Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn February 15, 2023 The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services. The accounting giants are rapidly expanding their legal businesses, in boosting their own sales and taking work away from traditional firms, the research from Said Business School shows. The world’s four [...]
China will drive oil demand to record 100m-plus barrels per day, keeping prices elevated February 15, 2023 China will drive oil consumption to record levels this year, as the world's second largest economy reopens following sustained lockdowns.
Barclays shares slump to bottom of FTSE 100 as investors take fright at profit drop February 15, 2023 Barclays shares tanked nearly eight per cent today, sending them to the bottom London’s FTSE 100 index, driven by investors fretting over the bank announcing today weaker than expected profits. The firm’s profit in the three months to December last year fell eight per cent to £1.3bn despite a £800m revenue bump, taking the lender’s [...]
Capricorn ditches Newmed merger deal after activist coup February 15, 2023 British oil and gas producer Capricorn Energy has pulled the plug on its planned merger with Israeli gas group Newmed Energy.
Four rebel Labour MPs reveal opposition to Sadiq Khan’s ULEZ expansion plans February 15, 2023 Mayor Sadiq Khan’s plans to expand ULEZ has hit a further roadblock after four Labour MPs came out against the scheme. Seema Malhotra, Jon Cruddas, Siobhain McDonagh and Abena Oppong-Asare all told LBC they had concerns about the policy’s impact. Khan wants to extend the ultra low emission zone (ULEZ) and the £12.50 daily charge [...]
Legal tech revolution: Firms invest in cost saving AI tools like ChatGPT to improve profitability February 15, 2023 Law firms are continuing to invest in cost-saving technologies, including artificial intelligence driven tools like ChatGPT, in seeking to stave off falling profitability. A sharp drop in M&A deals has hit US law firms’ profitability, wiping out the majority of all gains they made during Covid, the research from Thomson Reuters shows. US law firms [...]
Hunt urged to transform ringfencing regime which puts UK at ‘disadvantage internationally’ February 15, 2023 Chancellor Jeremy Hunt has been urged to reform the ringfencing regime “as quickly as possible” as UK Finance submitted proposals ahead of the Spring budget. In a list of proposals submitted today, UK Finance, the industry body, said “the current ringfencing regime puts the UK at a disadvantage internationally, as well as trapping liquidity and [...]
Households could start switching energy suppliers in bid for cheaper deals as price cap plummets February 15, 2023 Millions of Brits could switch supplier later this year, with the energy market expected to become more competitive as gas prices ease.
Morrisons has credit rating downgraded amid debt concerns February 15, 2023 Morrisons has had its credit rating cut after recording weaker sales and profits. Credit rating agency Moody’s downgraded the UK’s fifth largest supermarket chain as it cautioned that its ability to repay its roughly £7.5 billion of debts had moved to “negative” from stable. It reduced the firm’s existing overall credit rating one rung from [...]
Subway mulls selling business in deal that could be worth over £8bn February 15, 2023 Family owners of sandwich giant Subway are considering a possible sale, in a deal that could be worth as much as £8bn. In a statement, the American fast-food firm said “its shareholders are exploring a possible sale of the company” after 60 years of family ownership, but added there “is no indication of timing or [...]
