HSBC suspected of greenwashing as lawyers urge bank to clean up February 11, 2021 Lawyers for an environmental charity have written to HSBC to remind it of its legal duties with regard to climate risk, as the banks mulls supporting a climate change resolution ahead of its next annual general meeting. The resolution, which was filed by ShareAction last month, called on the bank to take urgent action to [...]
China orders Deloitte to investigate PowerPoint whistleblower claims February 11, 2021 China’s Ministry of Finance has asked Deloitte to conduct an internal investigation after an employee circulated a 55-page PowerPoint presentation that alleged accounting violations at the Big Four firm. The anonymous employee sent the presentation to every Deloitte employee’s email, citing incidences involving listed companies around the world and China’s own RYB Education. The presentation [...]
Ex-FCA chief Woolard nabs leadership role at EY February 11, 2021 Chris Woolard, the former interim chief executive at city regulator the Financial Conduct Authority (FCA), has nabbed a leadership role at EY. Woolard will join the Big Four firm in April to lead its EMEIA financial services regulatory capabilities, and chair the EY Global Financial Services Regulatory Network. He will replace John Liver, who currently [...]
AstraZeneca gets vaccine boost as sales jump to nearly $26bn February 11, 2021 Product sales at AstraZeneca jumped 10 per cent in 2020, up to nearly $26bn, in a year that made the at pharmaceutical company a household name. Total revenue at the business stood at $2.6bn, up nine per cent from 2019. Globally, new medicines represented 52 per cent of total revenue for the year. AstraZeneca’s share [...]
Brexit crowns Amsterdam Europe’s top trading hub, ousting The City February 11, 2021 Amsterdam surpassed London as Europe’s largest share trading centre last month, as Brexit led London to lose business. Some €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE and Turquoise, the London Stock Exchange’s platform, last month – a more than fourfold increase from December, the Financial Times reported. [...]
Kent variant could become ‘world’s dominant strain’ February 11, 2021 The Kent variant of the coronavirus could become the “world’s dominant strain”, the head of the UK’s genetic surveillance said this morning. The variant has been detected across Britain and in more than 50 countries around the world. “It’s going to sweep the world, in all probability,” professor Sharon Peacock told BBC news this [...]
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
Exclusive: HMRC shells out millions in legal costs after losing tens of cases February 10, 2021 There was an 88 per cent jump in the amount of money HMRC was forced to pay out in legal costs to taxpayers, in cases the taxman lost in 2019/20. In the 2018/19 tax year, the taxman settled 34 cases, costing HMRC some £1.34m. In 2019/20, when the latest data was available, that had jumped [...]
U.S law firm Armstrong Teasdale buys Kerman & Co in London expansion February 10, 2021 U.S law firm Armstrong Teasdale has bought City law firm Kerman & Co, adding 50 lawyers to the American firm. Kerman & Co, which is based in The Strand, specialises in corporate law, mergers and acquisitions, capital markets, commercial and intellectual property, litigation, employment and immigration, sports and entertainment and real estate. “We have [...]
KPMG chairman ‘sorry’ for telling staff to ‘stop moaning’ about working conditions February 10, 2021 KPMG UK chairman Bill Michael has apologised after telling consultants to “stop moaning” about working conditions during the pandemic. In a virtual meeting on Monday, members of KPMG’s consulting team told Michael they were worried about potential cuts to pension contributions, pay and bonuses, the Financial Times first reported. They also raised concerns about the [...]
