High-profile failures have eroded trust in audit sector, says watchdog October 8, 2018 The UK’s audit watchdog has announced a new strategic plan to address “falling trust in business and the effectiveness of audit”, after a series of scandals in the sector. The Financial Reporting Council (FRC) released its ‘Developments in Audit’ report today, raising concerns over public trust in the profession, and constricted competition at the top [...]
Missing Interpol head Meng Hongwei resigns as China investigates possible law breaches October 7, 2018 China has confirmed it is holding the missing head of Interpol, Meng Hongwei, while its anti-corruption body investigates him for unspecified breaches of the law. The BBC reported last night that China's National Supervision Commission, which investigates cases of corruption involving public servants, confirmed on its website that it had detained Meng. Meng was reported [...]
Amazon eyes British retail space for grocery stores October 7, 2018 Online retail giant Amazon is eyeing up the acquisition of several sites in Britain to develop its checkout-free grocery business. The Sunday Times yesterday quoted sources as saying Amazon wanted stores of between 4,000 sq ft and 5,000 sq ft to house Amazon Go, an arm of the business that uses technology to track the [...]
Bank of England chief economist Andy Haldane to head industrial strategy council October 7, 2018 The government has appointed Bank of England chief economist Andy Haldane to chair a new industrial strategy council in a bid to boost Britain’s low productivity. The council, which will meet three or four times per year, will publish a regular report on the government’s progress on implementing its industrial strategy. The body will also [...]
Crossrail faces handover to government if costs continue to rise October 7, 2018 The government could take over the reins of Crossrail from its fellow joint sponsor Transport for London (TfL) if a lid is not kept on the costs of the £15.4bn project. The Sunday Times first reported that in Crossrail's sponsor agreement, signed in 2008, there is a clause that entitles the Department for Transport (DfT) [...]
Theresa May urges Labour voters to ‘look beyond’ party labels and back her plan for post-Brexit Britain October 7, 2018 Theresa May has launched a bid to woo disgruntled Labour voters, asking them to "look at her party afresh" and "beyond party labels". Writing in the Observer yesterday, May said she wanted the Conservatives to be a party "for the whole country" and that the Tories were capable of going beyond criticising the opposition. "To [...]
Ex-HSBC chair tipped to lead Standard Life Aberdeen October 7, 2018 The ex-chair of HSBC is in the running to become board leader at the £610bn fund manager Standard Life Aberdeen, the Sunday Times reported. Sir Douglas Flint, who left HSBC in September last year after 22 years at the firm, is among two or three candidates under consideration to replace Sir Gerry Grimstone. Read more: Phoenix [...]
Property bosses clamp down on the white van man in bid to protect London business October 7, 2018 London’s landlords are declaring war on vehicle deliveries, amid fears that overcrowded and polluted streets are jeopardising business. Property heavyweights fear that worsening congestion is driving commuters, shoppers and tourists away from major destinations in the capital, as the rise of online purchasing leads to ever more delivery vans, motorbikes and lorries. Moves to pedestrianise [...]
Fraudster-linked action group that took on RBS accused of overcharging investors October 7, 2018 Investors who signed up to an action group in a bid to sue RBS over its 2008 rights issue have been told they were collectively charged £8m through subscription payments, many of which should not have been made. The RBoS Shareholders Action Group company (AGC) brought together RBS shareholders who claimed the bank hid the true state of [...]
Lloyds to put £13bn wealth unit into joint venture with Schroders October 7, 2018 Lloyds, Britain’s biggest high street lender, plans to merge its £13bn wealth-management wing into a a new joint venture with investment giant Schroders, according to a report. Details of the arrangement – which would transform the UK’s wealth-management sector by bringing Schroders’ services closer to a more wider group than its current, affluent cliente – [...]