Labour market confidence hit by Brexit gloom in May June 7, 2019 The number of people placed into permanent job roles fell for the fourth time in the past five months in May and at a quicker pace than in April. Subdued confidence hit both the demand and supply of labour, with vacancy growth staying close to a multi-year low and staff availability declining further, according to [...]
Mark Carney says investment funds could risk global economy amid Woodford suspension June 6, 2019 Bank of England governor Mark Carney warned today that investment funds of the sort run by Neil Woodford need to be more carefully scrutinised. Speaking in Tokyo Carney said: “Over half of investment funds have a structural mismatch between the frequency with which they offer redemptions and the time it would take them to liquidate [...]
Shares in Neil Woodford’s listed fund continue to tumble in tough week for former top stock picker June 6, 2019 Shares in Neil Woodford’s Woodford Patient Capital Trust fell nearly four per cent this morning continuing a torrid week for the former star trader. Shares in stockbroker Hargreaves Lansdown also continued to slide today, falling nearly two per cent. Trading in the stock picker’s flagship Woodford Equity Income Fund was suspended on Monday following a [...]
Woodford dropped by St James’s Place as manager of £3.5bn of its funds June 5, 2019 Neil Woodford has been dropped by St James’s Place as manager of £3.5bn of its funds. The wealth manager said today it had terminated its mandates with Woodford Investment Management, appointing Columbia Threadneedle and RWC Partners in its place. A spokesperson for St James’s Place said the firm had “been keeping a close eye on [...]
CMA head Lord Tyrie warns Big Four that appetite for audit reform is ‘very strong’ June 5, 2019 The chair of the Competition and Markets Authority Lord Tyrie today warned the Big Four that the appetite for reform of the audit market is “very strong” in government and parliament. “I think the market needs to realise, if they don’t already, that the appetite for whatever is required to address this is very strong, [...]
Financial services firms should treat operational resilience as ‘commercial imperative’, report says June 5, 2019 Financial services firms need to treat operational resilience as a “commercial imperative”, according to a report published today. The industry has to face threats ranging from climate change, cybercrime and complex supply chains to technological innovation and ageing legacy systems, the report said. The report from lobby group City UK and audit firm PwC said [...]
Audit firm BDO promotes 14 partners in the UK June 5, 2019 Accountancy firm BDO is promoting 14 new partners across the firm, it said today. BDO said it was adding the partners across its audit, tax, and advisory teams. Nearly 36 per cent of the new partners are women. The firm has added three new partners in its audit practice: Tracey Keeble, Laura Pingree and Steven [...]
PwC invests £30m in audit quality but stops short of CMA report recommendations June 5, 2019 Big Four firm PwC said today it plans to invest an extra £30m in its audit practice as part of a package of measures intended to boost quality. PwC’s move comes amid intense scrutiny on the sector which has been rocked by scandals such as the collapse of outsourcer Carillion and the accounting scandal at [...]
Airtel Africa to raise $750m in London listing June 4, 2019 Africa’s second-largest mobile operator Airtel Africa said today it intends to raise $750m (£591m) in a float on the London Stock Exchange. The telecoms group said it will pursue a premium listing on the main market of the stock exchange, meaning it will float at least 25 per cent of its shares. The group is [...]
MPs call for full breakup of audit’s Big Four in wake of scandals April 2, 2019 MPs have triggered a war of words in the City after calling for a radical breakup of accountancy’s Big Four firms. A highly-anticipated report by the Business, Energy and Industrial Strategy (Beis) Committee, released today, said the audit and consultancy arms of Deloitte, EY, KPMG and PwC should be forcibly divided to drive up competition [...]