17,000 construction firms risk collapsing any minute as high inflation is ‘destroying entire sector’ October 4, 2022 The number of UK construction companies at significant risk of closure has jumped 54 per cent to 16,755 this quarter, up from 10,686, according to fresh data shared with City A.M. this morning. Construction companies are struggling to cope with spiralling construction costs, inflation and rising interest rates on their debt. In the last quarter [...]
Kwarteng’s ‘mini budget’ sends mortgage bills soaring £1,500 October 4, 2022 The government’s mini budget has sent the average mortgage borrower’s bill soaring by £1,500 a year, new figures have shown, in a hike that has been dubbed a ‘Kwarteng premium’ by some brokers.
Anglo American and EDF join forces on South African renewables venture October 4, 2022 Mining giant Anglo American said it would join forces with French energy giant EDF today to develop a new “renewable energy ecosystem” in South Africa.
Pension giant L&G says liquidity strong despite ‘mini-budget’ fallout October 4, 2022 Pensions giant L&G moved to reassure markets of its cash position today after it was caught up in the economic fallout of the government’s mini-budget last week.
City Moves: Who’s switching jobs in the Square Mile? October 4, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. GPP Financial services provider GPP, part of Titan Wealth, has poached its new chief executive officer from American investment banking giant BNY Mellon’s Pershing business. Geoff Towers will be responsible for leading GPP as a core part of the [...]
Richard Branson pumps £30m windfall into Virgin Brands October 4, 2022 Richard Branson has invested some £30m worth of royalties back into his Virgin brand. The British billionaire pumped £25m into the Virgin group last year, down from £85m in 2018. The cash is intended to help support the businesses hit hardest by successive Covid-19 lockdowns worldwide, namely Virgin Atlantic. Virgin Galactic, Branson’s lagging space venture, [...]
KPMG fined in Dubai over audits of collapsed private equity group Abraaj October 3, 2022 KPMG has been fined $1.5m (£1.3m) by Dubai’s financial services regulator after the agency found that the firm “failed to follow applicable international auditing standards” when performing audits of Abraaj Capital Limited for a number of years up to October 2017. Former partner Milind Navalkar was also fined $500,000 by the agency, known as the the Dubai Financial Services Authority or DFSA. [...]
West Burton to host prototype fusion plant October 3, 2022 The Government has named a Nottinghamshire power station as the home for the UK's prototype fusion energy plant.
Deloitte to let UK staff cash in on pensions with new flexibility policy October 3, 2022 Deloitte is set to let its UK staff take their pensions contributions as cash payments on top of their salaries as part of a new “flexible pensions” policy announced by the firm today. The accounting firm today told 22,000 of its UK staff it will let them receive cash payments on top of their pay [...]
UK blocks Russia from buying professional services following annexation of Ukrainian regions October 3, 2022 The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal [...]