UK’s accountancy sector turnovers soar to record highs May 12, 2022 The UK’s accountancy firms generated more cash in March than in any other month on record, new Office of National Statistics (ONS) figures show. Turnover in Britain’s accountancy sector jumped 14 per cent from February to March to record highs of £4.13bn. The multi-billion sum comes as a new high for the UK’s accountancy industry, [...]
Top City bosses should face jail over failures to prevent economic crime, cross-party MPs say May 12, 2022 MPs today called for a crack down on “dirty money” as they argued City bosses should face jail if they fail to prevent illicit cash from flowing through the UK’s financial system. In launching an Economic Crime manifesto, the cross-party MPs said the UK and its overseas territories have played a key role in enabling [...]
Cazoo makes Spanish debut following €30m acquisition of rival May 12, 2022 Cazoo made its debut in Spain today, six months after it acquired Barcelona-based rival Swipcar for €30m. The Spanish launch followed the opening of its marketplace in Germany and France late last year and is part of Cazoo’s continental expansion. “We are very excited to launch in Spain, following our recent launches in both France [...]
Siemens loses £512m as it gears up for full Russian exit after 170 years May 12, 2022 Siemens is set to face a €600m (£512m) hit in the second quarter after announcing its full exit from the Russian market after 170 years.
SoftBank’s Vision Fund suffers $26bn loss after tech rout May 12, 2022 Japanese investment giant SoftBank posted a record $26.2bn loss in its flagship Vision Fund arm today after a torrid quarter in which interest rates and geopolitical volatility have battered the firm’s major tech holdings.
Clive Bannister set to take over as CMA chair after two-year hunt May 12, 2022 The UK’s competition watchdog is set to appoint former Phoenix Group and HSBC executive Clive Bannister as its chair after a two year hunt, according to reports. Bannister will takeover as chair of the Competition and Markets Authority (CMA) after Andrew Tyrie, the former chair, was ousted in 2020 in a boardroom coup, the Financial [...]
Exclusive: Home tech firm SharkNinja backs London with Battersea Power Station office May 12, 2022 US home technology firm SharkNinja has snapped up a new office inside the Battersea Power Station, in a vote of confidence for the capital. The Boston-based company, which produces vacuums and kitchen appliances, told CityA.M. it will take up 25,000 square foot of space in the south-London development. After putting down roots in the UK [...]
El Salvador massively buys the dip, expect more ‘concerns’ from IMF May 12, 2022 Nigel Green expects "more low-key hysteria" from the International Monetary Fund, which has been highly critical of El Salvador’s pioneering approach to trying to boost their own economy through innovative financial solutions.
Octopus backs plans to build the world’s largest subsea power cable to power seven million homes May 12, 2022 Octopus is backing Xlinks' plans to build the world’s largest subsea power cable to deliver renewable energy from Morocco to the UK.
Rolls-Royce trading in line with expectations following aviation recovery May 12, 2022 Rolls-Royce’s trading in the first four months of the year has remained in line with expectations following the aviation sector’s gradual recovery and investments into defence. Despite market volatility and other macroeconomic and geopolitical headwinds, the group said today it was expecting “positive momentum in our financial performance in 2022” and maintained its financial guidance [...]
