Deloitte fined £6.5m for role in Serco tagging scandal July 4, 2019 Big-Four auditor Deloitte was today fined £6.5m and “severely reprimanded” for its role in Serco’s electronic tag scandal. The Financial Reporting Council fine was reduced to £4.2m after the auditor admitted misconduct in connection to the scandal Serco yesterday agreed a deferred prosecution agreement with the Serious Fraud Office over three offences of fraud and [...]
Persimmon revenues drop as fewer homes completed July 4, 2019 Higher house prices were not enough to boost Persimmon’s top line in the first six months of the year as fewer homes stood ready in the half. Revenues at the company dropped 4.5 per cent year-on-year to £1.75bn. Read more: UK house prices – Growth falls to four-month low in June A higher average selling [...]
Rouhani: Iran will ramp up uranium enrichment from Sunday July 3, 2019 Iran will ramp up uranium enrichment on Sunday, breaking the terms of the deal it signed four year ago with the US and five other countries. President Hassan Rouhani said today that Iran will enrich “whatever amount we feel like” above the limit set in the nuclear deal. Read more: Trump warns Iran of ‘obliteration’ [...]
Economist gets in squabble over bitcoin tape July 3, 2019 A top economist has hit out at Bitcoin, saying it will be confined to museums in five years, and sparking a backlash from the crypto community. Nouriel Roubini, famed for predicting the 2008 financial crisis, said that cryptocurrencies bitcoin, ethereum and monero will be consigned to the Museum of Failed Coins, according to reports. Read [...]
Watchdog threatens retail ban on crypto trades July 3, 2019 The Financial Conduct Authority this morning proposed a ban on selling derivatives based on bitcoin to retail customers. The watchdog said that crypto assets, including bitcoin, have extremely volatile prices. Read more: UK regulator warns tech companies over cryptocurrency projects It thinks such products are “ill suited to retail consumers who cannot reliably assess the [...]
FTSE 250 miner Ferrexpo appoints new auditor after Deloitte quit over charity probe July 3, 2019 Ferrexpo has appointed a new auditor to check its books months after Deloitte quit over alleged wrongdoing. MHA MacIntyre Hudson, which is part of Baker Tilly International, will not review the company’s half-year results, due on 2 August. Read more: Shares in FTSE 250 miner Ferrexpo plunge after it delays its financial results amid Ukrainian [...]
Serco fined £19m for government tagging contract fraud July 3, 2019 Outsourcer Serco has agreed to pay a £19.2m fine to the Serious Fraud Office after it overcharged the government for a contract. The company will also cover the SFO’s £3.7m costs. It has already paid back the Ministry of Justice in a £70m settlement in 2013. Read more: Serco tried to merge with struggling Babcock [...]
Purplebricks quits US market as losses almost double July 3, 2019 Online estate agent Purplebricks today confirmed it is pulling out of the US, just two years after launch. The figures Revenue at the company grew 55 per cent over the year to £136.5m in the year ending 30 April. Loss before tax shot up to £56m, from £29.2m. Read more: Purplebricks beaten black and blue [...]
The cost of taking down oil rigs is dropping July 2, 2019 The price of decommissioning the UK’s oil and gas infrastructure is dropping as engineers become more efficient, new figures show. The Oil and Gas authority said the cost of future decommissioning fell to £51bn in 2019, from £59.7bn in 2017. It came even as the OGA expects operators will take down more assets and infrastructure. [...]
Sirius Minerals on course to finish fundraising in September July 2, 2019 Fundraising for a major fertilizer mine project in the north of England is on course to be finished this autumn, the company behind it has said. Sirius Minerals said it would likely complete the $3.8bn (£3bn) raise before the end of September. Read more: Sirius Minerals set to unveil £2.5bn equity and debt package So [...]
