Outgoing Grant Thornton boss defends firm’s audit quality as Patisserie Valerie probe is launched November 22, 2018 The outgoing head of accountancy firm Grant Thornton has admitted she had made mistakes in her leadership, but stood by the quality of the firm’s auditing, amid fresh questions over Patisserie Valerie. Sacha Romanovitch, who will step down at the start of next month after 28 years at the firm, took the dramatic decision last [...]
University pension scheme to carry out financial review after record walk-outs this year November 22, 2018 The Universities Superannuation Scheme (USS) pension plan has announced it will yet again review its funds after thousands of members protested having been told their benefits were too expensive. Last time the USS carried out a review, less than a year ago, it found a £7.5bn gap in its finances sparking the longest strike among [...]
Shareholders yearn for retail chiefs like Swann November 22, 2018 It has been an annus horribilis for the high street. Closures, job cuts and profit warnings in the last 12 months have all thrown scrutiny on the industry – and its bosses – like never before. Which is why yesterday’s announced departure of SSP chief executive Kate Swann is all the more significant. Swann is [...]
Defence firm BAE Systems plugs £20m into augmented reality and artificial intelligence on warships November 22, 2018 Defence contractor BAE Systems has today announced a £20m investment to innovate combat systems on its warships, using augmented reality and artificial intelligence to bring its fleet up to date with the latest tech. The firm unveiled several new solutions it has been working on as part of the investment, including augmented reality glasses that would [...]
Black Friday shoppers prepare to spend £2.4bn – here’s what they’re buying November 22, 2018 UK shoppers are set to spend a record £2.44bn on Black Friday tomorrow, with £2.95m being spent every minute as people prepare to do their Christmas shopping early. High streets will attract the majority of the spend despite a tough year of declining sales, as retailers expect to net £1.41bn from brick-and-mortar stores. Digital isn’t [...]
Fresnillo share price drops as Morgan Stanley warns of new Mexican laws November 22, 2018 Shares in mining giant Fresnillo fell today as the company was hit by a downgrade from Morgan Stanley. Fresnillo, which owns and operates gold and silver mines in Mexico, might be impacted by a string of newly proposed laws, Morgan Stanley said in a note to investors. The note sent shares in the FTSE 100 [...]
BP prepares to pump millions into South Africa amid new regulations on cleaner diesel November 22, 2018 BP will pour $1bn (£776m) into South Africa over the next five years as it tries to meet new rules on cleaner diesel, the company said earlier today. The money will include around $250m to refit the country’s largest refinery, Sapref, in Durban on the country's eastern coast. The oil business will pump between 3.5bn and [...]
Second major shareholder plans to vote down the Restaurant Group’s Wagamama deal November 22, 2018 A second major investor will oppose the Restaurant Group’s (TRG) £600m acquisition of Wagamama on the grounds of price. The investor – which declined to be named – told City A.M. that the multi-million pound price tag is too expensive. It comes after top 10 shareholder Columbia Threadneedle, which owns 7.7 per cent of TRG, [...]
Norges moves up on rival Sammy Tak Lee after upping its stake in Shaftesbury Group November 22, 2018 Norges Bank Investment Management (NBIM) has upped its holding in West End landlord Shaftesbury for the second time in a fortnight, escalating a power tussle between the sovereign wealth fund and rival shareholder Sammy Tak Lee. The Norwegian fund increased its holding in the FTSE 250 group from 22 per cent to 23.15 per cent [...]
Jaguar Land Rover and Addison Lee receive £25m to trial their self-driving cars in Greenwich November 22, 2018 Jaguar Land Rover and Addison Lee are among the winners of a government-backed £25m funding pot to develop driverless cars in London by 2021, it was revealed today. A consortium of tech, vehicle and transport firms have secured a grant from the government's Connected and Autonomous Vehicles programme to introduce 15 self-driving vehicles as part of [...]