DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]
If there is something fishy about online influencers, why do we take the bait? April 3, 2019 Social media influencer, Yovana Mendoza, provided an amusing diversion from Brexit last week. The 20-something vlogger built a very lucrative personal brand around veganism. She amassed over 3m followers on YouTube and Instagram by advocating a raw vegan diet and 25-day water fasts. All seemed to be going well until a competitor observed and filmed [...]
Pound rises on May-Corbyn Brexit talks April 3, 2019 The pound rose to $1.3184 this morning after the announcement last night by Prime Minister Theresa May that she would work with Labour leader Jeremy Corbyn over Brexit. The pound, which rose sharply on the news, had fallen as low as $1.2997 in the past week. Talks between May and Corbyn could start as early [...]
Eurozone services sector grows faster than expected during tough time for bloc April 3, 2019 Growth in the Eurozone’s services sector beat predictions in March, with Germany, Spain and Ireland leading the pack, it was revealed today. The services purchasing managers’ index (PMI) for the single currency bloc rose to 53.3, its highest level since November 2018, and up from a score of 52.8 in February. A number above 50 [...]
Spreadbetter CMC Markets warns full year revenue and profit will be hit by regulatory crackdown April 3, 2019 Spread betting and online trading group CMC Markets said today its full year revenue and profit will be hit by a regulatory crackdown on the sector. CMC said it expects to report contract for difference and spread betting revenue of around £110m for the year to 31 March, 37 per cent lower than the previous [...]
Food prices increased at their fastest rate since 2013 in March April 3, 2019 The weekly supermarket shop hit bank accounts a little harder last month as food prices rose at their sharpest rate in five years in March. Food inflation accelerated last month to 2.5 per cent, up from 1.6 per cent in February. This is the highest inflation rate November 2013. The data out today from the [...]
FCA tells Nicky Morgan London Capital & Finance probe ‘in the public interest’ April 2, 2019 Britain’s financial watchdog has rebuffed claims it was forced to investigate its own regulation of collapsed mini-bond firm London Capital & Finance (LC&F). Chairman of the Financial Conduct Authority (FCA) Charles Randell said this afternoon the regulator chose investigate itself after LC&F’s collapse because of “the broader public interest questions which arise in relation to [...]
Shell turns back on refiners’ association over disagreements on climate policy April 2, 2019 Oil giant Shell will cut ties with a major industry body, citing the group’s refusal to support the Paris Agreement on climate change. The London-listed firm today said it would allow its membership of the American Fuel and Petrochemical Manufacturers (AFPM) to expire in 2020 when it is up for renewal. Read more: Shell switches [...]
Global trade shrinks in final quarter of 2018 as trade wars drag on global economy April 2, 2019 Global trade shrank at the end of 2018 as trade tensions and increased economic uncertainty took their toll, the World Trade Organisation (WTO) revealed today. The WTO also said that these problems will stick around, predicting in its annual forecast that world merchandise trade is likely to grow by 2.6 per cent in 2019, much [...]
IMF director says majority of countries will see growth slow in 2019 April 2, 2019 The head of the International Monetary Fund (IMF) said today that 70 per cent of countries can expect a slowdown in growth in 2019 in the latest gloomy prediction about the global economy. Read more: Escalating trade tensions to harm global growth, IMF warns Speaking in New York, Christine Lagarde suggested that the IMF would [...]