KPMG to cut back audit clients in bid to boost standards May 29, 2022 Big four firm KPMG will scale back its audit operation to focus on improving standards after being hit by a string of fines over audit failings in recent years.
EasyJet and Tui cancel flights ahead of school holidays and Jubilee Weekend May 28, 2022 Airlines EasyJet and Tui have said they plan to cancel hundreds of flights in the coming weeks, in disruption that threatens to cause chaos over Britain’s Jubilee Weekend. Budget airline EasyJet today said is set to cancel more than 200 flights over the next 10 days, just days after IT issues forced the firm to [...]
Venture capitalist Julie Meyer fails to overturn six-month suspended sentence May 28, 2022 Venture capitalist Julie Meyer has failed in her bid to overturn the six-month suspended sentence handed down to her in February, following her long-standing refusal to pay almost £200,000 in legal fees to London law firm Farrer & Co. At a hearing on Thursday, a Court of Appeals judge rejected the businesswoman’s appeal, as he [...]
US financial watchdog raises questions around Musk’s Twitter stake acquisition May 28, 2022 The US Securities and Exchanges Commission (SEC) has cast doubts over the legality of Elon Musk’s failure to properly disclose his acquisition of a 9.2 per cent stake in Twitter for $2.6bn, before launching his bid to takeover the social media firm. In an April 4 letter to the richest person in the world – [...]
Iran seizes Greek oil tankers in escalation of Tehran’s spat with Western powers May 28, 2022 Iran’s Revolutionary Guards have seized two Greek oil tankers, after the Iranian government said it would take “punitive action” against Greece over its seizure of an Iranian oil cargo last month. Iran’s Islamic Revolutionary Guard Corp (IRGC) said it had seized two Greek tankers sailing in international waters off the coast of Iran. The seizures [...]
Trading app Robinhood settles class action lawsuit over 2020 outages May 28, 2022 Stock market trading app Robinhood has agreed to settle a proposed class action lawsuit, over claims outages on its app cased investors to lose money during a period of pandemic-related stock market volatility. The lawsuit comes after retail investors flocked to the app in the midst of the pandemic, in their efforts to battle hedge [...]
EY faces $2.7bn lawsuit over NMC Health audit May 28, 2022 The administrators of collapsed healthcare group NMC Health’s bankruptcy proceedings have filed a $2.7bn (£2.1bn) lawsuit against Big Four accountancy firm EY, over claims the auditor failed to spot a multi-billion-dollar fraud at the former-FTSE 100 firm. The High Court lawsuit claims EY failed to spot NMC Health’s accounts had been fraudulently misstated, that the [...]
Big Four accountancy firm EY considers floating advisory business on the stock exchange May 28, 2022 EY is considering listing its global advisory business on the stock market, as part of ambitious plans to separate out its audit operations to create two separate firms. The plan could see EY float its tax, consulting, and deals advice business on the stock exchange, as the firm considers breaking itself up to escape the [...]
Londoner jailed for 33 years after butchering his Stockwell landlords during lockdown May 27, 2022 A Londoner who stabbed his landlords to death after becoming paranoid about Covid during the first national lockdown has been jailed for at least 33 years. Daniel Briceno Garcia, 46, killed Sonia Butron Calvi, 66, and Edgar Aguilera Daza, 60, at the home they shared with five others in Stockwell, south London, on April 1 [...]
EY working to spin off its audit business in biggest shakeup of any Big Four firm in two decades May 27, 2022 EY is working on splitting its business in two, to separate out its audit and advisory operations. The accountancy firm is planning the biggest shakeup to the Big Four in two decades, by spinning off its audit business into a separate firm, according to the Financial Times. EY’s plans come as part of ambitious efforts [...]