Goldman Sachs taps Mazars for European audit in blow for Big Four May 20, 2019 Goldman Sachs has appointed Mazars to audit its London-based European operations, making it the first large bank in the UK to shun the Big Four. Read more: Big Four could force judicial review into proposed audit reforms The US investment bank has selected the Paris-headquartered auditor, which is the eighth-largest in the UK by fee [...]
Tencent backs top AI startup in $24m injection May 20, 2019 A host of major businesses and venture capital firms have joined in a $24m (£18.9m) funding round for a Prowler.io, valuing the Cambridge artificial intelligence (AI) startup at $100m. Chinese media giant Tencent led the round, with publishing house Pearson and Monzo-backer Passion Capital also joining. Other investors included Amadeus Capital Partners, Atlantic Bridge, Cambridge [...]
What will happen to the Eurozone when Mario Draghi steps down? May 20, 2019 Back in 2012, Mario Draghi committed to do “whatever it takes” to put the euro back on track. This influential statement brought the euro crisis to an end, and proved so powerful that precautions to safeguard the Eurozone, such as the Outright Monetary Transactions facility, did not need to be used. With Draghi’s term as [...]
City giant Martin Gilbert reveals which Tory leadership contender he thinks is ‘amazing’ May 20, 2019 City titan Martin Gilbert has talked up environment secretary Michael Gove as the next Conservative leader, dubbing him “amazing”. Gilbert, who co-founded Aberdeen Asset Management in 1983, was full of praise for the Brexit campaigner in an interview with City A.M. on the fringes of the City Week 2019 conference. “I think he’s amazing, I [...]
Campaigner and investor Helena Morrissey casts vote for Brexit party in upcoming Euro-election May 20, 2019 Investor and campaigner Dame Helena Morrissey has revealed she cast a postal vote for the Brexit party in the upcoming European elections, saying the Conservatives have not delivered on the result of the 2016 referendum. Read more: City 'must change everything' to improve diversity, says Helena Morrissey “I believe we should leave the EU and [...]
Xiaomi posts sharp rise in revenue as it defies smartphone slowdown May 20, 2019 Chinese tech giant Xiaomi has bucked the downward trend in the smartphone market, posting a sharp rise in revenue for the first quarter. Read more: China's Xiaomi reveals 5G smartphone with sliding camera Revenue rose 27 per cent to ¥43.8bn (£5bn) in the three months to the end of March, while profit before tax rose [...]
Ford announces 7,000 job cuts as US car maker moves up a gear in restructuring plan May 20, 2019 Ford is to cut around one-tenth of its global salaried workforce by the end of August as part of a major global restructuring plan. Read more: Ford gears up to announce up to 550 white collar job losses in UK The move to shed 7,000 workers this summer is expected to save the firm $600m [...]
‘I don’t need banks’: Trump hits back at reports of Deutsche Bank’s red flags May 20, 2019 US President Donald Trump has hit back at reports Deutsche Bank employees flagged suspicious transactions by the president and his son-in-law Jared Kushner. The New York Times reported that anti-money laundering specialists at the bank recommended transactions by legal entities controlled by the pair be reported to a federal crimes watchdog. Read more: Deutsche Bank [...]
Thomas Cook forced to reassure holidaymakers as shares plummet further May 20, 2019 Thomas Cook has been reassuring customers their holidays will be going ahead after shares in the struggling travel firm plunged lower today. Shares in Thomas Cook dropped as much as 17 per cent to less than 10p, having suffered a 40 per cent plummet on Friday. Read more: Payment firm to hold onto Thomas Cook's [...]
Millennials increasingly pessimistic about the economy, finds Deloitte May 20, 2019 Pessimism among younger people about the economy is growing in the UK and worldwide, according to a comprehensive new survey of millennials and generation z workers. Read more: Insolvencies among millenials soar as housing costs shred ‘cash cushions’ Only 26 per cent of respondents said they expected the economies in their countries to improve in [...]