PRESS DIGEST - Financial Times =3

Thu Oct 4, 2007 4:21am BST

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EMERGING MARKETS TO DRIVE E&Y UK GROWTH

Chairman of Ernst & Young UK operations, Mark Otty, has said he expects emerging markets to be a leading driver of growth for the Big Four accountancy firm. Otty revealed a nine percent increase in yearly fee income, with profits up seven percent to 328 million pounds on turnover of 1.2 billion pounds for the year to June and said he expected growth in the South African, Middle Eastern and Indian regions. The firm also pointed to a move back into consulting where business advisory services expanded by about 100 percent last year and are expected to grow significantly over the next three to four years.

OLD MUTUAL SET FOR 350 MILLION POUND BUY-BACK

UK-listed insurer Old Mutual (OML.L) made the third-biggest gains on the FTSE 100 yesterday, closing up 7.6 pence at 168 pence, after announcing that it would begin a four percent share buy-back worth some 350 million pounds. The news, which surprised both shareholders and analysts in both its volume and timing, was backed by Old Mutual's estimated capital surplus of 1.6 billion pounds. Eamonn Flanagan of Shore Capital continued to support his 'buy' rating on the company, which appears serious in delivering shareholder returns and remains one of the cheapest in the insurance sector for embedded value and price-to-earnings ratio.

Prepared for Reuters by Durrants

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