Watch out for the unintended ripples of the Supreme Court verdict September 25, 2019 There are times in the life of a nation when a single decision made by an authority can have ramifications well beyond the narrowness of the issue at hand. When the US Supreme Court decided in Roe versus Wade in 1973 that a pregnant woman should have the freedom to choose to have an abortion [...]
Muddy Waters says Burford ‘continues to evade key questions’ about its accounting policies September 24, 2019 Shortseller Muddy Waters today slammed Burford Capital’s defence of its accounting policies and said the litigation funder “continues to evade key questions”. Muddy Waters launched a bear attack on Burford last month, questioning its use of fair value accounting and sending its share price down 40 per cent. Burford funds legal cases in return for [...]
Spending advice for the chancellor September 19, 2019 With the ongoing constitutional soap opera unfolding in Westminster, it’s hardly surprising that the Spending Round announcement from Sajid Javid didn’t make many headlines earlier this month. With parliament suspended until mid-October, there is some breathing space and time to reflect on the critical role that the Treasury will play in creating an environment where [...]
Major US law firm launches first office in ‘exciting and remarkable’ London September 18, 2019 US law firm Alston & Bird launched an office in London today in a bid to build a transatlantic finance and payments powerhouse. Finance partner Andrew Petersen said Alston & Bird’s management: “Firmly believe that London, with everything going on, is the place to be and I think that’s incredibly exciting for London.” The Atlanta-headquartered [...]
Sports Direct notifies business department as it continues auditor hunt September 18, 2019 Sports Direct has notified the Business, Energy and Industrial Strategy (BEIS) department that it is tendering for a new auditor after Grant Thornton declined to be reappointed at its annual meeting last week. Sports Direct does not have an auditor following Grant Thornton’s withdrawal from the role. Read more: Mike Ashley survives shareholder vote at [...]
For the tax avoidance of doubt: In light of the review into the controversial loan charge, what are the options? September 18, 2019 With reports of people losing their homes, going bankrupt, and even committing suicide, it’s clear that the government’s so-called “loan charge” is hugely problematic. Tens of thousands of freelancers and contractors are being chased for retrospective tax, with some expected to pay debts that date as far back as 1999. Why? Because they signed up [...]
US law firms struggling to displace UK elite in FTSE boardrooms September 18, 2019 Despite the march of US law firms on the City legal market, new data published today shows their UK rivals still dominate the boardrooms of British bluechips. US law firms have invested heavily in London in the last decade, taking prized partners from the domestic elite. Firms such as Kirkland & Ellis and Weil Gotshal [...]
Real lives will be ruined by the delay to the laws dropped with the prorogation of parliament September 17, 2019 The prorogation of parliament has been variously cast as an attempted coup or a smart move in delivering the referendum mandate. Either way, many among both the fans and the critics have overlooked the impact that the end of a parliamentary term can have on real people. For when parliament is prorogued, dissolved or dismissed, [...]
Shares in law firm Rosenblatt rise at it buys M&A boutique September 16, 2019 Shares in listed London law firm Rosenblatt rose today after it announced the acquisition of Manchester corporate finance boutique Convex Capital. Convex is a sell-side M&A corporate finance boutique which focuses on helping smaller companies in sales to large corporates. Read more: Rosenblatt launches litigation fund post-stock market float Rosenblatt said the deal was in [...]
PwC partner profits jump to £765,000 despite criticism for poor quality of audit work September 16, 2019 Partner profits at PwC UK increased 7.4 per cent to £765,000 this year, despite the firm receiving a dressing down from the regulator for the decline in the quality of its audit work. Profit for the year to 30 June increased to £1.016bn, up from £935m the previous year. Revenue leapt 12 per cent to [...]