KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
GoldenTree Asset Management paid Boris Johnson more than £94,000 for a two-hour speech November 22, 2018 Former foreign secretary Boris Johnson received more than £94,000 from a New-York based hedge fund to give a two-hour speech earlier this month. Johnson, who resigned during the summer over Theresa May's so-called Chequers deal, was paid £94,507.85 by GoldenTree Asset Management to speak at its offices on Park Avenue. He was also provided with travel [...]
Theresa May’s Brexit trading plan fails to win over key Tories November 22, 2018 Theresa May's hopes of winning over rebel Tories were dashed on Thursday as a string of MPs spoke out against the latest part of her Brexit plan. A 26-page declaration on the UK and EU’s future trading arrangement was released following late Wednesday night talks between negotiators in Brussels, committing both sides to an “ambitious, [...]
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 [...]