Charlie Nunn starts as Lloyds Bank chief executive August 16, 2021 Former HSBC banker Charlie Nunn takes on the role of chief executive of Lloyds Bank today, one of the UK’s biggest finance jobs. Nunn’s appointment was announced in November and his starting date was revealed in February. He replaces Antonio Horta-Osorio, who held the position for a decade and announced he would step down once [...]
Big Four refuse to back government plan to break their dominance of audit market : CityAM August 16, 2021 The UK’s Big Four accountancy firms have refused to back a government scheme that would see them share audit work with smaller firms. Last month, Deloitte, EY and PwC said they did not support the government’s proposal for “managed shared audits” of large listed companies. The Financial Times has reported that the other Big Four [...]
Morrisons suitor CD&R gears up to beat Fortress bid August 16, 2021 New York bidder Clayton, Dubilier & Rice (CD&R) is gearing up to place its counter-bid to the leading £10bn Fortress offer for Wm Morrison supermarkets before its deadline next Friday. CD&R planted the seed for the ongoing private equity bidding war for the British supermarket in June, when it placed a 230p per share offer [...]
Judge rules Credit Suisse banker was unfairly sacked over rogue trade August 16, 2021 An employment tribunal has found that banker Ellina Volkova, who carried out a rogue trade on behalf of a Russian client that cost the bank £20,000, was unfairly dismissed by Credit Suisse as the bank’s investigation into her behaviour was “unjustifiably delayed.” As part of his judgement, Judge David Massarella found against Volkova’s claim that [...]
Turnover of independent spirit distilleries hits £1.87bn thanks to lockdown drinkers August 16, 2021 Independent spirit distilleries’ turnover increased by eight per cent last year, as locked down Brits concocted their own cocktails. Turnover reached £1.87bn last year, up from £1.72bn the previous year, according to private equity investment firm Growthdeck. Consumers spent an additional £566.8m on spirits as bars and pubs were forced to close for months due [...]
Taxman intensifies crackdown on footballers and agents August 16, 2021 The taxman is intensifying its crackdown on footballers as it pushes to clawback money from an industry that is swelling with unpaid tax, reveal fresh figures released today. HMRC is targeting football clubs for £45m in underpaid tax, according to national accountancy group UHY Hacker Young. The taxman probed 93 football players over the last [...]
Businesses without diversity are plagued by groupthink August 16, 2021 Cast your minds back to your school days and in particular, the days when you received your final exam results. As you opened your results envelope, did you do that excitedly, with a flourish, or did you shield it from your friends, worried that you might not get what you expected? Last week, students across [...]
ICAS comments on the development of international financial reporting guidance for NPOs August 16, 2021 ICAS’ Charities Panel has responded to part 1 of a major consultation on the development of international financial reporting guidance for not-for profit organisations (NPOs). ICAS broadly welcomes plans to base international financial reporting guidance for NPOs on the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (the IFRS for SMEs). Nevertheless, the ICAS [...]
The fall of Afghanistan: Western governments got bored and Taliban rule has been resurrected August 16, 2021 We are watching a strategic and humanitarian calamity unfold. We are watching it live on TV and social media and yet, despite its immediacy, despite information from the scene of unparalleled detail and accuracy, we are doing nothing. Nothing except, perhaps, trying to evacuate the last few thousand of our troops who are still in [...]
Boris Johnson: Afghanistan must not become ‘breeding ground for terror’ again August 15, 2021 Boris Johnson has said western countries must work together to stop Afghanistan from becoming a terrorist breeding ground again as the Taliban is set to take the capital of Kabul. The Taliban is expected to soon declare a new Islamic Emirate of Afghanistan from the Presidential Palace, after democratically elected leader Ashraf Ghani fled the country [...]
