Big Four cut ties to China’s debt-ridden property giants as developers delay results March 30, 2022 The Big Four auditors have begun cutting their links to China’s heavily indebted property developers, amid mounting concerns over the sector’s debt crisis. Accountancy giants Deloitte and PwC have both pulled out of auditing at a slew of Chinese property developers over the past three months. The exits come as PwC is reportedly set to [...]
Randox delays release of audited results amid concerns over Covid procurement process March 30, 2022 Covid test maker Randox has delayed release of its audited results amid mounting scrutiny over the government’s decision to award it contracts worth almost £777m. The delay to publication comes after the UK’s public spending watchdog said the government failed to document the procurement process that led to Randox being awarded 22 government contracts for [...]
Former DeepMind employee claims AI firm mishandled sexual misconduct allegations March 30, 2022 A former employee at British artificial intelligence (AI) developer DeepMind has accused the firm of mishandling multiple sexual misconduct allegations. The former DeepMind employee – referred to only as Julia – claimed a senior researcher at the Alphabet owned firm sexually assaulted her twice after subjecting her to a campaign of sexual harassment. In a [...]
Failed Bain Capital takeover bid cost LV= £33m March 29, 2022 LV=’s failed bid to sell itself to US private equity firm Bain Capital cost the mutual insurer more than £33m, the firm revealed today. Full year figures from the Westbourne headquartered insurer show LV= paid out £21m in costs in 2021 in addition to the £12m it paid out in 2020 and a small amount [...]
Law firms drive demand for London’s ‘super-prime’ office space March 29, 2022 Law firms are driving demand for “super-prime” office space in Central London, amid fierce competition to recruit and retain legal talent. Law firms took up more than a quarter (27 per cent) of all office space in the City of London last year, according to figures from Knight Frank. Intense competition between law firms to [...]
Coca Cola scraps policy requiring law firms to have 30 per cent ‘diverse’ staff March 29, 2022 The Coca Cola Company has scrapped a policy requiring any outside law firms it works with to have 30 per cent “diverse” staff. Coca Cola’s decision to scrap its diversity policy comes after the firm faced pressure from a group of shareholders threatening legal action against the drinks maker over its ethnic diversity policy, according [...]
London’s Actis tables $500m for Asia expansion as it branches out into Japan March 29, 2022 British investment firm Actis has branched out into Japan with a new office, as it expects to spend $500m (£382) over the next five years on its push into Asia. The London-headquartered private equity firm has unveiled a new Tokyo base, to double down on risk-return opportunities in the region. Actis, founded in 2004, also [...]
Law firm price comparison sites could push smaller businesses out, Law Society says March 29, 2022 Law Society vice president Lubna Shuja has said regulators’ plans to push law firms onto price comparison sites could lead to big firms monopolising the market and pushing smaller firms aside. The solicitor warned that efforts to force law firms to appear on digital price comparison tools could result in law firms carrying higher costs, [...]
Clyde & Co agrees merger with BLM following partner vote March 29, 2022 City of London law firm Clyde & Co has agreed to merge with insurance specialist law firm BLM. The merger will see the two firms join forces to form a major global law firm with more than £700m in revenues and 5,300 employees – including 2,600 lawyers. The coming together of the two firms is [...]
Imran Ahmad Khan goes on trial in London for groping young boy March 29, 2022 A Tory MP is due to go on trial accused of groping a 15-year-old boy. Imran Ahmad Khan, 48, represents Wakefield in West Yorkshire. He denies a single charge of sexual assault against the then teenager in Staffordshire in January 2008. The politician, who has been suspended by the Conservative Party, will stand trial at [...]