Deloitte fined £1.25m over failings in building supplies firm’s audit December 22, 2022 The UK’s accounting watchdog today fined Deloitte and one of its senior auditors over failures in auditing the accounts of building products manufacturer SIG plc. Britain’s Financial Reporting Council (FRC) fined the Big Four accountancy firm £1.25m, discounted to £906,250 for admissions and early disposal, over its failure to apply sufficient professional scepticism in auditing [...]
Brits need more information for heat pump roll-out, says energy specialist December 21, 2022 Brits need to be shown more details about heat pumps and their potential cost-saving benefits, says Energy Systems Catapult.
Campaigners warn hiking rail fares could push people away from train travel December 21, 2022 Even a below inflation increase in rail fares could put people off travelling by train altogether, according to campaigners. Norman Baker, director of external affairs at advocacy group Campaign for Better Transport, told City A.M. that any increase to ticket prices will come “as a further blow to long-suffering passengers” after months “of cancellations and [...]
Venture capital to play major role in European private equity December 21, 2022 Go big or go home, there is no time to be risk-averse as venture capital investments are set to play a major role in European deal values throughout 2023. The venture capital (VC) game was primarily played in the US however, since 2013 the European asset class has grown from €60bn (£52.6bn) assets under management [...]
Sam Bankman-Fried extradited to the US December 21, 2022 Sam Bankman-Fried will be extradited to the US to face criminal charges for the demise of cryptocurrency exchange FTX after a judge in the Bahamas approved his transfer. In a hearing on Wednesday morning, Bankman-Fried’s legal team told the court that the former crypto executive agreed to extradition to the US, waiving his right to [...]
Tech wins: UK sector retains No1 spot in Europe December 21, 2022 Despite a rough year on all financial fronts, UK’s tech sector retained the top spot in Europe. The country’s tech sector showed resilience with the fast-growing UK tech companies raising funds at near-record levels (£24b),which was substantially more than France (£11.8 b) and Germany (£9.1 b) combined. UK’s tech sector has raised nearly £100b over [...]
London’s unicorns: City’s tech start-ups are bringing in the big bucks December 21, 2022 London’s tech start-ups have had a turbulent 2022. But while some of the original tech players in the city have struggled with rising costs and depleting revenues, newer unicorns are making moves. Here are the five London start-ups that made their mark this year, and are to be watched out for in 2023. OakNorth Valued [...]
UK’s audit watchdog calls on top accounting firms to boost measures against exam cheating December 21, 2022 The UK’s accounting watchdog has called on Britain’s seven largest auditors to improve the measures they have in place to prevent cheating on exams, following a series of international cheating scandals involving the world’s biggest audit firms. In a letter seen by City A.M., the UK’s Financial Reporting Council (FRC) called on the country’s top [...]
European Commission clears Germany’s Uniper bailout December 21, 2022 The European Commission said on Tuesday it had approved Germany's €34.5bn plan to recapitalise German natural gas trader Uniper.
London calling: Capital regains prize as most searched-for property location December 21, 2022 The allure of the countryside during the pandemic has subsided as searches for homes in London have spiked to their highest levels since going into lockdown. Cornwall and Devon held the most searched-for locations for several months in 2021, now Brits are looking to head back to the capital, research from online property agent Rightmove [...]