Volkswagen agrees to shell out $14.7bn to settle emissions-cheating scandal June 28, 2016 Volkswagen has today agreed to pay out around $14.7bn (£11bn) to settle claims relating to the emissions-cheating scandal. Last year, the car manufacturer admitted to fitting vehicles with devices designed to cheat emissions tests, prompting investigations and legal actions in a number of different countries. Slightly over $10bn of Volkswagen's settlement relates to compensating vehicle owners, while [...]
Don’t rock the legal sector post-Brexit vote, pleads Law Society chief executive June 28, 2016 The Law Society's chief executive has today urged policymakers not to pick away at regulation surrounding the legal sector so close to the EU referendum result. Speaking ahead of a justice committee hearing on legal services regulation, Catherine Dixon warned that key legal changes that could be sparked by Brexit would take years to put [...]
Legal & General share price leaps as it appoints new chairman and tells investors: “We’re fine with Brexit” June 28, 2016 Pensions giant Legal & General moved this morning to reassure its shareholders that Brexit is going to be a breeze – as it appointed former government asset management boss Sir John Kingman as its new chairman. In a statement this morning L&G, whose shares fell 13 per cent between the market close on Thursday and [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]
Accounting watchdog announces investigation into PwC over BHS audit June 27, 2016 The watchdog for the accountancy industry has today announced it will launch an investigation into PwC over BHS. The Financial Reporting Council (FRC) said it will take a closer look at the professional services firm's audit of the retailer for the year ended 30 August 2014. A PwC spokesperson said: "We will co-operate fully with the FRC in its [...]
Pour another cup of coffee and make sure it’s strong: Lawyers brace themselves for a flood of client questions post-Brexit vote June 26, 2016 Lawyers are unlikely to be short of work for the foreseeable future, as clients raise concerns about what the result of last Thursday's vote means for them. The number of people registered for a call set up by magic circle outfit Allen & Overy to address questions surrounding the referendum result shot up from 500 to 1,700 [...]
Libor Three jury reaches verdict for one ex-Barclays banker, as judge says decision on other four defendants does not need to be unanimous June 23, 2016 The jury in a trial of five ex-Barclays bankers accused of Libor-rigging offences has arrived at a verdict for one of the men today. Judge Anthony Leonard also instructed the jury this afternoon that they could reach a majority verdict on the other four defendants. It has been reported that the jury was sent home [...]
Demand for Accenture’s consulting services has pushed up the firm’s revenue, sending the share price higher in the pre-market June 23, 2016 An up-swing in Accenture's consulting business has helped the company beat analyst expectations in its third quarter. The Dublin-based company reported a better-than-expected 8.6 per cent rise in quarterly revenue to $8.43bn (£6.44bn) from $7.77bn in the same period last year. Net income rose to $897.2m, or $1.41 per share, for the three months to the end of May, [...]
Here’s what Brexit might do to your tax bill June 23, 2016 If the UK votes to leave the EU today, tax experts are advising that it could result in a shakeup to certain parts of the tax regime – although exactly how is not quite certain. Will a Brexit vote result in a complete overhaul of tax as we know it? While some taxation rules might be ripe for a [...]
The seven key qualities of accountants of the future June 23, 2016 From the global fall in oil prices back in March to the months of uncertainty created by today’s EU referendum, so far 2016 has been an unpredictable year for businesses in the UK. Of course, challenges such as these are nothing new. In the modern, global economy, volatility is the new normal. The question now [...]