ECB turns to emergency bonds and ultra-cheap loans to control financial costs November 12, 2020 The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the primary instruments to control financing costs, European Central Bank president Christine Lagarde told the ECB’s annual forum on central banking this evening. The EU heavyweight said financing costs for governments, households and businesses in the eurozone will stay “exceptionally favourable” until [...]
Exclusive: Government’s widely-mocked careers quiz cost UK taxpayer £1.7m November 12, 2020 The government’s much-mocked jobs quiz that suggested people retrain as boxers, cinema projectionists and lock keepers cost the UK taxpayer almost £1.7m, City A.M. can reveal. The Discover Your Skills and Careers tool launched last year, but saw renewed interest last month after chancellor Rishi Sunak warned that Britain’s jobs market needed to “adapt and [...]
Deloitte defends £38.8m test and trace reward November 12, 2020 Management consultancy Deloitte has defended earning £38.8m for services relating to the government’s coronavirus ‘test and trace’ system. The audit and consultancy giant has earned some £38.8m for services relating to the government’s test and trace programme, according to Open Democracy. The government’s test and trace programme is largely considered a failure. A Deloitte [...]
Virtual law firm FisherBroyles: 2020 has been ‘the best year on record’ November 12, 2020 International virtual law firm FisherBroyles has been unwittingly preparing for the coronavirus pandemic for nearly 20 years. Founded in 2002 following the burst of the dot-com bubble, FisherBroyles is a full-service international law firm that operates – and indeed has always operated – virtually. Where the Covid-19 pandemic left many business leaders scratching their heads [...]
Some 19,000 jobs for 16-24s created under government Kickstart Scheme November 12, 2020 More than 19,000 placements for unemployed young people have been created under the government’s £2 billion Kickstart Scheme so far. The Kickstart Scheme began last week and, according to HMRC, is expected to produce “tens of thousands” more placements in the coming months. The scheme provides funding to create new job placements for 16 to [...]
Snakes and Ladders: Who is moving jobs in the City this week? November 11, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis. Read more: Snakes [...]
Sam Torrance: Masters buzz around Bryson DeChambeau reminds me of Tiger Woods November 11, 2020 Anticipation for the Masters this year feels as high as when Tiger Woods won his first in 1997. I can remember it vividly. Tiger was the best and he was hitting the ball miles past everyone. He won by 12 strokes. This time, it’s equally exciting to see how Bryson DeChambeau plays. I can’t wait. [...]
Deloitte warns of heightened going concern risks as pandemic rumbles on November 10, 2020 Big four audit giant Deloitte has warned there is likely to be more reporting of uncertainties relating to going concern as unpredictability surrounding the pandemic continues. Deloitte audit partner Ann Aspinall told City A.M. that as uncertainties around the pandemic continue and as the economic environment becomes more challenging, “there is likely to be an [...]
FRC: Auditors must challenge management view of firm implications of climate change November 10, 2020 Audit watchdog the Financial Reporting Council (FRC) has said auditors should test and challenge board and management’s assessment of the implications of climate change outlined in financial statements. Following a major review of how companies and auditors report on the impact of climate change, the FRC determined that boards and companies, auditors, professional associations, regulators [...]
Auto industry pleas for zero-tariff deal as Brexit prep bill passes £735 million November 10, 2020 The UK auto industry has issued a last-chance plea for a zero-tariff, zero-quota trade deal, as the UK-EU free trade talks enter the final stretch. The plea comes as a survey from the Society of Motor Manufacturers and Traders (SMMT) has revealed the cost to the sector for preparing for Brexit has surpassed £735 million [...]