals industry is poised for sustainable long-term growth with committed investments worth SR246 billion ($65.55 billion) supporting the sector. The study was released just days after the Kingdom's ranking on the Mining Investment Attractiveness Index jumped from 104th in 2013 to 23rd in 2024, cementing the nation's status as the world's fastest-rising power in the exploration industry, according to Canadian public policy think tank Fraser Institute. As a part of its economic diversification efforts, Saudi Arabia is accelerating the development of its mining sector, with the Kingdom's mineral wealth now estimated at SR9.4 trillion ($2.5 trillion). Commenting on the latest report, Alexander Shvets, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East, said: 'Saudi Arabia's mining sector is now central to the Kingdom's economic transformation.' He added: 'Building on this momentum with embedded cost visibility and performance tracking will help operators to achieve global competitiveness and long-term value creation.' According to Alvarez and Marsal, adopting structured financial frameworks can help mining companies seize emerging opportunities and ensure operational excellence as the sector matures. 'Control is not just a finance function — it's an operational discipline. In mining, where complexity and capital intensity are high, real-time cost visibility and team capability are what turn strategy into measurable results,' said Renat Akimbitov, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East. The report said Saudi Arabia has already laid strong foundations in the sector, with the establishment of institutions such as the Saudi Geological Survey, creating a dynamic and investor-friendly environment. In March, the Kingdom also launched a new incentive package to attract foreign direct investments into the nation's mining sector. At that time, the Saudi Press Agency reported that the Kingdom's Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry. Alvarez and Marsal outlined a strategy for mining and industrial companies to strengthen financial resilience by implementing activity-based budgeting, which links finance directly to operational drivers for greater accuracy and agility. The report also underscored the vitality of empowering business leaders with digital dashboards to manage costs dynamically, as well as conducting structured cost review meetings to ensure accountability through regular performance tracking. Alvarez and Marsal further highlighted the importance of cost-capability building and said that equipping teams with practical tools and training is essential to foster a cost-conscious culture within the organization.
The Independent
05-08-2025
- Business
- The Independent
Private school parents may be dodging Labour's VAT by paying fees up front
Parents of children at the UK's leading private schools may be dodging the government 's controversial VAT policy by paying fees up front. Britain's most expensive independent schools were paid hundreds of millions of pounds in fees in advance last year, before the 20 per cent tax was implemented from 1 January 2025. The country's top private schools received £515million in advance fees in 2024, marking an increase from £121million the previous year, analysis of the latest annual accounts by The Telegraph has revealed. Consequently, the richest parents might have avoided as much as £103million in the tax – and the overall figure could be far higher as there are more than 2,600 independent schools across the UK. Some parents tried to pay for five years' fees in advance. This would have taken them to the next general election when the policy could be overturned. Experts have warned the large scale of up front payments could hit the government's plans to raise revenue. Dan Neidle, the founder of Tax Policy Associates, described the level of prepaid fees as 'extremely high'. Mairéad Warren de Búrca, managing director at Alvarez and Marsal Tax, told The Telegraph: 'It's not surprising that schools would have done this type of thing with parents and maybe encouraged parents to jump on the prepayment bandwagon. 'Only the very rich can afford to make those advance payments, or those with extensive wealth … so I'm not entirely sure they [the government] have managed to do what they intended to do.' However, the treasury said the use of prepayment schemes was factored into the forecasts made by the Office for Budget Responsibility (OBR) when estimating how much money could be raised by the VAT policy. Fees paid via prepayment schemes, which are used to pay for one or more years of a student's education up front, have surged across the country's most expensive schools, according to the analysis. Brighton College, the UK's most costly independent school, received £50.1million in prepaid fees last year, an increase from £4.1million the previous year, the findings showed, with the number of pupils under the advance scheme increasing from 86 in 2023 to 819 the following year. Meanwhile, fees paid in advance at Eton College, where fees may cost over £63,000 in 2026, shot up from £16.6million in 2023 to £52.7million the next year, the research found. Labour has insisted that its VAT raid is aimed at the UK's richest families, with more than £1.8billion per year set to be raised for state schools by the end of the decade. But critics argue it is smaller independent schools that are likely to be hit the worst by the policy. The Telegraph reported that more than 50 private schools have already either closed or announced they will soon after the VAT policy was imposed, while the government estimates 100 schools could shut over the next three years. A UK government spokesperson told the newspaper: 'The Office for Budget Responsibility has already factored in the increased use of prepayment schemes in its revenue forecasts. 'Removing tax breaks for private schools is expected to raise £1.8bn a year by 2029-30. 'This funding will help us recruit 6,500 new teachers and improve standards in state schools, which educate 94 per cent of children.'
