Big Four auditors will be forced to share FTSE business December 10, 2021 Plans to force FTSE 350 companies to use challenger audit firms have been signed off by the business secretary as pressure for reform mounts, according to reports. Kwasi Kwarteng wants to push ahead with a proposal to break up the dominance of the Big Four accounting firms: Deloitte, EY, KPMG and PwC – and is [...]
Norton Rose Fulbright names new global chair as Farmida Bi December 9, 2021 Norton Rose Fulbright has named its next global chair as Farmida Bi CBE, London capital markets and Islamic finance partner. Named in the top five of a “Muslim Women Power List” by The Times among a host of legal accolades, Bi is a legal expert in debt capital markets and Islamic finance as a form [...]
Clifford Chance paid €2m by European Super League before it failed December 9, 2021 City Law firm Clifford Chance LLP were among the recipients of over €4m (£3.4m) paid out by the European Super League in the months before it failed, according to reports. The firm was one of two major international law firms as well as eight media agencies, according to Bloomberg News, which first reported the news. [...]
Prosecutors could be forced to meet victims before making a charging verdict December 9, 2021 Prosecutors could be required to meet victims of crime before deciding whether a suspect should be charged, following government plans for a “Victims ‘ Law”. The proposals, published today, will mean “victims of crime will be better heard, served and protected,” according to the Ministry of Justice. Another proposal could see criminals paying more towards [...]
KPMG reports $32bn global revenue as Big Four record strongest performance since Enron December 9, 2021 KPMG has reported a ten per cent rise in annual global revenues, up to $32.1bn, as advisory services have boomed during the pandemic. The combined results of the Big Four consulting firms – Deloitte, EY, KPMG and PwC – are the strongest since the Enron scandal which resulted in the collapse of Arther Andersen, according [...]
DWF reaps rewards of business streamlining, as it eyes Middle Eastern expansion December 9, 2021 Legal group DWF has enjoyed a financial uplift after streamlining the business last year, as it looks to expand in the Middle East. Revenue inched 3.8 per cent higher to £203.5m in the six months to 31 October, while operating profit swung from an £8.9m loss in the same period last year to £13.6m. Net [...]
Omicron hit to economy: New Covid restrictions may cost businesses £4bn in December December 9, 2021 The UK economy should brace itself for a £4 bn a month hit and see taxpayers foot the bill for more emergency support as new Covid restrictions to clamp down on the spread of the Omicron variant come into force, a think tank has warned. The right-wing Institute of Economic Affairs (IEA) said Plan B [...]
Biggest UK law firms pocket almost £30bn revenue as sector grows December 9, 2021 Revenue of the 100 biggest UK law firms grew by four per cent to £28.8bn in 2021, according to a new report by a professional body for financial and professional services. The news comes as City law firms battle it out in a bidding war for junior lawyers. Last week ‘silver circle’ law firm Herbert [...]
Visa rolls out crypto advisory service for banks and retailers December 8, 2021 Visa has today launched a global crypto advisory service for banks and merchants, as digital currencies gain traction. The world’s largest payment processor will educate financial institutions, which are keen to attract and retain customers, about cryptocurrencies as demand for such services has rocketed. Their new offering is also aimed at merchants exploring non-fungible tokens, [...]
Exclusive: Deal-making to surge due to ‘perfect storm of returning optimism, loosening restrictions and undervalued firms’ December 7, 2021 The market for mergers, acquisitions and other deals has, in the past two years, weathered periods of quiet during lockdowns and periods of boom as the economy reopened and optimism returned. This high demand looks set to continue well into 2022 with a new survey indicating that 90 per cent of dealmakers expect stronger activity [...]