The real business rates scandal is that the government is abolishing accuracy March 3, 2017 How much income tax should you pay? The question is not about the tax rate but the accuracy of the amount. Should HMRC take from you a sum which, plus or minus a margin of error, reflects your earnings, investments and reliefs? Or should your contribution be an accurate assessment? Why settle for anything less [...]
Judge mulling whether RBS Global Restructuring Group case should get the go ahead March 2, 2017 A judge is now considering whether a closely-watched case focusing on the Royal Bank of Scotland's Global Restructuring Group (GRG) should go ahead, after a hearing debating its merits drew to a close. Neil Mitchell is seeking legal action against the bank, as well as KPMG and Cerberus, over the way Torex Retail, the software company he [...]
KPMG names new UK chairman, who reveals his people priority March 2, 2017 KPMG's new UK boss today revealed his main priority when he formally takes over later this year: to attract the best and the brightest people in order to drive the firm forward. The Big Four firm unveiled Bill Michael, previously the head of its banking audit division, as the person to succeed outgoing chairman Simon Collins. [...]
TfL tells court: Our English tests for Uber drivers might be excessive, but it’s the best we have March 2, 2017 Lawyers for Transport for London (TfL) today told a court it is aware the testing it is proposing for private hire drivers, like Uber drivers, might be considered excessive, but it doesn't have a suitable alternative. Uber is challenging the legal basis for rules proposed by TfL which would require private hire drivers to take a [...]
Capita chief executive falls on his sword as profits drop by a third March 2, 2017 Shares in troubled outsourcing giant Capita fell today after its chief executive, Andy Parker, stepped down – and profits fell by a third. Shares were down 7.9 per cent at 520.1p in late morning trading after the company, which administers the London congestion charge and TV licencing among many other things, said today Parker will step down later this year, [...]
PwC auditors involved in the Best Picture mix up unlikely to work at the Oscars again March 2, 2017 The auditors behind the Oscars Best Picture mix-up will likely never tread the red carpet again, the president of the Academy of Motion Picture Arts and Sciences has said. PWC’s Brian Cullinan and Martha Ruiz will not reprise their starring roles administering the vote, Cheryl Boone Isaacs told the Associated Press. PWC could still lose [...]
Ex-Lloyds Libor traders hauled in by fraud squad as part of its ongoing probe into manipulation of the benchmark rate March 1, 2017 A number of former Lloyds Banking Group traders have been quizzed by the fraud squad as part of its ongoing investigation into Libor manipulation. The Serious Fraud Office (SFO) has been probing the rigging of the benchmark rate since 2012. Now, Bloomberg has reported the prosecutor has called in a number of ex-Lloyds traders in [...]
Immigrants add £83bn of economic value to London March 1, 2017 Migrant workers in London with full time jobs each contribute an additional £46,000 net in gross value added (GVA) per year to the economy, research by PwC and London First reveals. A combined total of £83bn for all of London’s 1.8m migrant workers is added, making up approximately 22 per cent of the capital’s GVA. [...]
Man Group reports losses and lower performance fees March 1, 2017 Hedge fund Man Group disappointed investors with pre-tax losses of $272m for 2016 this morning, largely driven by accounting write downs at the company’s discretionary investments arm, GLG, and at FRM, Man’s fund of funds business. Performance fee revenues were down to $81m, compared to $302m in 2015, with declines across all divisions. The FTSE [...]
Fraud squad lawyer tells court two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable February 28, 2017 A lawyer acting for the fraud squad told a court today that two ex-Barclays traders accused of Libor rigging treated honesty as if it were expendable. The Serious Fraud Office (SFO), which is prosecuting the case, has claimed Stylianos Contogoulas, 45, and Ryan Reich, 35, played roles in a conspiracy to fix the benchmark rate between 1 June [...]