DB battle with billionaire Alexander Vik over $320m bill heats up September 6, 2018 Norwegian billionaire Alexander Vik has been ordered to answer accusations from Deutsche Bank in court that he lied about trying to evade a $320m debt or face prison for contempt of court. Vik, who comes from a family of fur merchants, has been locked in a bitter dispute with Deutsche Bank since he lost an $8bn case against [...]
City watchdog chair Charles Randell says Big Four needs to improve audit quality ‘as a matter of urgency’ September 6, 2018 City watchdog chairman Charles Randell launched a withering attack on the Big Four accountancy firms today, calling for the profession to address audit quality "as a matter of urgency". In a speech marking 10 years since the start of the financial crisis, Randell said it was “very disappointing” to see that the Financial Reporting Council’s audit [...]
Miner ENRC victorious over Serious Fraud Office in ‘historic’ Court of Appeal battle on legal privilege September 5, 2018 Lawyers hailed ENRC’s Court of Appeal win over the Serious Fraud Office (SFO) in a legal privilege case today as “fundamental to our legal system”. In today’s judgment the Court of Appeal overturned a High Court decision from May that compelled miner ENRC to hand over the results of an internal investigation into corruption, carried out by [...]
Brexit takes a toll on UK business confidence, despite services sector uplift September 5, 2018 The UK services sector experienced stronger rises in business activity and incoming new work in August, but faced falling business optimism due to uncertainty about the UK's political future. The IHS Markit purchasing managers' index (PMI) for the services sector reached 54.3 in August, up from 53.5 in July and at its second-highest level since [...]
Swiss law firm launches London office in bet on post-Brexit disputes spike September 4, 2018 Swiss dispute resolution law firm Lalive said today it is launching its first office in the City as it makes a bet on London becoming a more attractive arbitration centre post-Brexit. Marc Veit, a partner who is moving from the firm’s Zurich office to its new London base, said the City could be poised for [...]
Half a million UK SMEs fall victim to impersonation fraud September 4, 2018 Up to half a million small and mid-sized businesses (SMEs) are thought to have been preyed on by fraudsters posing as company bosses, data by Lloyds Bank has found. Impersonation fraud is when a fraudster is able to gather information on suppliers and business contacts to pose as a company chief to extract money. According to [...]
There’s nothing artificial about AI’s influence on the financial world August 31, 2018 Research by PwC estimates that global GDP will be 14 per cent higher in 2030 as a result of artificial intelligence (AI). That’s the equivalent of an additional $15.7 trillion, or more than the current output of China and India combined. If this is the case, how exactly will the City’s financial services sector change [...]
New PwC recruits to set their own hours under flexible working scheme August 30, 2018 Accounting giant PwC has scrapped the traditional nine-to-five week in favour of flexible hours for certain roles. Applicants to the Flexible Talent Network will be able to choose a working pattern that suits them in a bid to attract more diverse talent that may have previously dismissed the firm. Employees will be appointed to projects based on their skills and [...]
Hays delivers investors a summer surprise after dividend hike August 30, 2018 UK recruitment giant Hays put a smile on investors’ faces at the opening bell this morning, after hiking its full-year dividend by 18 per cent. Annual profits leapt to £243m in the first half of 2018, rising 15 per cent from the same period in the previous year. The FTSE 250 firm revealed a special dividend [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]