Fashion United
14-07-2025
- Business
- Fashion United
Claire's eyeing US bankruptcy, reportedly appoints advisors in UK
New reports have emerged speculating on the position in which accessories chain Claire's finds itself in. In the US, it is believed that the teen-focused retailer is mulling a Chapter 11 filing, while in the UK, advisors are said to have been appointed to oversee a rescue plan. The reports come weeks after rumours surrounding a potential sale of the business began circulating in the US, where it was reported by Bloomberg that a pitch had been drawn up for potential buyers. The media outlet has now said Claire's is considering filing for bankruptcy protection in the region, under the guidance of Houlihan Lokey Inc. and Alvarez and Marsal, which are believed to be working on a deal for such proceedings. In the UK, meanwhile, the Telegraph has reported that restructuring experts at Interpath have been tasked with seeking out investors willing to rescue all or part of the company's British operations. The news has fuelled speculation that Claire's may end up enacting a geographical break up of its business, potentially resulting in wide-spread store closures. Claire's has long been facing financial difficulties, having racked up 25 million pounds in losses over the last three years, and falling into the red during the year to March 2024. Pressure has since mounted as the retailer faces an outstanding 480 million dollar loan due for repayment in December 2026. The company had already faced a bankruptcy of its US business in 2018, when, at the time, its owner, Apollo Global Management, had transferred its assets to creditors. Claire's currently operates around 2,750 stores across 17 countries, and is also housed in a number of department stores throughout the US and Europe. FashionUnited has contacted Alvarez and Marsal and Claire's with requests to comment. Interpath and Houlihan Lokey declined to comment.
Yahoo
07-03-2025
- Politics
- Yahoo
Audit Reveals L.A.'s Failure to Track Billions in Homelessness Spending, Raising Accountability Concerns
An independent audit commissioned Thursday by U.S. District Judge David O. Carter shows how L.A. city officials have neglected tracking homelessness spending. The city has failed to collect accurate data on its vendors, relying mostly on outsourcing from an agency. This highlights another frustrating case of taxpayer dollars becoming misallocated, after auditors reviewed $2.4 billion in city global consulting firm Alvarez and Marsal audit highlights inadequate financial oversight that paints a lack of accountability for taxpayer dollars. "Insufficient financial accountability led to an inability to trace substantial funds allocated to the City Programs," the report states. "The lack of uniform data standards and real-time oversight increased the risk of resource misallocation and limited the ability to assess the true impact of homelessness assistance services."Most of the discrepancies were found at the Los Angeles Homeless Services Authority (LAHSA). The government agency has outsourced management of much of the city's homelessness funding—including sheltering, feeding, and serving the spending became impossible when auditors reviewed the poor documents provided by the agency. Auditors also found that LAHSA 'failed to verify whether the services invoiced were provided.'Elizabeth Mitchell, an attorney for the L.A. Alliance for Human Rights whose lawsuit prompted Carter to order the audit, said in a statement: 'These findings are not just troubling — they are deadly."She emphasized the failure of financial integrity, programmatic oversight, and dysfunction of the system resulting in devastation on the streets for both housed and unhoused. "Billions have been squandered on ineffective bureaucracy while lives are lost daily. This is not just mismanagement; it is a moral failure.'While managing the homelessness spending was mainly outsourced to LAHSA, the responsibility for the city's tax dollars lies in the hands of the elected officials: Bass and the City Council. All five members have been invited to comment at Carter's scheduled public hearing to discuss the audit on March 27. This also includes Council President Marqueece Harris-Dawson, City Controller Kenneth Mejia, county Board of Supervisors Chair Kathryn Barger and the incredibly flawed system prompts the question about stripping hundreds of millions in annual funding out of LAHSA to instead have cities and counties manage homelessness Bass has been critical about defunding LAHSA before. 'New urgency has been at the core of our work to bring people off the street, not the creation of new bureaucracy,' Bass said in a statement. 'We can't afford to just create new paperwork or slow momentum to reduce encampments and connect people with housing and mental health treatment.L.A. County Board of Supervisors Committee chair Nithya Raman also emphasizes that LAHSA has shown its ability to make the most from homeless services contracts by leveraging city funds to secure additional federal and state funding.'My recommendation to this committee is that we move this forward so that we can be cognizant of the benefits that this kind of effort could bring,' Raman said, 'but also for us to be able to answer what potential losses we might face as a result of bringing these contracts in house.' Get Your Daily Dose! Sign up for The Daily Brief to receive Los Angeles Magazine's latest stories directly in your inbox. Subscribe below or by clicking here.
