Audit watchdog should be scrapped ‘as swiftly as possible’ says Legal & General chair January 23, 2019 The government should act “as swiftly as possible” to abolish and replace the UK’s audit watchdog, MPs were told today. Sir John Kingman, who chaired a review into the operation of the Financial Reporting Council (FRC), said the regulator’s senior leadership should be overhauled in the meantime. “I would like to see the government get [...]
UK takes in $140bn over three years to top Europe for foreign investment January 23, 2019 The UK topped Europe for foreign direct investment (FDI) between 2015 and 2018 – taking in more than second- and third-placed Germany and France combined. Around $140bn (£108bn) in capital was brought in across nearly 4,000 inward investment projects, according to an analysis by audit firm Deloitte. “The report highlights the key drivers that have [...]
Crime in the Square Mile hits a three-year high January 22, 2019 Reported crimes in the Square Mile hit the highest level in three years during November, as the City of London police grapples with budget cuts against a worsening national backdrop. There were 799 crimes reported to the City of London police during November according to official statistics, well above the monthly average of 620 since [...]
Government refusal to extend pay gap reporting rules to Big Four branded ‘disappointing’ January 22, 2019 The government has been accused of letting the Big Four audit firms “evade reporting on their pay ratios” by excluding firms with their business model from new legislation. The government’s small business minister refused to say whether new rules on executive pay transparency would be extended to partnerships during a grilling by MPs today. Members [...]
One in two FTSE 250 bosses has taken a pay cut since 2017 January 22, 2019 Chief executive pay has dropped at nearly half the UK’s top firms since 2017 but British bosses are still earning more than their European peers, according to a new report. Pay for FTSE 250 bosses fell as 48 per cent of firms listed in the index cut remuneration levels by 10 per cent on average. [...]
Watchdog investigation into KPMG’s Carillion audit at ‘critical stage’ January 22, 2019 The UK’s audit watchdog said its investigation into KPMG’s audit work for collapsed construction giant Carillion is at a “critical stage”. The Financial Reporting Council (FRC) issued an update this morning on its probe into the Big Four firm following “significant public interest” in the case. Carillion’s collapse in January last year has become a [...]
City Moves for 22 January – who’s switching jobs at Perkbox, BNP Paribas and GPP? January 22, 2019 Who’s changing roles today? Perkbox Perkbox, Europe’s fastest-growing employee experience platform, is today announcing the appointment of Jacques Stern, previously global chief executive of Edenred (2010-15), as a non-exec director on the Perkbox board. Jacques ran the Edenred business operating in 40 countries with 6,000+ employees and over £1B in annual revenue between 2010-2015. Since then [...]
City Moves for 21 January – who’s switching jobs at Superunion, Opengamma and Aviva? January 21, 2019 Who’s changing jobs today? Superunion WPP global brand agency Superunion announced the appointment of Holly Maguire as UK managing director to drive the growth of its UK business. Holly will be responsible for managing key client relationships with the likes of Coca-Cola, IAG, Nestle, Tesco and Vodafone, and building the success of Superunion since its launch [...]
Universally Challenged: Oxford University turns on under-fire Chinese tech giant Huawei January 17, 2019 Oxford University said last night it was suspending donations from Huawei following widespread concern over the Chinese tech firm’s practices. The university said it had decided on 8 January that it will “not pursue” new funding opportunities with the firm “at present". “Huawei has been notified of the decision, which the university will keep under review. [...]
Lots of minuses for Plus500 as shorters dig in their heels January 17, 2019 Four funds have upped their short positions against online trading platform Plus500 so far this month, despite the firm’s upbeat ending to 2018. Twelve funds overall are betting that the Israeli firm’s share price will fall, with stakes worth hundreds of millions against it. Together, around 12.4 per of the firm’s shares are declared as [...]